# Emmvee Photovoltaic Power (EMMVEE) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/emmvee

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹251.21
- Change: -0.32%
- As of: 2026-11-06
- 1D return: -0.32%
- 5D return: +9.70%
- 1M return: -16.82%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

EMMVEE (₹251.21) remains in a confirmed bearish trend across daily, weekly, and monthly horizons, with price trading below all major moving averages and the Supertrend indicator. The daily ADX of 36.65 indicates strong trend conviction, while the -DI (31.18) significantly outweighs the +DI (17.35), reflecting sustained selling pressure. Despite recent volatility—including a high-severity upward gap on 2026-11-05 (+2.3%) and an unusual move on 2026-11-04 (+6.6%)—the stock is down 15.3% over the past month and sits 31.2% below its available high. Price is positioned in the lower-middle of its 20-day and 252-day ranges. Immediate resistance lies at ₹253.42 (pivot, 0.88% above), with support at ₹247.83 (low, 1.34% below). The setup suggests continued downside risk unless price can sustainably break above the pivot level and reverse the negative slope of the 20-day EMA (-9.33).

- Trend: Bearish across daily, weekly, and monthly timeframes; price below all MAs and Supertrend.
- Strength: High trend conviction (Daily ADX 36.65); Selling dominance (-DI 31.18 vs +DI 17.35).
- Levels: Resistance at ₹253.42 (0.88% up); Support at ₹247.83 (1.34% down).
- Risk: Annualized volatility +52.0%; Current drawdown -31.2%; Recent sharp reversals noted.

- Outside Bar
- Harami
- Evening Star

### News Context

On November 2, 2026, Emmvee Photovoltaic Power announced a ₹5,500 crore capacity expansion aimed at strengthening India’s domestic solar supply chain. The company plans to commission 6 GW of solar module capacity by December 2026 and 6 GW of cell manufacturing capacity by March 2027. This strategic move aligns with broader national efforts to reduce reliance on imported upstream components, such as cells and wafers, following Prime Minister Narendra Modi’s announcement that India has achieved its non-fossil fuel power capacity target five years ahead of schedule.

Emmvee also outlined a potential future investment of ₹5,000–₹5,500 crore in ingot and wafer manufacturing. However, this downstream expansion is explicitly contingent upon regulatory clarity regarding the implementation of ALMM III. While the immediate plan focuses on modules and cells, the long-term strategy depends on evolving policy frameworks. Investors should monitor the timeline for ALMM III guidelines, as they directly determine the feasibility of Emmvee’s proposed deeper integration into the solar value chain.

- Emmvee plans a ₹5,500 crore expansion to commission 6 GW of solar module capacity by December 2026 and 6 GW of cell capacity by March 2027.
- A future ₹5,000–₹5,500 crore investment in ingot and wafer manufacturing is proposed but remains contingent on regulatory clarity regarding ALMM III implementation.
- The expansion supports India’s goal to reduce import dependence on upstream solar components, coinciding with the nation achieving its non-fossil fuel capacity target five years early.

- [India hits climate target 5 years early, targets 500 GW green capacity: PM Modi](https://www.businesstoday.in/latest/economy/story/india-hits-climate-target-5-years-early-targets-500-gw-green-capacity-pm-modi-565233-2026-11-02)
- [India’s solar manufacturing push deepens as Emmvee plans ₹5,500 crore capacity expansion](https://www.businesstoday.in/latest/economy/story/indias-solar-manufacturing-push-deepens-as-emmvee-plans-rs5500-crore-capacity-expansion-565203-2026-11-02)

### Official Filings

Emmvee Photovoltaic Power Limited reported unaudited financial results for H1 FY27, ending September 30, 2026. The company posted a 45.1% year-on-year increase in revenue from operations to ₹3,131.9 crore and a 79.1% rise in Profit After Tax (PAT) to ₹762.3 crore. Production output reached 952 MW of solar PV modules and 513 MW of cells in Q2 FY27. The order book stood at approximately 10.4 GW as of the quarter-end, with new inflows of roughly 1.5 GW during the period. Emmvee is advancing a 6 GW integrated TOPCon cell and module expansion project, estimated at ₹5,500 crore, with module commissioning targeted for December 2026 and cell lines by March 2027. This expansion aims to raise total capacity to approximately 16.3 GW of modules and 8.9 GW of cells. The company also outlined plans for backward integration into ingot and wafer manufacturing over FY29 and FY30, with an estimated capital expenditure of ₹5,000–5,500 crore. Net debt to equity remained low at 0.12x.

- H1 FY27 Revenue grew 45.1% YoY to ₹3,131.9 crore; PAT increased 79.1% to ₹762.3 crore.
- Order book stands at 10.4 GW as of September 30, 2026, including ~1.5 GW new inflows in Q2.
- 6 GW TOPCon expansion (₹5,500 crore capex) targets module commissioning by Dec 2026 and cells by Mar 2027.
- Net debt-to-equity ratio was 0.12x as of September 30, 2026.

