Emmvee Photovoltaic Power

Quick check

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• DebtAdequate safetyRated A by ICRA.
• ResultsGrowingIn the Sep 2026 quarter, sales rose 39% and profit rose 61% from a year earlier.
• DilutionNo new sharesNo new shares issued in the last year, so existing shareholders' slices were not cut.
• PromotersSteadyThe promoters (founders or parent) own 80% of the company, about the same as in Dec 2025.
• ValuationCheap vs its pastThe share trades at 11.9 times its yearly earnings (P/E), cheaper than 99% of the time in the last 1 years. Its usual P/E is about 22.

Emmvee Photovoltaic Power against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

• Valuation (P/E)11.9 against a typical 25.4: cheaper than most peers (1st = cheapest).18th of 80
• Sales growth+39.3% against a typical +32% from a year earlier.29th of 69
• Profit growth+60.5% against a typical +15.9% from a year earlier.23rd of 64
• Share price, 3 months−23.1% against a typical −11%.57th of 74
• Size₹ 16,430.2 Cr. market value against a typical ₹ 553.8 Cr. (1st = largest).6th of 77

Exchange filings and their impact on the company.

• 21 Oct 2026Analysts/Institutional Investor Meet/Con. Call UpdatesHigh impactVery positivePrice −2.3% on 22 Oct
  Record H1 with 45% sales growth and 35% margins plus 10.4 GW order book underpins upper-end FY27 guidance and funds 6 GW expansion.

  Emmvee published the transcript of its Q2FY27 earnings call held on October 15, 2026 for the quarter ended September 2026. H1 revenue grew 45% to Rs 3,132 crore with EBITDA of Rs 1,105 crore at ~35% margin and PAT up 79% to Rs 762 crore, while Q2 revenue was Rs 1,576 crore with 89% cell utilization. Management guided to the upper end of Rs 2,200-2,400 crore FY27 EBITDA, reported a 10.4 GW order book with 1.5 GW new inflows, and said the 6 GW integrated cell-module project (Rs 5,500 crore) will commission modules by December 2026 and cells by March 2027.

  Full analysisFiling
• 14 Oct 2026Outcome of Board MeetingHigh impactVery positivePrice −5.8% on 15 Oct
  Strong H1 with 45% revenue and 79% profit growth plus 10.4 GW order book underpins major 6 GW expansion.

  Emmvee reported consolidated H1 FY27 revenue of Rs 3,131.9 crore up 45% and PAT of Rs 762.3 crore up 79%, with Q2 revenue of Rs 1,576.4 crore up 39% and PAT of Rs 382 crore up 61% at 35% EBITDA margin. Order book stood at 10.4 GW after 1.5 GW of new orders, with cell utilisation at 89%. The company is building a Rs 5,500 crore 6 GW integrated cell and module plant for commissioning by Dec 2026 and Mar 2027 and plans a Rs 5,000-5,500 crore 9 GW ingot-wafer integration, lifting capacity to 16.3 GW modules and 8.9 GW cells.

  Full analysisFiling

Results dates and other board meetings. Full calendar

Compounded yearly rates over each period.

Listed companies in the same business.

Manjunatha Donthi Venkatarathnaiah

Executive Chairman of the Board, Managing Director

Suhas Donthi Manjunatha

President, Chief Executive Officer, Whole Time Director

Pawan Kumar Jain

Chief Financial Officer

Srinath Thippegowda

Chief Technology Officer

Nagaraj Shrinivas Ronad

Compliance Officer