Emmvee Photovoltaic Power Ltd, an integrated solar module and cell manufacturer, today announced that its revenue from operations for Q3 FY26 stood at INR 11,523 million, an increase of 118% year-on-year (YoY). Total income rose 117% YoY to INR 11,679 million. EBITDA grew 105% YoY to INR 4,134 million, with an EBITDA margin of 35.9%, reflecting strong operational efficiency. Profit after tax (PAT) for Q3 surged 166% YoY to INR 2,636 million.
For the nine months ended Dec. 31, 2025 (9M FY26), revenue from operations was INR 33,111 million, up 162% YoY. EBITDA increased 222% YoY to INR 11,633 million, while PAT soared to INR 6,892 million, up 326% YoY.
The company successfully commissioned a new 2.5 GW solar module manufacturing line on Dec. 20, 2025, at its Sulibele facility (Unit VI), taking its cumulative solar module manufacturing capacity to 10.3 GW. The company has fully paid for the land allotment for a proposed 6 GW integrated solar module and cell manufacturing facility at Devanahalli, Bengaluru, with design and execution planning currently underway. It has also received a significant 4.5 GW order for the supply of TOPCon crystalline silicon PV cells from a domestic customer, to be executed between December 2025 and 2030.
As of December 31, 2025, Emmvee’s order book stood at 9.3 GW, providing strong revenue visibility. This includes 6.3 GW scheduled for delivery over the next 12–18 months.
Commenting on the performance, Manjunatha Donthi Venkatarathnaiah, chairman and managing director, Emmvee Photovoltaic Power Ltd, said, “We are pleased to report a quarter of exceptional growth, with our revenues more than doubling year-on year. The successful commissioning of our 2.5 GW solar module line at Sulibele and the ongoing execution of our 4.5 GW TOPCon cell order underscore our commitment to meeting the growing demand for high-efficiency solar solutions. With a net debt-to-equity ratio of (0.02)x, our balance sheet remains robust, positioning us well to execute our ambitious expansion plans to reach 16.3 GW module and 8.9 GW of cell capacity by FY28.”
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