- [Emmvee Photovoltaic Power Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/EMMVEE_21102026180639_EPPL_Transcript_Q2FY27.pdf)
- [Pursuant to Regulation 47 of SEBI (LODR) Regulations, 2015 we are attaching herewith newspaper clipping of unaudited financial results for quarter and half year ended September 30, 2026. |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/EMMVEE_17102026153009_EPPL_Newspaper_AD_September_2026.pdf)
- [Emmvee Photovoltaic Power Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/EMMVEE_15102026185701_EPPL_Call_Recording_15102026.pdf)
- [Emmvee Photovoltaic Power Limited has submitted to the Exchange, outcome of Board Meeting held on October 14, 2026 to approve the Unaudited Financial Results for the quarter and half year ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/EMMVEE_14102026185931_Outcome_of_BM_3092026.pdf)
- [Emmvee Photovoltaic Power Limited has informed the Exchange regarding a press release dated October 14, 2026, titled "Press Release on the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/EMMVEE_14102026191431_EPPL_Press_Release_September_2026.pdf)
- [Emmvee Photovoltaic Power Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/EMMVEE_14102026192107_EPPL_Investor_PresentationQ2FY27.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1738144_14102026073945_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1738143_14102026073830_WEB.xml)
- [Emmvee Photovoltaic Power Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/EMMVEE_12102026182239_EPPL_Regulation_74_5__September_2026.pdf)
- [Financial Results |Meeting Date: 14-Oct-2026](https://nsearchives.nseindia.com/corporate/EMMVEE_07102026211000_Stock_Exchange_Prior_Intimation_Board_Meeting_Q2FY27.pdf)

### Fundamentals

Emmvee Photovoltaic Power has demonstrated a significant expansion in scale and profitability, with TTM sales reaching ₹6,023 crore and net profit rising to ₹1,418 crore. The company’s balance sheet has strengthened considerably; equity surged from ₹956.70 crore to ₹4,390.06 crore between September 2025 and September 2026, while total liabilities decreased to ₹2,450.68 crore. Borrowings also fell sharply from ₹2,065 crore in March 2025 to ₹360 crore in March 2026, though they rose to ₹1,108 crore by September 2026.

However, earnings quality shows signs of strain. Cash flow from operations (CFO) declined from ₹625 crore in FY2025 to ₹200 crore in FY2026, and the CFO/EBITDA ratio dropped to 23%. This deterioration coincides with a lengthening cash conversion cycle, which extended to 159 days in March 2026 from 108 days in March 2024, driven by rising inventory days (225 days) and debtor days (50 days). Inventories grew to ₹1,884.20 crore as of September 2026. While operating margins remain robust, the widening gap between reported profits and cash generation warrants close monitoring.

- TTM net profit reached ₹1,418 crore on sales of ₹6,023 crore, reflecting strong top-line growth.
- Cash flow from operations fell to ₹200 crore in FY2026, down from ₹625 crore in FY2025, indicating lower cash conversion efficiency.
- The cash conversion cycle lengthened to 159 days in March 2026, with inventory days rising to 225 days and inventories increasing to ₹1,884.20 crore.
- Equity base expanded significantly to ₹4,390.06 crore as of September 2026, providing a stronger capital buffer despite recent borrowing increases.

### Bull Case

Emmvee Photovoltaic Power is positioned to capitalize on India’s accelerated renewable energy transition, having achieved its non-fossil fuel capacity target five years ahead of schedule. The company has announced a ₹5,500 crore capital expansion plan to commission 6 GW of solar module capacity by December 2026 and 6 GW of cell capacity by March 2027. This strategic move addresses critical gaps in the domestic supply chain, specifically reducing reliance on imported upstream components like cells and wafers. Additionally, Emmvee proposes a future investment of ₹5,000–₹5,500 crore in ingot and wafer manufacturing, contingent upon regulatory clarity regarding ALMM III implementation. While technical indicators reflect a bearish trend with a current drawdown of -31.2%, these operational milestones provide a structural foundation for long-term growth aligned with national energy security goals.

- Plans to commission 6 GW of solar module capacity by December 2026 and 6 GW of cell capacity by March 2027 through a ₹5,500 crore expansion.
- Proposes an additional ₹5,000–₹5,500 crore investment in ingot and wafer manufacturing, subject to ALMM III regulatory clarity.
- Aligned with India’s achievement of over 50% clean energy installed capacity, supporting domestic solar manufacturing demand.

