Emmvee Photovoltaic Power Ltd

For Q4 FY2026, consolidated revenue from operations stood at Rs 1,738.8 crore, up 62% year-on-year and 51% quarter-on-quarter. EBITDA for the quarter was Rs 571.1 crore, up 58% year-on-year and 38% quarter-on-quarter, with EBITDA margin at 33% compared to 34% in Q4 FY25 and 36% in Q3 FY26. Profit after tax for Q4 FY2026 was Rs 392.4 crore, up 89% year-on-year and 49% quarter-on-quarter, with PAT margin at 23% For FY2026, the company reported consolidated revenue from operations of Rs 5,050 crore, up 116% year-on-year, while EBITDA increased 140% year-on-year to Rs 1,734.4 crore. Profit after tax for the year stood at Rs 1,081.6 crore, up 193% year-on-year. EBITDA margin improved to 34% in FY2026 from 31% in FY2025, while PAT margin expanded to 21% from 16%, reflecting strong operating leverage, improved efficiencies, and scale benefits with negative net debt. The company said the strong performance was driven by 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. The company reported a net debt-to-equity ratio of (0.06)x as of 31 March 2026, indicating a net cash position. Order book stood at 9.4 GW at the end of FY2026, with Q4 order inflows at 1.27 GW. Consolidated net cash from operating activities decreased to Rs 200.14 crore in FY26 from Rs 624.89 crore a year ago. Emmvee Photovoltaic Power is one of India's leading integrated solar photovoltaic module and cell manufacturers. As of 31 March 2026, it had installed production capacity of 10.3 GW of solar modules and 2.94 GW of TOPCon solar cells.

Emmvee Photovoltaic Power announced that the Board of Directors of the Company at its meeting held on 28 April 2026, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 50%) , subject to the approval of the shareholders.

Net profit of Emmvee Photovoltaic Power rose 89.43% to Rs 392.38 crore in the quarter ended March 2026 as against Rs 207.14 crore during the previous quarter ended March 2025. Sales rose 62.25% to Rs 1738.81 crore in the quarter ended March 2026 as against Rs 1071.68 crore during the previous quarter ended March 2025. For the full year,net profit rose 193.10% to Rs 1081.55 crore in the year ended March 2026 as against Rs 369.01 crore during the previous year ended March 2025. Sales rose 116.21% to Rs 5049.88 crore in the year ended March 2026 as against Rs 2335.61 crore during the previous year ended March 2025. ParticularsQuarter EndedYear EndedMar. 2026Mar. 2025% Var.Mar. 2026Mar. 2025% Var. Sales1738.811071.68 62 5049.882335.61 116 OPM %32.8433.65 -34.3430.91 - PBDT563.11318.05 77 1633.23638.77 156 PBT483.94252.54 92 1337.60482.82 177 NP392.38207.14 89 1081.55369.01 193 Powered by Capital Market - Live

Net profit of Emmvee Photovoltaic Power rose 165.77% to Rs 263.64 crore in the quarter ended December 2025 as against Rs 99.20 crore during the previous quarter ended December 2024. Sales rose 118.11% to Rs 1152.25 crore in the quarter ended December 2025 as against Rs 528.29 crore during the previous quarter ended December 2024. ParticularsQuarter EndedDec. 2025Dec. 2024% Var. Sales1152.25528.29 118 OPM %35.8838.23 - PBDT395.80175.55 125 PBT321.80122.04 164 NP263.6499.20 166 Powered by Capital Market - Live

Net profit of Emmvee Photovoltaic Power declined 64.21% to Rs 14.17 crore in the quarter ended December 2025 as against Rs 39.59 crore during the previous quarter ended December 2024. Sales declined 77.24% to Rs 81.07 crore in the quarter ended December 2025 as against Rs 356.16 crore during the previous quarter ended December 2024. ParticularsQuarter EndedDec. 2025Dec. 2024% Var. Sales81.07356.16 -77 OPM %-8.1716.60 - PBDT25.6561.18 -58 PBT20.0454.15 -63 NP14.1739.59 -64 Powered by Capital Market - Live

Emmvee Photovoltaic Power will hold a meeting of the Board of Directors of the Company on 15 January 2026.Powered by Capital Market - Live

The brokerage expects India's solar installations to grow rapidly on the back of lower tariffs, rising power demand and policy support for domestic manufacturers. Emmvee was highlighted for its early move into high-efficiency TOPCon technology and aggressive capacity expansion, with cell and module capacities seen rising sharply by FY27. While near-term margin risks remain due to potential oversupply, the brokerage expects profitability to stabilise over time, supporting strong earnings growth. Bengaluru-based Emmvee Photovoltaic Power is a renewable energy company. It manufactures of Solar PV modules and systems. The company's consolidated net profit surged 577.3% to Rs 237.86 crore on an 181.1% jump in revenue from operations to Rs 1,131 crore in Q2 FY26 over Q2 FY25. Powered by Capital Market - Live

The new line is part of the company's planned capacity expansion disclosed in its IPO documents and has been completed according to schedule. With this commissioning, the company's total solar module manufacturing capacity now stands at 10.3 GW, strengthening its position in the renewable energy sector. Emmvee Photovoltaic Power is primarily a solar module manufacturer and is the second largest pure-play integrated solar PV module and solar cell manufacturing company and one of the largest solar PV module manufacturers in India. The company's consolidated net profit surged 577.3% to Rs 237.86 crore on an 181.1% jump in revenue from operations to Rs 1,131 crore in Q2 FY26 over Q2 FY25. Shares of Emmvee Photovoltaic Power rallied 6.85% to end at Rs 184.85 on Friday, 19 December 2025. Powered by Capital Market - Live

Emmvee Photovoltaic Power announced that its wholly owned subsidiary, Emmvee Energy has commenced operation of its 2.5 GW solar module line at its factory located in Sulibele, Hoskete Taluk, Bengaluru, Karnataka, (Unit VI), today, i.e., 20 December 2025. Pursuant to the above commissioning, the Company's aggregate solar module manufacturing capacity now stands increased to 10.3 GW. Powered by Capital Market - Live

Emmvee Energy (EEPL), a material and wholly owned subsidiary of Emmvee Photovoltaic Power, has entered into a supply agreement with a domestic buyer to supply TOPCon crystalline silicon photovoltaic cells with a contracted offtake of 4.5 GWp.Powered by Capital Market - Live