Emmvee Photovoltaic Power Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹15,855 Cr
- P/E
- 11.18
- ROE
- 50.72%
- PEG
- 0.03
- Price to sales
- 2.64
- Debt to equity
- 0.25
- 52W high / low
- ₹365 / ₹173
- Sales growth (5Y)
- 64.11%
- EBITDA margin
- 34.69%
- Net profit margin
- 21.25%
- Promoter holding
- 80.03%
- Sales (last year)
- ₹6,023 Cr
Guidance scorecard · Q2 FY27 call
What Emmvee Photovol.'s management guided
and where it ranks in Electrical Equipment
RevenueQ2 FY27 call
40%+- Order book at a healthy 10.4 GW as of Q2 FY27, supporting robust sales pipeline.
- 1.5 GW new order inflows in Q2, the highest ever quarterly inflow, signaling strong demand momentum.
- Order book mix diversified across independent power producers, C&I customers, retail (Surya Ghar Yojana, KUSUM scheme).
- Anticipated quarterly uptick in order inflows aligned with upcoming 6 GW capacity expansion.
- 5-5.5 GW of orders expected to be executed in next 12-15 months.
- Growing market segments include C&I, rooftop, and non-tendered business; inquiries and pipelines are very strong.
- India’s AC installation trajectory (~27 GW H1 CY2026) translating to ~35 GW DC demand indicates sustained market growth.
2 more points from Emmvee Photovol.'s call on revenue
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MarginsQ2 FY27 call
FlatSee what Emmvee Photovol. said on margins — free account, 30 seconds.
CapexQ2 FY27 call
Planned- Emmvee Photovoltaic Power Limited has a planned capex of approximately INR 5,500 crores for expanding integrated cell and module capacity by 6 gigawatts each.
- Hard costs constitute around INR 4,600 crores, with the balance for interest during construction, contingency, margin money for working capital, and soft costs.
- All major equipment for the 6 GW project have been ordered; construction is progressing rapidly.
- The module line is expected to be ready by December 2026, and the cell line commissioning with first cells out is expected by March 2027.
- Equipment Factory Acceptance Tests (FAT) are ongoing, with shipments starting by November 2026.
2 more points from Emmvee Photovol.'s call on capex
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FundraisingQ2 FY27 call
PlannedSee what Emmvee Photovol. said on fundraising — free account, 30 seconds.
Order bookQ2 FY27 call
Rising- Current order book stands at 10.4 gigawatts.
- Out of this, approximately 5 to 5.5 gigawatts are expected to be delivered within the next 12 to 15 months.
- Quarterly order inflow run rate is about 1.5 gigawatts, the highest ever in one quarter, and continues to grow strongly.
- About 70% of the order book is for DCR (Domestic Content Requirement) and 30% for non-DCR.
- Around 40% to 45% of orders in Q2 came from open access, including C&I and IPP segments.
2 more points from Emmvee Photovol.'s call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Electrical Equipment
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Electrical Equipment companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹72,673 Cr | 18.1 | |
| 2 | 40%+ | Up 2%+ | ₹21,700 Cr | 158.1 | |
| 3 | 40%+ | Up 2%+ | ₹491 Cr | 12.2 | |
| 4 | 40%+ | Up 0–2% | ₹12,434 Cr | 48.4 | |
| 5 | 40%+ | Up 0–2% | ₹2,042 Cr | 35.4 | |
| 6 | 40%+ | Up 0–2% | ₹529 Cr | 7.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Electrical Equipment rankingEmmvee Photovol. announcements
All announcements →- Capex / expansionNotableEmmvee H1 FY27 revenue up 45.1% to ₹3,131.9 crore; PAT up 79.1% to ₹762.3 crore
Financials of Emmvee Photovol.
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Emmvee Photovol.
Shareholding breakup across reporting periods.
| Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|
| Promoters + | 80.03% | 80.03% | 80.03% |
| FIIs + | 3.97% | 2.45% | 2.92% |
| DIIs + | 12.50% | 12.28% | 9.80% |
| Government + | 0.07% | 0.00% | 0.00% |
| Public + | 3.43% | 5.24% | 7.24% |
| No. of Shareholders | 1,01,005 | 93,389 | 1,32,931 |
Financials of Emmvee Photovol.
