Bengaluru, April 29, 2026: Emmvee Photovoltaic Power Ltd reported a strong FY26 performance, with revenue more than doubling and profit nearly tripling, driven by capacity expansion, higher production, and improved operating efficiencies.
FY26 Financial Highlights
- Revenue: ₹5,050 crore (up 116% YoY)
- EBITDA: ₹1,734 crore (up 140% YoY)
- Profit After Tax (PAT): ₹1,082 crore (up 193% YoY)
- EBITDA Margin: 34% (vs 31% in FY25)
- PAT Margin: 21% (vs 16% in FY25)
- Net Debt: Negative
Strong Q4 Momentum
- Revenue: ₹1,739 crore (up 62% YoY, 51% QoQ)
- EBITDA: ₹571 crore (up 58% YoY)
- PAT: ₹392 crore (up 89% YoY)
- EBITDA Margin: 33%
- PAT Margin: 23%
Key Growth Drivers
The company attributed its performance to:
- First full year of solar cell operations
- Expansion in module manufacturing capacity
- Operating leverage and scale benefits
- Reduced finance costs following deleveraging
Operational Highlights
- Installed capacity:
- 10.3 GW (modules)
- 2.94 GW (cells)
- FY26 production:
- 2,999 MW modules
- 1,520 MW cells
- Solar cell utilisation reached 79% in Q4 FY26
- Commissioned 5 GW additional module capacity in 2025
- Achieved 100% transition to TOPCon technology
- Commenced production of G12R-format TOPCon cells
Order Book and Returns
- Order book: 9.4 GW (end of FY26)
- Q4 order inflow: 1.27 GW
- ROCE: 38%
- ROE: 51%
Expansion Plans
The company is developing a new 6 GW integrated facility, expected to take total capacity to:
- 16.3 GW (modules)
- 8.94 GW (cells) by FY28
- Indian Renewable Energy Development Agency has sanctioned a ₹3,306 crore loan
- Land acquired at Devanahalli, Bengaluru
- Project execution is on track
Management Commentary
DV Manjunatha Donthi, Chairman & Managing Director, said:
“FY26 marks a step-change in our journey. We have not only scaled revenues significantly but also improved the quality of growth. Capacity expansion and strong demand have positioned us well for the next phase of clean energy growth.”
Balance Sheet Update
- IPO completed in November 2025
- Funds raised: ₹2,900 crore
- ₹1,621 crore used to prepay term loans, reducing leverage and finance costs
Outlook
With rising demand for clean energy solutions, Emmvee is well-positioned for sustained growth, supported by capacity expansion, technology upgrades, and a strong order pipeline.