- [India hits climate target 5 years early, targets 500 GW green capacity: PM Modi](https://www.businesstoday.in/latest/economy/story/india-hits-climate-target-5-years-early-targets-500-gw-green-capacity-pm-modi-565233-2026-11-02)
- [India’s solar manufacturing push deepens as Emmvee plans ₹5,500 crore capacity expansion](https://www.businesstoday.in/latest/economy/story/indias-solar-manufacturing-push-deepens-as-emmvee-plans-rs5500-crore-capacity-expansion-565203-2026-11-02)
- [Emmvee Photovoltaic Power Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/EMMVEE_21102026180639_EPPL_Transcript_Q2FY27.pdf)
- [Pursuant to Regulation 47 of SEBI (LODR) Regulations, 2015 we are attaching herewith newspaper clipping of unaudited financial results for quarter and half year ended September 30, 2026. |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/EMMVEE_17102026153009_EPPL_Newspaper_AD_September_2026.pdf)
- [Emmvee Photovoltaic Power Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/EMMVEE_15102026185701_EPPL_Call_Recording_15102026.pdf)
- [Emmvee Photovoltaic Power Limited has submitted to the Exchange, outcome of Board Meeting held on October 14, 2026 to approve the Unaudited Financial Results for the quarter and half year ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/EMMVEE_14102026185931_Outcome_of_BM_3092026.pdf)
- [Emmvee Photovoltaic Power Limited has informed the Exchange regarding a press release dated October 14, 2026, titled "Press Release on the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/EMMVEE_14102026191431_EPPL_Press_Release_September_2026.pdf)
- [Emmvee Photovoltaic Power Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/EMMVEE_14102026192107_EPPL_Investor_PresentationQ2FY27.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1738144_14102026073945_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1738143_14102026073830_WEB.xml)

### Bear Case

Emmvee Photovoltaic Power faces significant near-term execution and regulatory risks alongside substantial technical weakness. The company has announced a ₹5,500 crore capacity expansion targeting 6 GW of module and cell capacity by late 2026 and early 2027; however, this capital-intensive plan is contingent on regulatory clarity regarding ALMM III implementation for future ingot and wafer manufacturing, introducing execution uncertainty. Financially, the stock exhibits high volatility with an annualized volatility of +52.0% and a current drawdown of -31.2%, reflecting recent price deterioration. Technical indicators across daily, weekly, and monthly timeframes are uniformly bearish, with the Supertrend direction signaling downside pressure and moving averages (SMA 20, SMA 50) showing negative slopes. While the broader Indian solar sector benefits from government targets, Emmvee’s specific operational leverage depends heavily on resolving import-dependence gaps and securing regulatory approvals, while market participants face elevated risk given the stock’s 3-month return of -23.4% and proximity to support levels at ₹247.83.

- Regulatory Contingency: Future ₹5,000–₹5,500 crore investment in ingot/wafer manufacturing is conditional on ALMM III regulatory clarity, creating execution uncertainty for long-term supply chain integration.
- Technical Deterioration: Daily, weekly, and monthly Supertrends are bearish; SMA 20 and SMA 50 slopes are negative (-14.47 and -8.17 respectively), indicating sustained downward momentum.
- High Volatility & Drawdown: The stock shows an annualized volatility of +52.0% and a current drawdown of -31.2%, with a maximum drawdown of -37.3%, highlighting significant price instability.
- Recent Underperformance: The stock has declined -23.4% over the last 3 months and -15.3% over the last month, trading near support at ₹247.83 with resistance immediately above at ₹253.42.

- [India hits climate target 5 years early, targets 500 GW green capacity: PM Modi](https://www.businesstoday.in/latest/economy/story/india-hits-climate-target-5-years-early-targets-500-gw-green-capacity-pm-modi-565233-2026-11-02)
- [India’s solar manufacturing push deepens as Emmvee plans ₹5,500 crore capacity expansion](https://www.businesstoday.in/latest/economy/story/indias-solar-manufacturing-push-deepens-as-emmvee-plans-rs5500-crore-capacity-expansion-565203-2026-11-02)
- [Emmvee Photovoltaic Power Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/EMMVEE_21102026180639_EPPL_Transcript_Q2FY27.pdf)
- [Pursuant to Regulation 47 of SEBI (LODR) Regulations, 2015 we are attaching herewith newspaper clipping of unaudited financial results for quarter and half year ended September 30, 2026. |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/EMMVEE_17102026153009_EPPL_Newspaper_AD_September_2026.pdf)
- [Emmvee Photovoltaic Power Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/EMMVEE_15102026185701_EPPL_Call_Recording_15102026.pdf)
- [Emmvee Photovoltaic Power Limited has submitted to the Exchange, outcome of Board Meeting held on October 14, 2026 to approve the Unaudited Financial Results for the quarter and half year ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/EMMVEE_14102026185931_Outcome_of_BM_3092026.pdf)
- [Emmvee Photovoltaic Power Limited has informed the Exchange regarding a press release dated October 14, 2026, titled "Press Release on the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/EMMVEE_14102026191431_EPPL_Press_Release_September_2026.pdf)
- [Emmvee Photovoltaic Power Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/EMMVEE_14102026192107_EPPL_Investor_PresentationQ2FY27.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1738144_14102026073945_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1738143_14102026073830_WEB.xml)