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Sales + | 402 | 528 | 1,072 | 1,028 | 1,131 | 1,152 | 1,739 | 1,556 | 1,576 |
| Expenses + | 310 | 326 | 711 | 677 | 732 | 739 | 1,168 | 1,007 | 1,020 |
| Operating Profit | 93 | 202 | 361 | 350 | 399 | 413 | 571 | 548 | 557 |
| OPM % | 23% | 38% | 34% | 34% | 35% | 36% | 33% | 35% | 35% |
| Other Income + | 11 | 10 | 3 | 14 | 18 | 16 | 5 | 16 | 3 |
| Interest | 17 | 37 | 46 | 53 | 55 | 33 | 13 | 11 | 9 |
| Depreciation | 23 | 54 | 66 | 72 | 71 | 74 | 79 | 84 | 85 |
| Profit before tax | 64 | 122 | 253 | 240 | 292 | 322 | 484 | 470 | 465 |
| Tax % | 45% | 19% | 18% | 22% | 18% | 18% | 19% | 19% | 18% |
| Net Profit + | 35 | 99 | 207 | 188 | 238 | 264 | 392 | 380 | 382 |
| EPS in Rs | 0.59 | 1.67 | 3.49 | 3.16 | 4.01 | 3.81 | 5.67 | 5.49 | 5.52 |
Financials of Emmvee Photovol.
Profit & Loss
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 555 | 424 | 555 | 618 | 952 | 2,336 | 5,050 | 6,023 |
| Expenses + | 451 | 312 | 451 | 562 | 832 | 1,614 | 3,316 | 3,933 |
| Operating Profit | 105 | 113 | 104 | 56 | 120 | 722 | 1,734 | 2,089 |
| OPM % | 19% | 27% | 19% | 9% | 13% | 31% | 34% | 35% |
| Other Income + | 9 | 2 | 12 | 26 | 3 | 25 | 54 | 40 |
| Interest | 65 | 62 | 49 | 28 | 34 | 108 | 155 | 67 |
| Depreciation | 39 | 52 | 42 | 43 | 42 | 156 | 296 | 322 |
| Profit before tax | 9 | 1 | 25 | 12 | 48 | 483 | 1,338 | 1,741 |
| Tax % | -44% | -1,064% | 49% | 23% | 39% | 24% | 19% | |
| Net Profit + | 14 | 9 | 13 | 9 | 29 | 369 | 1,082 | 1,418 |
| EPS in Rs | 0.23 | 0.16 | 0.23 | 0.15 | 0.49 | 6.22 | 15.62 | 20.49 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 6% |
Financials of Emmvee Photovol.
Balance Sheet
Capital structure and asset base
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 11 | 11 | 11 | 11 | 11 | 11 | 138 | 138 |
| Reserves | 159 | 168 | 170 | 130 | 158 | 526 | 3,556 | 4,252 |
| Borrowings + | 570 | 603 | 482 | 524 | 1,447 | 2,065 | 360 | 1,108 |
| Other Liabilities + | 134 | 93 | 178 | 173 | 558 | 1,312 | 1,718 | 1,342 |
| Total Liabilities | 873 | 874 | 842 | 838 | 2,173 | 3,914 | 5,772 | 6,841 |
| Fixed Assets + | 593 | 562 | 493 | 323 | 291 | 2,046 | 2,634 | 2,638 |
| CWIP | 1 | 6 | 14 | 93 | 646 | 13 | 10 | 213 |
| Investments | 1 | 1 | 1 | 0 | 0 | 257 | 57 | 33 |
| Other Assets + | 279 | 305 | 334 | 421 | 1,237 | 1,598 | 3,072 | 3,957 |
| Total Assets | 873 | 874 | 842 | 838 | 2,173 | 3,914 | 5,772 | 6,841 |
Financials of Emmvee Photovol.
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 181 | 75 | 129 | 59 | 234 | 625 | 200 |
| Cash from Investing Activity + | -16 | -24 | 20 | -131 | -1,000 | -986 | -306 |
| Cash from Financing Activity + | -219 | -54 | -84 | 80 | 894 | 397 | 130 |
| Net Cash Flow | -55 | -2 | 65 | 8 | 129 | 36 | 24 |
| Free Cash Flow | 150 | 54 | 147 | -173 | -440 | -363 | -440 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 174% | 71% | 129% | 107% | 207% | 96% | 23% |
Financials of Emmvee Photovol.
Ratios
Working capital efficiency and return ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 38 | 61 | 27 | 41 | 37 | 30 | 50 |
| Inventory Days | 74 | 148 | 101 | 103 | 148 | 197 | 225 |
| Days Payable | 60 | 79 | 34 | 50 | 77 | 91 | 116 |
| Cash Conversion Cycle | 51 | 131 | 94 | 93 | 108 | 136 | 159 |
| Working Capital Days | -35 | -29 | -44 | -28 | -90 | -38 | 86 |
| ROCE % | 8% | 9% | 6% | 7% | 28% | 45% |
Guidance history
How Emmvee Photovol.'s guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY27 call → | 40%+ | Flat | Planned | Planned | Rising |
| Q4 FY26 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q3 FY26 call → | 20–40% | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Continue your research
What Emmvee Photovol.'s management said in earlier quarters
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