Emmvee PV FY26 Earnings Call Transcript Released
Emmvee PV reported FY26 revenue of ₹5,049 crore (up 116% YoY) and PAT of ₹1,082 crore (up 193% YoY). Module capacity reached 10.3 GW, with a new 6 GW integrated facility planned. The company raised ₹2,900 crore via IPO, reducing leverage significantly. Order book grew to 9.4 GW.
The announcement details strong financial performance, significant capacity expansion plans, and successful fundraising through an IPO, all of which have a material impact on the company's valuation and future prospects.
The company reported strong financial results with significant year-on-year growth in revenue, EBITDA, and PAT. Expansion plans and successful IPO further strengthen the positive outlook.
Emmvee Photovoltaic Power Limited has released the transcript of its Q4 and FY26 Earnings Conference Call, which was held on April 29, 2026. The call discussed the Audited Financial Results for the financial year and quarter ended March 31, 2026.
During the call, the management highlighted a strong FY26 performance, with revenue from operations reaching ₹5,049 crores, a 116% year-on-year growth. EBITDA stood at ₹1,734 crores, a 140% increase, and EBITDA margins expanded to 34%. Profit after tax (PAT) grew by 193% year-on-year to ₹1,082 crores, with PAT margins improving to 21%.
The company's installed solar module capacity increased to 10.3 gigawatt as of March 31, 2026, with the commissioning of two new 2.5 gigawatt module manufacturing lines. Solar cell installed capacity stood at 2.94 gigawatt. Module production doubled to 2,999 megawatt, and cell production nearly tripled to 1,520 megawatt in FY26. Cell capacity utilization improved significantly to 69.9% for the full year and reached 79% in Q4 FY26.
Emmvee also strengthened its balance sheet by raising ₹2,900 crores through its IPO in November 2025, using ₹1,621 crores to prepay term loans. This resulted in a net debt to equity ratio of -0.06x and improved current ratio to 2.1x. ROCE stood at 38% and ROE at 51% for FY26.
The order book increased from 4.9 gigawatt in FY25 to 9.4 gigawatt in FY26. The company is planning a new 6 gigawatt integrated cell and module manufacturing facility, with IREDA sanctioning a term loan of ₹3,306 crores for this project. This expansion is expected to bring total installed capacity to 16.3 gigawatt for modules and 8.9 gigawatt for cells by the end of FY2027.
Management also discussed future plans, including a 9 gigawatt ingot and wafer facility with the first phase of 5 gigawatt planned for FY29. They also addressed working capital cycles, demand outlook across different segments like IPP and C&I, and the company's competitive positioning in both domestic and international markets. The company is transitioning to TOPCon technology and plans to fully transition to G12R cells by the end of the current quarter.
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Emmvee Photovoltaic Power Limited filed this with the NSE as a statutory disclosure, categorised under concall transcript released. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Emmvee Photovoltaic Power Limited. Read the original for the full detail.