Emmvee Photovoltaic Power

Emmvee delivered a stellar FY26 with revenue of ₹5,049 croreCurrent reported value: ₹5,049 crore. No comparable prior figure is available in the source record. (+116Current reported value: 116. No comparable prior figure is available in the source record.% YoY), EBITDA of ₹1,734 croreCurrent reported value: ₹1,734 crore. No comparable prior figure is available in the source record. (+140% YoY), and PAT of ₹1,082 croreCurrent reported value: ₹1,082 crore. No comparable prior figure is available in the source record. (+193Current reported value: 193. No comparable prior figure is available in the source record.% YoY). EBITDA margin expanded 300 bps to 34%, driven by scale benefits, operating leverage, and first full year of cell operations. Module capacity reached 10.3 GW, cell capacity 2.94 GW, with cell utilization improving to 69.9%Current 69.9%. Reported change: +26.6pp YoY. (79% in Q4). Order book doubled to 9.4 GWCurrent 9.4 GW. Reported change: +92% YoY., with strong inflows. The company is executing a 6 GW integrated cell and module facility (module line by end CY26, cell line by end FY27) and plans a 9 GW wafer facility in phases starting FY29. Balance sheet strengthened post-IPO with net debt/equity at -0.06x. Key risk: potential delay in ALMM enforcement could shift DCR/non-DCR mix, though management sees minimal impact.