Emmvee Photovoltaic Power MD, chairman and AGM
NSE: EMMVEEBSE: 544608Electrical EquipmentSmall Cap
Share price at the NSE close on 29 Oct 2026. Previous close ₹243.75.
29 Oct: open ₹246.00, high ₹246.65, low ₹241.30
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹16,872 Cr384th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 11.90
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 3.84
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.41%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 53.1%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 33.4%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Sep 2026.
- 0.21
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 11,70,23544.7% delivered
Emmvee Photovoltaic Power's chairperson and managing director is Manjunatha Donthi Venkatarathnaiah, as filed for the quarter to Sep 2026. Its latest annual general meeting was on 25 Sep 2026.
Emmvee Photovoltaic Power board of directors
At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.
- Chairperson and managing directorManjunatha Donthi Venkatarathnaiah
- Company Secretary and Compliance OfficerMurugesh C
6 directors3 independent2 executive1 non-executive
- Manjunatha Donthi Venkatarathnaiah · Chairperson and managing directorExecutive · joined Mar 2007 · reappointed Apr 2025 · 1 listed board · 2 committee seats
- Shubha Manjunatha DonthiNon-executive · joined Mar 2007 · reappointed Apr 2025 · 1 listed board
- Suhas Donthi ManjunathaExecutive · joined Mar 2024 · reappointed Apr 2025 · 1 listed board · 1 committee seat
- Ram Kumar TiwariIndependent · joined May 2025 · reappointed May 2025 · 16 months as independent · 2 listed boards · 2 as independent · 2 committee seats, 1 as chair
- Sambasivarao Chandramouleswara SharadaIndependent · joined May 2025 · reappointed May 2025 · 16 months as independent · 1 listed board · 1 as independent · 4 committee seats, 1 as chair
- Santosh Kumar MohantyIndependent · joined May 2025 · reappointed May 2025 · 16 months as independent · 5 listed boards · 5 as independent · 7 committee seats, 3 as chair
An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 22 Sep 20266 of 6 present3 independent · 26 days in between
- 26 Aug 20266 of 6 present3 independent · 41 days in between
- 15 Jul 20265 of 6 present3 independent · 21 days in between
- 23 Jun 20266 of 6 present3 independent · 55 days in between
1 earlier meeting
- 28 Apr 20266 of 6 present3 independent
Audit Committee
Chair Santosh Kumar Mohanty
Ram Kumar Tiwari, Sambasivarao Chandramouleswara Sharada, Manjunatha Donthi Venkatarathnaiah
- 26 Aug 20264 of 4 present3 independent · 41 days in between
- 15 Jul 20264 of 4 present3 independent · 77 days in between
- 28 Apr 20264 of 4 present3 independent
Nomination and remuneration committee
Chair Ram Kumar Tiwari
Santosh Kumar Mohanty, Sambasivarao Chandramouleswara Sharada
- 29 Aug 20263 of 3 present3 independent · 66 days in between
- 23 Jun 20263 of 3 present3 independent
Stakeholders Relationship Committee
Chair Sambasivarao Chandramouleswara Sharada
Ram Kumar Tiwari, Manjunatha Donthi Venkatarathnaiah, Suhas Donthi Manjunatha
No meeting listed in the filing.
Risk Management Committee
Chair Suhas Donthi Manjunatha
Manjunatha Donthi Venkatarathnaiah, Santosh Kumar Mohanty
- 26 Aug 20263 of 3 present1 independent
Corporate Social Responsibility Committee
- 26 Aug 20264 of 4 present1 independent
Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.
Statutory auditor
Named in the results for the quarter to Sep 2026.
- M S K C ASSOCIATES LLPPeer-review certificate valid to Sep 2029
1 earlier auditor
- M S K C AND ASSOCIATES LLPNamed in filings from Sep 2025 to Jun 2026
A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.
