Bengaluru, January 15, 2026: Emmvee Photovoltaic Power Limited (EMMVEE) reported a strong financial performance for the third quarter and nine months ended December 31, 2025, driven by capacity expansion, robust order inflows, and operating leverage across its integrated solar manufacturing operations.
Q3 FY26 Financial Performance
The company delivered sharp year-on-year growth across all key metrics in the December quarter, with profitability expanding faster than revenue on improved scale and efficiency.| Particulars | Q3 FY26 | Q3 FY25 | YoY Change |
|---|---|---|---|
| Revenue from Operations (₹ million) | 11,523 | 5,283 | +118% |
| Total Income (₹ million) | 11,679 | 5,386 | +117% |
| EBITDA (₹ million) | 4,134 | 2,020 | +105% |
| EBITDA Margin | 36% | 38% | - |
| Profit Before Tax (₹ million) | 3,218 | 1,220 | +164% |
| Profit After Tax (₹ million) | 2,636 | 992 | +166% |
| PAT Margin | 23% | 18% | - |
Nine-Month Performance Highlights
For the nine months ended December 2025, Emmvee’s growth trajectory accelerated further, reflecting sustained execution and higher capacity utilisation.| Particulars | 9M FY26 | 9M FY25 | YoY Change |
|---|---|---|---|
| Revenue from Operations (₹ million) | 33,111 | 12,639 | +162% |
| Total Income (₹ million) | 33,596 | 12,854 | +161% |
| EBITDA (₹ million) | 11,633 | 3,613 | +222% |
| EBITDA Margin | 35% | 29% | - |
| Profit Before Tax (₹ million) | 8,537 | 2,303 | +271% |
| Profit After Tax (₹ million) | 6,892 | 1,619 | +326% |
| PAT Margin | 21% | 13% | - |
Operational and Business Updates
During the quarter, Emmvee commissioned a new 2.5 GW solar module manufacturing line at its Sulibele facility, taking total module capacity to 10.3 GW as of December 2025. The company’s order book stood at 9.3 GW at the end of the period, with 6.3 GW scheduled for delivery over the next 12 to 18 months, providing strong revenue visibility.A key strategic win during the quarter was the receipt of a 4.5 GW order for TOPCon crystalline silicon photovoltaic cells from a domestic customer, to be executed between December 2025 and 2030. The company has also completed land payments for a proposed 6 GW integrated solar module and cell manufacturing facility at Devanahalli, with design and execution planning underway.
Balance Sheet and Return Metrics
Emmvee maintained a net cash position as of December 31, 2025, with a net debt-to-equity ratio of negative 0.02x. Annualised return ratios for Q3 FY26 remained strong, with ROCE at 36.5% and ROE at 49.9%, underscoring efficient capital deployment.Management Commentary
Commenting on the performance, Chairman and Managing Director Manjunatha Donthi Venkatarathnaiah said the December quarter marked a phase of exceptional growth, supported by capacity expansion and backward integration. He noted that the commissioning of the new module line and execution of large TOPCon cell orders position the company well to meet rising demand for high-efficiency solar solutions, while the strong balance sheet provides headroom for expansion. The company is targeting 16.3 GW of module capacity and 8.9 GW of cell capacity by FY28.About the Company
Emmvee Photovoltaic Power Limited is one of India’s largest integrated solar module and cell manufacturers, with established operations spanning over 18 years. The company operates advanced manufacturing facilities in Karnataka and focuses on high-efficiency solar technologies, catering to a diversified domestic customer base.Source:
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