Emmvee Photovoltaic turned its aggressive capacity scale-up into a sharp profit leap in the March quarter.
Emmvee Photovoltaic Power Ltd released its earnings for the fourth quarter of financial year 2025-26 on April 29. The Bengaluru-based solar module maker, now operating above 10 GW of capacity, rode sustained demand across markets to deliver the standout quarter, sending its stock up close to 9% in afternoon trade.
The company’s consolidated revenue climbed 62% year-on-year to ₹17.4 billion, compared with ₹10.7 billion in the same period last year.
Its consolidated net profit for Q4 rose 89% to ₹3.9 billion from ₹2.1 billion a year ago. EBITDA came in at ₹5.7 billion, a 58% jump over last year’s ₹3.6 billion.
The EBITDA margin did soften by just under 90 basis points to 32.8% from 33.7%, a marginal compression as the revenue mix evolves and expansion-linked costs weigh in.
The consolidated numbers include six subsidiaries, capturing the full picture of the group’s performance.
The stock surged 8.8% to ₹296.20 in early afternoon trade on April 29, adding ₹23.92 on the day.
In his remarks, Chairman and Managing Director DV Manjunatha Donthi called FY26 a ‘step-change’ year. He pointed to the doubling of module capacity from 6 GW to over 10 GW as the engine that let the company respond to strong, sustained demand.
The focus, he added, remains on strengthening technology and integration capabilities to lock in long-term competitiveness, with Emmvee well placed to benefit as the global push for reliable, cost-efficient clean energy gathers pace.

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