### FAQs

**What were Emmvee's financial results for H1 FY27, and how did profitability change?**

For the half-year ended September 30, 2026, Emmvee reported revenue from operations of ₹3,131.9 crore, a 45.1% increase year-on-year. Profit After Tax (PAT) rose 79.1% to ₹762.3 crore. The company also noted a reduction in finance costs due to IPO proceeds used for debt repayment.

**What is the status of Emmvee's capacity expansion and order book?**

As of September 30, 2026, Emmvee held an order book of approximately 10.4 GW. The company is executing a ₹5,500 crore expansion to add 6 GW of module capacity by December 2026 and 6 GW of cell capacity by March 2027. Post-expansion, total capacity will reach approximately 16.3 GW of modules and 8.9 GW of cells.

**Are there plans for backward integration into upstream manufacturing?**

Emmvee has proposed a future investment of ₹5,000–₹5,500 crore for ingot and wafer manufacturing. This plan is contingent on regulatory clarity regarding ALMM III implementation and targets phased commissioning over FY29 and FY30.

**How has the stock performed technically and what are the key price levels?**

As of November 6, 2026, the stock closed at ₹251.21 with a market cap of approximately ₹17,448 crore. Technical indicators show a bearish trend across daily and monthly timeframes, with the stock down -31.2% from its peak. Immediate resistance lies near ₹253.42, while support is observed at ₹247.83.

- [India hits climate target 5 years early, targets 500 GW green capacity: PM Modi](https://www.businesstoday.in/latest/economy/story/india-hits-climate-target-5-years-early-targets-500-gw-green-capacity-pm-modi-565233-2026-11-02)
- [India’s solar manufacturing push deepens as Emmvee plans ₹5,500 crore capacity expansion](https://www.businesstoday.in/latest/economy/story/indias-solar-manufacturing-push-deepens-as-emmvee-plans-rs5500-crore-capacity-expansion-565203-2026-11-02)
- [Emmvee Photovoltaic Power Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/EMMVEE_21102026180639_EPPL_Transcript_Q2FY27.pdf)
- [Pursuant to Regulation 47 of SEBI (LODR) Regulations, 2015 we are attaching herewith newspaper clipping of unaudited financial results for quarter and half year ended September 30, 2026. |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/EMMVEE_17102026153009_EPPL_Newspaper_AD_September_2026.pdf)
- [Emmvee Photovoltaic Power Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/EMMVEE_15102026185701_EPPL_Call_Recording_15102026.pdf)
- [Emmvee Photovoltaic Power Limited has submitted to the Exchange, outcome of Board Meeting held on October 14, 2026 to approve the Unaudited Financial Results for the quarter and half year ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/EMMVEE_14102026185931_Outcome_of_BM_3092026.pdf)
- [Emmvee Photovoltaic Power Limited has informed the Exchange regarding a press release dated October 14, 2026, titled "Press Release on the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/EMMVEE_14102026191431_EPPL_Press_Release_September_2026.pdf)
- [Emmvee Photovoltaic Power Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/EMMVEE_14102026192107_EPPL_Investor_PresentationQ2FY27.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1738144_14102026073945_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1738143_14102026073830_WEB.xml)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Moderate Downtrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹253.42
- Risk regime: Higher Price Risk

### Support levels
- 209.33
- 186.81
- 180.675

### Resistance levels
- 288.45
- 299.5
- 334.7

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -0.32% |
| return_10 | +6.47% |
| return_1m | -15.27% |
| return_20 | -16.82% |
| return_3m | -23.45% |
| return_5 | +9.70% |
| return_6m | -3.62% |
| return_since_start | +14.50% |
| return_ytd | +33.01% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -37.32% |
| annualized_volatility | +51.99% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Emmvee Photovoltaic Power Q2 FY2026-27: Earnings Grow Faster Than Revenue

Emmvee Photovoltaic Power Limited reported consolidated revenue from operations of ₹1,576.38 crore for the quarter ended 30 September 2026, up 39.4% from the corresponding quarter a year earlier and 1.3% sequentially. Profit after tax rose 60.6% year on year to ₹382.05 crore and edged up 0.5% from the preceding quarter. Lower expenses relative to revenue growth and reduced finance costs accompanied the earnings increase, while inventories and receivables rose on the balance sheet.

