Emmvee Q3 FY26 Revenue Surges On Solar Expansion

19 Jan 2026 CW Team

For Q3 FY26, revenue from operations rose to Rs 11.5 billion, marking a 118 per cent year-on-year increase. Total income climbed to Rs 11.7 billion, up 117 per cent, while EBITDA more than doubled to Rs 4.1 billion, reflecting growth of 105 per cent. EBITDA margin stood at 35.9 per cent, underscoring operational efficiency. Profit after tax surged to Rs 2.6 billion, a sharp rise of 166 per cent, with PAT margin expanding to 23 per cent from 18 per cent in Q3 FY25.

For the nine months ended December 2025, revenue from operations reached Rs 33.1 billion, registering growth of 162 per cent compared with the same period last year. EBITDA stood at Rs 11.6 billion, up 222 per cent, while PAT rose to Rs 6.9 billion, reflecting an increase of 326 per cent.

Operationally, the company commissioned a new 2.5 GW solar module manufacturing line at its Sible facility in December 2025, taking Emmvee’s total aggregate solar module manufacturing capacity to 10.3 GW.

As of December 2025, Emmvee’s order book stood at 9.3 GW, including 6.3 GW scheduled for delivery over the next 12 months. The company also secured a major 4.5 GW order for TOPCon crystalline silicon photovoltaic cells from a domestic customer, to be executed between December 2025 and 2030. In addition, Emmvee completed land acquisition for a proposed 6 GW integrated solar module and cell manufacturing facility at Devanahalli, Bengaluru, with design and execution planning currently underway.

The company maintained a healthy financial position, reporting a net debt-to-equity ratio of 0.02x as of 31 December 2025. Return ratios remained strong, with ROCE at 36.5 per cent and ROE at 49.7 per cent for Q3 FY26.

Commenting on the performance, Mr Manjunatha Donthi Venkatarathnaiah, Chairman and Managing Director, said the company delivered exceptional growth with revenues more than doubling year-on-year. He highlighted that the commissioning of the 2.5 GW module line and execution of the 4.5 GW TOPCon cell order reinforce Emmvee’s commitment to meeting growing demand for high-efficiency solar solutions. With a robust balance sheet and minimal leverage, the company remains well positioned to pursue its expansion plans, targeting 16.3 GW module capacity and 8.9 GW cell capacity by FY28.

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

Emmvee Photovoltaic Power Ltd, a leading integrated solar module and cell manufacturer, reported strong financial performance for the third quarter and first nine months of FY26, driven by rising demand, expanded capacity and a robust order pipeline. For Q3 FY26, revenue from operations rose to Rs 11.5 billion, marking a 118 per cent year-on-year increase. Total income climbed to Rs 11.7 billion, up 117 per cent, while EBITDA more than doubled to Rs 4.1 billion, reflecting growth of 105 per cent. EBITDA margin stood at 35.9 per cent, underscoring operational efficiency. Profit after tax surged to Rs 2.6 billion, a sharp rise of 166 per cent, with PAT margin expanding to 23 per cent from 18 per cent in Q3 FY25. For the nine months ended December 2025, revenue from operations reached Rs 33.1 billion, registering growth of 162 per cent compared with the same period last year. EBITDA stood at Rs 11.6 billion, up 222 per cent, while PAT rose to Rs 6.9 billion, reflecting an increase of 326 per cent. Operationally, the company commissioned a new 2.5 GW solar module manufacturing line at its Sible facility in December 2025, taking Emmvee’s total aggregate solar module manufacturing capacity to 10.3 GW. As of December 2025, Emmvee’s order book stood at 9.3 GW, including 6.3 GW scheduled for delivery over the next 12 months. The company also secured a major 4.5 GW order for TOPCon crystalline silicon photovoltaic cells from a domestic customer, to be executed between December 2025 and 2030. In addition, Emmvee completed land acquisition for a proposed 6 GW integrated solar module and cell manufacturing facility at Devanahalli, Bengaluru, with design and execution planning currently underway. The company maintained a healthy financial position, reporting a net debt-to-equity ratio of 0.02x as of 31 December 2025. Return ratios remained strong, with ROCE at 36.5 per cent and ROE at 49.7 per cent for Q3 FY26. Commenting on the performance, Mr Manjunatha Donthi Venkatarathnaiah, Chairman and Managing Director, said the company delivered exceptional growth with revenues more than doubling year-on-year. He highlighted that the commissioning of the 2.5 GW module line and execution of the 4.5 GW TOPCon cell order reinforce Emmvee’s commitment to meeting growing demand for high-efficiency solar solutions. With a robust balance sheet and minimal leverage, the company remains well positioned to pursue its expansion plans, targeting 16.3 GW module capacity and 8.9 GW cell capacity by FY28.

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Infrastructure Transport

06 Jul 2026

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Infrastructure Transport

06 Jul 2026

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..