Emmvee Photovoltaic Power Ltd
EMMVEEEmmvee Photovoltaic Power Ltd is printing record margins on a fuller multiple. From here the earnings must do all the lifting.
Biggest watch item: margins are the best this company has ever printed — every ratio flatters at record profitability, so the whole story leans on margins holding.
The price is in a confirmed uptrend (18 weeks in) while the P/E sits at the 77th percentile of its own 1-year range. Underneath, the last four quarters read improving — profit +102.1% year on year, and 71% of the last 3 years' profit arrived as cash. What settles it: the next one or two quarters of delivery.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Emmvee Photovoltaic Power Ltd trades at ₹322, in a confirmed uptrend and 18 weeks into that stage. That is +18.7% against its own 200-day average. It sits at 79% of a 52-week range of ₹184 to ₹359. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (4 weeks and counting).
Today the stock is in a confirmed uptrend — week 18 of stage 2, confirmed. At ₹322 it trades +18.7% versus its 200-day average and sits at 79% of its 52-week range (₹184–₹359).
Against the market, two honest reads. Cumulative: over the last 8 months the stock moved +38% while the NIFTY 500 moved −2% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (4 weeks and counting; last ahead the week of 2026-07-17) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
Emmvee Photovoltaic Power Ltd's story is not scored yet against the markers our research file set on 19 July 2026. Where it sits in its own cycle: EARLY_EXPANSION. Our fortnightly research layers last read it on 19 July 2026.
Our read, 19 July 2026. Emmvee is India's fastest-scaling integrated solar manufacturer, converting a 9.9 GW order book into earnings at 103% PAT growth, with Q1 FY27 finance-cost halving delivering incremental margin above the operating line.
What is proven. Emmvee is India's fastest-scaling integrated solar manufacturer, converting a 9.9 GW order book into earnings at 103% PAT growth, with Q1 FY27 finance-cost halving delivering incremental margin above the operating line.
What is not proven yet. If inventory days do not begin normalizing by Q3 FY27 (i.e., Q3 FY27 CCC remains above 150 days on a rising revenue base) AND the Devanahalli module line misses its December 2026 commissioning target, the OCF/PAT-recovery thesis breaks and the stock becomes a capex-funding risk story rather than an earnings-recovery one. A reversal or weakening of ALMM List 2 enforcement would also destroy the pricing pillar independent of the above.
🚨 What would change our mind. If inventory days do not begin normalizing by Q3 FY27 (i.e., Q3 FY27 CCC remains above 150 days on a rising revenue base) AND the Devanahalli module line misses its December 2026 commissioning target, the OCF/PAT-recovery thesis breaks and the stock becomes a capex-funding risk story rather than an earnings-recovery one. A reversal or weakening of ALMM List 2 enforcement would also destroy the pricing pillar independent of the above.
Layer 1 read, 19 July 2026 — KEEP. Explosive solar-manufacturing growth that isn't converting to cash yet — hold, but the working-capital clock is running. Emmvee's FY26 revenue +116% and PAT +193% with a 9.9 GW order book are the real thing, but only 18% of that profit became operating cash as inventory days hit 225, and the stock already trades at the top of its short valuation range with price above recovery value. As a held position the call is a watchful hold to the stock's own kill-switch — inventory normalizing by Q3 FY27 and Devanahalli commissioning on time.
What would change Layer 1’s mind. Q3 FY27 CCC staying above 150 days on a rising revenue base AND the Devanahalli module line missing its December 2026 commissioning — that pair converts this from an earnings-ramp story into a capex-funding-risk story and would flip the hold.
