New Delhi: Emmvee Photovoltaic Power Ltd. (“Emmvee” or “the Company”), a leading integrated solar module and cell manufacturer, today announced its financial results for the third quarter (Q3) and nine months (9M) ended December 31, 2025.
Financial Performance Highlights (Q3 FY26 vs. Q3 FY25)
Revenue from Operations: INR 11,523 Mn, an increase of 118% YoY.
Total Income: INR 11,679 Mn, up 117% YoY.
EBITDA: INR 4,134 Mn, a growth of 105% YoY.
EBITDA Margin: 35.9%, reflecting strong operational efficiency.
Profit After Tax (PAT): INR 2,636 Mn, a significant rise of 166% YoY.
PAT Margin: Expanded to 23% from 18% in Q3 FY25.
Financial Performance Highlights (9M FY26 vs. 9M FY25)
Revenue from Operations: INR 33,111 Mn, up 162% YoY.
EBITDA: INR 11,633 Mn, up 222% YoY.
PAT: INR 6,892 Mn, up 326% YoY.
Operational & Business Highlights
Capacity Expansion and Production
Module Capacity Increased: The Company successfully commissioned a new 2.5 GW solar module manufacturing line on December 20, 2025, at its Sulibele facility (Unit VI).
Total Capacity: Aggregate solar module manufacturing capacity has increased to 10.3 GW as of December 2025.
Strategic Developments & Order Book
Strong Order Book: As of December 2025, the Company’s order book stands at 9.3 GW, providing strong revenue visibility. This includes 6.3 GW to be delivered over the next 12-18 months.
Major Contract Win: Received a significant 4.5 GW order for the supply of TOPCon crystalline silicon photovoltaic cells from a domestic customer, to be executed between December 2025 and 2030.
Backward Integration: The Company has fully paid for land allotment for a proposed 6 GW integrated solar module and cell manufacturing facility at Devanahalli, Bengaluru. Design and execution planning are currently in progress.
Financial Position
Balance Sheet Strength: The Company maintains a net cash position with a Net Debt / Equity ratio of -0.02x as of December 31, 2025.
Return Ratios: Reported strong annualized return ratios for Q3 FY26, with ROCE at 36.5% and ROE at 49.9%.
Summary Financial Table (INR Million)
|
Particulars |
Q3 FY26 | Q3 FY25 | YoY Growth | 9M FY26 | 9M FY25 | YoY Growth |
| Revenuefrom Operations |
11,523 |
5,283 |
118% |
33,111 |
12,639 |
162% |
| Total Income | 11,679 | 5,386 | 117% | 33,596 | 12,854 | 161% |
| EBITDA | 4,134 | 2,020 | 105% | 11,633 | 3,613 | 222% |
| EBITDA Margin (%) | 36% | 38% | – | 35% | 29% | – |
| Profit Before Tax (PBT) |
3,218 |
1,220 |
164% |
8,537 |
2,303 |
271% |
| Profit After Tax (PAT) |
2,636 |
992 |
166% |
6,892 |
1,619 |
326% |
| PAT Margin (%) | 23% | 18% | – | 21% | 13% | – |
Manjunatha Donthi Venkatarathnaiah, Chairman & Managing Director, Emmvee Photovoltaic Power Ltd. said, “We are pleased to report a quarter of exceptional growth, with our revenues more than doubling year-on- year. This robust performance is a testament to our strategic focus on capacity expansion and backward integration. 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. 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.”
