Emmvee Photovoltaic Power Limited — Q4 FY26 earnings call

Call held 29 Apr 2026

Management summary

Emmvee reported a strong FY26 with significant revenue and profit growth, driven by capacity expansion and improved utilization. The company strengthened its balance sheet post-IPO and secured a robust order book. Future plans include further integrated capacity expansion and technology upgrades, despite anticipated market complexities.

Highlights

  • Revenue from operations grew 116% YoY to ₹5,049 crores in FY26.

  • EBITDA increased 140% YoY to ₹1,734 crores, with EBITDA margin expanding to 34% from 31%.

  • PAT grew 193% YoY to ₹1,082 crores, with PAT margin improving to 21% from 16%.

  • Order book nearly doubled to 9.4 gigawatt in FY26 from 4.9 gigawatt in FY25.

  • Net debt to equity stood at a negative 0.06x as of March 31, 2026, post IPO proceeds utilization.

Concerns

  • Working capital cycle extended due to significant growth, leading to inventory and receivables buildup, though expected to normalize.

  • Module utilization for FY26 was 43%, explained by new capacity commissioning during the year.

  • Management anticipates increased competition, technology evolution, trade rule changes, and commodity cycle volatility in FY27.

Key financials

3 periods

Headline

  • Revenue from Operations
    ₹5,049 Cr
    YoY +116%
  • EBITDA
    ₹1,734 Cr
    YoY +140%
  • EBITDA Margin
    34%
  • PAT
    ₹1,082 Cr
    YoY +193%
  • PAT Margin
    21%
  • ROCE
    38%
  • ROE
    51%
  • Solar PV Module Production
    2,999 megawatt
  • Solar Cell Production
    1,520 megawatt

Q4 FY26

  • Solar Cell Capacity Utilization
    79%

FY26

  • Solar Cell Capacity Utilization
    69.9%
  • Module Capacity Utilization
    43%

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

9.4 gigawatt

as of 2026-03-31 quantified

91.8% YoY

Inflow this quarter

1.27 gigawatt

Composition

Mix 3 client types
  • DCR Modules 30%
  • IPP 40%
  • C&I 30%

Share of order book by client type

Order book momentum remained healthy, with strong demand outlook, especially in C&I, and strategic positioning for ALMM List 2 benefits.

Source: Prepared remarks

Capital allocation

high confidence
  • Capex Capex disclosed
    • Commissioning of two module lines (Unit 5 & 6)
    • Land acquisition for 6 GW integrated cell and module expansion project at Devanahalli ₹311 Cr
    • Other capex for 6 GW integrated cell and module expansion project
    • Ingot and wafer facility (per gigawatt) ₹600 Cr
    So, during the year, we have commissioned two module lines, Unit 5 in May and Unit 6 in December. So, largely this is capturing the capex of these two module production lines. And rest, land if you see almost INR 311 crores was the land acquisition for the expansion project. And the rest is other capex for the expansion project. ... So, yes, wafer, ingot wafer we're looking at around INR600 crores to INR700 crores per gigawatt.
  • Debt Net cash 0.06 x Cost 8%
    • Repayment Prepaid term loans using IPO proceeds ₹1,621 Cr
    • New borrowing Term loan sanctioned by IREDA for new 6 GW integrated facility ₹3,306 Cr
    As of March 31, 2026, our net debt to equity stood at negative 0.06x. ... So, yes, I'll answer both the questions. So, currently, the rate is 7.95%.
  • Liquidity Liquidity disclosed IPO proceeds strengthened the balance sheet, leading to a negative net debt to equity ratio and improved current ratio of 2.1x.
    We completed our IPO and public listing in November 2025, raising INR2,900 crores, including INR2,144 crores of fresh issue proceeds. We used approximately INR1,621 crores of IPO proceeds to prepay term loans. This has materially reduced leverage and lowered our finance cost run rate. As of March 31, 2026, our net debt to equity stood at negative 0.06x. Our current ratio improved to 2.1x.

Guidance & targets

Capacity

  • Total installed module capacity Capacity · by end of FY27 · High confidence 16.3 gigawatt
    this will take our total installed capacity to 16.3 gigawatt for modules and 8.9 gigawatt for cells by the end of FY2027 financial year.

    — Suhas Manjunatha

  • Total installed cell capacity Capacity · by end of FY27 · High confidence 8.9 gigawatt

    — Suhas Manjunatha

  • Module line commissioning (6 GW expansion) Capacity · end of this calendar year · High confidence Commissioned
    we expect to see the module line getting commissioned by the end of this calendar year

    — Suhas Manjunatha

  • Cell line commissioning (6 GW expansion) Capacity · end of this financial year · High confidence Commissioned
    and the cell line getting commissioned at the end of this financial year.

    — Suhas Manjunatha

  • Ingot and wafer facility (first phase) Capacity · FY29 · High confidence Set up
    And we plan to set up our first facility in FY29.

    — Suhas Manjunatha

Capex

  • Ingot and wafer capex per gigawatt Capex · High confidence ₹600-700 crores
    So, yes, wafer, ingot wafer we're looking at around INR600 crores to INR700 crores per gigawatt.

    — Suhas Manjunatha

Product Mix

  • DCR mix Product Mix · by end of next year · Medium confidence Mostly DCR
    But going forward, there could, like, you know, in during, by the end of, by the beginning of next year, it will be more or less all capacity that we sell will be DCR.

