Emmvee reports strong FY26 growth on higher solar output

Emmvee Photovoltaic Power Limited reported a sharp increase in its audited financial results for the quarter and year ended March 31, 2026, driven by higher production and capacity expansion.

For FY26, revenue from operations rose 116% year-on-year to Rs 5,050 crore. EBITDA increased 140% to Rs 1,734.4 crore, while profit after tax (PAT) grew 193% to Rs 1,081.6 crore. EBITDA margin improved to 34% from 31% in FY25, and PAT margin rose to 21% from 16%.

In Q4FY26, revenue stood at Rs 1,738.8 crore, up 62% year-on-year and 51% sequentially. PAT increased 89% year-on-year and 49% quarter-on-quarter to Rs 392.4 crore. EBITDA for the quarter was Rs 571.1 crore, with a margin of 33%.

The company attributed the performance to higher volumes, the first full year of solar cell operations, module capacity expansion, operating leverage, and lower finance costs after deleveraging. Installed capacity as of March 31, 2026, stood at 10.3 GW for modules and 2.94 GW for cells, with two 2.5 GW module lines commissioned during the year. Solar cell utilisation reached 79% in Q4FY26.

The order book stood at 9.4 GW at the end of FY26, with order inflows of 1.27 GW in Q4. Return on capital employed was 38% and return on equity 51%. Net debt to equity was (0.06)x, reflecting a net cash position after prepayment of term loans from IPO proceeds. The company raised Rs 2,900 crore through its initial public offering in November 2025.

Emmvee plans a new 6 GW integrated cell and module facility, targeting total capacity of 16.3 GW for modules and 8.94 GW for cells by FY28. A term loan of Rs 3,306 crore has been sanctioned by Indian Renewable Energy Development Agency (IREDA) for the expansion.

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