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Bengaluru manufacturer of solar PV modules, cells, water heaters and pumps, selling in India, Europe, Africa and the Middle East.
Bengaluru manufacturer of solar PV modules, cells, water heaters and pumps, selling in India, Europe, Africa and the Middle East.
Sells modules in large orders to utility developers and contractors, often under state-linked tenders, while exporting to Europe and Africa; making its own cells is an advantage as India moves to require locally made cells in government-backed projects.
In one line: A smaller Indian First Solar.
Moat: narrow (scale, installed base). One of India's larger integrated module/cell makers with over 30 years in solar manufacturing.
Headquarters: Bengaluru, India · Founded: 1992 · Employees: 3,800
Size Emmvee Photovoltaic Power (EMMVEE.NS) is an India Information Technology company (Semiconductors) with a market value of $1.84B, the 388th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹251.31 on 6 Nov 2026.
Performance Over six months the shares fell 5.1%, against -24.3% for the median peer and 0.0% for the India market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 116.2% over the last twelve months (peer median +16.1%); the operating margin is 29.4% (peer median 4.7%).
Valuation It trades at 11.4× forward earnings against a peer median of 29.2× (3rd cheapest of 16).
Capital Return on invested capital runs 16.6 points above its cost of capital (9.2% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹60.2B | ₹50.5B | ₹23.4B | ₹9.52B | ₹6.18B |
| Revenue growth | — | +116% | +145% | +54% | — |
| Gross profit | ₹21.4B | ₹17.3B | ₹6.75B | ₹1.18B | ₹431M |
| EBITDA | ₹20.9B | ₹17.8B | ₹7.45B | ₹1.21B | ₹592M |
| Net income | ₹14.2B | ₹10.8B | ₹3.69B | ₹289M | ₹89.4M |
| Free cash flow | n/a | -₹5.78B | -₹4.48B | -₹4.64B | -₹4.07B |
| Capital expenditure | n/a | ₹6.53B | ₹9.88B | ₹6.75B | ₹4.45B |
| Total debt | ₹11.1B | ₹3.60B | ₹20.7B | ₹14.5B | ₹5.24B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Emmvee Photovoltaic Power EMMVEE.NS | $1.84B | -5% | +116% | 29% | 11.4× | n/a |
| WAAREE Energies WAAREEENER.NS | $7.41B | -24% | +75% | 16% | 17.3× | n/a |
| Vikram Solar VIKRAMSOLR.NS | $546M | -37% | +40% | 12% | 14.0× | n/a |
| First Solar FSLR | $21.6B | -9% | -1% | 39% | 9.2× | 12.4% |
| JinkoSolar Holding Co., Ltd. Sponsored ADR JKS | $551M | -55% | -15% | -8% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | EMMVEE.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -17.8% | -25.1% | 9th highest of 21 |
| 6-month return | -5.1% | -24.3% | 6th highest of 21 |
| Distance from 52-week high | -32.4% | -49.7% | 2nd highest of 21 |
| Revenue growth (TTM) | +116.2% | +16.1% | 2nd highest of 21 |
| Operating margin | 29.4% | 4.7% | 5th highest of 21 |
| Forward P/E | 11.4× | 29.2× | 3rd cheapest of 16 |
| ROIC minus cost of capital | +16.6 pp | -7.2 pp | 3rd highest of 20 |
| EV / EBITDA | 8.7× | 15.2× | 5th cheapest of 11 |
| Net debt / EBITDA | 0.3× | -0.9× | 4th most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Emmvee Photovoltaic Power EMMVEE.NS | India | $1.84B | -5% | +116% | 29% | 11.4× | n/a | n/a |
| ISC 095340.KS | South Korea | $1.82B | -50% | +61% | 30% | 29.8× | 10.5% | +12.6% |
| Cohu COHU | United States | $1.82B | -22% | +34% | -2% | 19.3× | 21.5% | -6.6% |
| Siltronic WAF.DE | Germany | $1.86B | -46% | +1% | -16% | n/a | n/a | n/a |
| Shanghai V-Test Semiconductor Tech 688372.SS | China | $1.82B | -53% | +53% | 18% | 29.2× | n/a | n/a |
| BOE HC SemiTek 300323.SZ | China | $1.81B | -38% | +23% | -8% | 53.6× | n/a | n/a |
| Psk 031980.KS | South Korea | $1.89B | -4% | +7% | 36% | 19.2× | 19.3% | +39.2% |
| Elite Semiconductor Microelectronics Technology 3006.TW | Taiwan | $1.79B | +14% | +273% | 49% | 1.6× | n/a | n/a |
| Chengdu Sino-Microelectronics Tech 688709.SS | China | $1.90B | -47% | -15% | -19% | 29.9× | n/a | n/a |
| ams-OSRAM AMS.SW | Switzerland | $1.78B | -16% | -3% | 8% | n/a | n/a | n/a |
| Shanghai New Vision Microelectronics 688593.SS | China | $1.76B | -22% | +7% | -4% | 643.2× | n/a | n/a |
| HPSP 403870.KS | South Korea | $1.95B | -37% | -20% | 53% | 22.1× | 15.6% | +23.1% |
| Southchip Semiconductor Technology (Shanghai) 688484.SS | China | $1.95B | -21% | +9% | -2% | 882.8× | n/a | n/a |
| Changzhou Fusion New Material 688503.SS | China | $1.71B | -53% | +41% | 2% | 37.6× | n/a | n/a |
| Risen Energy 300118.SZ | China | $1.71B | -42% | -52% | -39% | n/a | 38.4% | -4.7% |
| Shoals Technologies SHLS | United States | $1.70B | +14% | +49% | 11% | 18.3× | n/a | n/a |
| Greatek Electronics 2441.TW | Taiwan | $1.68B | +4% | +24% | 21% | 13.2× | 1.6% | +2.7% |
| Shanghai Anlogic Infotech 688107.SS | China | $1.67B | -26% | +70% | -25% | n/a | n/a | n/a |
| Shenzhen Injoinic Technology 688209.SS | China | $1.64B | +5% | +13% | 11% | n/a | n/a | n/a |
| Aerospace Nanhu Electronic Information Technology 688552.SS | China | $1.64B | -19% | +19% | -6% | 231.3× | 35.8% | +1.0% |
| Tekscend Photomask 429A.T | Japan | $1.64B | -36% | +10% | 22% | 9.9× | 6.4% | +8.7% |