Emmvee Photovoltaic Power AGM and shareholder votes
Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Emmvee Photovoltaic Power dividend history
Annual general meeting, 25 Sep 2026
1,64,652 shareholders on the register on 18 Sep 2026; present: 7 promoters and 51 others; votes counted by VijayaKrishna K T / NA.The company's voting result
- ADOPTION OF FINANCIAL STATEMENTOrdinary100.00% for0.01% against
Against: promoters 0.00% · institutions 0.04% · other public 0.06%
Turnout: all 90.84% · promoters 100.00% · institutions 87.25% · other public 0.24%
- DECLARATION OF DIVIDENDOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.06%
Turnout: all 90.84% · promoters 100.00% · institutions 87.25% · other public 0.24%
- APPOINTMENT OF MR. SUHAS DONTHI MANJUNATHA, AS A DIRECTOR, LIABLE TO RETIRE BY ROTATIONOrdinary99.34% for0.66% against
Against: promoters 0.00% · institutions 5.56% · other public 0.99%
Turnout: all 90.84% · promoters 100.00% · institutions 87.25% · other public 0.24%
- RATIFICATION OF REMUNERATION PAYABLE TO COST AUDITORS FOR THE FY 2026-27Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.31%
Turnout: all 90.84% · promoters 100.00% · institutions 87.25% · other public 0.24%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 1 Jan 2026, 2 resolutions
1,08,511 shareholders on the register on 28 Nov 2025; votes counted by PRAMOD S M / BMP & CO. LLP.The company's voting result
- RATIFICATION OF EMPLOYEES STOCK OPTION SCHEME 2025 (“ESOS2025”)Special90.83% for9.17% against
Against: promoters 0.00% · institutions 67.96% · other public 1.20%
Turnout: all 92.58% · promoters 100.00% · institutions 75.09% · other public 1.51%
- RATIFICATION OF EXTENSION OF BENEFITS OF THE EMPLOYEES STOCK OPTION SCHEME 2025 TO THE EMPLOYEES OF SUBSIDIARY COMPANIES OF THE COMPANYSpecial90.83% for9.17% against
Against: promoters 0.00% · institutions 67.96% · other public 1.75%
Turnout: all 92.58% · promoters 100.00% · institutions 75.09% · other public 1.51%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
How mutual funds voted
Fund houses must disclose how they vote at every meeting of a company they hold.Funds that hold it
Mutual fund votes, meeting of 25 Sep 2026, 22 fund houses
- ADOPTION OF FINANCIAL STATEMENT22 for0 against
- DECLARATION OF DIVIDEND22 for0 against
- APPOINTMENT OF MR. SUHAS DONTHI MANJUNATHA, AS A DIRECTOR, LIABLE TO RETIRE BY ROTATION
Against Axis Mutual Fund, DSP Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund
- Axis Mutual FundSuhas Donthi Manjunatha, 31, is part of the promoter group and serves as President, CEO and Whole-time Director. He has seven years of experience in the renewable energy sector and is responsible for operations and leading strategic direction. He was first appointed to the board on 22 March 2024 and was appointed as Whole-time Director on 30 April 2025. He attended all 18 board meetings held in FY26 (100%) and he is liable to retire by rotation. While his appointment is in line with statutory requirements, we are unable to support his reappointment because at 31 years of age and with less than ten years of relevant post-qualification work experience, his appointment as Whole-time Director does not align with our voting guidelines. We do not support the resolution.
- DSP Mutual Fund, Jio BlackRock Mutual FundSuhas Donthi Manjunatha, 31, is part of the promoter group and serves as President, CEO and Whole-time Director. He has seven years of experience in the renewable energy sector and is responsible for operations and leading strategic direction. He was first appointed to the board on 22 March 2024 and was appointed as Whole-time Director on 30 April 2025. He attended all 18 board meetings held in FY26 (100%) and he is liable to retire by rotation.While his appointment is in line with statutory requirements, we are unable to support his reappointment because at 31 years of age and with less than ten years of relevant post-qualification work experience, his appointment as Whole-time Director does not align with our voting guidelines. We do not support the resolution.
- Mirae Asset Mutual FundAs per advisory recommendation (passive holding)
18 for4 against - RATIFICATION OF REMUNERATION PAYABLE TO COST AUDITORS FOR THE FY 2026-2722 for0 against
Mutual fund votes, meeting of 1 Jan 2026, 10 fund houses
- RATIFICATION OF EMPLOYEES STOCK OPTION SCHEME 2025 (“ESOS2025”)
Against 360 One Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund
- 360 One Mutual Fund, Edelweiss Mutual Fund, Motilal Oswal Mutual FundNon-compliant with SEBI (SBEB & SE) Regulations, 2021: Non-Disclosure of Exercise Price / Pricing Formula; Absolute Discretion to NRC to determine Exercise Price. Governance concern: Potential economic benefits to a single employee appear to be excessive; Power to the NRC to accelerate vesting period.
- Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The Scheme permits stock options to be issued with an exercise price at a discount to the market price, as on grant date. • The performance parameters, weightages and targets for vesting have not been disclosed. • The proposal includes grant of stock options to employees of holding and associate company without a compelling rationale. • The repricing of stock options due to unattractive market price, can lead to employee rewards not being consistent with the overall shareholder experience.
