Commodity
HIGHTrigger: Solar cell manufacturing uses silver paste as a key consumable (~10% of cell cost); silver price increases cannot always be fully passed through in competitive bidding environment
Monitor: commodity
Emmvee Photovoltaic Power Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +33.6%Average9w Streak
In , Emmvee Photovoltaic Power Ltd (Electric Equipment - General) is outperforming Nifty 500 with +33.6% relative strength. Fundamentals: Average. On a 9-week streak.
Emmvee Photovoltaic Power Ltd Key Facts
- PE Ratio
- 17.1x
- Market Cap
- ₹18,541 Cr
- PAT Growth YoY
- +89%
- Revenue Growth YoY
- +62%
- OPM
- 33.0%
- RS vs Nifty 500
- +33.6%
What's Happening
📊Debt increased 471% YoY — leverage rising
🌐FII stake decreased 1.5% this quarter
💰Trading 232% below estimated fair value — significant discount
Key Risks
1. Commodity
HIGH2. Regulatory
MEDIUM3. Logistics
MEDIUMKey Numbers
PAT Growth YoY
+89%
Stable
Revenue YoY
+62%
Stable
Operating Margin
33.0%
-100 bps YoY
PE Ratio
17.1
Current Price
₹268
Fundamental Score
55/100
Average
3Y PAT CAGR
+80%
Market Cap
18.5K Cr
Valuation
Significantly Undervalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
What Are the Key Risks for Emmvee Photovoltaic Power Ltd?
Earnings deceleration risks from management commentary
Regulatory
MEDIUMTrigger: Emmvee's ~33-36% EBITDA margins depend partly on price premiums enabled by ALMM import restrictions; normalization of China-India trade or weakening of domestic content norms would compress margins
Monitor: regulatory
Logistics
MEDIUMTrigger: Large module orders may require significant raw material and WIP inventory build before delivery; debtors and advance payments scale with revenue, creating working capital intensity at hyper-growth rates
Monitor: logistics
Fx
LOWTrigger: While revenue is primarily domestic, key raw materials (silver, polysilicon, glass) are imported at USD-based prices, creating natural FX exposure on the cost side
Monitor: fx
Geopolitical
MEDIUMTrigger: US Section 201/301 tariffs on Chinese solar panels have created trade diversion patterns; if Chinese excess capacity floods non-US markets, could create pricing pressure in Southeast Asia and India
Monitor: geopolitical
What Is Emmvee Photovoltaic Power Ltd's Management Saying?
Key quotes from recent conference calls
“The main active risk is commodity price volatility, specifically silver paste and aluminium; however, management mitigates this through pass-through contracts and a 50-60% reduction [Risk (commodity): HIGH]”
“demand for domestically manufactured solar equipment continues to rise in India — reflecting ongoing ALMM policy tailwind [Risk (regulatory): MEDIUM]”
“consolidated net cash from operating activities decreased to ₹200.14 crore in FY26 from ₹624.89 crore a year ago [Risk (logistics): MEDIUM]”
“Emmvee Photovoltaic Power Limited manufactures and sales solar cells, photovoltaic modules and photovoltaic systems across India and Europe [Risk (fx): LOW]”
How Fast Is Emmvee Photovoltaic Power Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +62% | +80% | Stable |
| PAT (Net Profit) | +89% | +80% | Stable |
| OPM | 33.0% | -100 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 30, 2026.
Other Top Electric Equipment - General Stocks Beating Nifty 500
Frequently Asked Questions: Emmvee Photovoltaic Power Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Emmvee Photovoltaic Power Ltd's latest quarterly results?
Emmvee Photovoltaic Power Ltd's latest quarterly results (Mar 2026) show
- PAT Growth YoY: +89.4% (stable)
- Revenue Growth YoY: +62.2%
- Operating Margin: 33.0% (volatile)
Is Emmvee Photovoltaic Power Ltd's profit growing or declining?
Emmvee Photovoltaic Power Ltd's profit is growing with an stable trend.
- PAT Growth YoY: +89.4% (latest quarter)
- PAT Growth QoQ: +48.5% (sequential)
- 3-Year PAT CAGR: +80.0%
- Trend: Stable — consistent growth pattern
What is Emmvee Photovoltaic Power Ltd's revenue growth trend?
Emmvee Photovoltaic Power Ltd's revenue growth trend is stable.
- Revenue Growth YoY: +62.2%
- Revenue Growth QoQ: +51.0% (sequential)
- 3-Year Revenue CAGR: +80.0%
How is Emmvee Photovoltaic Power Ltd's operating margin trending?
Emmvee Photovoltaic Power Ltd's operating margin is volatile.
- Current OPM: 33.0%
- OPM Change YoY: -1.0% basis points
- OPM Change QoQ: -3.0% basis points
What is Emmvee Photovoltaic Power Ltd's 3-year profit and revenue CAGR?
Emmvee Photovoltaic Power Ltd's long-term compounding rates
- 3-Year Profit CAGR: +80.0%
- 3-Year Revenue CAGR: +80.0%
Is Emmvee Photovoltaic Power Ltd's growth accelerating or decelerating?
Emmvee Photovoltaic Power Ltd's earnings growth is stable with positive momentum on a sequential basis.
- YoY Acceleration: -10.6% bps
- Sequential Acceleration: +37.6% bps
Is Emmvee Photovoltaic Power Ltd overvalued or undervalued?
Emmvee Photovoltaic Power Ltd appears significantly undervalued based on our fair value analysis.
