Emmvee Photovoltaic Power Reports Strong Growth, Doubles FY2026 Revenue to ₹5,050 crore

Emmvee Photovoltaic Power Reports Strong Growth, Doubles FY2026 Revenue to ₹5,050 crore​

Bengaluru, April 28, 2026 - Emmvee Photovoltaic Power Ltd, a leading integrated solar photovoltaic module and cell manufacturer in India, today announced its financial results for the quarter and year ended March 31, 2026. The company reported significant growth metrics for FY2026, with revenue from operations reaching ₹5,050 crore.

The financial results indicate a substantial increase across key performance indicators. For the full fiscal year 2026, the company recorded revenue from operations of ₹5,050 crore, representing an 116% year-on-year jump. EBITDA climbed 140% year-on-year to ₹1,734.4 crore, while Profit After Tax (PAT) stood at ₹1,081.6 crore, marking a 193% rise year-on-year.

The company’s margins also showed improvement. The EBITDA margin expanded to 34% in FY2026 from 31% in FY2025, and the PAT margin rose to 21% from 16%, signaling strong operating leverage and scale benefits.

For the fourth quarter (Q4) of FY2026, revenue from operations were ₹1,738.8 crore, an increase of 62% year-on-year and 51% quarter-on-quarter. EBITDA for the quarter reached ₹571.1 crore, up 58% year-on-year, maintaining an EBITDA margin of 33%. PAT for Q4 FY2026 was ₹392.4 crore, increasing 89% year-on-year with a PAT margin of 23%.

Financial Performance Summary (FY2026)​

As of March 31, 2026, the company reported that the net debt to equity ratio stood at (0.06)x. The order book also expanded significantly, reaching 9.4 GW by the end of FY2026, with order inflow during Q4 FY2026 totaling 1.27 GW.

Operational Capacity and Expansion​

Emmvee Photovoltaic Power Ltd noted that the strong performance throughout FY2026 was fueled by higher production volumes, marking the first full year of solar cell operations, and expansion in module capacity.

Operationally, the company achieved milestones through its manufacturing footprint. Installed manufacturing capacity stood at 10.3 GW for solar modules and 2.94 GW for solar cells as of March 31, 2026. During FY2026, total production reached 2,999 MW of solar modules and 1,520 MW of solar cells.

The company has further bolstered its capacity with strategic additions. It commissioned a 2.5 GW solar module line in May 2025 and another 2.5 GW line in December 2025 at Sulibele, Hoskote Taluk, Bengaluru, Karnataka. These additions increased the aggregate solar module installed capacity to 10.3 GW, with a 100% transition to TOPCon technology. Furthermore, the commencement of production of G12R-format TOPCon cells enabled higher power-density module configurations.

Looking ahead, Emmvee has initiated plans for a new 6 GW integrated cell and module manufacturing facility. This expansion is designed to take the installed capacity to 16.3 GW for modules and 8.94 GW for cells by FY2028. For this ambitious facility, IREDA sanctioned a term loan of ₹3,306 crore, and the company has completed payment for the land allotment at Devanahalli, Bengaluru.

Capital Structure and Growth Drivers​

From a capital structure perspective, the company successfully completed its IPO and public listing in November 2025, raising ₹2,900 crore, including ₹2,144 crore of fresh issue proceeds. Approximately ₹1,621 crore of the IPO proceeds was utilized to prepay term loans, which materially reduced leverage and lowered the finance cost run-rate. The company’s credit profile also showed strength, with ICRA upgrading its ratings from BBB+ (FB) / A2 (NFB) to A- (FB) / A2+ (NFB) in August 2025, and subsequently to A (FB) / A2+ (NFB) in January 2026.

Mr. DV Manjunatha Donthi, Chairman & Managing Director of Emmvee Photovoltaic Power Ltd, stated that FY26 represents a major step-change, significantly scaling revenues while improving the quality of growth. He added that the expansion in EBITDA and PAT margins reflects the strength of the operating model and the benefits of scale.

EMMVEE Stock Price Movement​

On Tuesday, Emmvee Photovoltaic Power Limited shares gained 3.89%, settling at ₹272.28. The stock showed robust investor interest, trading over 5.18 million shares throughout the session.