## Revenue holds near the previous quarter’s level

Revenue from operations increased by ₹445.38 crore year on year, from ₹1,131.00 crore, and by ₹20.86 crore from ₹1,555.52 crore in the June 2026 quarter. Total income was ₹1,578.89 crore, up 37.4% year on year and 0.4% sequentially.

Revenue had reached ₹1,738.81 crore in the quarter ended 31 March 2026 before falling to ₹1,555.52 crore in June. The latest result keeps it close to the June quarter’s level, following the higher March-quarter figure.

## Profit growth and lower finance costs

Profit before tax was ₹465.29 crore, up 59.5% from ₹291.67 crore a year earlier and down 0.9% sequentially. Profit after tax increased from ₹237.86 crore in the year-earlier quarter; earnings per share rose to ₹5.52 from ₹4.01. Sequentially, profit after tax was up 0.5%, while EPS rose from ₹5.49.

Total expenses increased 29.8% year on year to ₹1,113.60 crore, below the 39.4% growth in revenue. Cost of materials consumed was ₹876.67 crore, employee benefit expense ₹32.92 crore and depreciation ₹84.63 crore. Other expenses were ₹79.36 crore, down from ₹98.93 crore a year earlier and ₹95.90 crore in the June quarter.

Finance costs fell to ₹9.47 crore from ₹55.25 crore a year earlier and ₹11.08 crore sequentially. The lower finance-cost charge was one component of the quarter’s earnings performance.

## Working-capital balances and investment

At 30 September 2026, inventories were ₹1,884.20 crore, up 10.2% from ₹1,710.55 crore at 30 June. Trade receivables rose 17.9% to ₹819.39 crore from ₹695.02 crore. These increases accompanied higher current assets, which reached ₹3,282.98 crore, up from ₹3,059.68 crore at the previous quarter-end. Cash and cash equivalents rose to ₹379.51 crore from ₹242.62 crore.

Trade payables declined to ₹423.32 crore from ₹882.13 crore, while current borrowings fell to ₹60.92 crore from ₹128.32 crore. Noncurrent borrowings, however, increased to ₹849.64 crore from ₹48.95 crore, and noncurrent financial liabilities rose to ₹1,007.21 crore from ₹197.64 crore.

Capital work in progress increased to ₹213.32 crore from ₹9.85 crore. Property, plant and equipment was ₹2,636.69 crore, little changed from ₹2,632.34 crore. Total assets rose to ₹6,840.74 crore from ₹5,772.49 crore, while equity attributable to owners increased to ₹4,390.06 crore from ₹3,694.94 crore.

## Management Commentary

Management reported Q2 FY27 solar PV module production of 952 MW, up from 682 MW a year earlier, while cell output rose to 513 MW from 319 MW. Effective capacity utilisation was 89% for solar cells and 44% for modules, and the order book stood at 10.4 GW at 30 September 2026 after about 1.5 GW of new order inflows in the quarter. The company expects to commission its 6 GW module line by December 2026 and its 6 GW cell line by March 2027, with commercial sales aligned to commissioning and utilisation rising progressively thereafter.

## Key Takeaway
Emmvee delivered strong year-on-year growth in revenue and profit, with profit rising faster than sales and finance costs lower than a year earlier. Sequential revenue and profit were broadly stable. The quarter-end balance sheet shows higher inventories and receivables alongside a marked increase in noncurrent borrowings and capital work in progress—key changes to monitor alongside earnings growth.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +80.03%
- FII holding: +2.92%
- DII holding: +9.80%
- Mutual fund holding: +6.24%
- Retail holding: +5.12%
- Promoter pledged: +0.00%

### Major reported shareholders

- SHUBHA MANJUNATHA DONTHI — +38.46%
- MANJUNATHA DONTHI VENKATARATHNAIAH — +38.46%
- ICICI PRUDENTIAL S&P BSE 500 ETF — +1.61%
- SUMANTH MANJUNATHA DONTHI — +1.56%
- SUHAS  DONTHI MANJUNATHA — +1.56%
- KOTAK EQUITY SAVINGS FUND — +1.29%
- FRANKLIN INDIA MID CAP FUND — +1.17%

