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EMMVEE PHOTOVOLTAIC PWR L (EMMVEE) fair value: what the stock is really worth

As of Sep 30, 2026: fair value of EMMVEE PHOTOVOLTAIC PWR L ₹211, price ₹316, upside -33.3%, quality 66 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Technology · IN

EP Some data Oct 1, 2026

EMMVEE PHOTOVOLTAIC PWR L

EMMVEE · NSE

Overvalued / MonitorQuality is not strong enough to offset the price risk.

!Fair value ₹210.77 · Overvalued (−33.3%)
✓Quality 66/100
!Expensive Growth (revenue 3y +102.9 %/yr)
✓Highly profitable · 22.8% net margin (TTM)
!Low debt · negative free cash flow
!0.3% dividend yield · Token dividend
✓Ranks above peers (8/13)
✓Wide moat 97/100
!Evidence only medium, so the estimate is less certain
!Weak on dividend: 6 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

₹364.23 ₹172.40 Fair Value ₹210.77 Nov 2025 Sep 2026

White line = price, green steps = our fair value per fiscal year. As of Oct 1, 2026.

How to read this chart

10‑month range ₹172.40 – ₹364.23 · fair‑value band ₹150.77 – ₹278.18 · the ₹315.90 price screens above the ₹210.77 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 1, 2026.

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Company profile

Emmvee Photovoltaic Power Limited manufactures and sales solar cells, photovoltaic modules, and photovoltaic systems across India and Europe. Its products include TopCon Photovoltaic Module and TopCon Photovoltaic cells. It also executes grid and off-grid photovoltaic power projects on a turnkey basis and operates solar power plants.

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Emmvee Photovoltaic Power Limited manufactures and sales solar cells, photovoltaic modules, and photovoltaic systems across India and Europe. Its products include TopCon Photovoltaic Module and TopCon Photovoltaic cells. It also executes grid and off-grid photovoltaic power projects on a turnkey basis and operates solar power plants. The company serves independent power producers, entities operating in the commercial and industrial sector, and engineering, procurement and construction service providers in both public and private sectors. The company was incorporated in 2007 and is based in Bengaluru, India.

Stock analysis

EMMVEE PHOTOVOLTAIC PWR L (EMMVEE) currently trades at ₹315.90, while our model-based Fair Value estimate is ₹210.77, 33.3% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of ₹683.29 per share, and 5 of the 15 models we run sit above the ₹315.90 price.

Bear case: the Asset-Based group reads lowest at ₹35.76, and 10 of the 15 models stay below the price. Evidence for this calculation is medium.

Scenario range: ₹150.77 (bear) to ₹278.18 (bull), the price of ₹315.90 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 66/100 (solid quality), in the Technology sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

EMMVEE PHOTOVOLTAIC PWR L reported revenue of ₹50.5B in FY2026 versus ₹6.0B in FY2023, a compound +102.9%/yr. Reported net income was ₹10.8B in FY2026, compounding +394.6%/yr from FY2023. FY2023 was a trough year, so the rate overstates the trend.

Key figures

Market cap ₹219B (≈ $2.3B) · P/E ratio 17.2 · P/S ratio 3.69 · EPS (TTM) ₹18.34 · Dividend yield 0.3% · Net margin 21.4% · Return on equity 51.1% · Return on assets (EBIT) 11.6%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).

What moves the price

For context, the median of 10 Technology peers we cover trades at 9% fair-value upside, at −33%, EMMVEE screens richer than that median.

Fair Value models

Bear ₹150.77 Fair Value ₹210.77 Bull ₹278.18
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹8.74 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
EPV ₹152.04 ₹175.61 ₹195.94 71
EV/EBITDA ₹190.68 ₹253.30 ₹315.93 67
Owner Earnings ₹184.25 ₹404.93 ₹851.19 66
All 15 models by family
DCF Models
Owner Earnings ₹184.25 ₹404.93 ₹851.19 66
Earnings-Based
Graham-Dodd ₹106.23 ₹740.81 ₹1,040 59
Lynch FV ₹382.73 ₹546.75 ₹710.78 57
PEG = 1.0 ₹382.73 ₹546.75 ₹710.78 53
EPV ₹152.04 ₹175.61 ₹195.94 71
Multiples
P/E Multiple ₹210.89 ₹281.19 ₹351.49 63
P/S Multiple ₹136.76 ₹182.35 ₹227.93 58
P/B Multiple ₹72.05 ₹96.06 ₹120.08 55
EV/EBIT ₹236.58 ₹314.51 ₹392.44 66
EV/EBITDA ₹190.68 ₹253.30 ₹315.93 67
EV/Revenue ₹130.44 ₹185.14 ₹239.85 54
Asset-Based
NCAV (Graham) ₹26.68 ₹35.76 ₹53.37 54
Economic Profit
Residual Income ₹99.05 ₹146.54 ₹331.30 59
ROIC Compounder ₹199.81 ₹305.68 ₹438.30 66
Growth Earnings
Growth-Adj P/E ₹478.30 ₹683.29 ₹888.27 63

