Emmvee Photovoltaic Power FY26 Revenue ₹50,499 Cr, PAT ₹10,816 Cr
Emmvee Photovoltaic Power reported FY26 revenue of ₹50,499 crore, up 116% YoY. PAT surged 193% to ₹10,816 crore. The company commissioned new module lines, increasing capacity to 10.3 GW. Plans are underway for a 6 GW integrated facility by FY28. The company also completed a ₹2,900 crore IPO in November 2025.
The substantial financial growth, capacity expansion plans, successful IPO, and deleveraging of the balance sheet are material events that will significantly impact the company's future performance and investor outlook.
The company reported significant year-on-year growth in revenue, EBITDA, and PAT, along with capacity expansions and successful IPO completion, indicating a strong financial and operational performance.
Emmvee Photovoltaic Power Limited has announced its financial results for the fourth quarter and the full fiscal year 2026, ending March 31, 2026. The company reported a significant increase in revenue from operations, reaching ₹50,499 crore (504,990 million INR) for FY26, a substantial jump of 116% compared to ₹23,356 crore in FY25. The EBITDA for FY26 stood at ₹17,344 crore (173,440 million INR), marking a 140% increase from ₹7,219 crore in the previous year, with an EBITDA margin of 34%. Profit After Tax (PAT) for FY26 surged by 193% to ₹10,816 crore (108,160 million INR) from ₹3,690 crore in FY25, maintaining a PAT margin of 21%.
For the fourth quarter of FY26 (Q4FY26), revenue from operations was ₹17,388 crore, a 62% year-on-year increase from ₹10,717 crore in Q4FY25. EBITDA for Q4FY26 was ₹5,711 crore, up 58% year-on-year, and PAT was ₹3,924 crore, an increase of 89% year-on-year.
The company highlighted strong growth driven by higher production volumes, improved cell utilization, and expansion in module capacity. Module production grew approximately two-fold and cell production grew approximately three-fold. The company also completed its IPO and public listing in November 2025, raising ₹2,900 crore. This was used to deleverage the balance sheet, with approximately ₹1,621 crore prepaid towards term loans, strengthening the credit profile with two ICRA rating upgrades.
Emmvee commissioned two new 2.5 GW solar module manufacturing lines in May 2025 and December 2025, increasing its aggregate solar module installed capacity to 10.3 GW, with a 100% transition to TOPCon technology. The company has also initiated plans for a new 6 GW integrated cell and module manufacturing facility, targeting a total installed capacity of 16.3 GW for modules and 8.9 GW for cells by FY28. IREDA has sanctioned a term loan of ₹33,060 million (₹3,306 crore) for this facility. The order book increased significantly to 9.4 GW during FY26, providing multi-year revenue visibility.
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