Emmvee Photovoltaic Power Ltd(EMMVEE)

NSE: EMMVEEBSE: 544608

₹ 240.45+2.08%refreshed 26 Oct, 03:53 pm ISTMarket cap: ₹ 16,647 crWebsite: www.emmvee.comUpdated: 27 Oct 2026

About

Emmvee Photovoltaic Power Ltd is an integrated Indian solar manufacturer producing TOPCon photovoltaic cells and modules at its facilities in Bengaluru, Karnataka. In FY26 the company reported revenue from operations of ₹5,049 crores, growing 116% year-on-year. Its order book stood at 10.4 GW in Q2 FY27.^[1][2]

Business segments

Photovoltaic Modules (PV) is the sole reported segment, contributing 99.2% of FY26 revenue (₹5,010.6 crores) with a segment EBIT margin of 28.5%.^[3]

Manufacturing and technology

Cell efficiency has risen from 24.5% at line inception (September 2024) to 25.2% through process R&D in partnership with Fraunhofer ISE.^[4]
Silver paste consumption per cell has been reduced to approximately half of the level at line start, with a further 40% reduction targeted.^[4]
G12R format TOPCon cell and module production commenced in Q4 FY26; the remaining cell line transitions from M10 to G12R are being executed sequentially through FY27.^[5]

Key operating numbers

Module production was 952 MW in Q2 FY27 vs 970 MW in Q1 FY27; cell production rose to 513 MW in Q2 FY27 from 454 MW in Q1 FY27.^[2][6]
Cell utilisation reached 89% in Q2 FY27, up from 83% in Q1 FY27; module utilisation was 44% in Q2 FY27 vs 45% in Q1 FY27.^[2][6]
DCR share of module and cell sales (inclusive of merchant cell sales) exceeded 50% in Q1 FY27, up from 30 - 35% in Q4 FY26.^[6]
EBITDA per watt by product type in Q1 FY27: DCR modules ₹8.5 - 9/Wp, solar cells ₹6.0 - 6.5/Wp, non-DCR modules ~₹2 - 2.5/Wp.^[6]
Non-DCR module realisation was ~15 - 16 US cents per watt in Q1 FY27; DCR module realisation was ₹21 - 22/W in Q4 FY26 versus non-DCR at ₹14 - 15/W.^[6]

Order book

Order book stood at 10.4 GW in Q2 FY27, up from 9.9 GW in Q1 FY27, with 1.5 GW of new inflow in Q2 FY27.^[2]
Order book was 9.4 GW at end of FY26 and 4.9 GW at end of FY25.^[6]
Approximately 7+ GW of the order book was executable within the next 18 months as of Q1 FY27.^[6]
Average order size among top-10 customers rose to 221 MW in FY26 from 121 MW in FY25; one domestic customer placed a 4.5 GW multi-year TOPCon cell order executable through 2030.^[5]

Customers and pricing

Primary demand drivers for DCR modules are PM-KUSUM (agricultural pump scheme) and PM Surya Ghar (rooftop scheme); C&I and utility segments are also served.^[5]
All module and cell sales - rooftop, KUSUM, C&I and utility - are priced in US dollars, a natural hedge against dollar-denominated input costs.^[6]
Approximately 70% of contracts include a variable pass-through clause for cell/wafer costs.^[7]

Expansion and capex

6 GW integrated TOPCon cell and module expansion at Devanahalli: module line due by December 2026, cell line by March 2027; progress in line with plan as of Q2 FY27, with most hard-cost orders placed.^[2]
6 GW project cost is ~₹5,500 cr (₹4,600 cr hard costs), with ~₹3,300 cr of debt; IREDA term loan of ₹3,306 crores at 7.95%.^[2][6]
Total capacity to reach ~16.3 GW of modules and 8.9 GW of cells by early FY28.^[2]
Wafer/ingot backward integration: Phase 1 of 5 GW in FY29, Phase 2 of 4 GW in FY30; capex of ₹5,000-5,500 cr, funded largely through internal accruals.^[2]
Phased diversification into ancillary components is planned to capture a larger share of the bill of materials (stated Q2 FY27).^[2]

Recent developments

The ALMM List-II mandate for domestically made cells has applied since June 2026 and now includes G12R cells, widening Emmvee's addressable market (Q2 FY27 call).^[2][6]
Merchant (external) cell sales in Q1 FY27 were the highest in Emmvee's history; volume not disclosed.^[6]
Mr. Murugesh C was appointed Company Secretary and Compliance Officer with effect from 22 September 2026; Mr. Nagaraj Shrinivas Ronad ceased as Compliance Officer but continues as Company Secretary of a subsidiary.^[8]

Market Cap

₹16,647 Cr

High / Low

₹371 / 172

Stock P/E

11.5

Price / Book

3.7

Book Value

₹53

EPS

₹15.6

No. of Shares

69.23 Cr

ROCE

37.1%

ROE

29.3%

OPM

29.2%

Debt / Equity

0.05

Sales

₹5,050 Cr

Net Profit

₹1,082 Cr

Promoter holding

80.0%

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Emmvee Photovoltaic Power Ltd(EMMVEE)

About

Business segments

Manufacturing and technology

Key operating numbers

Order book

Customers and pricing

Expansion and capex

Recent developments

Signal history

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