Emmvee Photovoltaic Power Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Emmvee Photovoltaic Power Ltd filed with BSE on 05 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Emmvee Photovoltaic Power reported FY26 revenue of Rs 5,049 crores, up 116% year-on-year, with EBITDA of Rs 1,734 crores and PAT of Rs 1,082 crores. Management attributed the growth to higher production volumes, improved cell utilization and expanded module manufacturing capacity, and highlighted an order book of 9.4 gigawatt along with progress on a new 6 gigawatt integrated cell and module facility at Devanahalli. The company also completed its IPO in November 2025, used proceeds to prepay term loans, and received two credit rating upgrades during the year.
Numbers mentioned
Revenue from operations: INR 5,049 crores (FY26)
p. 4
“For FY2026, our revenue from operations stood at INR5,049 crores, registering a growth of 116% year-on-year.”
Suhas Manjunatha, page 4 of the filed PDF · View the filing
EBITDA: INR 1,734 crores (FY26)
p. 4
“EBITDA for the year stood at INR1,734 crores compared to INR722 crores in FY2025, reflecting a”
Suhas Manjunatha, page 4 of the filed PDF · View the filing
EBITDA margin: 34% (FY26)
p. 5
“EBITDA margin expanded to 34% compared to 31% in the previous year.”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
Profit after tax: INR 1,082 crores (FY26)
p. 5
“Profit after tax for FY2026 stood at INR1,082 crores compared to INR396 crores in FY2025, a growth of 193% year-on-year.”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
PAT margin: 21% (FY26)
p. 5
“PAT margin improved to 21% compared to 16% in FY2025.”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
Installed solar module capacity: 10.3 gigawatt (as of March 31, 2026)
p. 5
“Our installed solar module capacity increased to 10.3 gigawatt as of March 31, 2026.”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
Solar cell installed capacity: 2.94 gigawatt (FY26)
p. 5
“Our solar cell installed capacity stood at 2.94 gigawatt.”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
Solar cell capacity utilization: 69.9% (FY26)
p. 5
“Solar cell capacity utilization increased from 43.3% in FY2025 to 69.9% in FY26.”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
Cell utilization: 79% (Q4 FY26)
p. 5
“In Q4 FY2026, cell utilization reached 79%.”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
Module utilization: 43% (FY26)
p. 5
“Module utilization for FY2026 stood at 43%, which should be read in the context of Units 5 and 6 commissioned during the year and therefore being available only for part of the year.”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
IPO proceeds: INR 2,900 crores (November 2025)
p. 5
“We completed our IPO and public listing in November 2025, raising INR2,900 crores, including INR2,144 crores of fresh issue proceeds.”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
IPO proceeds used to prepay term loans: INR 1,621 crores
p. 5
“We used approximately INR1,621 crores of IPO proceeds to prepay term loans.”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
Net debt to equity: negative 0.06x (as of March 31, 2026)
p. 5
“As of March 31, 2026, our net debt to equity stood at negative 0.06x.”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
Current ratio: 2.1x (FY26)
p. 5
“Our current ratio improved to 2.1x.”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
ROCE: 38% (FY26)
p. 5
“Return ratios also remain strong with ROCE at 38% and ROE at 51% for FY2026.”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
Order book: 9.4 gigawatt (FY26)
p. 5
“Our order book increased from 4.9 gigawatt in FY25 to 9.4 gigawatt in FY26.”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
Order inflow: 1.27 gigawatt (Q4 FY26)
p. 5
“For Q4 FY26, order inflow stood at 1.27 gigawatt.”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
IREDA sanctioned term loan: INR 3,306 crores
p. 6
“IREDA has sanctioned our term loan for INR3,306 crores for this facility.”
Suhas Manjunatha, page 6 of the filed PDF · View the filing
DCR module price: INR21 to INR22 per watt
p. 12
“So, for DCR module, it is about INR21 to INR22 on a watt, and module is around like INR14 to INR15 per watt.”
Suhas Manjunatha, page 12 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
6 GW integrated capacity - module line commissioning — module line commissioned · end of this calendar year
stated firmly by Suhas Manjunatha
p. 6
“we expect to see the module line getting commissioned by the end of this calendar year and the cell line getting commissioned at the end of this financial year.”
Suhas Manjunatha, page 6 of the filed PDF · View the filing
Ingot and wafer facility Phase 1 — 5 gigawatt · FY29
stated firmly by Suhas Manjunatha
p. 7
“So, with the expansion, we’re looking at a 5 gigawatt expansion in Phase 1 and a 4 gigawatt”
Suhas Manjunatha, page 7 of the filed PDF · View the filing
Total installed capacity — 16.3 gigawatt for modules and 8.9 gigawatt for cells · end of FY2027
stated firmly by Suhas Manjunatha
p. 6
“Once completed, this will take our total installed capacity to 16.3 gigawatt for modules and 8.9 gigawatt for cells by the end of FY2027 financial year.”
Suhas Manjunatha, page 6 of the filed PDF · View the filing
DCR mix — all capacity sold will be DCR · by the beginning of next year
stated as an aspiration by Suhas Manjunatha
p. 13
“in during, by the end of, by the beginning of next year, it will be more or less all capacity that we sell will be DCR.”
