Emmvee’s Q3 FY26 revenue rose 118% YoY to INR 11.52 billion, while EBITDA and PAT grew by 105% and 165%, respectively
For 9M FY26, revenues increased 162% YoY to INR 33.1 billion, with EBITDA and PAT up 222% and 325%, reflecting improved utilization and captive cell use
It ended December 2025 with 10.3 GW of module and 2.94 GW of cell capacity, a 9.3 GW order book
Indian integrated solar cell and module manufacturer Emmvee Photovoltaic Power Ltd. has reported an 118% year-on-year (YoY) growth in its Q3 FY26 (period ending December 31, 2025) revenues, which it says more than doubled to INR 11.52 billion.
With quarterly revenue growth, Emmvee’s annual EBITDA also increased 105% YoY to INR 4.13 billion, while profit after tax (PAT) improved 165% to INR 2.64 billion.
In terms of 9M FY26, its revenues improved by 162% to INR 33.1 billion, while EBITDA of INR 11.63 billion and PAT of INR 6.89 billion went up by 222% and 325% YoY, according to the manufacturer.
The management attributes this strong growth to increased capacity and improved utilization levels. EBITDA margins improved with the captive use of cells manufactured in-house. In Q3 FY26, its output was 737 MW for modules and 412 MW for cells.
Its module capacity utilization rate of 43% was flat sequentially, whereas cell capacity utilization increased from 59% to 76%.
The manufacturer says it has strong revenue visibility going forward, given its order book, as of December 2025, stood at 9.3 GW, comprising 6.3 GW to be delivered over the next 12-18 months. It includes a 4.5 GW TOPCon solar cell order from a domestic customer to be executed between December 2025 and 2030.
“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,” said Emmvee Photovoltaic Power Chairman and Managing Director Manjunatha Donthi Venkatarathnaiah. “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.”
Emmvee is building a 6 GW integrated cell and module facility in Karnataka’s Devanahalli for which it has fully paid for land allotment (see Emmvee Advances 6 GW Integrated Solar PV Expansion Plans).
Emmvee Group of Companies President and CEO Suhas Donthi will join the TaiyangNews Solar Technology Conference India 2026 (STC.I 2026). He will be part of an executive panel on choosing the right strategy for solar manufacturing in India. To be held on February 5 and 6 in Aerocity, New Delhi, this 2nd edition of the TaiyangNews physical conference will also have banks, investors, and policymakers in attendance. Register for the event here.