Emmvee Photovoltaic Power Limited reported consolidated revenue from operations of ₹5,050 crore for FY26, marking a 116% increase over the previous year. The company’s profit after tax (PAT) surged 193% to ₹1,082 crore, driven by higher production volumes and the first full year of contribution from solar cell operations.

The figures were disclosed during the company’s 19th Annual General Meeting (AGM), held on September 25, 2026. This marked Emmvee’s first AGM as a listed company following its listing on November 18, 2025. EBITDA for the year increased approximately 140% to ₹1,734 crore.

Operational performance and capacity expansion

The growth in financial metrics was supported by significant expansion in manufacturing capabilities. Module production rose to 2,999 MW from 1,482 MW in the prior year, while cell production reached 1,520 MW. The company also commenced production of G12R-format TOPCon cells to support higher-power module configurations.

Note: FY25 absolute values for Revenue, EBITDA, and Cell Production were not explicitly stated in the source text; percentage changes are reported as provided.

At the end of FY26, installed capacity stood at 10.3 GW for modules and 2.94 GW for cells. The order book expanded to 9.4 GW as of March 31, 2026, compared to 4.9 GW at the beginning of the year, providing strong visibility for future execution.

Strategic priorities and future outlook

Management outlined five key priorities for the next phase of growth:

1. Maximising utilisation and yield from existing manufacturing platforms.
2. Executing the Devanahalli expansion, which plans to add 6 GW each of module and cell capacity, taking total installed capacities to 16.3 GW and 8.94 GW respectively.
3. Strengthening technology capabilities through collaborations with institutions like Fraunhofer ISE and ISC Konstanz.
4. Deepening commercial relationships with Independent Power Producers (IPPs) and Commercial & Industrial (C&I) customers.
5. Building organisational depth with professional management systems and data-driven decision-making.

Beyond current expansions, the company intends to move into ingot and wafer manufacturing with a planned capacity of approximately 9 GW in phases. Management stated that commissioning will be timed to align with regulatory frameworks and market requirements rather than being executed significantly ahead of demand.

Dividend and governance

The Board recommended a final dividend of ₹1 per equity share for shareholder approval. This payout reflects a balance between distributing returns to shareholders and retaining capital for the ongoing capital-intensive expansion projects.

The AGM was chaired by Manjunatha Donthi Venkatarathnaiah, Chairman and Managing Director. Suhas Donthi Manjunatha, Whole-time Director, President and CEO, addressed members on operational performance. The meeting was conducted via Video Conferencing/Other Audio Visual Means (VC/OAVM) in compliance with SEBI regulations.

What the numbers show

The divergence between revenue growth (116%) and profit growth (193%) indicates significant operating leverage. As fixed costs are spread over a larger production base (module output more than doubled), margins expand disproportionately. Furthermore, the order book nearly doubling to 9.4 GW while installed capacity grew to 10.3 GW suggests that demand is outpacing immediate supply constraints, supporting sustained high utilisation rates in the near term.

Emmvee Photovoltaic Power Ltd appointed Murugesh C as its Company Secretary and Compliance Officer effective September 22, 2026. The appointment follows a board meeting held on the same date, marking a shift in the company's compliance leadership structure.

Murugesh C brings over 17 years of post-qualification experience in listed companies. He is an Associate Member of the Institute of Company Secretaries of India and holds qualifications in AICWA and LL.B. His expertise spans corporate governance, SEBI regulations, and secretarial matters.

Leadership Transition Details

Concurrent with this appointment, Nagaraj Shrinivas Ronad ceased to serve as the Compliance Officer of Emmvee Photovoltaic Power. However, Ronad will continue his role as the Company Secretary for the company's wholly owned subsidiary. This transition ensures continuity in subsidiary governance while centralizing compliance oversight at the parent level under new leadership.

The Board authorized specific Key Managerial Personnel to determine materiality of events and make disclosures to stock exchanges under Regulation 30 of the Listing Regulations. These personnel include Manjunatha Donthi Venkatarathnaiah (Chairperson and Managing Director), Suhas Donthi Manjunatha (Wholetime Director), Pawan Kumar Jain (Chief Financial Officer), and the newly appointed Murugesh C.

What the Numbers Show

The filing highlights a dual-role consolidation strategy where the parent company appoints a dedicated external compliance expert while retaining internal continuity in its subsidiary. By separating the Compliance Officer role from the subsidiary's Company Secretary role, Emmvee Photovoltaic Power aligns with strict regulatory expectations for listed entities while maintaining operational stability within its group structure.