Emmvee Photovoltaic Power Ltd. announced robust financial results for the third quarter and nine months ended December 31, 2025.

For Q3 FY26, revenue from operations surged by 118% year-on-year to ₹11,523 million (from ₹5,283 million in Q3 FY25). Total income increased by 117% to ₹11,679 million. EBITDA grew by 105% to ₹4,134 million, with an EBITDA margin of 35.9%. Profit After Tax (PAT) saw a significant rise of 166% to ₹2,636 million, expanding the PAT margin to 23% from 18% in the prior year period.

For the nine months ended December 31, 2025, revenue from operations reached ₹33,111 million, a 162% increase year-on-year. EBITDA grew by 222% to ₹11,633 million, and PAT jumped by 326% to ₹6,892 million.

Operationally, Emmvee commissioned a new 2.5 GW solar module manufacturing line on December 20, 2025, increasing its total module manufacturing capacity to 10.3 GW. The company's order book stands at 9.3 GW, with 6.3 GW to be delivered over the next 12-18 months. A major development was securing a 4.5 GW order for TOPCon cells, to be executed between December 2025 and 2030. Land for a proposed 6 GW integrated solar module and cell manufacturing facility at Devanahalli has been fully paid for.

The company maintains a strong financial position with a net cash position and a Net Debt / Equity ratio of -0.02x as of December 31, 2025. Annualized return ratios for Q3 FY26 were reported at ROCE of 36.5% and ROE of 49.9%.

Mr. Manjunatha Donthi Venkatarathnaiah, Chairman & Managing Director, commented, "We are pleased to report a quarter of exceptional growth, with our revenues more than doubling year-on-year. This robust performance is a testament to our strategic focus on capacity expansion and backward integration. The successful commissioning of our 2.5 GW solar module line at Sulibele and the ongoing execution of our 4.5 GW TOPCon cell order underscore our commitment to meeting the growing demand for high-efficiency solar solutions. With a net debt-to-equity ratio of (0.02)x, our balance sheet remains robust, positioning us well to execute our ambitious expansion plans to reach 16.3 GW module and 8.9 GW of Cell capacity by FY28."