Emmvee Photovoltaic Power Ltd (EMMVEE) — share price & stock analysis

Market cap

₹24,367 Cr

P/E

22.5×

ROE

51.1%

vs own history (since 2025)

75th pctile

Book value / share

₹53.4

EPS (TTM)

₹67.6

10-yr median P/E

3.2×

Revenue (FY26)

₹5,050 Cr

Profit after tax (FY26)

₹1,082 Cr

Weinstein stage

Stage 2 (12 weeks)

Data as of

1 July 2026

3 of the 5 things we track are currently moving the right way — most of the dashboard is turning up.

Where the levels actually stand: ROCE 45% — a high-quality engine; effectively no debt; margins at an all-time high. Momentum says which way things are moving; these say where they are.

Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double, and a quarter of the score comes from our earnings-recovery lens (is the profit cycle turning up off its trough?).

The price has run ahead of the profits

Since Nov 2025, the stock is up 61% while earnings per share grew 0%. The difference is re-rating — investors paying more for the same rupee of profit.pricettm_eps

That works until it doesn’t: from here, earnings have to do the lifting, because the multiple has already done its part.

Today’s P/E of 22.5× means the market is paying up — this is the expensive end of its own history since 2025 (75th percentile).pe_ratio

Price is the weekly close (₹). EPS is trailing-twelve-month profit per share, anchored on Screener's own snapshots; between snapshots it is filled from price ÷ P/E (an exact identity), and any fill straying more than 18% from the neighbouring snapshots is dropped rather than shown. The lower panel is the P/E — what the market pays per rupee of profit; the dotted line is its long-run median (3.2×).

The price is in a confirmed uptrend — 12 weeks and counting

Stock prices move through four repeating stages: basing (1), advancing (2), topping (3) and declining (4). This one is in Stage 2: advancing, 12 weeks in, confirmed.stage

The price sits above its rising 200-day average (₹249 today) — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200

What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200

Profits are at an all-time high

Over 6 years, sales went from ₹555 Cr to ₹5,050 Cr (about 45% a year), and profit from ₹14.0 Cr to ₹1,082 Cr.revenuenet_profit

Margins widened 15.4 points along the way — growth with improving economics.operating_profit

Sales exploded 62% last quarter

Mar 26 sales were ₹1,739 Cr, up 62% on the same quarter last year.revenue

Margins have been rebuilt — 9.1% in FY23 to 34.3% now

Of every ₹100 of sales, the company keeps ₹32.8 as operating profit (a year ago it kept ₹33.6).opm_pct

Zoom out and this is the page's quiet hero: annual operating margin bottomed at 9.1% in FY23 and has been rebuilt to 34.3% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit

Profit exploded 89% — mostly from selling more

Mar 26 profit after tax was ₹392 Cr, up 89% year on year.net_profit

Most of the profit becomes cash — but not all

Over the last 5 profitable years, the business reported ₹1,502 Cr of profit and collected ₹1,236 Cr of operating cash — about 82% conversion.operating_cash_flownet_profit

The wrinkle is the latest year: FY26 collected ₹200 Cr against ₹1,082 Cr of reported profit — about 18%. One year isn’t a trend, but it is the line to watch.operating_cash_flownet_profit

The gap sits in receivables: customers now take 50 days to pay, up from 30. Profit booked, cash pending.debtor_days

The cash cycle is stretching — more money stuck in the pipeline

One rupee now takes about 159 days to go out the door as materials and come back as collected cash — up from 136 days the year before.cash_conversion_cycle

The biggest mover: inventory sitting longer in the warehouse (197 → 225 days).inventory_days

The asset base keeps compounding — this company builds

The productive asset base has gone from ₹593 Cr (FY20) to ₹2,634 Cr, with another ₹10.0 Cr of capacity under construction right now.fixed_assetscwip

The build is bigger than the cash engine: investing outflows (₹2,290 Cr) exceeded operating cash (₹1,048 Cr) over the last 3 years — the difference comes from debt or shareholders.investing_cash_flowoperating_cash_flow

Almost no debt — this company cannot be killed by a bad year

For every ₹100 shareholders have put in (and left in), the company has borrowed ₹10.borrowings

Every ₹100 kept in the business now earns ₹45 — and the number is rising

Return on capital employed is 45.0% (a year ago: 28.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct

Rising returns on capital while growing is the rarest combination in investing — it means the new projects earn more than the old ones.roce_pct

Worth studying deeper — with eyes open

The numbers lean positive, and the price already assumes the good news continues.

Best thing in the data: debt improving (3.85× → 0.1×).borrowings

Biggest worry: earnings per share falling (₹38.39 → ₹5.67).eps

Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.

Straight answers from the data