Emmvee Photovoltaic Power share price today
Shares of renewable energy company Emmvee Photovoltaic Power rallied 10 per cent to hit a 52-week high of ₹299.5 on the National Stock Exchange (NSE) after the company reported better-than-expected overall results in the March 2026 quarter (Q4FY26).
Around 11:20 AM, Emmvee Photovoltaic stock was trading 8.2 per cent higher at ₹294.42, compared to the previous session's close of ₹272.28 on the NSE. In comparison, the NSE Nifty50 was quoting at 24,280.15 levels, up by 284 points or 1.2 per cent.
The market capitalisation of the company stood at ₹20,337 crore. The stock price has recovered around 74 per cent from its 52-week low of ₹171.51 touched on December 18, 2025.
Emmvee Photovoltaic Q4 results highlights
In the March 2026 quarter, Emmvee reported revenue from operations of ₹1,738.8 crore, up 62 per cent year-on-year (Y-o-Y) from ₹1,071.7 crore in the year-ago period. On a sequential basis, revenue increased 51 per cent from ₹1,152.3 crore in the December 2025 quarter.
Profit after tax (PAT) came in at ₹392.4 crore, up 89 per cent from ₹207.1 crore in the corresponding quarter of the previous fiscal. In the previous quarter, the company's PAT stood at ₹263.6 crore.
Earnings before interest, tax, depreciation, and amortisation (Ebitda) grew 58 per cent Y-o-Y to ₹571.1 crore from ₹360.7 crore. Ebitda margins remained almost flat at 33 per cent from ₹34 per cent in the year-ago period.
For the full FY26, the company's revenue from operations jumped 116 per cent to ₹5,049.9 crore compared to ₹2,335.6 crore in the previous fiscal. PAT jumped 193 per cent to ₹1,081.6 crore from ₹369 crore.
According to the company, the performance was supported by higher production volumes, the first full year of solar cell operations, expansion in module capacity, operating leverage and lower finance costs following balance sheet deleveraging.
The company's order book stood at 9.4 GW at the end of FY2026. During Q4FY26, it recorded an order inflow of 1.27 GW.
JM Financial on Emmvee Photovoltaic
According to JM Financial, Emmvee's revenue and Ebitda came above consensus estimates. It noted that module and cell manufacturing capacities stood at 10.3 GW and 2.9 GW respectively, with utilisation levels of 44 per cent and 79 per cent. Blended Ebitda per watt improved to ₹5.78 in FY26 from ₹4.87 in FY25.
JM Financial highlighted that, given Emmvee’s 9.4 GW order book and a 50 per cent contribution from cells, it has raised FY27E and FY28E Ebitda per watt estimates to ₹5.04 and ₹4.24, respectively, from ₹4.05 and ₹3.75 earlier.
The brokerage maintained a ‘Buy’ rating and revised the target price to ₹341 from ₹291, valuing the stock at 7.5x FY28E EV/EBITDA, citing strong technology positioning and re-rating potential. The target price implies a potential upside of 25 per cent from the previous session's close of ₹272.
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