    — Suhas Manjunatha

Technology

  • M10 to G12R cell transition Technology · by end of this quarter · High confidence Completed
    And transitioning to G12R, yes, you know, our plans are in and our capability is there. It's only that we have an order book for M10 out that is lasting until end of March, end of May, and we, we are looking to transition in this by the end of this quarter.

    — Suhas Manjunatha

Debt

  • IREDA loan drawdown Debt · by March 31, 2027 · High confidence 75-80%
    So, by 31st March, probably around 75% to 80% will be drawing, and rest possibly because we will have some retention payment also, which is 15% to 20%, that will be spilling over to FY28.

    — Pawan Jain

What to watch in Q1 FY27

Module line commissioning (6 GW expansion)

end of calendar year 2026
Current Under construction
Target Commissioned

Why it matters

Key milestone for capacity expansion and revenue growth, indicating progress on major capex projects.

we expect to see the module line getting commissioned by the end of this calendar year

Risks & concerns

  • Global solar industry volatility

    medium

    Competition will increase, technology will evolve, trade rules will change, logistic and commodity cycles may remain volatile.

    Management acknowledged

  • Working capital cycle extension

    medium

    Inventory and receivables buildup due to rapid growth, but expected to normalize as no further new expansion is immediately planned.

    Management acknowledged

  • ALMM deadline push

    low

    Some developers are petitioning to push the ALMM deadline, but management believes it will not materially impact their plans due to existing capabilities and phased ramp-up.

    Analyst downplayed

Q&A highlights

7 direct
6 GW integrated cell and module capacity expansion timelines and ingot-wafer plans Direct
module line getting commissioned by the end of this calendar year and the cell line getting commissioned at the end of this financial year. ... we intend to set up an ingot and wafer facility of about 9 gigawatt integrating us fully in phases. And we plan to set up our first facility in FY29.

Provides concrete timelines for major capacity additions and confirms the long-term backward integration strategy, including the first ingot-wafer facility.

Asked by Deepak Krishnan

Working capital cycle, inventory buildup, and lower advances from customers Direct
we have experienced phenomenal growth in our capacity as well as our execution... in line, we have grown the inventories. And with that, both the inventory receivable cycle has moved in line with the business that we have got in Q4 2026. So, I think this the number of days calculation should start seeing normalized as we don't have any further new expansion coming up in the coming quarters. ... in FY25, we have a advance from the one of the large customers, which was a large advance we had and against that, this year because that was very large order was completed, so that advance had got adjusted and that's the reason now this year the advance is much lower.

Explains the increase in inventory and receivables as a result of rapid growth and the decrease in advances due to a large order completion, suggesting normalization going forward.

Asked by Deepak Krishnan

Demand outlook across IPP, C&I, and DCR segments, especially with ALMM List 2 Direct
The demand outlook for a manufacturer like us has been strong. ... C&I has always been the fastest-growing sector... And with ALMM List 2 coming into effect, that is only going to put a company like Emmvee with an existing cell capacity at a better position to leverage this situation.

Confirms strong demand, especially in C&I, and highlights the strategic advantage of existing cell capacity with ALMM List 2, indicating confidence in their market position.

Asked by Deepak Krishnan

FY26 Capex breakdown (module lines, land, other expansion) Direct
during the year, we have commissioned two module lines, Unit 5 in May and Unit 6 in December. So, largely this is capturing the capex of these two module production lines. And rest, land if you see almost INR 311 crores was the land acquisition for the expansion project.

Provides clarity on how the significant capex was utilized, distinguishing between module capacity and land for future expansion, which is crucial for understanding asset growth.

Asked by Apoorva Bahadur

Module vs. Cell capacity difference (16.3 GW modules vs 8.9 GW cells by FY27) and utilization rates Direct
the difference that you see between module and cell capacity is that typically what happens in a module line, the actual or maximum utilization that we can achieve is to the extent of about 65% to 70%, whereas in cell you can achieve up to like 90% to 95%. So, with this logic, our module capacity is intentionally kept higher than the cell capacity to effectively achieve the similar production in both module and cell.

Explains the rationale behind the differing module and cell capacities, linking it to typical utilization rates in the industry and the company's strategy for balanced production.

Asked by Nidhi Shah

ALMM List 2 impact and DCR pricing Direct
for us being a, having our own cell capacity, it is something that we are welcoming... it's a phased demand, and that is something that we are prepped up for and that is something that we are looking forward to. ... I mean, as of now, I'd say that it's quite, the pricing is quite similar, resilient. I'm not seeing that kind of a upward pricing as we speak.

Management views ALMM List 2 positively due to in-house cell capacity and expects DCR pricing to remain stable, indicating confidence in their market position and policy alignment.

Asked by Abhi Sehgal

Mix of DCR, non-DCR, and cells for the quarter Partial
if you look at the production number, our module production with added capacity has increased to 953MW. With that, we are looking at like you know, a mix of between 30% to 35% of DCR.

Provides an estimated DCR mix for the current period, which is a key metric for understanding market exposure and policy benefits, despite management not providing an exact breakdown.

Asked by Kunal Shah

Transition from M10 to G12R cells and potential production downtime Direct
it will be a phased transition... the disruption will be quite minimal. And two it will not take that much time because our line is already capable to do up to G12. So, whatever change will be just a kit change, so it's not supposed to take-like, it should not reflect any material disruptions.

Reassures investors that the technology transition to G12R will be smooth with minimal disruption, which is crucial for maintaining production and market competitiveness.

Asked by Sahil Sheth

2 min read 6 chapters

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.

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