- HDFC Mutual FundLack of clarity on the pricing of ESOPs. We do not support the resolution.
- ICICI Prudential Mutual FundDue to inadequate disclosures, the AMC has voted against the resolution.
- Kotak Mahindra Mutual FundBased on disclosures, it is unclear if the stock options will be granted at market price or at a discount to market price. Upto 3,500,000 stock options can be granted under ESOS 2025. The company has stated in the notice that the Nomination and Remuneration Committee (NRC) may, at its own discretion, determine performance parameters for vesting. The Company has provided unfettered authority to the committee to accelerate the Vesting period of options. An authority to accelerate stock option defeat the purpose of the granting stock option, since, such options are granted with an aim to not only reward employees monetarily but also to retain them for longer period of time. Hence, we do not favour the resolution.
3 for7 against - RATIFICATION OF EXTENSION OF BENEFITS OF THE EMPLOYEES STOCK OPTION SCHEME 2025 TO THE EMPLOYEES OF SUBSIDIARY COMPANIES OF THE COMPANY
Against 360 One Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund
- 360 One Mutual Fund, Edelweiss Mutual Fund, Motilal Oswal Mutual FundInterlinked with Resolution #1.
- Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The Scheme permits stock options to be issued with an exercise price at a discount to the market price, as on grant date. • The performance parameters, weightages and targets for vesting have not been disclosed. • The proposal includes grant of stock options to employees of holding and associate company without a compelling rationale. • The repricing of stock options due to unattractive market price, can lead to employee rewards not being consistent with the overall shareholder experience.
- HDFC Mutual FundLack of clarity on the pricing of ESOPs. We do not support the resolution.
- ICICI Prudential Mutual FundDue to inadequate disclosures, the AMC has voted against the resolution.
- Kotak Mahindra Mutual FundThrough resolution #2, the company proposes to extend ESOS 2025 to the employees of its subsidiary companies. Our view on this resolution is linked to our view on resolution #1. We do not support the resolution.
3 for7 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Tax disputes
Reported in the filing for the quarter to Sep 2026.
- Tax disputeIncome Tax DepartmentSince 6 Dec 2025Case against CIT(A) order in favour of the Company with ITAT by IT DeptAt the filing before: case hearing is adjourned to 07-09-2026 in the hearing on 30.06.2026. Order is reseved as on 07-09-26
- Tax disputeGST Department- CenterSince 12 Aug 2026Notice for intimating discrepancies in the GST returns after scrutiny for FY 2022-23 in form ASMT-10 Closed with Nil liability as on 19.09.2026At the filing before: Closed with Nil Liability
- Tax disputeGST Department- StateSince 15 Sep 2026Sumons for Alleged evasion of GST for FY 2022-23 & 2023-24.At the filing before: Submitted GST audit closure conducted by GST Audit Team for FY 2022-23 and other details for FY 2023-24
- Tax disputeGST Department- CenterSince 3 Aug 2026Notice for intimating discrepancies in the GST returns after scrutiny for FY 2022-23 in form ASMT-10 Closed with Nil liability as on 25-09-26At the filing before: Closed with Nil Liability on 25-09-2026
In the company's own words, from its latest governance filing.
Investor complaints and compliance
Quarter by quarter.
Investor complaints received and resolved, the company's own count
- Received
- Resolved
Open at the quarter's end
- The board is made up as the listing rules require
- Yes
- The board has a regular chairperson
- Yes
- The company has a risk management committee
- Yes
- The chair is related to the managing director
- Yes
- The filing has a part on fines and penalties
- No
- The filing has a part on tax disputes
- Yes
- There was a cyber security incident in the quarter
- No
The company's own answers in its filing.
How money raised was used
Reported for the quarter to Jun 2026. The company's results filing for the quarter to Sep 2026 says no statement of how money raised was used applies to it.
| Raised | Amount raised | For | Set aside | Spent | Spent elsewhere |
|---|---|---|---|---|---|
| Public IssuesNov 2025, checked by Care Ratings Limited | 2,060.00 | Repayment/Prepayment in full or part for all or certain outstanding borrowings and accured interest thereon availed by our company or our material susbsidiary EEPL | 1,621.29 | 1,621.29 | No |
| Public IssuesNov 2025, checked by Care Ratings Limited | 2,060.00 | General Corporate Purpose | 438.71 | 438.71 | No |