Module Production
2,999 MW
+102% YoY
Module production doubled to 2,999 MW in FY26 from 1,482 MW in FY25.
EMMVEEPHOTOVOLTAICPOWER
Energy
30 Apr 2026
Emmvee Photovoltaic Power Ltd — Q4 FY26
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).
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Cell Production
1,520 MW
+185% YoY
Cell production nearly tripled to 1,520 MW in FY26 from 534 MW in FY25.
Cell Capacity Utilization
69.9%
+26.6pp YoY
Cell utilization improved from 43.3% in FY25 to 69.9% in FY26, reaching 79% in Q4.
Order Book
9.4 GW
+92% YoY
Order book increased from 4.9 GW in FY25 to 9.4 GW in FY26, with Q4 inflow of 1.27 GW.
Management Guidance
6 GW integrated cell and module facility commissioning timeline
Module line to be commissioned by end of calendar year 2026, cell line by end of financial year 2027.
Management guidance expansionWafer facility plan of 9 GW in phases
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 guidance expansionCell utilization to sustain around 80-85%
Management expects cell utilization to remain at similar levels, having achieved 85% in some months.
Management guidance growthDCR mix to increase to near 100% by end of FY27
As ALMM2 takes effect, management expects all capacity sold to be DCR-compliant by early next fiscal.
Management guidance growthKey Risks
Potential delay in ALMM enforcement
Some developers have petitioned to push the ALMM deadline to July; a delay could shift DCR/non-DCR mix, though management sees minimal impact.
medium · analyst_questionWorking capital build-up
Inventory and receivables have increased significantly, with changes in finished goods inventory of ₹636 crore. Management expects normalization but this could pressure cash flows.
medium · data_observationCommodity and logistics volatility
Management noted that freight rules, commodity cycles, and logistics may remain volatile, impacting costs.
medium · management_commentaryExecution risk on large capex plans
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.
high · management_commentaryNotable 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.
Frequently Asked Questions
What was Emmvee Photovoltaic Power's revenue in Q4 FY26?
Emmvee Photovoltaic Power reported revenue of ₹1,739 Cr in Q4 FY26, representing a +116% change compared to the same quarter last year.
What guidance did Emmvee Photovoltaic Power management give for FY27?
6 GW integrated cell and module facility commissioning timeline: Module line to be commissioned by end of calendar year 2026, cell line by end of financial year 2027. Wafer facility plan of 9 GW in phases: 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. Cell utilization to sustain around 80-85%: Management expects cell utilization to remain at similar levels, having achieved 85% in some months. DCR mix to increase to near 100% by end of FY27: As ALMM2 takes effect, management expects all capacity sold to be DCR-compliant by early next fiscal.
What are the key risks for Emmvee Photovoltaic Power in FY27?
Key risks include Potential delay in ALMM enforcement — Some developers have petitioned to push the ALMM deadline to July; a delay could shift DCR/non-DCR mix, though management sees minimal impact.; Working capital build-up — Inventory and receivables have increased significantly, with changes in finished goods inventory of ₹636 crore. Management expects normalization but this could pressure cash flows.; Commodity and logistics volatility — Management noted that freight rules, commodity cycles, and logistics may remain volatile, impacting costs.; Execution risk on large capex plans — 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..
Did Emmvee Photovoltaic Power meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Emmvee Photovoltaic Power Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.