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Quality Score breakdown

Overall quality 66/100

Of which business quality 61 · Market factors (momentum, volatility) 54

Profitability 84
Margins and returns on capital today
Quality Growth 97
Are margins and returns improving?
Cashflow 6
Earnings quality: real cash, not paper profit
Fin. Strength 80
Balance sheet, leverage, solvency risk
Investment 13
Disciplined investing over empire-building
Low Volatility 19
Calm price path (market factor)
Momentum 62
Price trend over the last 3–12 months (market factor)
52W Momentum 79
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+116.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+102.9%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
2.8% (2023) → 28.5% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: rate outside our plausibility band
not computed

EMMVEE screens overvalued: fair value 33% below the price. Compare with First Solar, Inc →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Solar · 107 stocks

Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 66 · Top 25%
Fair Value upside −33.3% · Below median
Profitability
Return on equity (TTM) 51.1% · Top 25%
Return on assets 18.6% · Top 25%
Net margin (TTM) 22.8% · Top 25%
Operating margin (TTM) 29.8% · Top 25%
Growth and dividend
Revenue growth 51.3% · Top 25%
Dividend yield (TTM) 0.3% · Bottom 25%
Balance sheet
Debt / equity 0.01× · Lowest 25%

Valuation Multiplesvs Solar median · lower = cheaper

P/E (TTM) 17.2× · Cheaper than median
P/B 5.92× · Priciest 25%
P/S (TTM) 3.92× · Priciest 25%
EV/EBITDA 11.3× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 8
FUTURE (revenue growth)100 · sector 0
PAST (return on equity)100 · sector 0
HEALTH (low debt)99 · sector 82
DIVIDEND (yield)6 · sector 28

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Solar stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
First Solar, Inc FSLR $176.93 $392.06 +122%
Nextpower Inc NXT $80.85 $88.94 +10%
Waaree Energies Limited WAAREEENER ₹2,495 ₹2,709 +9%
Tongwei Co 600438 ¥11.12 ¥12.13 +9%
Jinko Solar Co 688223 ¥3.75 ¥6.49 +73%
Hengdian Group 002056 ¥20.04 ¥31.86 +59%
Hanwha Solutions Corporation 009830 29,200 KRW 9,611 KRW −67%
CSI Solar Co 688472 ¥8.32 ¥4.88 −41%
Enphase Energy, Inc ENPH $30.91 $24.08 −22%
Premier Energies Limited PREMIERENE ₹896.40 ₹648.72 −28%

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EMMVEE PHOTOVOLTAIC PWR L · Fair Value
₹210.77 −33%Fair Value
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Cite: Fair Value Calculator (2026). "EMMVEE PHOTOVOLTAIC PWR L Fair Value". https://www.fairvalue-calculator.com/stock/EMMVEE

