Emmvee Photovoltaic Power Limited — Q3 FY26 earnings call

Call held 16 Jan 2026

Management summary

Emmvee Photovoltaic Power Limited delivered a strong Q3 FY26, marked by significant revenue and profit growth, driven by robust operational performance and capacity expansion. The company's order book provides healthy visibility, and strategic raw material management, coupled with a focus on DCR-compliant products, positions it well for future growth. Management expressed confidence in maintaining margins and capitalizing on emerging market opportunities.

Highlights

  • Revenue from operations grew significantly by 118% YoY to ₹1,152.3 crores, demonstrating strong performance.

  • EBITDA increased by 105% YoY to ₹413.4 crores, maintaining a robust margin of 35.9%.

  • Profit after tax saw a substantial rise of 166% YoY to ₹263.6 crores, with a healthy PAT margin of 23%.

  • The company commissioned a new 2.5 GW module line, expanding aggregate module capacity to 10.3 GW, and secured a 9.3 GW order book, providing strong visibility.

  • Effective raw material cost management through technological improvements (reducing silver paste consumption) and pass-through contracts protects margins.

Key financials

3 periods

Headline

  • Revenue from Operations
    ₹1,152.3 Cr
    YoY +118% QoQ +2%
  • Total Income
    ₹1,167.9 Cr
    YoY +117%
  • Gross Profit
    ₹543.8 Cr
  • Gross Margin
    47%
  • EBITDA
    ₹413.4 Cr
    YoY +105%
  • EBITDA Margin
    35.9%
  • Profit After Tax
    ₹263.6 Cr
    YoY +166%
  • PAT Margin
    23%
  • Finance Cost
    ₹33 Cr
  • Depreciation
    ₹74 Cr

Q3

  • Module Production
    737 MW
  • Cell Production
    412 MW
  • Module Utilization
    43%
  • Cell Utilization
    76%

9M FY26

  • Revenue from Operations
    ₹3,311.1 Cr
  • EBITDA
    ₹1,163.3 Cr
  • Profit After Tax
    ₹689.2 Cr

What they filed

Q1 FY27: revenue up 51.4%, net profit up 102.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue402 528 1,072 1,028 1,131 +181%1,152 +118%1,739 +62%1,556 +51%
EBITDA93 202 361 350 399 +329%413 +104%571 +58%548 +57%
Net profit35 99 207 188 238 +580%264 +167%392 +89%380 +102%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Order book

high confidence

Total value

9.3 GW

as of 2025-12-31 quantified

Execution

6.3 GW executable over next 12 to 18 months

Composition

  • Multi-year TopCon Cell order (product) 4.5 GW 48.3%
The order book provides good visibility as the company ramps up capacity, with a focus on confirmed orders backed by advance payments.

Source: Prepared remarks

Capital allocation

medium confidence
  • Capex Capex disclosed
    • Land acquisition for 6 GW integrated cell and module facility at Devanahalli
    We also completed the land payment and also acquired the land which is planned for 6 GW of integrated cell and module facility at Devanahalli
  • Debt Debt disclosed
    • Repayment Loan repayment leading to lower finance cost
    Finance Cost was 33 crores and that was lower than the previous quarter which is subsequent to the loan repayment.

Guidance & targets

Capacity

  • Aggregate Module Capacity Capacity · Current · High confidence 10.3 GW
    On the operation side, we commissioned 2.5 GWof model line at Sulibele, taking our aggregate model capacity city of 10.3 GW.

    — Mr. Manjunatha DV

  • Cell Capacity Capacity · Current · High confidence 2.94 GW
    Installed module capacity is now 10.3 GW and cell capacity stands at about 2.94 GW.

    — Mr. Suhas Donthi

  • Planned Integrated Cell and Module Facility Capacity · Future · High confidence 6 GW
    We also completed the land payment and also acquired the land which is planned for 6 GW of integrated cell and module facility at Devanahalli

    — Mr. Manjunatha DV

  • Module Capacity Capacity · by FY28 · High confidence 16.3 GW
    you mentioned by FY28 you will have around 16.3 GW of module and 8.9 GW of cell

    — Abhi Sehgel (referencing management)

  • Cell Capacity Capacity · by FY28 · High confidence 8.9 GW

    — Abhi Sehgel (referencing management)

Utilization

  • Cell Effective Capacity Utilization Utilization · Ongoing · High confidence 85-90%
    cell will be about 85 to 90%. The reason is what happens is in module it's an inline production whereas cell is a batch production.

