Emmvee Q3 FY26 Revenue Surges On Solar Expansion

For Q3 FY26, revenue from operations rose to Rs 11.5 billion, marking a 118 per cent year-on-year increase. Total income climbed to Rs 11.7 billion, up 117 per cent, while EBITDA more than doubled to Rs 4.1 billion, reflecting growth of 105 per cent. EBITDA margin stood at 35.9 per cent, underscoring operational efficiency. Profit after tax surged to Rs 2.6 billion, a sharp rise of 166 per cent, with PAT margin expanding to 23 per cent from 18 per cent in Q3 FY25.

For the nine months ended December 2025, revenue from operations reached Rs 33.1 billion, registering growth of 162 per cent compared with the same period last year. EBITDA stood at Rs 11.6 billion, up 222 per cent, while PAT rose to Rs 6.9 billion, reflecting an increase of 326 per cent.

Operationally, the company commissioned a new 2.5 GW solar module manufacturing line at its Sible facility in December 2025, taking Emmvee’s total aggregate solar module manufacturing capacity to 10.3 GW.

As of December 2025, Emmvee’s order book stood at 9.3 GW, including 6.3 GW scheduled for delivery over the next 12 months. The company also secured a major 4.5 GW order for TOPCon crystalline silicon photovoltaic cells from a domestic customer, to be executed between December 2025 and 2030. In addition, Emmvee completed land acquisition for a proposed 6 GW integrated solar module and cell manufacturing facility at Devanahalli, Bengaluru, with design and execution planning currently underway.

The company maintained a healthy financial position, reporting a net debt-to-equity ratio of 0.02x as of 31 December 2025. Return ratios remained strong, with ROCE at 36.5 per cent and ROE at 49.7 per cent for Q3 FY26.

Commenting on the performance, Mr Manjunatha Donthi Venkatarathnaiah, Chairman and Managing Director, said the company delivered exceptional growth with revenues more than doubling year-on-year. He highlighted that the commissioning of the 2.5 GW module line and execution of the 4.5 GW TOPCon cell order reinforce Emmvee’s commitment to meeting growing demand for high-efficiency solar solutions. With a robust balance sheet and minimal leverage, the company remains well positioned to pursue its expansion plans, targeting 16.3 GW module capacity and 8.9 GW cell capacity by FY28.