Emmvee Photovoltaic Power Limited delivered exceptional financial performance in the third quarter of FY26, demonstrating robust growth across all key metrics. The integrated solar module and cell manufacturer reported revenue from operations of ₹11,523 crores for Q3 FY26, representing a substantial 118% increase compared to ₹5,283 crores in Q3 FY25.

Strong Financial Performance Across Metrics

The company's profitability showed remarkable improvement with profit after tax surging 166% year-on-year to ₹2,636 crores from ₹992 crores in the previous year quarter. PAT margins expanded significantly to 23.00% in Q3 FY26 from 18.00% in Q3 FY25, reflecting enhanced operational efficiency.

Nine-Month Performance Shows Consistent Growth

For the nine months ended December 31, 2025, Emmvee Photovoltaic Power maintained strong momentum with revenue from operations reaching ₹33,111 crores, up 162% from ₹12,639 crores in 9M FY25. EBITDA for the nine-month period grew 222% to ₹11,633 crores, while PAT increased substantially by 326% to ₹6,892 crores.

Capacity Expansion and Operational Milestones

The company achieved significant operational milestones during the quarter, successfully commissioning a new 2.5 GW solar module manufacturing line on December 20, 2025, at its Suliblele facility. This expansion increased the company's aggregate solar module manufacturing capacity to 10.3 GW as of December 2025.

Strong Order Book and Strategic Contracts

Emmvee Photovoltaic Power maintains a robust order book of 9.3 GW as of December 2025, providing strong revenue visibility with 6.3 GW scheduled for delivery over the next 12-18 months. The company secured a major 4.5 GW order for TOPCon crystalline silicon photovoltaic cells from a domestic customer, with execution planned between December 2025 and 2030.

Financial Position and Return Ratios

The company maintains a strong balance sheet with a net cash position, reflected in a Net Debt to Equity ratio of -0.02x as of December 31, 2025. Return ratios remained impressive with annualized ROCE at 36.50% and ROE at 49.90% for Q3 FY26. The company has fully paid for land allotment for a proposed 6 GW integrated solar module and cell manufacturing facility at Devanahalli, Bengaluru, with design and execution planning currently in progress.

Emmvee Photovoltaic Power Limited announced its unaudited financial results for the quarter ended December 31, 2025, marking another milestone since its stock exchange listing in November 2025. The Board of Directors approved these results during their meeting held on January 15, 2026, which commenced at 12:15 PM and concluded at 12:40 PM.

Consolidated Financial Performance

The company delivered exceptional consolidated financial performance for Q3FY26, demonstrating significant year-over-year growth across key metrics.

For the nine-month period ended December 31, 2025, the company achieved consolidated revenue of ₹3,31,107.11 lakhs and net profit of ₹68,917.16 lakhs, compared to ₹1,26,393.70 lakhs revenue and ₹16,187.82 lakhs net profit for the corresponding period in the previous year.

EBITDA Performance Analysis

The company's operational efficiency metrics showed strong performance with significant year-over-year improvement in absolute EBITDA figures.

While the company achieved a substantial 100% increase in EBITDA from ₹2.00 billion to ₹4.00 billion year-over-year, the EBITDA margin compressed slightly from 38.23% to 35.88%, indicating higher operational scale with marginally reduced efficiency.

Standalone Results

The standalone financial results showed different performance metrics, reflecting the parent company's individual operations.

Segment Performance Analysis

The company operates through three main business segments, with photovoltaic modules being the primary revenue driver.

The photovoltaic modules segment contributed the majority of revenue, while the EPC (Engineering, Procurement, and Construction) segment and other operations provided additional revenue streams.

Corporate Structure and IPO Details

The results encompass the holding company and its subsidiaries, including Emmvee Energy Private Limited, Emmvee Energy Inc, Emmvee Energy GmbH, and three step-down subsidiaries. The company completed its Initial Public Offering comprising a fresh issuance of 9,87,95,483 equity shares and an Offer for Sale of 3,48,45,069 equity shares at ₹217 per share. The company raised ₹2,90,000 lakhs in total, with ₹2,14,386.20 lakhs from fresh issuance. The shares were listed on BSE Limited and National Stock Exchange of India Limited on November 18, 2025.

Key Financial Highlights

The company implemented a bonus share allotment of 53,95,90,500 equity shares in a 10:1 ratio following shareholder approval on April 18, 2025. IPO-related expenses totaled ₹11,047.08 lakhs, with ₹2,397.23 lakhs utilized during the quarter and ₹8,649.85 lakhs remaining unutilized as of December 31, 2025. The company utilized ₹1,62,129.00 lakhs for debt repayment and ₹33,614.00 lakhs for general corporate purposes, leaving ₹10,257.00 lakhs unutilized from IPO proceeds.

Investment and Strategic Developments

During Q3FY26, the group made a strategic investment through its subsidiary Emmvee Energy Private Limited, entering into a shareholders agreement with Hero Rooftop Energy Private Limited. The investment of ₹854.19 lakhs secured a 14.35% stake in Clean Renewable Energy KK 1C Private Limited, aimed at facilitating renewable energy procurement under the Group Captive Consumption model.