| Metric | Value (₹ Cr) | vs Q3 FY26 |
|---|---|---|
| Revenue | 1.7K | 50.9% |
| Total Income | 1.7K | 49.3% |
| Expenditure | 1.3K | 48.9% |
| PBT | 483.94 | 50.4% |
| Net Profit | 392.38 | 48.8% |
| OPM | 32.84% | 3.04pp |
| NPM | 22.50% | 0.07pp |
| EPS | 5.67 | 38.0% |
Emmvee PV doubles FY26 revenue to ₹5,050 Cr; triples PAT to ₹1,082 Cr
28 Apr 2026 · 28 Apr, 9:21 pm
Summary
Emmvee Photovoltaic Power Ltd. announced robust financial results for FY2026, with revenue from operations more than doubling to ₹5,049.9 crore, a 116% year-on-year increase. Profit after tax tripled, growing 193% year-on-year to ₹1,081.6 crore, while EBITDA rose 140% to ₹1,734.4 crore. Margins significantly expanded, with EBITDA margin at 34% and PAT margin at 21% for the full year, attributed to strong operating leverage and scale benefits. The company's Q4 FY2026 performance also showed strong momentum, with revenue up 62% year-on-year and profit after tax up 89% year-on-year. Management expressed confidence in future growth, driven by accelerating demand for clean energy and strategic capacity expansions.
Key Highlights
- 1
Emmvee Photovoltaic Power Ltd. recorded a significant 116% year-on-year growth in revenue from operations, reaching ₹5,049.9 crore for FY2026.
- 2
Profit after tax for FY2026 surged by 193% year-on-year to ₹1,081.6 crore, while EBITDA increased by 140% year-on-year to ₹1,734.4 crore.
- 3
EBITDA margin improved to 34% in FY2026 from 31% in FY2025, and PAT margin expanded to 21% from 16%, reflecting strong operating leverage and efficiency gains.
- 4
Q4 FY2026 revenue from operations reached ₹1,738.8 crore, an increase of 62% year-on-year and 51% quarter-on-quarter.
- 5
The company's order book expanded to 9.4 GW at the end of FY2026, with an order inflow of 1.27 GW during Q4 FY2026.
- 6
Installed solar module manufacturing capacity increased to 10.3 GW, with a 100% transition to TOPCon technology, and solar cell capacity stood at 2.94 GW as of March 31, 2026.
- 7
Emmvee initiated plans for a new 6 GW integrated cell and module manufacturing facility, backed by a ₹3,306 crore term loan sanctioned by IREDA, targeting an expanded total capacity of 16.3 GW for modules and 8.94 GW for cells by FY2028.
Management Comments
DV Manjunatha Donthi
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. 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. As demand for reliable and cost-efficient clean energy continues to accelerate, we believe we are well-positioned to participate meaningfully in this next phase of growth.
Informational and educational content only. Not investment advice.