- Valuation Signal: Significantly Undervalued
- Current PE: 17.1x
- Price-to-Book: 5.0x
What is Emmvee Photovoltaic Power Ltd's current PE ratio?
Emmvee Photovoltaic Power Ltd's current PE ratio is 17.1x.
- Current PE: 17.1x
- Market Cap: 18.5K Cr
How does Emmvee Photovoltaic Power Ltd's valuation compare to its history?
Emmvee Photovoltaic Power Ltd's current PE is 17.1x.
- Current PE: 17.1x
- Valuation Assessment: Significantly Undervalued
What is Emmvee Photovoltaic Power Ltd's price-to-book ratio?
Emmvee Photovoltaic Power Ltd's price-to-book ratio is 5.0x.
- Price-to-Book (P/B): 5.0x
- Book Value per Share: ₹53
- Current Price: ₹268
Is Emmvee Photovoltaic Power Ltd a fundamentally strong company?
Emmvee Photovoltaic Power Ltd is rated Average with a fundamental score of 55/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +62.2% (10% weight)
- PAT Growth YoY: +89.4% (10% weight)
- PAT Growth QoQ: +48.5% (10% weight)
- Margins stable (10% weight)
Is Emmvee Photovoltaic Power Ltd debt free?
Emmvee Photovoltaic Power Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹360 Cr
What is Emmvee Photovoltaic Power Ltd's return on equity (ROE) and ROCE?
Emmvee Photovoltaic Power Ltd's return ratios over recent years
- FY2024: ROCE 7.0%
- FY2025: ROCE 28.0%
- FY2026: ROCE 45.0%
Is Emmvee Photovoltaic Power Ltd's cash flow positive?
Emmvee Photovoltaic Power Ltd's operating cash flow is positive (FY2026).
- Cash from Operations (CFO): ₹200 Cr
- Free Cash Flow (FCF): ₹-104 Cr
- CFO/PAT Ratio: 18% (weak cash conversion)
What is Emmvee Photovoltaic Power Ltd's dividend yield?
Emmvee Photovoltaic Power Ltd currently does not pay a significant dividend (yield 0.00%).
- Dividend Yield: 0.00%
- Current Price: ₹268
Who holds Emmvee Photovoltaic Power Ltd shares — promoters, FII, DII?
Emmvee Photovoltaic Power Ltd's shareholding pattern (Mar 2026)
- Promoters: 80.0%
- FII (Foreign): 2.5%
- DII (Domestic): 12.3%
- Public: 5.2%
Is promoter holding increasing or decreasing in Emmvee Photovoltaic Power Ltd?
Emmvee Photovoltaic Power Ltd's promoter holding has remained stable recently.
- Current Promoter Holding: 80.0% (Mar 2026)
- Previous Quarter: 80.0% (Dec 2025)
- Change: 0.00% (stable)
How long has Emmvee Photovoltaic Power Ltd been outperforming Nifty 500?
Emmvee Photovoltaic Power Ltd has been outperforming Nifty 500 for 9 consecutive weeks, indicating consistent outperformance.
Is Emmvee Photovoltaic Power Ltd a new momentum entry or an established outperformer?
Emmvee Photovoltaic Power Ltd is an established outperformer with 9 weeks of consecutive Nifty 500 outperformance.
What are the key risks in Emmvee Photovoltaic Power Ltd?
Emmvee Photovoltaic Power Ltd has 5 key risks worth monitoring
- [HIGH] Commodity — Solar cell manufacturing uses silver paste as a key consumable (~10% of cell cost); silver price increases cannot always be fully passed through in competitive bidding environment
- [MEDIUM] Regulatory — Emmvee's ~33-36% EBITDA margins depend partly on price premiums enabled by ALMM import restrictions; normalization of China-India trade or weakening of domestic content norms would compress margins
- [MEDIUM] Logistics — Large module orders may require significant raw material and WIP inventory build before delivery; debtors and advance payments scale with revenue, creating working capital intensity at hyper-growth rates
- [LOW] Fx — While revenue is primarily domestic, key raw materials (silver, polysilicon, glass) are imported at USD-based prices, creating natural FX exposure on the cost side
What did Emmvee Photovoltaic Power Ltd's management say in the latest earnings call?
In Q4 FY26, Emmvee Photovoltaic Power Ltd's management highlighted
- "The main active risk is commodity price volatility, specifically silver paste and aluminium; however, management mitigates this through pass-through c..."
- "demand for domestically manufactured solar equipment continues to rise in India — reflecting ongoing ALMM policy tailwind [Risk (regulatory): MEDIUM]"
- "consolidated net cash from operating activities decreased to ₹200.14 crore in FY26 from ₹624.89 crore a year ago [Risk (logistics): MEDIUM]"
Is Emmvee Photovoltaic Power Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Emmvee Photovoltaic Power Ltd may be worth studying
- Earnings growing at +89.4% YoY
- Valuation: appears significantly undervalued
- Cash flow is positive — CFO ₹200 Cr
What is the investment thesis for Emmvee Photovoltaic Power Ltd?
Emmvee Photovoltaic Power Ltd investment thesis summary:
Research Signals (Bull Case)
- Revenue growing at +62.2% YoY
- Appears significantly undervalued
Risk Factors (Bear Case)
- Key risk: Commodity
What is the future outlook for Emmvee Photovoltaic Power Ltd?
Emmvee Photovoltaic Power Ltd's forward outlook based on current data signals
- Earnings Trend: stable
- Revenue Trend: stable
- Margin Trend: volatile
- Valuation: Significantly Undervalued
- Key Risk: Commodity
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.