Emmvee Photovoltaic Q3 FY26 Profit Surges 166% YoY as Revenue Doubles; Expands Solar Module Capacity to 10.3 GW

Emmvee Photovoltaic Power Ltd., a leading integrated solar cell and module manufacturer, reported a sharp rise in revenue and profitability for the third quarter of FY26, supported by capacity additions, strong order inflows, and operational efficiency.

For the quarter ended December 31, 2025, the company’s revenue from operations stood at INR 11,523 million, marking a 118% year-on-year increase. Total income rose 117% to INR 11,679 million. EBITDA increased 105% YoY to INR 4,134 million, while profit after tax (PAT) surged 166% to INR 2,636 million. EBITDA margin remained healthy at 35.9%, and PAT margin expanded to 23% from 18% a year earlier.

For the nine-month period ended December 2025, revenue from operations rose 162% YoY to INR 33,111 million. EBITDA jumped 222% to INR 11,633 million, while PAT grew 326% to INR 6,892 million, reflecting strong execution and scale benefits.

Operationally, Emmvee commissioned a new 2.5 GW solar module manufacturing line at its Sulibele facility in December 2025, taking its total module capacity to 10.3 GW. As of December 2025, the company’s order book stood at 9.3 GW, including 6.3 GW scheduled for delivery over the next 12–18 months. It also secured a major 4.5 GW TOPCon cell supply order from a domestic customer, to be executed between 2025 and 2030.

The company maintained a net cash position with a net debt-to-equity ratio of (-0.02)x and reported annualised ROCE and ROE of 36.5% and 49.9%, respectively.

Commenting on the performance, Chairman and Managing Director Manjunatha Donthi Venkatarathnaiah said the results reflect Emmvee’s focus on capacity expansion and backward integration, positioning the company to meet growing demand for high-efficiency solar technologies and support its long-term growth plans.