Suhas Manjunatha, page 13 of the filed PDF · View the filing
Cell transition to G12R — transition to G12R cells · by the end of this quarter
stated firmly by Suhas Manjunatha
p. 13
“we, we are looking to transition in this by the end of this quarter.”
Suhas Manjunatha, page 13 of the filed PDF · View the filing
IREDA loan drawdown — 75% to 80% drawn · by 31st March
stated conditionally by Pawan Jain
p. 14
“So, by 31st March, probably around 75% to 80% will be drawing, and rest possibly because we will have some retention payment also, which is 15% to 20%, that will be spilling over to FY28.”
Pawan Jain, page 14 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said construction has started, module line orders are finalized, and the module line is expected by end of the calendar year with cells by end of the financial year; ingot-wafer facility of about 9 GW is planned in phases starting FY29.
Answered by Suhas Manjunatha
Asked by Deepak Krishnan: What is the progress and timeline for the 6 GW integrated cell and module expansion, and what is planned for ingot-wafer capacity?
p. 6
“we expect to see the module line getting commissioned by the end of this calendar year and the cell line getting commissioned at the end of this financial year.”
Suhas Manjunatha, page 6 of the filed PDF · View the filing
Management said the movement is tied to the scale-up in FY26 and expects the days calculation to normalize as new expansions taper off.
Answered by Suhas Manjunatha
Asked by Deepak Krishnan: Is the current working capital cycle (around 70-80 days) the new normal given lower advances and higher inventory/receivables?
p. 7
“I think this -- the number of days calculation should start seeing normalized as we don’t have any further new expansion coming up in the coming quarters.”
Suhas Manjunatha, page 7 of the filed PDF · View the filing
Management explained the inventory level reflects the current run rate of production and sales and expects it to be maintained or partially reduced as new inventory purchases are moderated.
Answered by Pawan Jain
Asked by Apoorva Bahadur: Why did inventory build up and will it reverse next year?
p. 8
“So, largely I would say that yes, with this current level of inventory, it’s justifying the current level of production and sales.”
Pawan Jain, page 8 of the filed PDF · View the filing
Management explained a large customer advance of about INR320 crores received in FY25 was adjusted as that order was completed, reducing this year's advance balance.
Answered by Pawan Jain
Asked by Prakhar Porwal: Why have customer advances declined this quarter despite a strong order book?
p. 9
“There was a single largest order with advance of almost INR320 crores received during FY 25.”
Pawan Jain, page 9 of the filed PDF · View the filing
Management said FY26 exports were zero, exports are viewed as an upside rather than core business, and the company believes it is cost-competitive globally except against China.
Answered by Suhas Manjunatha
Asked by Nidhi Shah: Does the company currently export modules, and is it competitive globally?
p. 11
“other than China, yes, all other regions is something that India can compete with and we can, like at Emmvee we are very much geared up with the cost competitiveness.”
Suhas Manjunatha, page 11 of the filed PDF · View the filing
Management estimated 30-35% DCR mix for the quarter and said the mix would shift to nearly all DCR by the start of next year as capacity is added.
Answered by Suhas Manjunatha
Asked by Kunal Shah: What is the DCR versus non-DCR mix this quarter, and how will it evolve?
p. 13
“we are looking at like you know, a mix of between 30% to 35% of DCR.”
Suhas Manjunatha, page 13 of the filed PDF · View the filing
Management said the rate secured was 7.95%, with no amount drawn yet, and drawdown to begin the following month, spilling into FY28 for retention payments.
Answered by Pawan Jain
Asked by Kunal Shah: What interest rate was secured on the IREDA loan and what is the drawdown schedule?
p. 14
“So, currently, the rate is 7.95%.”
Pawan Jain, page 14 of the filed PDF · View the filing
Management explained that sales figures differ from production figures and that realization prices move with raw material prices, cautioning that EBITDA per watt is a better performance measure.
Answered by Suhas Manjunatha
Asked by Aman Jain: Why did revenue grow faster quarter-on-quarter than production volumes?
p. 15
“So, one is, see, there are a couple of things. One is the sales is different to production.”
Suhas Manjunatha, page 15 of the filed PDF · View the filing
Risks flagged
Increasing competition, evolving technology, changing trade rules, and volatile logistics and commodity cycles
p. 4
“Competition will increase, technology will evolve, trade rules will change, logistic and commodity cycles may remain volatile.”
Manjunatha D.V, page 4 of the filed PDF · View the filing
Solar manufacturing is capital-intensive, requiring growth to be measured against returns, leverage and execution timelines
p. 4
“Solar manufacturing is special and capital-intensive. Growth must, therefore, be measured against returns, leverage, execution timelines and customer visibility.”
Manjunatha D.V, page 4 of the filed PDF · View the filing
DCR portal production data may not reflect real-time updates, creating a perception of lower output
p. 9
“It’s not real‐time data what DCR portal is showing.”
Suhas Manjunatha, page 9 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.