Emmvee Photovoltaic Power Limited — Investor Meet, 05-05-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Emmvee Photovoltaic Power Limited held a Q4 & FY26 Earnings Conference Call to discuss audited financial results. Management provided an overview of the company's transition to a listed entity and its strategic focus on integrated, technology-led solar manufacturing.

**Financial Performance:** FY26 revenue reached INR 5,049 Cr, up 116% YoY. EBITDA grew 140% YoY to INR 1,734 Cr, with margins expanding to 34%. PAT surged 193% YoY to INR 1,082 Cr, and PAT margins improved to 21%.

**Operational & Strategic Updates:** Module capacity stands at 10.3 GW, with all capacity now TOPCon technology. Cell capacity is 2.94 GW. Production saw significant YoY increases in both modules (2,999 MW) and cells (1,520 MW). The company is advancing plans for a 6 GW integrated cell and module facility at Devanahalli. A 9 GW ingot and wafer facility is also being evaluated.

**Balance Sheet & Order Book:** Post-IPO, net debt to equity improved to -0.06x. Order book grew to 9.4 GW. The average order size for top 10 customers increased.

**Outlook & Investor Angle:** Management highlighted a large opportunity in solar, with a focus on deeper value chain participation, technology, and execution. The company aims for disciplined scaling and maintaining balance sheet strength. The overall tone is confident, emphasizing execution for FY27.