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Revenue
₹1,739 Cr
verified against source
Revenue YoY
116%
reported change
EBITDA
₹1,734 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Emmvee delivered a stellar FY26 with revenue of ₹5,049 crore (+116% YoY), EBITDA of ₹1,734 crore (+140% YoY), and PAT of ₹1,082 crore (+193% 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% (79% in Q4). Order book doubled to 9.4 GW, 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.
Colored figures show movement against the previous available record.
Guidance to track
- Module line to be commissioned by end of calendar year 2026, cell line by end of financial year 2027.
- Phase 1 of 5 GW wafer facility to be set up in FY29 (calendar year 2028), with phase 2 of 4 GW a year later.
- Management expects cell utilization to remain at similar levels, having achieved 85% in some months.
- As ALMM2 takes effect, management expects all capacity sold to be DCR-compliant by early next fiscal.
Risks flagged
- Some developers have petitioned to push the ALMM deadline to July; a delay could shift DCR/non-DCR mix, though management sees minimal impact.
- Inventory and receivables have increased significantly, with changes in finished goods inventory of ₹636 crore. Management expects normalization but this could pressure cash flows.
- Management noted that freight rules, commodity cycles, and logistics may remain volatile, impacting costs.
- The 6 GW integrated facility and 9 GW wafer plant require significant capital (₹4,800 crore for the former). Any delays or cost overruns could impact returns.
Key quotes
- FI26 was a milestone year. FI27 will be the year of execution.
- Our goal is to compete through execution, technology, reliability, part discipline and governance.
- We are very much aligned towards the ramp up of ALMM and even a small one two month plus minus will not really make a difference in what we intend to do.
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