Emmvee Photovoltaic doubles Q3 revenue, posts 166% jump in profit; order book touches 9.3 GW

Strong capacity additions and a 9.3 GW order book lift margins and cash flows as the company accelerates backward integration.

• Emmvee's Q3 profit rose 166% to Rs 2,636 crore on strong capacity expansion
• Solar capacity hit 10.3 GW; new 2.5 GW line starts December 2025
• Order book at 9.3 GW; plans for 16.3 GW module capacity by FY28 underway

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Cell manufacturer Emmvee Photovoltaic Power reported a sharp jump in earnings for the December quarter, with revenue from operations rising 118% year-on-year to Rs 11,523 crore and profit after tax climbing 166 percent to Rs 2,636 crore, driven by new capacity and higher utilisation.

Total income grew 117 percent to Rs 11,679 crore, while EBITDA rose 105 percent to Rs 4,134 crore. EBITDA margin expanded to 35.9 percent, reflecting operating leverage from recent capacity additions. PAT margin widened to 23 percent from 18 percent a year ago.

For the nine months ended December 31, 2025, revenue surged 162 percent to Rs 33,111 crore. EBITDA more than tripled, up 222 percent to Rs 11,633 crore, and PAT jumped 326 percent to Rs 6,892 crore, underscoring the scale benefits from rapid manufacturing expansion.

The company commissioned a 2.5 GW solar module manufacturing line on December 20, 2025, at its Sulibele facility (Unit VI). With this, aggregate module capacity rose to 10.3 GW as of December 2025.

The step-up in capacity comes as domestic demand accelerates under India’s push to localise solar manufacturing, allowing producers with ready lines to convert orders into revenue faster.

As of December 2025, Emmvee’s order book stood at 9.3 GW, including 6.3 GW scheduled for delivery over the next 12–18 months. The company also secured a 4.5 GW order to supply TOPCon crystalline silicon photovoltaic cells to a domestic customer, to be executed between December 2025 and 2030.

Emmvee has completed payment for land allotment for a proposed 6 GW integrated solar module and cell manufacturing facility at Devanahalli, Bengaluru. Design and execution planning are underway, signalling the next phase of backward integration.

The company reported a net cash position, with net debt-to-equity at -0.02x as of December 31, 2025. Annualised return ratios for the quarter were strong, with ROCE at 36.5 percent and ROE at 49.9 percent.

Chairman and Managing Director Manjunatha Donthi Venkatarathnaiah said the performance reflected the company’s focus on capacity expansion and backward integration, adding that Emmvee is targeting 16.3 GW of module capacity and 8.9 GW of cell capacity by FY28.