Current/ Expected Orderbook/ Pending Orders?

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. Module orders received during the current year are roughly 2-3 GW. Emmvee manages its order

Future growth expectations in sales/revenue/volumes?

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 prev

Future growth expectations in earnings/operating earnings/profits/EPS?

Emmvee shows strong revenue growth, with Q3 FY26 revenue up 118% YoY and EBITDA up 105% YoY. Management is confident in maintaining strong EBITDA per watt peak margins and 35%+ EBITDA margins going forward. The order book of 9.3 GW (including a multi-year 4.5 GW TopCon cell order) provides clear visibility for revenue growth. Capacity expansions underway: 2.5 GW new module line commissioned, with plans for a 6 GW integrated cell and module facility. Production ramp-up expected to drive sales and profits in coming quarters; Q3 production utilized only ~43% modules and 76% cell capacity. Demand

Any current/future capex/capital investment/strategic investment?

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. The company continues to focus on ramping up existing capacities and technological upgrades such as TopCon and G12R m

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Emmvee Photovoltaic Power LtdQ4 FY27Electrical Equipment

Emmvee Photovoltaic Power Ltd Q4 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹329P/E: 16.8Market Cap: ₹18.2K CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→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
→Positive outlook with technology improvements and cost efficiencies driving volume and revenue growth through FY29-30
→Company focusing on executing confirmed orders backed by PPAs and bank financing, avoiding overbooking to ensure quality growth

Margin guidance

Category 3

→Emmvee shows strong revenue growth, with Q3 FY26 revenue up 118% YoY and EBITDA up 105% YoY.
→Management is confident in maintaining strong EBITDA per watt peak margins and 35%+ EBITDA margins going forward.
→The order book of 9.3 GW (including a multi-year 4.5 GW TopCon cell order) provides clear visibility for revenue growth.
→Capacity expansions underway: 2.5 GW new module line commissioned, with plans for a 6 GW integrated cell and module facility.
→Production ramp-up expected to drive sales and profits in coming quarters; Q3 production utilized only ~43% modules and 76% cell capacity.
→Demand outlook beyond FY28 positive with continued high tendering activity and infrastructure improvements anticipated.
→Profit after tax up 166% YoY indicates strong bottom-line growth potential.
→Overall, company expects sustained growth in earnings, operating income, and EPS driven by capacity addition, technology leadership, and order book.

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Fundraise plans

- The transcript does not explicitly mention any ongoing or planned fundraising through debt or equity during the call. - However, on page 3, it is noted that all financial closures for current projects are completed ("all our financial also has been closed for this purpose"). - Also, finance cost reduced in the quarter due to loan repayment, indicating some debt reduction (Page 3). - No new debt or equity fundraising plans were disclosed or discussed. - The company is focusing on capacity expansion and operational ramp-up with existing financial arrangements. In summary, there is no indication of new fundraising through debt or equity currently or in the near future as per the provided call transcript.

Order book

Yes

→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.
→Module orders received during the current year are roughly 2-3 GW.
→Emmvee manages its order inflow cautiously, focusing on firm and bank-financed projects to maintain execution discipline.

Capex plans

Yes

→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.
→The company continues to focus on ramping up existing capacities and technological upgrades such as TopCon and G12R modules.
→Emmvee holds a strong 9.3 GW order book, including a 4.5 GW multi-year TopCon cell order, supporting planned capacity utilization and investments.

How does Emmvee Photovoltaic Power Ltd rank vs peers in Electrical Equipment?

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1Emmvee Photovoltaic Power Ltd

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