Emmvee Photovoltaic Reports 118% Revenue Growth in Q3 FY26
Filing Summary
Emmvee Photovoltaic Power Ltd. reported a 118% year-on-year increase in revenue for Q3 FY26, reaching INR 11,523 million. The company’s total income rose by 117% to INR 11,679 million, while EBITDA grew by 105% to INR 4,134 million. The profit after tax surged by 166% to INR 2,636 million. Emmvee expanded its solar module manufacturing capacity to 10.3 GW and secured a 4.5 GW order for TOPCon cells. The company maintains a net cash position with a net debt-to-equity ratio of -0.02x. The order book stands at 9.3 GW, with significant deliveries planned.
Emmvee Photovoltaic Power Ltd. announced its unaudited standalone and consolidated financial results for the quarter ended December 31, 2025. The company reported a significant increase in its financial performance metrics for Q3 FY26 compared to Q3 FY25. Revenue from operations reached INR 11,523 million, marking a 118% increase year-on-year. Total income for the quarter was INR 11,679 million, reflecting a 117% rise.
The company’s financial performance highlights include an EBITDA of INR 4,134 million, which represents a 105% growth compared to the same period last year. The EBITDA margin stood at 35.9%. Profit after tax (PAT) increased by 166% to INR 2,636 million, with the PAT margin expanding to 23% from 18% in Q3 FY25. For the nine months ended December 31, 2025, revenue from operations was INR 33,111 million, up 162% year-on-year. EBITDA for the nine-month period was INR 11,633 million, a 222% increase, and PAT was INR 6,892 million, up 326%.
Operationally, Emmvee commissioned a new 2.5 GW solar module manufacturing line at its Sulibele facility, increasing its total module manufacturing capacity to 10.3 GW as of December 2025. The company’s order book is robust, standing at 9.3 GW, with 6.3 GW scheduled for delivery over the next 12 to 18 months. A significant 4.5 GW order for TOPCon crystalline silicon photovoltaic cells was secured from a domestic customer, to be executed between December 2025 and 2030. Additionally, Emmvee has completed the land allotment payment for a proposed 6 GW integrated solar module and cell manufacturing facility at Devanahalli, Bengaluru.
The company’s financial position remains strong, with a net cash position and a net debt-to-equity ratio of -0.02x as of December 31, 2025. Emmvee reported strong annualized return ratios for Q3 FY26, with a return on capital employed (ROCE) of 36.5% and a return on equity (ROE) of 49.9%.
Emmvee Photovoltaic Power Ltd. continues to focus on expanding its manufacturing capabilities and strengthening its market position. The company’s strategic initiatives include capacity expansion and backward integration to meet the growing demand for high-efficiency solar solutions.
Emmvee Photovoltaic Power Ltd. is a leading integrated solar module and cell manufacturer in India. The company operates advanced manufacturing units in Karnataka and has a strategic partnership with Fraunhofer ISE for high-efficiency TOPCon technology. Emmvee serves a diverse customer base with a focus on quality and reliability.