Layer 2 read, 19 July 2026 — BENCH. Extended stock in a supply-flooded, peak-margin sector — stress at full force; hold-and-watch to the CCC/Devanahalli milestones, not a drop. The internal cash strain is real: OCF/PAT collapsed to 0.18 as inventory days went 197->225 and CCC 136->159, financed by IPO cash not operations. Externally the sector confirms the danger — the schema-2.0 sector timeline reads a PEAK_MARGIN_VALUE_TRAP (OPM at the 92nd percentile with a >512% CWIP build and module utilization only 45%), the capital cycle is CAPACITY_RISK (supply flooding, institutions net-selling the largest outflow in the batch), and chain-5 tags the sector a casualty. But earnings and the 9.9 GW order book are still expanding and Q1 FY27 shows early repair (cell utilization 83%, finance costs halved), and the stock's own kill-switch (CCC >150 into Q3 FY27 AND Devanahalli…
What would change Layer 2’s mind. BENCH->ADVANCE if Q2/Q3 FY27 shows CCC falling back below 150 on a rising revenue base AND module utilization climbing toward the 65% target while OPM holds — i.e. the glut is absorbed without margin loss. BENCH->DROP if aggregate sector OPM rolls down as the >512% CWIP commissions AND Devanahalli slips its Dec-2026 commissioning by >1 quarter, turning it into a capex-funding-risk story.
The test written in advance. Ongoing Working Capital Pressure — Ongoing Working Capital Pressure by the next result.
The test written in advance. ALMM Policy Dependence — ALMM Policy Dependence Any government announcement reducing BCD (currently 44%) or relaxing ALMM implementation timelines. by the next result.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Operating Leverage on Low Module Utilization | HIGH | — | Module lines running at 45% utilization; doubling throughput on existing capex adds high-margin revenue without new fixed-asset… | Module demand weakens materially and order book build rate falls below 1 GW per quarter, stalling fill-rate progression toward the 65% target. |
| Devanahalli Capacity Step-Up | HIGH | — | Adding 6 GW integrated modules (December 2026) and cells (March 2027) doubles addressable output and anchors the Rs 2,400 Cr… | Devanahalli module line misses December 2026 commissioning by more than one quarter, which would push the FY27 capacity step-up into FY28 and delay… |
| ALMM Policy Moat | HIGH | — | ALMM List 2 mandatory from June 2026 restricts the compliant cell supplier universe, preserving DCR pricing premiums at… | ALMM policy is weakened, enforcement is diluted, or new large-scale compliant cell capacity from competitors comes online faster than anticipated… |
| Finance Cost Reduction | MEDIUM | — | Debt repayment using IPO proceeds reduced quarterly interest from Rs 53 Cr to Rs 11 Cr, delivering 630 basis points of PAT… | If inventory days do not begin normalizing by Q3 FY27 (i.e., Q3 FY27 CCC remains above 150 days on a rising revenue base) AND the Devanahalli module… |
🚨 What the surface reading misses. The surface reading is: OPM at 34% suggests durable high-margin business. The research reads it further: OPM history is only 2 years (listed November 2025); the range is 23% to 38%. The 34-35% current OPM is at mid-range of this short history. It reflects the backward-integration margin from internal cell sourcing plus ALMM DCR premiums — both policy and structural contributors. The Sep 2024 23% OPM was the trough as the cell line was newly commissioned at 23% utilization; that low-point will not recur unless a new technology or capacity line is commissioned at low utilization again.
🚨 What the surface reading misses. The surface reading is: OCF at 18% of PAT signals poor earnings quality. The research reads it further: The cash_decomposition series shows this is a one-off drain: FY24 OCF/PAT 8.07, FY25 OCF/PAT 1.66, FY26 OCF/PAT 0.18. The three-year aggregate OCF/PAT is 0.71 (Rs 1,048 Cr OCF / Rs 1,480 Cr PAT), well within acceptable range. The FY26 single-year deterioration is mechanically explained by a Rs 1,178 Cr working-capital drain, of which Rs 636 Cr was inventory (confirmed deliberate by management for ALMM positioning) and Rs 277 Cr was debtor expansion (from 30 to 50 days). Cash_story is 'one_off_drain' — not a structural deterioration. Payables expanded simultaneously from Rs 91 to Rs 116 days, partially offsetting.
