Emmvee Photovoltaic Power (EMMVEE) Q4 25/26 earnings summary

Executive summary

• FY26 consolidated revenue was ₹504,987.73 lakh and net profit ₹108,155.15 lakh; photovoltaic modules were the dominant segment.

• The 9.4 GW order book supports multi-year visibility; FY27 priorities include ramping utilization, executing orders and advancing the 6 GW integrated facility.

• A final dividend of ₹1 per ₹2 face-value share was recommended, subject to shareholder approval.

Financial highlights

• FY26 revenue from operations rose 116% YoY to ₹50,499 mn; EBITDA increased 140% to ₹17,344 mn and PAT rose 193% to ₹10,816 mn.

• Q4 FY26 revenue was ₹173,880.62 lakh versus ₹107,167.64 lakh; net profit was ₹39,237.99 lakh versus ₹20,713.62 lakh.

• FY26 EBITDA margin was 34% versus 31%, PAT margin 21% versus 16%, and gross margin 45% versus 40%.

• Standalone FY26 revenue was ₹107,455.87 lakh versus ₹176,348.12 lakh; net profit was ₹15,574.87 lakh versus ₹16,192.40 lakh.

• Consolidated operating cash flow was ₹20,013.77 lakh in FY26 versus ₹62,489.89 lakh in FY25.

Outlook and guidance

• The new 6 GW integrated facility is under construction; module-line commissioning is targeted by calendar-year end 2026 and cell-line commissioning by FY27-end.

• FY28 capacity targets are 16.3 GW of modules and 8.9 GW of cells; TOPCon cell capacity is planned to reach 8.94 GW by H1 FY28.

• Planned ingot and wafer capacity is ~9 GW in two phases, with the first facility targeted for FY29.

• Management expects FY27 EBITDA spreads and margins on new orders to remain similar to prior levels; cell utilization reached 85% in March.