Emmvee Photovoltaic rallies after PAT surges 89% YoY in Q4

For Q4 FY2026, consolidated revenue from operations stood at Rs 1,738.8 crore, up 62% year-on-year and 51% quarter-on-quarter. EBITDA for the quarter was Rs 571.1 crore, up 58% year-on-year and 38% quarter-on-quarter, with EBITDA margin at 33% compared to 34% in Q4 FY25 and 36% in Q3 FY26. Profit after tax for Q4 FY2026 was Rs 392.4 crore, up 89% year-on-year and 49% quarter-on-quarter, with PAT margin at 23%

For FY2026, the company reported consolidated revenue from operations of Rs 5,050 crore, up 116% year-on-year, while EBITDA increased 140% year-on-year to Rs 1,734.4 crore. Profit after tax for the year stood at Rs 1,081.6 crore, up 193% year-on-year. EBITDA margin improved to 34% in FY2026 from 31% in FY2025, while PAT margin expanded to 21% from 16%, reflecting strong operating leverage, improved efficiencies, and scale benefits with negative net debt.

The company said the strong performance was driven by higher production volumes, the first full year of solar cell operations, expansion in module capacity, operating leverage and lower finance costs following balance sheet deleveraging.

The company reported a net debt-to-equity ratio of (0.06)x as of 31 March 2026, indicating a net cash position.

Order book stood at 9.4 GW at the end of FY2026, with Q4 order inflows at 1.27 GW.

Consolidated net cash from operating activities decreased to Rs 200.14 crore in FY26 from Rs 624.89 crore a year ago.

Emmvee Photovoltaic Power is one of India?s leading integrated solar photovoltaic module and cell manufacturers. As of 31 March 2026, it had installed production capacity of 10.3 GW of solar modules and 2.94 GW of TOPCon solar cells.