Lever 1 · Operating leverage — BUILDING. Module lines running at 45% utilization; doubling throughput on existing capex adds high-margin revenue without new fixed-asset spend. What proves it keeps working: Operating Leverage on Low Module Utilization. It stops working if Module demand weakens materially and order book build rate falls below 1 GW per quarter, stalling fill-rate progression toward the 65% target.
Lever 2 · Value-added mix — BUILDING. Adding 6 GW integrated modules (December 2026) and cells (March 2027) doubles addressable output and anchors the Rs 2,400 Cr EBITDA target. What proves it keeps working: Devanahalli Capacity Step-Up. It stops working if Devanahalli module line misses December 2026 commissioning by more than one quarter, which would push the FY27 capacity step-up into FY28 and delay the EBITDA-target path.
Lever 3 · Management change — BUILDING. ALMM List 2 mandatory from June 2026 restricts the compliant cell supplier universe, preserving DCR pricing premiums at approximately Rs 8.5-9 per watt versus non-DCR Rs 2-2.5 per watt. What proves it keeps working: ALMM Policy Moat. It stops working if ALMM policy is weakened, enforcement is diluted, or new large-scale compliant cell capacity from competitors comes online faster than anticipated, compressing the supply-side premium.
Lever 4 · Paying down debt — BUILDING. Debt repayment using IPO proceeds reduced quarterly interest from Rs 53 Cr to Rs 11 Cr, delivering 630 basis points of PAT margin accretion independent of operations. What proves it keeps working: Finance Cost Reduction.
Sources: our stock research file (19 July 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Emmvee Photovoltaic Power Ltd reported ₹1,556 Cr of revenue in the Jun 26 quarter, +51.4% year on year. That is the 5th straight quarter of year-on-year growth. Over 6 years it has compounded at 44.5% a year. The last full year, FY26, came in at ₹5,050 Cr. The last four reported quarters add to ₹5,578 Cr.
FY26 revenue came in at ₹5,050 Cr (+116.2% on the year), capping 6 years at 44.5% compound. The latest quarter (Jun 26) printed ₹1,556 Cr, +51.4% year on year — the 5th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +103.3% growth against the decade's 44.5% — the current year is running faster than its own long-run rate.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Emmvee Photovoltaic Power Ltd's operating margin is 35.0% in the Jun 26 quarter, +1.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 7 fiscal years the operating margin has ranged 9.0% to 34.0%. The current quarter is running above every full year in that window.
Why this happened. Q1 FY27 module production 970 MW at 45% utilization on 9.3 GW capacity. Guided target 65% utilization on existing lines. Moving from 45% to 65% on the same fixed base implies a 44% volume increase delivering operating leverage on Rs 2,050 Cr annual fixed costs. Each incremental GW of production contributes at approximately Rs 2.5 EBITDA per watt (Rs 250 Cr per GW), with minimal variable cost lift.
The latest quarter's operating margin is 35.0%, +1.0 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 9.0%–34.0%, and FY26's 34.0% is the top of that band — a record year.
Why the margin moved: operating margin went +1.1 pp year on year while gross margin went −2.0 pp — the gain came mostly from the gross line: input costs and pricing.
Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Emmvee Photovoltaic Power Ltd earned ₹380 Cr of net profit in the Jun 26 quarter, +102.1% year on year. It is the 5th consecutive quarter of growth. Full-year FY26 profit was ₹1,082 Cr. The 6-year compound rate is 106.4%. That is 24.4% of the quarter's revenue. The same quarter a year earlier earned ₹188 Cr.
Jun 26 profit was ₹380 Cr, +102.1% year on year — the 5th consecutive quarter of growth. On the full year, FY26 printed ₹1,082 Cr (+193.2%), and the 6-year compound rate is 106.4%.
Why profit moved: revenue contributed +51.4% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +234.6% vs revenue +103.3%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 71% of Emmvee Photovoltaic Power Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY26 that was ₹200 Cr of operating cash against ₹1,082 Cr of profit. After ₹881 Cr of capital spending, ₹−681 Cr was left as free cash.
FY26: operating cash of ₹200 Cr against reported profit of ₹1,082 Cr, leaving free cash of ₹−681 Cr after ₹881 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 71% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 71%: the cash cycle stretched 28 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.