## Official filings

- 2026-10-21 — Generic Announcement: Emmvee Photovoltaic Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/EMMVEE_21102026180639_EPPL_Transcript_Q2FY27.pdf)
- 2026-10-17 — Generic Announcement: Emmvee Photovoltaic Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/EMMVEE_17102026153009_EPPL_Newspaper_AD_September_2026.pdf)
- 2026-10-15 — Generic Announcement: Emmvee Photovoltaic Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/EMMVEE_15102026185701_EPPL_Call_Recording_15102026.pdf)
- 2026-10-14 — Generic Announcement: Emmvee Photovoltaic Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/EMMVEE_14102026185931_Outcome_of_BM_3092026.pdf)
- 2026-10-14 — Press Release: Emmvee Photovoltaic Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/EMMVEE_14102026191431_EPPL_Press_Release_September_2026.pdf)
- 2026-10-14 — Earnings Presentation: Emmvee Photovoltaic Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/EMMVEE_14102026192107_EPPL_Investor_PresentationQ2FY27.pdf)
- 2026-10-14 — Financial Results Filing: Emmvee Photovoltaic Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1738144_14102026073945_WEB.xml)
- 2026-10-14 — Financial Results Filing: Emmvee Photovoltaic Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1738143_14102026073830_WEB.xml)
- 2026-10-12 — Generic Announcement: Emmvee Photovoltaic Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/EMMVEE_12102026182239_EPPL_Regulation_74_5__September_2026.pdf)
- 2026-10-07 — Board Meeting Notice: Emmvee Photovoltaic Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/EMMVEE_07102026211000_Stock_Exchange_Prior_Intimation_Board_Meeting_Q2FY27.pdf)
- 2026-10-07 — Generic Announcement: Emmvee Photovoltaic Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/EMMVEE_07102026211332_Stock_Exchange_Prior_Intimation_Board_Meeting_Q2FY27.pdf)
- 2026-10-07 — Board Meeting Notice: Emmvee Photovoltaic Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_26472_WebXMLFile_20261007_211619390.xml)
- 2026-10-07 — Generic Announcement: Emmvee Photovoltaic Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_26472_WebXMLFile_20261007_211619390.xml)
- 2026-10-01 — Litigation Disclosure: Emmvee Photovoltaic Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/EMMVEE_01102026190343_Regulation_30_stock_exchange_Show_cause_notice_01102026.pdf)
- 2026-10-01 — Generic Announcement: Emmvee Photovoltaic Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/EMMVEE_01102026190647_Mahesh_Inamdar.pdf)
- 2026-09-28 — Generic Announcement: Emmvee Photovoltaic Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/EMMVEE_28092026195021_EPPL_Reg_44.pdf)
- 2026-09-25 — Generic Announcement: Emmvee Photovoltaic Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/EMMVEE_25092026174228_EPPL_AGM_Proceddings_2026.pdf)
- 2026-09-25 — Generic Announcement: Emmvee Photovoltaic Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/EMMVEE_25092026174954_EPPL_Declaration_Regulation_34.pdf)
- 2026-09-25 — Generic Announcement: Emmvee Photovoltaic Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/EMMVEE_25092026180221_SE_Intimation_for_closure_of_trading_window_Sept_2026.pdf)
- 2026-09-25 — Generic Announcement: Emmvee Photovoltaic Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_26472_WebXMLFile_20260925_180632335.xml)
- 2026-09-22 — Management Change: Emmvee Photovoltaic Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/EMMVEE_22092026172452_Regulation_30_Change_in_KMP_KMP_Appointment_and_Resignation.pdf)
- 2026-09-11 — Generic Announcement: Emmvee Photovoltaic Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/EMMVEE_11092026164247_EPPL_Record_date_intimation.pdf)
- 2026-09-10 — Generic Announcement: Emmvee Photovoltaic Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/EMMVEE_10092026164703_Regulation_30_Investor_Meet.pdf)
- 2026-09-02 — Generic Announcement: Emmvee Photovoltaic Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/EMMVEE_02092026190244_Intimation_Cover_Letter_Pre_Dispatch_02092026_Final.pdf)
- 2026-09-02 — Generic Announcement: Emmvee Photovoltaic Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/EMMVEE_02092026233942_EPPL_AGM_Notice_Final.pdf)