    — Mr. Suhas Donthi

  • Module Peak Capacity Utilization Utilization · Ongoing · High confidence 60-65%
    module capacities have a tendency of peak utilization to be at 60 to 65%

    — Mr. Suhas Donthi

Raw Material

  • Silver Paste Consumption Reduction Raw Material · Ongoing · High confidence another 40%
    the targeted consumption of silver paste, there is an opportunity to bring it down another 40%

    — Mr. Suhas Donthi

Market Share

  • DCR Market Share Market Share · by FY2030 · Medium confidence 100%
    when it comes to the demand for DCR I think that there by FY 2030 I don't see any capacity that is going to be of non DCR. It could be extremely small very like you know like you know immaterial capacity if there is any that is going to be there for demand. It is all going to be with DCR

    — Mr. Suhas Donthi

Product Mix

  • Module Sales Technology Product Mix · FY26 · High confidence 100% TopCon
    our module sales we did about 70% sales of TopCon and only 30% of Monoperc sales in FY25 and in FY26 we are doing zero Monoperc, 100% TopCon.

    — Mr. Suhas Donthi

What to watch in Q4 FY26

Silver paste consumption reduction

Ongoing
Current Already significantly reduced
Target Another 40% reduction

Why it matters

Further cost optimization and margin protection against raw material volatility, indicating R&D effectiveness.

the targeted consumption of silver paste, there is an opportunity to bring it down another 40%

Risks & concerns

  • Rising raw material costs (e.g., silver paste, aluminium)

    medium

    Management stated that technological improvements have drastically reduced silver paste consumption, with a target for another 40% reduction. Additionally, most contracts include pass-through clauses for major material changes.

    Analyst acknowledged

  • Project delays due to connectivity or land acquisition issues for utility-scale projects

    low

    Management stated they have not seen any abnormal delays lately, acknowledging that some delays can happen but are not a significant concern for their projects.

    Analyst downplayed

Q&A highlights

8 direct
DCR/non-DCR mix in module sales and execution Direct
the mix of DCR will be about close to 50% in the order book. In the execution it's about 40% sir.

Clarifies the current sales mix which influences blended realizations and overall margins.

Asked by Subramanyam Yadav

Impact of rising raw material costs (silver paste) on margins Direct
the consumption of silver paste has come down drastically and the targeted consumption of silver paste, there is an opportunity to bring it down another 40%... our contracts are most of them backed by pass through contracts so any major changes in materials are passed on to the customer.

Addresses a key cost concern, highlighting mitigation strategies through technology and contractual terms, and future cost reduction targets.

Asked by Subramanyam Yadav

Blended realization decrease and pricing pressures Direct
No, you're absolutely right. I mean there is no pricing pressures in the market which basically is seen by our EBITDA that we have shown. It is because of the percentage mix of your DCR and non DCR.

Explains that lower blended realization is due to a change in sales mix (DCR vs non-DCR) rather than pricing pressure, reassuring on margin stability.

Asked by Sahil Sheth

Strategy for 4.5 GW cell order: captive vs. third-party sales Direct
Most of our capacity will be used for captive consumption, third party catering will be limited. Even if you see this 4.5 GW of cell is spread over 5 years. So, when we are having a capacity of 8.9 gigawatt of capacity. This is a very marginal number.

Provides insight into the company's sales strategy for its large cell order, prioritizing internal consumption to support module production.

Asked by Sahil Sheth

Impact of China removing export rebates on Indian manufacturers and export markets Direct
it can be treated as an advantage to Indian manufacturers because overall gap between the Chinese modules and the Indian modules will be narrowed down... we are seeing more markets that open up for example in Europe there are regulations that mandate about 10% of their capacities to be used from non-China cell and module.

Discusses a macro-level change that could benefit Indian players by improving competitiveness and opening new export opportunities, particularly in Europe.

Asked by Deepak

Gap between module and cell capacity and utilization strategy Direct
module capacities have a tendency of peak utilization to be at 60 to 65% whereas cell will be about 85 to 90%... we keep our module capacity slightly higher than cell capacity so more or less effectively my production will be similar where I'll have almost 100% of the cells for my module capacity.

Clarifies the strategic rationale behind the capacity imbalance and expected utilization rates, ensuring efficient internal consumption of cells.

Asked by Abhi Sehgel

ALMM list approval process for remaining cell capacity Direct
the way ALMM works is on the day they come for inspection whatever is the running capacity on that day is the capacity that they approve right and so when you can see this particular capacity of 1,600 MW is as per our utilization rate at that at that time and the way ALMM works is once your utilization improves you can invite ALMM for an audit and they will come back and re audit it and increase the capacity accordingly.

Explains the process for getting full installed capacity approved under ALMM, which is crucial for DCR compliance and market access.

Asked by Aritra Banerjee

Significant silver cost reduction due to technological advancements Direct
Your understanding is 100% perfect. Okay so it has been so advanced, and we are expecting another 40% reduction going forward from here.

Confirms substantial past and targeted future reductions in silver consumption, highlighting the company's R&D capabilities and its ability to mitigate raw material price volatility.

Asked by Aman Jain

2 min read 6 chapters

Detailed narrative

Strong Q3 FY26 Financial Performance

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.

Capacity Expansion and Order Book Visibility

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.

Raw Material Cost Management and Technology Edge

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.

Strategic Capacity Utilization and Product Mix

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.

DCR Market Outlook and ALMM Mandate

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.

Export Market Opportunities and Competitive Landscape

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.

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