Router verdict: conversion is below par and the cash cycle has stretched 28 days — the next section's job is to find where the cash is stuck.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Emmvee Photovoltaic Power Ltd's cash conversion cycle runs 159 days in FY26, up from 131 days in FY21. Capital spending ran ₹2,722 Cr over the last 3 years. At FY26 sales of ₹5,050 Cr each day of that cycle holds about ₹13.8 Cr, so roughly ₹2,200 Cr sits inside the business at any moment.
FY26: debtors at 50 days, inventory at 225 days — roughly 7.4 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 159 days, looser than FY21's 131.
The full loop: cash goes out to suppliers and production on day 0; stock waits 225 days to sell; customers pay about 50 days after that; and suppliers themselves are paid at 116 days — netting out to the 159-day cycle.
In money terms: at FY26 sales of ₹5,050 Cr, each day of the cycle holds about ₹13.8 Cr — so the 159-day loop keeps roughly ₹2,200 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹2,722 Cr over the last 3 fiscal years against ₹494 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹10.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Emmvee Photovoltaic Power Ltd earns a ROCE of 45% in FY26. That is up from a trough of 6% in FY23. Return on invested capital clears the cost of that capital by +24.0 percentage points, so growth here adds value rather than only size. The wiring behind it is 21.4% net margin on 0.87× asset turns.
FY26 ROCE is 45%, recovered from a FY23 trough of 6% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 21.4% net margin × 0.87× asset turns × 1.56× balance-sheet leverage ≈ 29.0% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.
The capstone test — ROIC − WACC: 36.0% − 12.0% = a +24.0 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Emmvee Photovoltaic Power Ltd carries total debt of ₹360 Cr against shareholder equity of ₹3,695 Cr as of Jun 26, a debt-to-equity of 0.10 — effectively unlevered. On the annual view that ratio went from 3.85 in FY25 to 0.10 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Why this happened. IPO raised Rs 2,900 Cr; Rs 1,621 Cr used to prepay debt. Borrowings fell from Rs 2,065 Cr (Mar 2025) to Rs 360 Cr (Mar 2026). Q1 FY27 finance cost Rs 11.1 Cr versus Rs 53.1 Cr year-prior — a Rs 42 Cr quarterly saving. This one-time step-down is now largely captured; future finance costs stabilize at this lower level but do not provide incremental tailwind as Devanahalli draws down the IREDA facility.
Jun 26: total debt of ₹360 Cr against shareholder equity of ₹3,695 Cr — a debt-to-equity of 0.10. On the annual view, debt-to-equity went from 3.85 (FY25) to 0.10 (FY26). The returns on this page are earned, not borrowed.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
No holder of Emmvee Photovoltaic Power Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.
Why this happened. DCR revenue mix reached over 50% of Q1 FY27 sales. ALMM List 2 cell compliance is a hard regulatory gate — only manufacturers on the approved list can supply projects subject to the mandate. Emmvee, with 2.94 GW listed cell capacity and an established track record, is a preferred ALMM-compliant supplier. The 4x per-watt premium gap between DCR and non-DCR is the primary margin wedge. Conversation memory confirms moat is substantially policy-derived: Chinese modules are 40-45% cheaper but blocked.
The register over the last two years — .
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Emmvee Photovoltaic Power Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Emmvee Photovoltaic Power Ltd trades at 17.5× P/E, at the pricey end of its own range (77th percentile). Its long-run median P/E is 3.4×, measured across 0.7 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 17.5× is at the pricey end of its own range (77th percentile), against a long-run median of 3.4× measured over 0.7 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Emmvee Photovoltaic Power Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 6 quarters across 1 curve, on partial evidence.
Why it matters: with too little history, an honest page says so instead of guessing a trajectory.
One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.
Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +116.2% | +101.4% | +64.1% | — |
| Profit | +193.2% | +393.5% | +160.6% | — |
| EPS | −77.2% | +23.6% | +12.6% | — |
4-Factor Sector Score
73.0/100 — rank 1 of 14 in Electric Equipment - General · 73% evidence confidence
Emmvee Photovoltaic Power Ltd scores 73.0 out of 100 against the 14 companies it is compared with in Electric Equipment - General, ranking 1. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 29.4 + 18.8 + 14.8 + 10 = 73. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Said versus delivered
What Emmvee Photovoltaic Power Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
Module Capacity Reduced Without Explanation · 16 July 2026. In the Apr 2026 call, management stated current installed module capacity was 10.3 GW and post-expansion capacity would reach 16.3 GW by end of FY27. In the Jul 2026 call, both figures were revised down by 1 GW to 9.3 GW current and 15.3 GW post-expansion, with no explanation provided for the reduction.
Debt Funding for 6 GW Project Reduced · 16 July 2026. In the Apr 2026 call, management confirmed IREDA had sanctioned a term loan of INR 3,306 crores for the 6 GW integrated facility. In the Jul 2026 call, debt funding was stated at approximately INR 2,300 crores, a reduction of roughly INR 1,000 crores, with no explanation for the change in the financing plan.
G12R Cell Transition Delayed by Six Months · 16 July 2026. In the Apr 2026 call, management stated they expected to complete the transition from M10 to G12R cells by the end of Q1 FY27 (June 2026). In the Jul 2026 call, management acknowledged the transition was only partially complete and would require another six months, effectively pushing completion to approximately Q3 FY27 without explaining the cause of the delay.
PPA Cancellation Status · 2 December 2025. Management minimized market risk in the December 2025 call by definitively stating that no Power Purchase Agreements (PPAs) have been cancelled. However, in the same response, this was contradicted by explaining that project developers are being told to 'go for a new bidding' and that projects will be 'rebid', which is functionally equivalent to the original PPA being voided and represents a significant risk. Earlier call (Dec 2025): “In reality, no PPA has been cancelled as of now. As of today, there is no single PPA which is being cancelled.” Later call (Dec 2025): “So what they are telling is for mutual understanding, they need to come forward to either include battery storage in that standalone solar PPA or they need to go for a new bidding.”
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Emmvee Photovoltaic Power Ltdthis pageEMMVEE | 73.0/100Favorable setup73% evidence | BREAKING OUT | 29.4/35 Revenue 84.1% · PAT 100% · OPM change 1 pp 100% evidence | 18.8/25 ROCE 44.8% · OPM 35% 100% evidence | 14.8/20 P/E 17.5× · PEG 0.92 65% evidence | 10.0/20 RS sector — · RS bench — · 1Y —12 of 12 weeks ahead 0% evidence |
| Exact sum: 29.4 + 18.8 + 14.8 + 10 = 73 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 2Fujiyama Power Systems LtdUTLSOLAR | 56.1/100Mixed-positive evidence63% evidence | BREAKING OUT | 22.3/35 Revenue 95% · PAT 62.4% · OPM change 1 pp 100% evidence | 13.9/25 ROCE 29.4% · OPM 19% 100% evidence | 9.9/20 P/E 31.1× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y —12 of 12 weeks ahead 0% evidence |