## News and market events

- 2026-11-02 — BUSINESSTODAY: **India hits climate target 5 years early, targets 500 GW green capacity: PM Modi** — Prime Minister Narendra Modi announced at the Bharat Renewable Energy Summit that India has achieved its non-fossil fuel power capacity target five years ahead of schedule, with over 50% of installed capacity now derived from clean sources. The government highlighted significant growth in domestic solar manufacturing, a sharp decline in tariffs, and substantial investments in green hydrogen and transmission infrastructure as part of its broader energy security strategy. — [Source](https://www.businesstoday.in/latest/economy/story/india-hits-climate-target-5-years-early-targets-500-gw-green-capacity-pm-modi-565233-2026-11-02)
- 2026-11-02 — BUSINESSTODAY: **India’s solar manufacturing push deepens as Emmvee plans ₹5,500 crore capacity expansion** — Emmvee Photovoltaic Power plans a ₹5,500 crore expansion to commission 6 GW of solar module capacity by December 2026 and 6 GW of cell capacity by March 2027, aiming to address gaps in India’s domestic solar supply chain. This move supports the broader national effort to reduce reliance on imported upstream components like cells and wafers, although significant import dependence remains despite growing module assembly capacity. The company also proposes a future ₹5,000–₹5,500 crore investment in ingot and wafer manufacturing, contingent on regulatory clarity regarding ALMM III implementation. — [Source](https://www.businesstoday.in/latest/economy/story/indias-solar-manufacturing-push-deepens-as-emmvee-plans-rs5500-crore-capacity-expansion-565203-2026-11-02)
- 2026-10-28 — The Hindu: **Emmvee expands manufacturing capacity amid solar-cell supply concerns** — Company advances ₹5,500-crore expansion as demand for domestic solar equipment grows — [Source](https://www.thehindubusinessline.com/companies/emmvee-expands-manufacturing-capacity-amid-solar-cell-supply-concerns/article71634356.ece)
- 2026-10-15 — FREEPRESSJOURNAL.IN: **Emmvee H1 Revenue Jumps 45% To ₹3,131.9 Crore, PAT Up 79%** — Emmvee Photovoltaic Power Limited announced a significant increase in its half-yearly and quarterly financial results, with H1 FY27 revenue rising 45.1 per cent to ₹3,131.9 crore and profit after tax (PAT) growing 79.1 per cent to ₹762.3 crore. — [Source](https://www.freepressjournal.in/business/emmvee-h1-revenue-jumps-45-to-31319-crore-pat-up-79)
- 2026-10-12 — The Hindu: **Broker’s call: Emmvee Photovoltaic (Buy)** — Initiate Buy on Emmvee Photovoltaic with ₹395 target, citing strong capacity, TOPCon tech, integration upside, and favorable EV/EBITDA valuation. — [Source](https://www.thehindubusinessline.com/markets/brokers-call-emmvee-photovoltaic-buy/article71575473.ece)
- 2026-10-09 — BUSINESSTODAY: **Suzlon, Waaree, Premier, ACME, Clean Max, Emmvee, Vikram: RE stocks to buy ahead of Q2, targets** — Suzlon share price, Waaree share price, Premier share price, ACME share pice, Clean Max share price, Emmvee share price, Vikram share price, stocks to buy, Q2 results, targets — [Source](https://www.businesstoday.in/markets/stocks/story/suzlon-waaree-premier-acme-clean-max-emmvee-vikram-re-stocks-to-buy-ahead-of-q2-targets-560675-2026-10-09)
- 2026-09-24 — Mint: **Buy Suzlon, Saatvik Green; Sell  Premier Energies, Emmvee Photovoltaic Power: Ambit Insights | Target price, upside** — Ambit Insights reduced Emmvee Photovoltaic's rating to ‘Sell’ predicting significant challenges ahead. They are optimistic about Saatvik Green and maintain a 'Buy' on Suzlon Energy. — [Source](https://www.livemint.com/market/stock-market-news/buy-suzlon-saatvik-green-sell-premier-energies-emmvee-photovoltaic-power-ambit-insights-target-price-upside-11790241660510.html)
- 2026-09-24 — BUSINESSTODAY: **Suzlon, Premier Energies, Emmvee, Saatvik Green shares: Target prices** — Suzlon share price, Suzlon shares, Suzlon share price today, Premier Energies share pice, Emmvee share price, Saatvik Green shares — [Source](https://www.businesstoday.in/markets/stocks/story/suzlon-premier-energies-emmvee-saatvik-green-shares-target-prices-557538-2026-09-24)
- 2026-09-22 — Economic Times: **Waaree Energies shares gain 2% after company bags 2 GW solar module order** — Waaree Energies shares rose after securing a 2 GW solar module supply order from a leading domestic solar developer for FY27-FY28. The contract’s value remains undisclosed. Despite the order, the stock has declined recently and trades below seven of eight SMAs. FIIs raised their June-quarter stake, while mutual fund holdings fell. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/waaree-energies-shares-gain-2-after-company-bags-2-gw-solar-module-order/articleshow/134402610.cms)
- 2026-09-21 — MONEYCONTROL: **Price Action: Emmvee Photovoltaic surges 6% as Jefferies maintains ‘Buy’; Refex Industries gains 4% on contract win** — Buzzing Stocks — [Source](https://www.moneycontrol.com/news/business/markets/price-action-emmvee-photovoltaic-surges-6-as-jefferies-maintains-buy-refex-industries-up-4-on-contract-win-14031699.html)
