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Bengakuru-based Emmvee Photovoltaic Power Limited reported a sharp rise in its financial performance for the financial year ended March 31, 2026, driven by scale expansion and improved operational efficiencies. 

The company recorded revenue from operations of ₹5,050 crore in FY26, marking a 116 percent year-on-year increase. EBITDA stood at ₹1,734.4 crore, up 140 percent, while profit after tax (PAT) rose 193 percent to ₹1,081.6 crore.
Margins also improved during the year, with EBITDA margin expanding to 34 percent from 31 percent in FY25, and PAT margin rising to 21 percent from 16 percent. The company attributed this growth to operating leverage, enhanced efficiencies, and reduced finance costs following deleveraging.
For the fourth quarter of FY26, Emmvee reported revenue of ₹1,738.8 crore, registering a 62 percent year-on-year growth and a 51 percent quarter-on-quarter increase. EBITDA for the quarter stood at ₹571.1 crore, up 58 percent year-on-year, with an EBITDA margin of 33 percent.

Profit after tax for Q4 FY26 came in at ₹392.4 crore, reflecting an 89 percent year-on-year increase and a 49 percent rise sequentially. PAT margin for the quarter was reported at 23 percent.
Increased production and capacity additions supported the company’s operational performance, said the company. As of March 31, 2026, Emmvee’s installed solar manufacturing capacity stood at 10.3 GW for modules and 2.94 GW for solar cells.
During FY26, production reached 2,999 MW of solar modules and 1,520 MW of solar cells. Solar cell utilisation improved significantly, reaching 79 percent in Q4 FY26.
The company commissioned two solar module lines of 2.5 GW each in May and December 2025, taking total module capacity to 10.3 GW with a full transition to TOPCon technology.
Emmvee reported an order book of 9.4 GW at the end of FY26, with order inflows of 1.27 GW during Q4.
The company has also initiated plans for a new 6 GW integrated cell and module manufacturing facility. This expansion is expected to increase installed capacity to 16.3 GW for modules and 8.94 GW for cells by FY2028. land for the project has already been allotted and is in the company’s possession. 
During the year, Emmvee completed its IPO and public listing in November 2025, raising ₹2,900 crore, including ₹2,144 crore through fresh issue proceeds. A significant portion of the proceeds – approximately ₹1,621 crore – was used to prepay term loans, resulting in reduced leverage and lower finance costs.
The company’s net debt-to-equity ratio stood at (0.06)x as of March 31, 2026. Credit ratings were also upgraded during the year, reflecting an improved financial profile.
Commenting on the performance, DV Manjunatha Donthi, Chairman and Managing Director, 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 realise.”
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