Emmvee Photovoltaic Power EMMVEE
Solar Module Manufacturing (ALMM): Integrated TOPCon solar cell and module maker in Bengaluru (listed Nov 2025)
Mapped in 2 themes: Solar Module Manufacturing (ALMM) and Energy Generation.
Where Emmvee Photovoltaic Power sits in the supply chain
Emmvee Photovoltaic Power appears in 3 supply-chain layers across 2 themes: Solar Module Manufacturing (ALMM) and Energy Generation.
Solar Module Manufacturing (ALMM) › Solar Cell Manufacturing
Direct supplierIntegrated TOPCon solar cell and module maker in Bengaluru (listed Nov 2025)
Other companies in this layer
Solar Module Manufacturing (ALMM) › Solar Module Assembly
Direct supplierIntegrated TOPCon solar cell and module maker in Bengaluru (listed Nov 2025)
Other companies in this layer
Energy Generation › Solar Equipment & EPC
Direct supplierIntegrated TOPCon solar cell and module maker in Bengaluru (listed Nov 2025)
Other companies in this layer
Revenue and profit
| ₹ Cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 555 | 618 | 952 | 2,336 | 5,050 |
| Net profit | 13 | 9 | 29 | 369 | 1,082 |
Latest-year revenue ₹5,050 Cr (FY26, company-wide).
Strengths · in Solar Module Manufacturing (ALMM)
- One of the few Indian makers with large cell capacity of its own (2.94 GW of cells against 7.8 GW of modules at listing), which matters now that ALMM List-II covers cells
- Its Dobbaspet plant is among India's largest TOPCon cell lines, so its new capacity is on the current technology rather than PERC
Risks · in Solar Module Manufacturing (ALMM)
- Listed Nov 2025, with a weak debut (the IPO was ~0.97x subscribed) - a short public track record
- Plans to roughly double capacity to 16.3 GW modules and 8.9 GW cells by H1 FY28, adding execution risk while module prices are under pressure
Common questions
What does Emmvee Photovoltaic Power do?
In Solar Module Manufacturing (ALMM): Integrated TOPCon solar cell and module maker in Bengaluru (listed Nov 2025). NextResearch maps it in 2 supply chains: Solar Module Manufacturing (ALMM) and Energy Generation.
Where does Emmvee Photovoltaic Power sit in the supply chain?
Emmvee Photovoltaic Power (NSE: EMMVEE) is mapped in 3 supply-chain layers: Solar Cell Manufacturing (Solar Module Manufacturing (ALMM)), Solar Module Assembly (Solar Module Manufacturing (ALMM)) and Solar Equipment & EPC (Energy Generation).
Who are Emmvee Photovoltaic Power's peers?
In the Solar Cell Manufacturing layer of Solar Module Manufacturing (ALMM): Premier Energies, Websol Energy System, Waaree Energies, Tata Power, Vikram Solar and Saatvik Green Energy.
What is Emmvee Photovoltaic Power's market cap and valuation?
As of 6 Nov 2026: market cap ₹17,366 Cr, P/E 12.2x, ROCE 44.6%, ROE 50.7%, dividend yield 0.40%.