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Oversupply of domestic cell capacity
View Risks →Emmvee Photovoltaic Power Limited — Q3 FY26
Emmvee delivered a strong Q3 FY26 with revenue of ₹1,152.3 crore (+118% YoY), EBITDA of ₹413.4 crore (+105% YoY), and PAT of ₹263.6 crore (+166% YoY).
bullish
high
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Emmvee delivered a strong Q3 FY26 with revenue of ₹1,152.3 crore (+118% YoY), EBITDA of ₹413.4 crore (+105% YoY), and PAT of ₹263.6 crore (+166% YoY). EBITDA margin held steady at 35.9%, supported by pass-through contracts and cost efficiencies. The company commissioned a 2.5 GW module line, taking total module capacity to 10.3 GW, and ended the quarter with an order book of 9.3 GW, including a 4.5 GW multi-year cell order. Management guided that EBITDA margins are sustainable at current levels, with further silver paste consumption reduction of 40% expected. Key risks include potential pricing pressure from oversupply of domestic cell capacity and delays in grid connectivity for utility-scale projects.
एम्मवी ने वित्त वर्ष 2026 की तीसरी तिमाही में शानदार प्रदर्शन किया। कंपनी की कमाई ₹1,152.3 करोड़ रही, जो पिछले साल से 118% ज़्यादा है। कंपनी का परिचालन लाभ (EBITDA) ₹413.4 करोड़ रहा, जो 105% बढ़ा। शुद्ध लाभ (PAT) ₹263.6 करोड़ रहा, जो 166% की बढ़ोतरी है। लाभ मार्जिन 35.9% पर स्थिर रहा। कंपनी ने 2.5 गीगावॉट की नई मॉड्यूल लाइन शुरू की, जिससे कुल क्षमता 10.3 गीगावॉट हो गई। ऑर्डर बुक 9.3 गीगावॉट है। प्रबंधन का कहना है कि मार्जिन इसी स्तर पर बना रहेगा और सिल्वर पेस्ट की खपत 40% कम होगी। जोखिमों में घरेलू क्षमता की अधिकता और ग्रिड कनेक्टिविटी में देरी शामिल है।
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Module Capacity
10.3 GW
+2.5 GW QoQ
Commissioned 2.5 GW module line at Sulib, taking aggregate module capacity to 10.3 GW.
Order Book
9.3 GW
+4.5 GW YoY
Order book includes a 4.5 GW multi-year cell order, providing strong revenue visibility.
Cell Production
412 MW
+100 MW QoQ
Cell production increased sequentially, with utilization at 76% of effective capacity.
Module Utilization
43%
flat QoQ
Module utilization reflects ramp-up phase; expected to improve as new capacity stabilizes.
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Guidance and risk preview
Management expects to maintain current EBITDA margin levels, supported by pass-through contracts and cost efficiencies.
India's cell capacity may reach 140 GW by FY28, potentially leading to pricing pressure and lower utilization for less efficient players.
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