Bengaluru-based solar cell and module manufacturer, Emmvee Photovoltaic Power, reported a revenue of ₹17.39 billion (~$184 million) in the fourth quarter (Q4) of the financial year (FY) 2026, registering a 62% year-over-year (YoY) increase from ₹10.72 billion (~$113.4 million).

Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter stood at ₹5.71 billion (~$60.4 million), up 58% from ₹3.61 billion (~$38.2 million) in Q4 FY 2025.

Emmvee reported a profit after tax (PAT) of ₹3.92 billion (~$41.5 million) for Q4, an 89% YoY increase from ₹2.07 billion (~$21.9 million).

Earnings per share (EPS) for the quarter came in at ₹5.67 (~$0.060), compared to ₹3.49 (~$0.037) in the corresponding period of the previous year.

Emmvee increased its installed manufacturing capacity to 10.3 GW for solar modules and 2.94 GW for solar cells. Module production reached 2,999 MW, while cell production stood at 1,520 MW for the year.

The company commissioned two 2.5 GW solar module manufacturing lines during the year, supporting capacity expansion and scale-up. It also reported solar cell utilization of approximately 79% in Q4.

Emmvee’s order book increased to 9.4 GW at the end of Q4, with order inflows of 1.27 GW during the fourth quarter, providing visibility for future growth.

FY 2026

Emmvee reported a revenue of ₹50.50 billion (~$534.6 million) for FY 2026, registering a YoY increase of 116% from ₹23.36 billion (~$247.1 million).

EBITDA for the year stood at ₹17.34 billion (~$183.5 million), up 140% YoY from ₹7.22 billion (~$76.4 million).

Emmvee registered a PAT of ₹10.82 billion (~$114.5 million) for the year, marking a 193% YoY increase from ₹3.69 billion (~$39.0 million).

EPS for the year came in at ₹17.17 (~$0.182), compared to ₹6.22 (~$0.066) in 2025.

The company is also planning a new 6 GW integrated manufacturing facility, which is expected to take its installed capacity to 16.3 GW for modules and 8.94 GW for solar cells by FY 2028.

Emmvee reported a revenue of ₹11.52 billion (~$127.6 million) in the third quarter of the FY 2026, up 118% YoY.

The company went public in a ₹30 billion (~$350.12 million) offering last November.