Emmvee Photovoltaic Power (EMMVEE) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 consolidated revenue was INR 115,225.17 lakh and PAT was INR 26,363.78 lakh; revenue rose 118% YoY, EBITDA rose 105% and PAT rose 166%.

• Order book stood at 9.3 GW, including a 4.5 GW multi-year TOPCon cell contract; 6.3 GW is scheduled for delivery over the next 12–18 months.

• Auditors issued unmodified limited-review conclusions on standalone and consolidated results.

Financial highlights

• Q3 consolidated total income was INR 116,794.32 lakh and PBT was INR 32,179.91 lakh; gross profit was INR 5,438 mn, with a 47% gross margin.

• Q3 EBITDA was INR 4,134 mn with a 35.9% margin; PAT was INR 26,363.78 lakh with a 23% margin.

• 9M FY26 consolidated revenue was INR 331,107.11 lakh, EBITDA INR 11,633 mn and PAT INR 68,917.16 lakh; EBITDA margin was 35% and PAT margin 21%.

• Standalone Q3 revenue was INR 8,107.09 lakh and PAT INR 1,416.83 lakh; 9M revenue was INR 80,314.14 lakh and PAT INR 12,634.44 lakh.

Outlook and guidance

• FY28 annual capacity targets are 16.3 GW for modules and 8.9 GW for cells; design and execution planning are underway for the proposed 6 GW integrated facility.

• Efficiency rose from 24.5% to 25.2%; management targets a further 40% reduction in silver-paste consumption from current levels.

• Utility-scale DCR demand may take another 9–12 months to develop; C&I and IPP demand has started, with FY27 drivers including rooftop schemes, KUSUM and C&I growth.

• Ingot and wafer capacity is under consideration, with timing dependent on wafer ALMM clarity and demand.