Frequently asked questions

Is EMMVEE PHOTOVOLTAIC PWR L (EMMVEE) overvalued or undervalued?
As of Oct 1, 2026, our model estimates a fair value of ₹210.77 versus a price of ₹315.90, about −33% upside (overvalued).
What is the fair value of EMMVEE?
Our model-based fair value for EMMVEE PHOTOVOLTAIC PWR L is ₹210.77 (as of Oct 1, 2026), built from audited fundamentals. The current price: ₹315.90.
What is the quality score of EMMVEE?
EMMVEE PHOTOVOLTAIC PWR L has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for EMMVEE PHOTOVOLTAIC PWR L (EMMVEE)?
Our model-based price target is the fair value of ₹210.77 (as of Oct 1, 2026) from 15 valuation models. Cautious scenario ₹150.77, optimistic scenario ₹278.18. It is a calculation from audited fundamentals, not an analyst target.
What is the EMMVEE PHOTOVOLTAIC PWR L stock forecast for 2026?
Our models put fair value at ₹210.77, about −33% upside versus a price of ₹315.90 (overvalued). Cautious scenario ₹150.77, optimistic scenario ₹278.18. The calculation is refreshed regularly with new filings.
What is the revenue of EMMVEE PHOTOVOLTAIC PWR L (EMMVEE)?
EMMVEE PHOTOVOLTAIC PWR L reported trailing-twelve-month revenue of about ₹55.8B (latest available figure, as of Oct 1, 2026).
Does EMMVEE PHOTOVOLTAIC PWR L pay a dividend?
EMMVEE PHOTOVOLTAIC PWR L currently shows a dividend yield of about 0.32% relative to its recent price (as of Oct 1, 2026).
What is the intrinsic value of EMMVEE PHOTOVOLTAIC PWR L (EMMVEE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For EMMVEE PHOTOVOLTAIC PWR L it is ₹210.77 per share (as of Oct 1, 2026), against a price of ₹315.90. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is EMMVEE PHOTOVOLTAIC PWR L stock overvalued or undervalued in 2026?
As of Oct 1, 2026, EMMVEE trades above its calculated fair value: price ₹315.90, fair value ₹210.77, a gap of about −33% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of EMMVEE?
No. The price is what the market pays today (₹315.90); the fair value is what the company's own numbers justify (₹210.77). For EMMVEE PHOTOVOLTAIC PWR L the two are ₹105.13 per share apart. That gap is exactly why we show both numbers side by side.
How much is EMMVEE PHOTOVOLTAIC PWR L worth?
The market values EMMVEE PHOTOVOLTAIC PWR L at about ₹219B (market capitalisation, as of Oct 1, 2026). Per share that is ₹315.90; our models calculate a fair value of ₹210.77 per share.
What do the bullish and bearish scenarios say about EMMVEE?
Our models span a range for EMMVEE PHOTOVOLTAIC PWR L: cautious scenario ₹150.77, base ₹210.77, optimistic ₹278.18 per share (as of Oct 1, 2026, price ₹315.90). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of EMMVEE?
EMMVEE PHOTOVOLTAIC PWR L trades at a price-to-earnings ratio of 17.2 (as of Oct 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹210.77 is built from several models across several years. Other multiples: P/B 5.9, P/S 3.9, EV/EBITDA 11.3.
How solid is the balance sheet of EMMVEE PHOTOVOLTAIC PWR L (EMMVEE)?
Balance-sheet figures for EMMVEE PHOTOVOLTAIC PWR L (as of Oct 1, 2026): return on equity 51.1%, debt of 0.01 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
Which stocks are comparable to EMMVEE PHOTOVOLTAIC PWR L?
From the same area (Technology) we also value First Solar, Inc, Nextpower Inc, Waaree Energies Limited, Tongwei Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is EMMVEE PHOTOVOLTAIC PWR L stock attractive at the current price?
The data as of Oct 1, 2026: price ₹315.90, calculated fair value ₹210.77 (−33%), Quality Score 66/100, from 15 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of EMMVEE calculated?
We run EMMVEE PHOTOVOLTAIC PWR L through 15 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹210.77, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.7 % above its aggregate fair value. EMMVEE PHOTOVOLTAIC PWR L itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of EMMVEE PHOTOVOLTAIC PWR L (EMMVEE)?
The closing price on Sep 30, 2026 was ₹315.90. Our model-based fair value is ₹210.77, about −33% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with EMMVEE PHOTOVOLTAIC PWR L right now?
The price sits above even our optimistic bull case (₹278.18). The favourable scenario is already priced in. Solid but not exceptional quality (66/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (₹150.77 to ₹278.18) leaves room in how you read the outcome.

Key figures of EMMVEE PHOTOVOLTAIC PWR L

How large is the market capitalisation of EMMVEE PHOTOVOLTAIC PWR L (EMMVEE)?
The market capitalisation of EMMVEE PHOTOVOLTAIC PWR L is ₹219B (≈ $2.3B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of EMMVEE PHOTOVOLTAIC PWR L (EMMVEE)?
The price-to-sales ratio of EMMVEE PHOTOVOLTAIC PWR L is 3.69 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of EMMVEE PHOTOVOLTAIC PWR L (EMMVEE)?
Earnings per share at EMMVEE PHOTOVOLTAIC PWR L are ₹18.34 (price ÷ EPS = P/E 17.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of EMMVEE PHOTOVOLTAIC PWR L (EMMVEE)?
The dividend yield of EMMVEE PHOTOVOLTAIC PWR L is 0.3% (payout 5.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of EMMVEE PHOTOVOLTAIC PWR L (EMMVEE)?
The net margin of EMMVEE PHOTOVOLTAIC PWR L is 21.4% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of EMMVEE PHOTOVOLTAIC PWR L (EMMVEE)?
The return on equity (ROE) of EMMVEE PHOTOVOLTAIC PWR L is 51.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of EMMVEE PHOTOVOLTAIC PWR L (EMMVEE)?
On an EBIT basis the return on assets of EMMVEE PHOTOVOLTAIC PWR L is 11.6% (avg 4y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of EMMVEE PHOTOVOLTAIC PWR L (EMMVEE)?
The operating margin of EMMVEE PHOTOVOLTAIC PWR L is 29.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at EMMVEE PHOTOVOLTAIC PWR L (EMMVEE)?
Revenue at EMMVEE PHOTOVOLTAIC PWR L is growing +51.3% versus a year earlier (3y avg +103%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at EMMVEE PHOTOVOLTAIC PWR L (EMMVEE)?
Earnings per share at EMMVEE PHOTOVOLTAIC PWR L are growing +73.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does EMMVEE PHOTOVOLTAIC PWR L (EMMVEE) generate?
The free cash flow of EMMVEE PHOTOVOLTAIC PWR L is −₹4.5B (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does EMMVEE PHOTOVOLTAIC PWR L (EMMVEE) carry?
The net debt of EMMVEE PHOTOVOLTAIC PWR L is ₹17.3B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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