EMMVEE - Emmvee Photovol.

📊 NSE: EMMVEE 🏢 Other Electrical Equipment 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

Total revenue for H1 FY26 reached INR 2,158.8 Cr, representing a 193% YoY growth compared to INR 735.6 Cr in H1 FY25. Q2 FY26 revenue stood at INR 1,131 Cr, up 181% YoY and 10% sequentially, driven by new capacity coming onstream in FY25.

Geographic Revenue Split

The company serves both domestic and international markets. While specific percentage splits are not disclosed, management has identified strengthening exports as a key pillar of their strategic roadmap to leverage global green energy demand.

Profitability Margins

Gross Profit Margin improved to 47% in H1 FY26 from 30% in H1 FY25. PAT Margin significantly increased to 19% in H1 FY26 compared to 8% in H1 FY25, reflecting enhanced operational discipline and the benefits of backward integration into cell manufacturing.

EBITDA Margin

EBITDA margin for Q2 FY26 was 35%, a substantial improvement from 23% in Q2 FY25. This 1,200 bps expansion is attributed to increased capacity utilization and the internal use of solar cells manufactured at the company's integrated facility.

Capital Expenditure

Emmvee has a planned capital expenditure of INR 5,500 Cr for a 6 GW integrated facility for TopCon cell and module manufacturing. Historical PPE assets grew from INR 278.5 Cr in FY24 to INR 1,924.1 Cr in FY25.

Credit Rating & Borrowing

ICRA upgraded the short-term rating to [ICRA]A2+ from [ICRA]A2 and assigned a long-term rating of [ICRA]A- (Stable). Interest coverage strengthened to 6.9x in FY25 from 3.1x in FY24, indicating improved debt-servicing capability.

⚙️ Operational Drivers

Raw Materials

Key raw materials include Solar Wafers, Polysilicon, Solar Glass, Aluminum frames, and EVA sheets. Cost of materials consumed represented 64.5% of total revenue in H1 FY26 (INR 1,392.4 Cr).

Import Sources

A significant portion of raw materials, particularly solar wafers, are imported. While specific countries are not named, the industry typically sources these from China and Southeast Asia.

Key Suppliers

Specific supplier names are not disclosed, but management describes them as having a 'reputed profile' with established long-term relationships.

Capacity Expansion

Current installed capacity as of August 2025 is 7.80 GW for modules and 2.94 GW for cells. The company plans to expand to 16.30 GW for modules and 8.94 GW for cells by FY2028.

Raw Material Costs

Raw material costs were INR 1,392.4 Cr in H1 FY26, up 135% YoY from INR 592.2 Cr. Procurement strategies include backward integration into cell manufacturing to reduce dependency on external cell suppliers and improve margins.

Manufacturing Efficiency

Capacity utilization ramp-up has been the primary driver for EBITDA margin improvement from 23% to 35%. The transition to TopCon technology and G12R/M10R formats is expected to further reduce cost per watt.

📈 Strategic Growth

Expected Growth Rate

193%

Growth Strategy

Growth will be achieved through a four-pillar strategy: 1) Investing in world-class 16.3 GW module and 8.94 GW cell capacity; 2) Transitioning to advanced TopCon and G12R technology; 3) Strengthening relationships with IPPs and Utilities; 4) Expanding the export footprint to international markets.

Products & Services

Solar PV Modules (MonoPERC, TopCon, G12R, M10R formats) and Solar Cells.

Brand Portfolio

Emmvee

New Products/Services

Transitioning to TopCon technology and G12R/M10R high-efficiency modules, which are expected to contribute to higher realizations and lower per-watt costs.

Market Expansion

Focusing on international markets for exports and strengthening the domestic manufacturing ecosystem to align with India's green energy goals.

Market Share & Ranking

The company is one of the early entrants in the Indian solar industry with over 30 years of experience and holds a strong market position, particularly in the ALMM-approved segment.

🌍 External Factors

Industry Trends

The industry is shifting from MonoPERC to TopCon technology. Future growth is driven by national green energy targets and regulatory support, though 'on-paper' overcapacity remains a concern for smaller, non-integrated players.

Competitive Landscape

Competes with other vertically integrated solar manufacturers. Competitive edge is maintained through backward integration and technology shifts to reduce per-watt costs.

Competitive Moat

Durable advantages include 30+ years of manufacturing experience, early ALMM certification for both cells and modules, and a superior quality record with warranty claims <0.008% over three years.

Macro Economic Sensitivity

Highly sensitive to government policies like ALMM (Approved List of Models and Manufacturers) and BCD (Basic Customs Duty) which protect domestic manufacturers from cheap imports.

Consumer Behavior

Increasing demand from IPPs, Utilities, and Corporates for high-efficiency, reliable domestic modules to meet ESG goals and regulatory mandates.

Geopolitical Risks

Trade barriers and changes in import duties on solar components could impact the cost structure and competitiveness of final products.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by ALMM mandates, which restrict the use of non-approved solar modules in government-backed projects, and BCD on imported cells and modules.