Emmvee Photovoltaic Power Limited

Emmvee Photovoltaic Power Limited reported a robust Q3 FY26, with revenue from operations reaching ₹1,152.3 crores, marking a significant 118% year-on-year growth and 2% quarter-on-quarter increase. EBITDA stood at ₹413.4 crores, up 105% YoY, achieving a healthy margin of 35.9%. Profit after tax surged by 166% YoY to ₹263.6 crores, with a PAT margin of 23%, reflecting strong operational discipline and integrated models. For the first nine months of FY26, revenue from operations was ₹3,311.1 crores, EBITDA ₹1,163.3 crores, and PAT ₹689.2 crores.

The company commissioned a new 2.5 GW module line at Sulibele, increasing its aggregate module capacity to 10.3 GW, while cell capacity stands at 2.94 GW. As of December 31, 2025, the order book was 9.3 GW, including a 4.5 GW multi-year TopCon Cell order, providing strong revenue visibility. Management also completed land acquisition for a planned 6 GW integrated cell and module facility at Devanahalli, aiming for 16.3 GW module and 8.9 GW cell capacity by FY28.

Emmvee has effectively managed the impact of rising raw material costs, particularly silver paste. Through continuous R&D and process improvements, silver paste consumption has drastically reduced, with a target for another 40% reduction. Furthermore, the company's contracts are largely backed by pass-through clauses, ensuring that major changes in material costs are transferred to customers, thereby safeguarding profit margins and maintaining EBITDA per watt peak.

The company strategically maintains a higher module capacity compared to cell capacity, targeting 85-90% utilization for cells and 60-65% for modules, to ensure efficient internal consumption of cells. Q3 production was 737 MW for modules and 412 MW for cells, with utilization rates of 43% and 76% respectively. Emmvee has fully transitioned to 100% TopCon module sales for FY26, moving away from Monoperc, demonstrating its adaptability to advanced solar technology.

Management anticipates a robust DCR (Domestic Content Requirement) market, with the ALMM mandate set to be effective from June 2026. They expect the entire market to be DCR-led by FY2030. Government schemes like Suryaghar Yojna (30 GW total, 5-6 GW completed) and Kusum (another 30 GW, starting April) are expected to drive significant demand. The C&I segment, with 15-16 GW completed annually, is identified as the fastest-growing segment in the solar industry.

The removal of export rebates by China is viewed as an advantage for Indian manufacturers, as it narrows the price gap and enhances competitiveness. Emmvee is actively exploring export markets, particularly in Europe, where regulations mandate a percentage of non-China cells and modules. The company emphasizes its experienced capacity, proven products, and track record, positioning itself as a preferred supplier for developers in a market that differentiates between experienced and new players.