Detailed Narrative
Strong Financial Performance in FY26
Emmvee reported robust financial growth in FY26, with revenue from operations increasing by 116% year-on-year to ₹5,049 crores. EBITDA saw an even higher growth of 140% to ₹1,734 crores, leading to an expanded EBITDA margin of 34% from 31% in the previous year. Profit after tax surged by 193% to ₹1,082 crores, with PAT margin improving to 21%.
Significant Capacity Expansion and Utilization
The company's installed solar module capacity reached 10.3 gigawatt by March 31, 2026, following the commissioning of two 2.5 gigawatt module manufacturing lines in May and December 2025. Solar cell installed capacity stood at 2.94 gigawatt, with cell utilization improving significantly to 69.9% for FY26 and 79% in Q4 FY26. Module utilization for FY26 was 43%, attributed to the new lines being available for only part of the year.
Strengthened Balance Sheet and Credit Profile
Emmvee completed its IPO in November 2025, raising ₹2,900 crores, of which ₹2,144 crores were fresh issue proceeds. Approximately ₹1,621 crores from the IPO were used to prepay term loans, resulting in a negative net debt to equity ratio of 0.06x as of March 31, 2026. The company's credit rating was upgraded from BBB- to A- in August 2025 and further to A in January 2026, reflecting improved scale and lower leverage.
Robust Order Book and Market Positioning
The order book grew substantially from 4.9 gigawatt in FY25 to 9.4 gigawatt in FY26, with Q4 FY26 order inflow at 1.27 gigawatt. The average order size from the top 10 customers increased to 221 megawatt in FY26, up from 121 megawatt in FY25. The company is strategically positioned to benefit from ALMM List 2, which is expected to deepen domestic cell sourcing, and is focusing on PM-KUSUM and Surya Ghar for DCR modules.
Future Expansion Plans and Technology Focus
Emmvee initiated plans for a new 6 gigawatt integrated cell and module manufacturing facility, with module lines expected to be commissioned by calendar year 2026 and cell lines by financial year 2027. The company also plans a 9 gigawatt ingot and wafer facility, with the first phase in FY29, involving a capex of ₹600-700 crores per gigawatt. All new capacity will be based on TOPCon technology, with a transition from M10 to G12R cells expected by the end of Q1 FY27.
Working Capital Management and Outlook
The company acknowledged an increase in inventory and receivables due to the rapid growth in capacity and execution in FY26. However, management expects the working capital cycle to normalize in the coming quarters as no further new expansion is planned immediately. The demand outlook remains strong, and management anticipates stable DCR pricing despite potential market complexities.