Emmvee Photovoltaic Power Ltd
Emmvee Photovoltaic Power Q3 FY26: Revenue ₹1,152.3 Cr
Q3 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Revenue for Q3 FY26 was ₹1,152.3 crores, up 118% YoY and 2% QoQ; 9 months revenue at ₹3,311.1 crores - Installed module capacity increased to 10.3 GW; cell capacity at 2.94 GW; module and cell produ Emmvee shows strong revenue growth, with Q3 FY26 revenue up 118% YoY and EBITDA up 105% YoY.
From Emmvee Photovoltaic Power Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Revenue for Q3 FY26 was ₹1,152.3 crores, up 118% YoY and 2% QoQ; 9 months revenue at ₹3,311.1 crores
- Installed module capacity increased to 10.3 GW; cell capacity at 2.94 GW; module and cell production utilization at 43% and 76% respectively
- Order book stands at 9.3 GW including a 4.5 GW multi-year TopCon cell order, providing good visibility for ramp-up
- Management expects continued strong demand and sustained tendering beyond FY28 to meet growing power requirements
- DCR-led solar market expected to dominate by FY30, with minimal non-DCR demand remaining
- Module market expected to prevail over standalone solar cell sales going forward
2 more points management made on revenue & sales performance
Profitability & Margins
See what Emmvee Photovoltaic Power Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Emmvee Photovoltaic Power Ltd is planning to add ingot and wafer capacity soon but has not committed to a specific timeline yet.
- The company is waiting for clarity on the implementation of ALMM (Approved List of Models and Manufacturers) for wafers and the subsequent demand before proceeding with wafer capacity expansion.
- Recent commissioning includes a new 2.5 GW module line in Q3FY26.
- Installed module capacity stands at 10.3 GW and cell capacity at about 2.94 GW as of Q3FY26.
2 more points management made on capital expenditure plans
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Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what Emmvee Photovoltaic Power Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- As of December 31, 2025, Emmvee Photovoltaic Power Ltd had an order book of approximately 9.3 GW.
- This order book includes a significant multi-year TopCon cell order amounting to 4.5 GW.
- The 4.5 GW cell order is spread over 5 years.
- The company plans to execute around 6.3 GW of orders (including modules) in the next 12 to 18 months.
- Orders are taken based on confirmed PPAs and land acquisition to ensure execution capability.
- The firm avoids overbooking beyond what can be executed within 12 to 18 months.
2 more points management made on order book & pipeline
Emmvee Photovoltaic Power Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹1.7K Cr, net profit ₹392 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Emmvee Photovoltaic Power Ltd's management said in earlier quarters
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Frequently Asked Questions
What were Emmvee Photovoltaic Power Ltd Q3 FY26 results?
Revenue for Q3 FY26 was ₹1,152.3 crores, up 118% YoY and 2% QoQ; 9 months revenue at ₹3,311.1 crores - Installed module capacity increased to 10.3 GW; cell capacity at 2.94 GW; module and cell produ Emmvee shows strong revenue growth, with Q3 FY26 revenue up 118% YoY and EBITDA up 105% YoY.
What is Emmvee Photovoltaic Power Ltd share price analysis?
Emmvee Photovoltaic Power Ltd currently shows a neutral. The stock trades at a P/E of 17.6 with a market cap of ₹22,474 Cr. Investors should review the full earnings analysis for detailed insights.
Is Emmvee Photovoltaic Power Ltd planning capital expenditure?
Emmvee Photovoltaic Power Ltd is planning to add ingot and wafer capacity soon but has not committed to a specific timeline yet.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.