Emmvee Photovoltaic Power Limited — Q4FY26 earnings call summary

Filed 05 May 2026 · Official transcript

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