EMMVEE · Capital Goods
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 18.0% against 32.0% over the previous quarters, worth about ₹35.4 cr of profit.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹402 cr | ₹528 cr | ₹1,072 cr | ₹1,028 cr | ₹1,131 cr | ₹1,152 cr | ₹1,739 cr | ₹1,556 cr | ₹1,576 cr |
| YoY | — | — | — | — | +181% | +118% | +62% | +51% | +39% |
| EBITDA margin | 23.1% | 38.3% | 33.7% | 34.0% | 35.3% | 35.9% | 32.8% | 35.2% | 35.3% |
| Other income, % of PBT | 17% | 8% | 1% | 6% | 6% | 5% | 1% | 3% | 1% |
| Exceptional items | — | — | — | — | — | — | — | — | — |
| Tax rate | 45% | 19% | 18% | 22% | 18% | 18% | 19% | 19% | 18% |
| Net profit | ₹35.0 cr | ₹99.0 cr | ₹207 cr | ₹188 cr | ₹238 cr | ₹264 cr | ₹392 cr | ₹380 cr | ₹382 cr |
| YoY | — | — | — | — | +580% | +167% | +89% | +102% | +61% |
| Core profit YoY | — | — | — | — | +417% | +173% | +92% | +101% | +69% |
| EPS | ₹0.59 | ₹1.67 | ₹3.49 | ₹3.16 | ₹4.01 | ₹3.81 | ₹5.67 | ₹5.49 | ₹5.52 |
| Flags | · | · | 1 | · | 1 | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Emmvee Photovoltaic Power Ltd. reported revenue of ₹1,072 cr (— on the year) and net profit of ₹207 cr (— on the year) for January to March 2025.
1 check raised a question: A lower tax rate lifted profit. Is the lower rate going to last?
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.