Emmvee Photovoltaic Power, an integrated solar PV cell and module manufacturer, has reported revenue from operations of INR 5,050 crore for FY2026, up 116% year on year. EBITDA increased 140% to INR 1,734 crore, while profit after tax (PAT) rose 193% to INR 1,082 crore.
The company’s EBITDA margin improved to 34% in FY2026 from 31% in FY2025, while PAT margin expanded to 21% from 16%, reflecting operating leverage, improved efficiencies, and scale benefits with negative net debt.
For Q4 FY2026, revenue from operations stood at INR 1,738.8 crore, up 62% year-on-year and 51% quarter-on-quarter. Profit after tax for Q4 FY2026 was INR 392.4 crore, up 89% year-on-year and 49% quarter-on-quarter, with a PAT margin of 23%.
The company attributed its strong FY2026 performance to higher production volumes, the first full year of solar cell operations, expansion in module capacity, operating leverage and lower finance costs following balance sheet deleveraging.
Order book stood at 9.4 GW at the end of FY2026, including 1.27 GW order inflow in Q4. Installed manufacturing capacity reached 10.3 GW for solar modules, with a 100% transition to TOPCon, and 2.94 GW for solar cells as of March 31, 2026. The company also commenced production of G12R-format TOPCon cells.
FY2026 production reached 2,999 MW of solar modules and 1,520 MW of solar cells. Solar cell utilisation improved to 79% in Q4 FY2026.
“FY26 marks a step-change in our journey, where we not only scaled our revenues significantly but also improved the quality of our growth. The expansion in EBITDA and PAT margins reflects the strength of our operating model and the benefits of scale we are beginning to realize,” said DV Manjunatha Donthi, chairman & managing director, Emmvee Photovoltaic Power Ltd. “Our module capacity expansion from 6 GW to over 10 GW has been a key enabler, allowing us to respond effectively to strong and sustained demand across markets. At the same time, we have focused on strengthening our technology capabilities and integration strategy to ensure long-term competitiveness.” Emmvee has initiated plans for a new 6 GW integrated cell and module manufacturing facility. This expansion is targeted to take 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 INR 3,306 crore for the facility.
The company has completed payment for land allotment for the proposed facility at Devanahalli, Bengaluru, and has taken possession of the land.
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