| Exact sum: 22.3 + 13.9 + 9.9 + 10 = 56.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3Indosolar LtdWAAREEINDO | 50.3/100Mixed-positive evidence74% evidence | ASLEEP | 13.0/35 Revenue 7% · PAT -5.7% · OPM change 38 pp 95% evidence | 19.9/25 ROCE 124% · OPM 71% 95% evidence | 11.5/20 P/E 7.4× · PEG — 15% evidence | 5.9/20 RS sector -6.5% · RS bench -34.5% · 1Y -21.4%3 of 10 weeks ahead 70% evidence |
| Exact sum: 13 + 19.9 + 11.5 + 5.9 = 50.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4ABB India LtdABB | 50.1/100Mixed-positive evidence74% evidence | TURNING | 17.5/35 Revenue 10.2% · PAT 66.5% · OPM change -1 pp 71% evidence | 15.2/25 ROCE 29.9% · OPM 13% 76% evidence | 6.8/20 P/E 105× · PEG — 50% evidence | 10.6/20 RS sector -8.9% · RS bench 24.2% · 1Y 52.3%6 of 12 weeks ahead 100% evidence |
| Exact sum: 17.5 + 15.2 + 6.8 + 10.6 = 50.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Hindusthan Insulators & Industries Ltd539984 | 47.7/100Mixed-negative evidence67% evidence | ASLEEP | 24.3/35 Revenue 41.8% · PAT 100% · OPM change 32 pp 71% evidence | 7.4/25 ROCE 10.7% · OPM 38% 76% evidence | 11.0/20 P/E 13× · PEG — 15% evidence | 5.0/20 RS sector -38.8% · RS bench 85.2% · 1Y 10.2%1 of 12 weeks ahead 100% evidence |
| Exact sum: 24.3 + 7.4 + 11 + 5 = 47.7 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -38.8% and the one-year return is 10.2%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 6Saatvik Green Energy LtdSAATVIKGL | 45.8/100Mixed-negative evidence73% evidence | ASLEEP | 7.9/35 Revenue 46.5% · PAT -21.9% · OPM change -12.7 pp 100% evidence | 12.3/25 ROCE 32.9% · OPM 6.6% 100% evidence | 15.6/20 P/E 21.9× · PEG 0.65 65% evidence | 10.0/20 RS sector — · RS bench — · 1Y —5 of 12 weeks ahead 0% evidence |
| Exact sum: 7.9 + 12.3 + 15.6 + 10 = 45.8 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 7Vidya Wires LtdVIDYAWIRES | 45.1/100Mixed-negative evidence60% evidence | ASLEEP | 15.8/35 Revenue 31.6% · PAT 40.9% · OPM change -0.5 pp 95% evidence | 9.2/25 ROCE 20.7% · OPM 4% 95% evidence | 10.1/20 P/E 30.4× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y —8 of 12 weeks ahead 0% evidence |
| Exact sum: 15.8 + 9.2 + 10.1 + 10 = 45.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Prostarm Info Systems LtdPROSTARM | 43.1/100Mixed-negative evidence65% evidence | BASING | 14.4/35 Revenue 30.5% · PAT 19.1% · OPM change 1.4 pp 95% evidence | 10.4/25 ROCE 17.8% · OPM 8.5% 95% evidence | 10.3/20 P/E 22.2× · PEG — 15% evidence | 8.0/20 RS sector — · RS bench -17.4% · 1Y -32.3%0 of 10 weeks ahead 25% evidence |
| Exact sum: 14.4 + 10.4 + 10.3 + 8 = 43.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9Yash Highvoltage Ltd544310 | 62.5/100Thin evidence · provisional47% evidence | LEADER | 18.5/35 Revenue — · PAT — · OPM change 3 pp 14% evidence | 15.8/25 ROCE 28.6% · OPM 26% 76% evidence | 8.7/20 P/E 72.4× · PEG — 15% evidence | 19.5/20 RS sector 20.1% · RS bench 58.9% · 1Y 86.9%12 of 12 weeks ahead 100% evidence |
| Exact sum: 18.5 + 15.8 + 8.7 + 19.5 = 62.5 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 10Vivid Electromech LtdVIVIDEL | 57.4/100Thin evidence · provisional34% evidence | TURNING | 17.2/35 Revenue — · PAT — · OPM change 4 pp 19% evidence | 21.0/25 ROCE 58.6% · OPM 24% 95% evidence | 9.2/20 P/E 44× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y —4 of 4 weeks ahead 0% evidence |
| Exact sum: 17.2 + 21 + 9.2 + 10 = 57.4 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 11GP Eco Solutions India LtdGPECO | 56.7/100Thin evidence · provisional41% evidence | 20.6/35 Revenue — · PAT — · OPM change 10 pp 26% evidence | 16.4/25 ROCE 38.3% · OPM 15% 95% evidence | 11.3/20 P/E 11.9× · PEG — 15% evidence | 8.4/20 RS sector — · RS bench -10.2% · 1Y —4 of 4 weeks ahead 25% evidence | |
