Emmvee Photovoltaic Reports Strong Q3 FY26 Results; PAT Surges 166% YoY

Emmvee Photovoltaic Power Ltd., a leading integrated solar module and cell manufacturer, has reported a sharp improvement in its financial performance for the third quarter and nine months ended December 31, 2025, driven by capacity expansion, a robust order book, and operational efficiencies.

For Q3 FY26, the company’s revenue from operations stood at INR 11,523 million, registering a 118% year-on-year (YoY) growth compared to INR 5,283 million in Q3 FY25. Total income increased 117% YoY to INR 11,679 million.

EBITDA rose 105% YoY to INR 4,134 million, while the EBITDA margin remained healthy at 35.9%, reflecting strong operational performance. Profit After Tax (PAT) surged 166% YoY to INR 2,636 million, with the PAT margin expanding to 23%, up from 18% in the corresponding quarter last year.

For the nine-month period ended December 31, 2025 (9M FY26), Emmvee reported revenue from operations of INR 33,111 million, up 162% YoY. EBITDA increased 222% YoY to INR 11,633 million, while PAT jumped 326% YoY to INR 6,892 million, underlining the company’s sustained growth momentum.

On the operational front, Emmvee commissioned a new 2.5 GW solar module manufacturing line at its Sulibele facility (Unit VI) on December 20, 2025. With this addition, the company’s aggregate solar module manufacturing capacity has increased to 10.3 GW as of December 2025.

The company also reported a strong order book of 9.3 GW, offering solid revenue visibility. Of this, 6.3 GW is scheduled for delivery over the next 12–18 months. During the quarter, Emmvee secured a major 4.5 GW order for TOPCon crystalline silicon photovoltaic cells from a domestic customer, to be executed between December 2025 and 2030.

As part of its backward integration strategy, Emmvee has fully paid for land allotment for a proposed 6 GW integrated solar module and cell manufacturing facility at Devanahalli, Bengaluru, with design and execution planning currently underway.

Financially, the company maintained a net cash position, with a Net Debt-to-Equity ratio of (-0.02x) as of December 31, 2025. It also reported strong annualised return ratios for Q3 FY26, with ROCE at 36.5% and ROE at 49.9%.

Commenting on the performance, Mr. Manjunatha Donthi Venkatarathnaiah, Chairman & Managing Director, said the strong growth reflects Emmvee’s strategic focus on capacity expansion and backward integration. He added that the company is well positioned to execute its expansion roadmap, targeting 16.3 GW of module capacity and 8.9 GW of cell capacity by FY28, supported by a robust balance sheet and growing demand for high-efficiency solar solutions.