Emmvee says its revenue rose 116% to INR 5,050 crore in FY2026, while PAT increased 193% to INR 1,081.6 crore
Its margins improved with EBITDA at 34% and PAT at 21%, supported by scale, efficiency gains, and lower finance costs
The company says its capacity expanded to 10.3 GW for modules, with a 9.4 GW order book
Emmvee Photovoltaic Power Ltd. has reported strong financial performance for the quarter and full year ended March 31, 2026. The company attributed its FY2026 performance to higher production volumes, the first full year of solar cell operations, expansion in module capacity, and lower borrowing costs.
For FY2026, its revenue from operations rose 116% year-on-year (YoY) to INR 5,050 crore, while EBITDA went up by 140% to INR 1,734.4 crore. Its profit after tax (PAT) increased 193% to INR 1,081.6 crore.
EBITDA margin improved to 34% from 31% a year earlier, and PAT margin expanded to 21% from 16%, supported by operating leverage, improved efficiencies, and scale benefits, it said.
“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 Emmvee Chairman and Managing Director Dr. DV Manjunatha Donthi.
In Q4 FY2026, Emmvee’s revenue stood at INR 1,738.8 crore, up 62% YoY and 51% quarter-on-quarter (QoQ). EBITDA rose 58% and 38% over the same period, respectively, to INR 571.1 crore, with a margin of 33% (see Emmvee Reports 118% YoY Increase In Q3 FY26 Revenues).
PAT for the quarter reached INR 392.4 crore, up 89% YoY and 49% QoQ, with a margin of 23%.
During FY2026, its production totaled nearly 3 GW of modules and 1.52 GW of cells. Its solar cell utilization improved to 79% in Q4. Emmvee’s order book increased to 9.4 GW, with 1.27 GW of new orders added in Q4. Its solar cell order execution spans from December 2025 to 2030, which provides it with multi-year revenue visibility.
At the end of the reporting period, Emmvee’s installed manufacturing capacity reached 10.3 GW for solar modules, along with 2.94 GW for solar cells. It has completed the transition to TOPCon.
Going forward, Emmvee plans to set up a 6 GW integrated cell and module manufacturing facility, which is expected to increase capacity to 16.3 GW for modules and 8.94 GW for cells by FY2028. The project has secured a INR 3,306 crore term loan from the Indian Renewable Energy Development Agency (IREDA). Emmvee has completed land acquisition for the project in Devanahalli, Bengaluru (see Emmvee Advances 6 GW Integrated Solar PV Expansion Plans).
Emmvee CMO Narayanaswamy Devendiran attended the TaiyangNews Solar Technology Conference India 2026 (STC.I 2026) in February 2026, where he spoke about ecosystem development for the Indian solar PV industry (see Integration & Scale Key To Competing In Solar Manufacturing).
