Emmvee Photovoltaic Posts 118% Jump In Q3 Revenue On Capacity Expansion

Karnataka-based solar module and cell manufacturer Emmvee Photovoltaic Power Ltd today announced its financial results for the last quarter (Q3) of FY26. It reported a 118% year-on-year rise in revenue for the third quarter ended December 31, 2025, driven by higher production capacity and strong demand for solar modules and cells.

Revenue from operations rose to 11.52 billion rupees ($139 million) in the October–December quarter, compared with 5.28 billion rupees a year earlier, the company said in a statement. Total income increased 117% to 11.68 billion rupees.

EBITDA Sees Jump 

Earnings before interest, tax, depreciation and amortisation (EBITDA) climbed 105% to 4.13 billion rupees, while profit after tax surged 166% to 2.64 billion rupees. The company’s EBITDA margin stood at 35.9%, while net profit margin expanded to 23% from 18% a year ago.

For the nine months ended December 31, revenue rose 162% to 33.11 billion rupees, EBITDA increased 222% to 11.63 billion rupees, and net profit more than quadrupled to 6.89 billion rupees, the company said.

Emmvee said it commissioned a new 2.5 gigawatt (GW) solar module manufacturing line at its Sulibele facility in December, taking its total module manufacturing capacity to 10.3 GW. The company’s order book stood at 9.3 GW as of December, including 6.3 GW scheduled for execution over the next 12–18 months.

New Orders

The company also secured a 4.5 GW order for the supply of TOPCon crystalline silicon photovoltaic cells from a domestic customer, to be executed between December 2025 and 2030. It has paid for land for a proposed 6 GW integrated module and cell manufacturing facility in Devanahalli, near Bengaluru, with design and execution planning underway.

Emmvee reported a net cash position, with a net debt-to-equity ratio of minus 0.02 times as of December 31, and annualised return ratios of 36.5% return on capital employed and 49.9% return on equity for the quarter.

“We are pleased to report a quarter of exceptional growth, with revenues more than doubling year-on-year,” said Manjunatha Donthi Venkatarathnaiah, adding that capacity expansion and backward integration remained central to the company’s strategy.

Emmvee said it is targeting 16.3 GW of module capacity and 8.9 GW of cell capacity by FY28, as demand for domestically manufactured solar equipment continues to rise in India.