- 2026-09-11 — Times of India: **Top stocks to buy today: Stock market recommendations for September 11, 2026 - check list** — img border="0" hspace="10" align="left" style="margin-top:3px;margin-right:5px;" src="https://timesofindia.indiatimes.com/photo/134046785.cms" /Stock market recommendations: Finolex Cables, Adani Ports, and Emmvee Photovoltaic Power are the top stocks to buy today on September 11, 2026, identified and recommended by Hitesh Rathi, Technical Analyst (Equity & Derivatives) at Angel One — [Source](https://timesofindia.indiatimes.com/business/india-business/top-stock-recommendations-for-september-11-2026-finolex-cables-adani-ports-emmvee-photovoltaic-power-stocks-to-buy-today/articleshow/134046785.cms)
- 2026-08-20 — BUSINESS: **Volumes spurt at MMTC Ltd counter** — MMTC Ltd notched up volume of 373.46 lakh shares by 14:14 IST on NSE, a 29.12 fold spurt over two-week average daily volume of 12.82 lakh shares — [Source](https://www.business-standard.com/markets/capital-market-news/volumes-spurt-at-mmtc-ltd-counter-126082000669_1.html)
- 2026-07-27 — Economic Times: **Nifty in oversold territory; pullback to 24,000 possible: Analysts** — The Nifty 50 has declined and is now near oversold levels. Analysts suggest a potential pullback towards 24,000 if support at 23,600 is maintained. Traders are advised to consider specific option strategies for the upcoming weekly expiry. Several top stock picks are recommended with defined targets and stop losses. These include Azad Engineering, Laurus Labs, RR Kabel, and Astra Microwave Products. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/nifty-in-oversold-territory-pullback-to-24000-possible-analysts/articleshow/132650336.cms)
- 2026-07-16 — CNBC-TV18: **Q1 Results LIVE Updates: Jana SFB shares up nearly 5%; Wipro, Tech Mahindra results awaited** — Q1 Results LIVE Updates: Today is probably the busiest day of the week at least when it comes to the quantum of results that will be reported during the course of the day and the stocks that will be reacting to their results that were reported after market hours on Wednesday. Wipro, Tech Mahindra, Jio Financial, HDFC Life, ICICI Lombard, BHEL, CEAT, Polycab, South Indian Bank are some of the stocks that should be on your radar. Stay tuned for all the Live earnings updates. — [Source](https://www.cnbctv18.com/market/q1-results-live-updates-wipro-tech-mah-angel-one-hdb-fin-icici-lombard-hdfc-life-polycab-ceat-bhel-share-price-liveblog-19946612.htm)
- 2026-07-16 — The Hindu: **Sensex today | Stock Market Live: Sensex gains 300 pts, Nifty trades above 24,100; geopolitical tensions cap gains** — Sensex, Nifty, Share Prices LIVE:  Indian benchmark indices opened higher on Thursday, supported by positive Wall Street cues, even as a sharp sell-off across Asian markets, elevated crude oil prices and escalating West Asia tensions kept investor sentiment cautious and limited gains. — [Source](https://www.thehindubusinessline.com/markets/sensex-nifty50-today-stock-market-live-updates-16-july-2026/article71225304.ece)
- 2026-07-16 — The Hindu: **Q1 Results Today Live: Wipro, Jio Financial, Tech Mahindra, Polycab, BHEL, ITC Hotels, CEAT, WeWork India to announce Q1 results, Union Bank, Groww, HDBFS, HDFC AMC, HDFC Life, ICICI Pru Life, ICICI Lombard, Angel One shares in focus** — Q1 Results Today, 16th July 2026 Live Updates: Catch live updates — [Source](https://www.thehindubusinessline.com/markets/q1-results-today-live-updates-wipro-jio-financial-tech-mahindra-polycab-india-bhel-piramal-finance-itc-hotels-ceat-wework-hdbfs-groww-icici-pru-hdfc-results-16-july-2026/article71225300.ece)
- 2026-07-16 — CNBC-TV18: **Sensex Today | Stock Market LIVE Updates: Nifty may open above 24,100; IT stocks in focus** — Sensex Today | Stock Market LIVE Updates: The bulls have managed to defend 24,000 through the week and would aim to continue doing so, even as 24,250 - 24,350 levels have become a major supply zone. The Nifty Bank too, after the initial outperformance, could not sustain above 58,000. — [Source](https://www.cnbctv18.com/market/stock-market-live-updates-sensex-nifty-50-today-expiry-hdb-fin-bhel-polycab-banks-itc-newgen-angel-one-share-price-liveblog-19946586.htm)

## Business profile

**Strategic vision:** Designs, manufactures, and deploys solar energy solutions.

### Business segments
- **Solar PV Modules:** Manufactures advanced Bi-facial PV modules and 144 cut-cell TOPCon modules.
- **Solar Water Heating Systems:** Offers solar water heating systems as part of its product portfolio.
- **Solar Pumps:** Provides solar pumps as part of its product offerings.

### Competitive strengths
- Commitment to superior quality, consumer centrism, and transparency.
- Recognition on the Kiwa PVEL 2024 Reliability Scorecard.

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/emmvee
Markdown representation: https://faxioms.com/stocks/emmvee?render=md