| Exact sum: 20.6 + 16.4 + 11.3 + 8.4 = 56.7 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 12Indo SMC Ltd544681 | 54.1/100Thin evidence · provisional31% evidence | BREAKING OUT | 17.6/35 Revenue — · PAT — · OPM change 4 pp 26% evidence | 16.8/25 ROCE 33.9% · OPM 15% 76% evidence | 9.7/20 P/E 34× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y —12 of 12 weeks ahead 0% evidence |
| Exact sum: 17.6 + 16.8 + 9.7 + 10 = 54.1 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 13Saakshi Medtech & Panels LtdSAAKSHI | 53.3/100Thin evidence · provisional41% evidence | TURNING | 20.5/35 Revenue — · PAT — · OPM change 12 pp 26% evidence | 12.3/25 ROCE 14.3% · OPM 20% 95% evidence | 9.4/20 P/E 42.5× · PEG — 15% evidence | 11.1/20 RS sector — · RS bench 38.8% · 1Y —1 of 2 weeks ahead 25% evidence |
| Exact sum: 20.5 + 12.3 + 9.4 + 11.1 = 53.3 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 14Parth Electricals & Engineering LtdPARTH | 52.0/100Thin evidence · provisional50% evidence | LEADER | 16.7/35 Revenue — · PAT — · OPM change 1 pp 26% evidence | 11.7/25 ROCE 21% · OPM 9% 95% evidence | 9.0/20 P/E 45.4× · PEG — 15% evidence | 14.6/20 RS sector 13.3% · RS bench 50.2% · 1Y 123.8%12 of 12 weeks ahead 70% evidence |
| Exact sum: 16.7 + 11.7 + 9 + 14.6 = 52 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Emmvee Photovoltaic Power Ltd's share price today?
Emmvee Photovoltaic Power Ltd trades at ₹322. The company is valued at ₹22,259 Cr. The stock sits at 79% of its 52-week range of ₹184–₹359, +18.7% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 18 weeks in. — as of 14 August 2026.
What were Emmvee Photovoltaic Power Ltd's latest quarterly results?
Emmvee Photovoltaic Power Ltd reported revenue of ₹1,556 Cr and net profit of ₹380 Cr for the Jun 26 quarter. Revenue rose 51.4% and profit rose 102.1% year on year. Earnings per share were ₹5.49. The operating margin was 35.0%, 1.0 pp higher than a year earlier. — as of 14 August 2026.
What is Emmvee Photovoltaic Power Ltd's revenue?
Emmvee Photovoltaic Power Ltd reported revenue of ₹1,556 Cr in the Jun 26 quarter, +51.4% year on year. For the full FY26 fiscal year, revenue was ₹5,050 Cr (+116.2%). Over the last 6 years revenue compounded at 44.5% a year. — as of 14 August 2026.
What is Emmvee Photovoltaic Power Ltd's profit?
Emmvee Photovoltaic Power Ltd earned ₹380 Cr of net profit in the Jun 26 quarter, +102.1% year on year — the 5th straight quarter of growth. Full-year FY26 profit was ₹1,082 Cr. The operating margin ran 35.0% in the latest quarter. — as of 14 August 2026.
What is Emmvee Photovoltaic Power Ltd's market cap?
Emmvee Photovoltaic Power Ltd's market capitalisation is ₹22,259 Cr at a share price of ₹322. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 14 August 2026.
What is Emmvee Photovoltaic Power Ltd's P/E ratio?
Emmvee Photovoltaic Power Ltd trades at a P/E of 17.5×, at the 77th percentile of its own 1-year range, against a long-run median of 3.4×. This is a comparison with the stock's own history, not a value call — as of 14 August 2026.
Does Emmvee Photovoltaic Power Ltd pay a dividend?
Yes — Emmvee Photovoltaic Power Ltd's dividend payout was 6% of profit in FY26, and it recorded a payout in 1 of its last 7 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 14 August 2026.
