Company Overview

Emmvee Photovoltaic Power Limited (BSE: 544608, NSE: EMMVEE) has reported exceptional financial and operational performance for FY 2025-26, marked by significant growth and strategic milestones.

Financial Performance Highlights

Consolidated Results (FY 2025-26):

  • Revenue from Operations: ₹5,04,988 lakhs (116% YoY growth from ₹2,33,561 lakhs)
  • EBITDA: ₹1,73,437 lakhs (140% YoY growth) with margin expansion to 34% from 31%
  • Profit After Tax: ₹1,08,155 lakhs (193% YoY growth) with PAT margin improving to 21% from 16%
  • Return on Capital Employed: 38% (improved from 23% in FY25)
  • Earnings per share: ₹17.17 (FY2025: ₹6.22)

Capital Structure Transformation:

The company successfully completed its Initial Public Offering on November 18, 2025, raising ₹2,90,000 lakhs (fresh issue of ₹2,14,386.20 lakhs). Proceeds were utilized to reduce debt by ₹1,62,129 lakhs, resulting in a dramatic improvement in leverage with net debt-to-equity ratio declining to -0.06x as of March 31, 2026 from 2.55x a year earlier. Total borrowings decreased by 91% to ₹17,726.40 lakhs while equity increased 588% to ₹3,69,494.09 lakhs.

Operational Excellence and Expansion

Capacity and Production:

  • Module installed capacity expanded to 10.3 GW (from 5.3 GW in FY25)
  • Cell installed capacity maintained at 2.94 GW
  • Module production increased to 2,999 MW (from 1,482 MW)
  • Cell production increased to 1,520 MW (from 522 MW)
  • Order book grew to 9.4 GW as of March 31, 2026 (from 4.9 GW at beginning of FY26)

Future Growth Plans:

The company is developing a 6 GW integrated cell and module manufacturing facility at Devanahalli, Bengaluru with total investment of ₹4,50,000-4,80,000 lakhs. Target capacity by FY2028 is 16.3 GW modules and 8.94 GW cells, with potential evaluation of approximately 9 GW ingot and wafer manufacturing capacity from FY2028-29 onwards.

Technology and Quality Leadership

The company has transitioned to 100% TOPCon technology across its module capacity, collaborating with Fraunhofer ISE for technology development. It utilizes G12R-format TOPCon cells enabling higher power-density module configurations and maintains exceptional quality standards with warranty claim rates below 0.016% of revenue.

Corporate Governance and AGM Agenda

The 19th Annual General Meeting is scheduled for September 25, 2026, with key agenda items including:

  • Approval of final dividend of ₹1 per equity share (50% of face value)
  • Ratification of remuneration for cost auditors M/s. Murthy & Co. LLP at ₹1,50,000 plus GST
  • Reappointment of Mr. Suhas Donthi Manjunatha as Whole-time Director for five years

Mr. Suhas Donthi Manjunatha (DIN: 09671635), aged 31, holds 1,07,74,776 equity shares and drew remuneration of ₹690 lakhs from subsidiary Emmvee Energy Private Limited in FY26.

Credit Rating and Regulatory Compliance

ICRA upgraded the company's credit rating twice during the year - from BBB+ to A- in August 2025 and further to A in January 2026, recognizing improved scale, stronger debt coverage metrics, and lower leverage. The company confirms compliance with all SEBI Listing Regulations and Companies Act requirements, with secretarial audit report containing no qualifications.

ESG Initiatives and Subsidiary Performance

The company demonstrated strong ESG performance with 88% of energy consumed from renewable sources, zero liquid discharge across facilities with 92% water recovery, and CSR spending of ₹166.67 lakhs. Material subsidiary Emmvee Energy Private Limited delivered robust growth driven by commissioning of new manufacturing capacities.

Forward Outlook

Emmvee Photovoltaic Power is positioned for continued growth through capacity expansion, technology leadership, and strong financial position. The company maintains forward-looking statements regarding expected financial position and business plans, subject to market conditions and regulatory environment.