Emmvee Photovoltaic Power Limited — Q4FY26 Earnings Call Summary

EMMVEE · Q4FY26 · Filed 05 May 2026

Key Takeaways

• Margins and pricing stable; no material price hikes; resilient EBITDA spread going into FY27
• Module capacity 10.3 GW; cell capacity 2.94 GW; FY26 module production 2,999 MW, cell production 1,520 MW; cell utilization 69.9% FY26, 79% Q4
• FY26 revenue 5,049 Cr +116% y-y; EBITDA 1,734 Cr +140% y-y (margin 34%, +300 bps); PAT 1,082 Cr +193% y-y (margin 21%, +500 bps)
• 6 GW integrated cell-module facility commissioning: module line by end CY26, cell line by end FY27; ingot-wafer 9 GW planned from FY29
• DCR mix ~30-35% in Q4; expected to increase to mostly DCR by FY28 start
• Transition to G12R cells planned by end Q1 FY27 with minimal downtime
• Working capital elevated due to scale-up; inventory aligned with production; expected to normalize
• Order book 9.4 GW; Q4 inflow 1.27 GW; average top 10 customer order size 221 MW
• IPO raised 2,900 Cr; net debt to equity negative 0.06x; ROCE 38%, ROE 51%; ICRA rating upgraded to A
• Export currently zero; supply chain diversified away from China; competitive globally except China

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Summary generated by AI from the official transcript filed on BSE/NSE. Not investment advice.