EMMVEE

EMMVEE reported a massive 118% YoY increase in revenue from operations to ₹1,152.3 crores for Q3 FY26. This growth was accompanied by a 105% YoY rise in EBITDA to ₹413.4 crores, maintaining a superior EBITDA margin of 35.9%. Management attributed these results to scale operations, disciplined execution, and the value of their integrated operational model, which allows for better cost control.

A major theme of the call was the management of rising silver paste costs. Management revealed they have reduced silver consumption by 50-60% in the last few months through process R&D and screen design improvements. They currently consume about 2 cents of silver per watt and aim for a further 40% reduction. Additionally, most contracts are 'pass-through,' protecting the company from aluminum and silver price spikes.

The company commissioned a 2.5 GW module line at Sulibele, bringing total module capacity to 10.3 GW. While module utilization was 43% due to ramp-up, cell utilization was higher at 76%. Management clarified the distinction between 'installed' (2.9 GW) and 'effective' (2.155 GW) cell capacity, explaining that current market demand for M10 cells results in lower wattage per cell compared to the G12 nameplate rating.

The order book stands at 9.3 GW, providing strong visibility as capacity ramps up. Management is particularly bullish on the DCR (Domestic Content Requirement) market, noting that DCR realizations are currently 24-24.5 cents per watt. They expect the implementation of ALMM-II in June 2026 to significantly boost demand for domestic cells and modules, with PSUs and C&I segments being key drivers.

EMMVEE has set ambitious targets to reach 16.3 GW of module capacity and 8.9 GW of cell capacity by FY28. The company has already completed land payments for a 6 GW integrated facility at Devanahalli. While they plan to transition into ingot and wafer manufacturing, they are awaiting further clarity on ALMM regulations for wafers before committing to a specific timeline.