Emmvee Photovoltaic Power Ltd (EMMVEE) — FY26 Annual Report | 2 September 2026

Emmvee Photovoltaic Power Ltd reported a 116% revenue surge to INR 5,04,988 Lakhs and 140% EBITDA growth to INR 1,73,437 Lakhs in FY2025-26, driven by capacity expansion and operational efficiency. The company reduced net debt-to-equity to -0.06x via IPO proceeds, improved PAT margin to 21%, and strengthened its balance sheet. Key initiatives include commissioning new manufacturing lines (reaching 10.3 GW module and 2.94 GW cell capacity), launching G12R-format TOPCon cells, securing a 4.5 GW TOPCon cell supply agreement, and expanding order book to 9.4 GW. The company is developing a 6 GW integrated facility in Devanahalli to boost total capacity to 16.3 GW modules and 8.94 GW cells by FY2028, with phased ingot/wafer integration planned from FY2028-29. Sustainability efforts include 88% renewable energy use, zero liquid discharge, and lead-free materials. The CEO and CFO emphasize disciplined execution, financial prudence, and long-term value creation for shareholders.