Emmvee Photovoltaic Power Ltd has announced a significant financial performance for the fiscal year 2026, with revenue from operations reaching ₹5,050 crore, marking a 116% increase year-on-year. The company’s EBITDA surged by 140% to ₹1,734.4 crore, while profit after tax (PAT) tripled to ₹1,081.6 crore, reflecting a 193% rise compared to the previous year.
The company reported an improvement in EBITDA margin to 34% from 31% in FY2025, and PAT margin expanded to 21% from 16%, showcasing strong operational leverage and efficiency gains. Emmvee attributed this robust performance to higher production volumes, the first full year of solar cell operations, expanded module capacity, and reduced finance costs following balance sheet deleveraging.
For the fourth quarter of FY2026, Emmvee reported revenue from operations of ₹1,738.8 crore, a 62% increase year-on-year and a 51% rise quarter-on-quarter. The EBITDA for the quarter stood at ₹571.1 crore, up 58% year-on-year and 38% quarter-on-quarter, with an EBITDA margin of 33%. The PAT for Q4 FY2026 was ₹392.4 crore, up 89% year-on-year and 49% quarter-on-quarter, with a PAT margin of 23%.
Key highlights of the fiscal year include a return on capital employed (ROCE) of 38% and a return on equity (ROE) of 51%. The company’s net debt to equity ratio was reported at (0.06)x as of 31 March 2026. Additionally, the order book increased to 9.4 GW by the end of FY2026, with an order inflow of 1.27 GW during the fourth quarter.
Emmvee’s operational capacity stood at 10.3 GW for solar modules and 2.94 GW for solar cells as of 31 March 2026. The company produced 2,999 MW of solar modules and 1,520 MW of solar cells during the year. Emmvee also commissioned two 2.5 GW solar module lines at its facility in Karnataka, enhancing its production capabilities.
Looking ahead, Emmvee has initiated plans for a new 6 GW integrated cell and module manufacturing facility, aiming to increase its installed capacity to 16.3 GW for modules and 8.94 GW for cells by FY2028. The Indian Renewable Energy Development Agency (IREDA) has sanctioned a term loan of ₹3,306 crore for this expansion.
Emmvee completed its IPO and public listing in November 2025, raising ₹2,900 crore, including ₹2,144 crore from fresh issue proceeds. The company used approximately ₹1,621 crore of the IPO proceeds to prepay term loans, significantly reducing leverage and lowering finance costs.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).