Is Emmvee Photovoltaic Power Ltd overvalued?
On its own history, Emmvee Photovoltaic Power Ltd looks expensive: its P/E of 17.5× sits at the 77th percentile of its 1-year range (long-run median 3.4×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 14 August 2026.
Is Emmvee Photovoltaic Power Ltd growing?
Yes — Emmvee Photovoltaic Power Ltd is growing: latest-quarter revenue +51.4% year on year, profit +102.1%, and the margin +1.0 pp at 35.0%. The 6-year compound rates are 44.5% (revenue) and 106.4% (profit). The earnings engine currently reads: improving — as of 14 August 2026.
How is Emmvee Photovoltaic Power Ltd performing?
Emmvee Photovoltaic Power Ltd is in a confirmed uptrend, 18 weeks in. Its latest quarter's revenue rose 51.4% and profit rose 102.1% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 4 weeks. This describes what the data did, not a rating. — as of 14 August 2026.
Is Emmvee Photovoltaic Power Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 18 of stage 2), trading +18.7% versus its 200-day average and at 79% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 14 August 2026.
Is Emmvee Photovoltaic Power Ltd beating the market?
Not lately — on a trailing-13-week view Emmvee Photovoltaic Power Ltd is currently behind the NIFTY 500 (4 weeks and counting; last ahead the week of 2026-07-17), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 8 months the stock moved +38% against the NIFTY 500's −2% — ahead of the index over the full window. — as of 14 August 2026.
Will Emmvee Photovoltaic Power Ltd's share price go up?
This page publishes no price forecast for Emmvee Photovoltaic Power Ltd. What it measures instead: the share price is ₹322, the price is in a confirmed uptrend 18 weeks in. Its P/E of 17.5× sits at the 77th percentile of its own 1-year range. — as of 14 August 2026.
Who owns Emmvee Photovoltaic Power Ltd?
Promoters hold 80.0% of Emmvee Photovoltaic Power Ltd, foreign institutions 2.9%, domestic institutions 9.8% and the public 7.2% (latest quarter). No holder moved a full point over the last two years — the register is quiet. — as of 14 August 2026.
Does Emmvee Photovoltaic Power Ltd have too much debt?
No — Emmvee Photovoltaic Power Ltd's debt-to-equity is 0.10, and operating profit covers the interest bill 11×. FY26 borrowings were ₹360 Cr against equity of ₹3,694 Cr. The returns on this page are earned, not borrowed — as of 14 August 2026.
What is Emmvee Photovoltaic Power Ltd's capex?
Emmvee Photovoltaic Power Ltd spent ₹2,722 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹881 Cr, with ₹10.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 14 August 2026.
What is Emmvee Photovoltaic Power Ltd's cash flow?
Emmvee Photovoltaic Power Ltd generated ₹200 Cr of operating cash flow in FY26 and ₹−681 Cr of free cash flow after ₹881 Cr of capital spending. Reported profit that year was ₹1,082 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 14 August 2026.
Is Emmvee Photovoltaic Power Ltd's profit real cash?
Mostly — over the last 3 fiscal years, 71% of Emmvee Photovoltaic Power Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹200 Cr against reported profit of ₹1,082 Cr. The cash then goes mostly into the working-capital cycle. Cash-flow resolution is annual — as of 14 August 2026.
Where is Emmvee Photovoltaic Power Ltd in its business cycle?
Emmvee Photovoltaic Power Ltd's FY26 operating margin was 34.0%, against a 7-year band of 9.0%–34.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 35.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 14 August 2026.
What could break the Emmvee Photovoltaic Power Ltd story?
Biggest watch item: margins are the best this company has ever printed — every ratio flatters at record profitability, so the whole story leans on margins holding. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 14 August 2026.
Is Emmvee Photovoltaic Power Ltd a stock worth studying right now?
This is not investment advice. The machine read: Emmvee Photovoltaic Power Ltd is printing record margins on a fuller multiple. From here the earnings must do all the lifting. The sharpest open question: the next one or two quarters of delivery. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 14 August 2026.