Fundamental Report Emmvee Photovoltaic Power Limited

Recommendation Accumulate

Accumulation Price ₹300 – 290

Target Price ₹390

Time Horizon 9-12 Months

Business Model: 

Operating Segments of the company

It operates in three segments includes;

1. Photovoltaics modules (PV) segment: Under this segment it manufactures and sells photovoltaic modules, cells and Photovoltaic Systems. It manufactures a diverse range of solar PV modules, comprising TOPCon and Mono PERC modules in bifacial and mono-facial formats.

Installed Capacity for PV:

• In Q4FY26, Emmvee’s installed manufacturing capacity stood at 10.3 GW for solar modules and 2.94 GW for solar cells. 

• Capacity utilization for solar cells improved significantly to 79% in Q4FY26 and 70% for FY26, while solar PV module utilization remained at 44% in Q4FY26 and 43% for FY26. 

• Production volumes reached 2,999 MW for modules and 1,520 MW for cells during the year.

• It has announced plans to establish a 6 GW integrated cell and module manufacturing facility, which is expected to increase total installed capacity to 16.3 GW for modules and 8.94 GW for cells by FY28. To support this expansion, Emmvee has secured a ₹3,306 crore term loan from IREDA.

Performance for Q4FY26 and FY26:

The Solar Module segment remains the keystone of the company’s business, contributing ~ 97.87% of total revenue in FY26, driven by surging domestic demand across utility-scale, rooftop, and open access solar projects. For Q4FY26, the segment reported a strong revenue of ₹1,996.291 crore, representing a 66.6% QoQ increase from ₹1,198.45 crore in Q3FY26, and a 37.6% YoY growth from ₹1,450.53 crore in Q4FY25. This momentum culminated in an exceptional full year performance for FY26, with annual segment revenues doubling by 101.1% to reach ₹5,723.14 crore, compared to ₹2,845.81 crore in FY25.

As the company’s primary growth engine, the PV Module segment is poised for long-term value creation. Driven by sustained domestic demand for PV modules and a strategic push into high-margin international markets, it is expanding its installed capacity to capture upcoming volume growth. This proactive capacity alignment ensures the company is well-positioned to meet escalating global demand, solidify market leadership, and drive sustainable, long-term top-line expansion.

2. EPC segment: Specialises in the execution of the Engineering, Procurement, and construction projects within the solar sector.

3. Others segment: Which comprise solar pump, supplying and the installations of solar photovoltaic water pumping systems and sells power generated from the independent power producing plant.

Product Portfolio

Solar Cells 

It manufactures solar cells using advanced TOPCon technology, which significantly enhances the quality, efficiency, and performance of its solar PV modules. Currently, these manufactured solar cells are utilized entirely for internal consumption in the production and assembly of the company’s own solar PV modules.

N-Type TOPCon Solar Cell 

The company’s Class 6 fabricated N-Type TOPCon cells feature 16 busbars and >25% efficiency. With a low -0.30%/°C temperature coefficient, high low-light output (97%), and PID/LID resistance, automated AAA-class testing ensures optimal climate performance.

 Solar PV Modules

Its solar PV module product portfolio comprises: 

1. Bifacial and mono-facial formats of TOPCon modules, 

2. Bifacial and mono-facial formats of Mono PERC modules.

TOPCon Modules

 Bifacial formats

It manufactures mono-facial TOPCon modules in the following configurations:

• 144, 132, 120 and 108 half-cut cell n-type TOPCon bifacial glass to transparent back sheet module, using TOPCon solar cells and which provide a power output ranging from 560 Wp to 580 Wp

• 144, 132, 120 and 108 half-cut cell n-type TOPCon bifacial glass to glass module, using TOPCon solar cells and which provide a power output ranging from 560 Wp to 605 Wp.

 Mono-facial formats

It manufactures mono-facial TOPCon modules in the following configurations:

• 144, 132, 120 and 108 half-cut cell n-type TOPCon monofacial glass to black back sheet modules, using TOPCon solar cells and which provide a power output ranging from 560 Wp to 580 Wp.

• 144, 132, 120 and 108 half-cut cell n-type TOPCon monofacial glass to white back sheet modules, using TOPCon solar cells and which provide a power output ranging from 560 Wp to 580 Wp.

Mono PERC Modules

 Bifacial formats

It manufactures mono-facial TOPCon modules in the following configurations:

• 144, 132, 120 and 108 half-cut cell Mono PERC bifacial transparent back sheet modules, using Mono PERC solar cells and which provide a power output ranging from 390 Wp to 550 Wp.

• 144, 132, 120 and 108 half-cut cell Mono PERC bifacial glass to glass modules, using Mono PERC solar cells and which provide a power output ranging from 390 Wp to 550 Wp.

 

Mono-facial formats

It manufactures mono-facial TOPCon modules in the following configurations:

• 144, 132, 120 and 108 half-cut cell Mono PERC monofacial black on black modules, using Mono PERC solar cells and which provide a power output ranging from 385 Wp to 540 Wp.

• 144, 132, 120 and 108 half-cut cell Mono PERC monofacial modules, using TOPCon solar cells and which provide a power output ranging from 395 Wp to 550 Wp.

Customers of the Company

It provide it’s operations primarily as business-to- government (B2G) and business-to-business (B2B) and it also undertake certain business-to-consumer (B2C) activities.

It’s key costumers includes: 

Ayana Renewable Power Private Limited, Clean Max Enviro Energy Solutions Private Limited, Hero Rooftop Energy Private Limited, Prozeal Green Energy Limited, KPI Green Energy Limited, Aditya Birla Renewables Solar Limited, Blupine Energy Private Limited, Lineage Power Private Limited, BN Peak Power-I Private Limited, KMV Projects Limited, Powertrack Packaging Private Limited, SILRES Energy Solutions Private Limited, Kintch Synergy Private Limited, Zodiac Energy Limited, E Ramamurthy Minerals and Metals Private Limited, InSolare Energy Limited, Universal Transformers and Mars Energy Group, Inc.

Indian Power Sector Outlook: Renewable Energy Expansion and Rising Electricity Demand Driving Long-Term Growth

Per Capita Electricity Consumption Gap Indicates Long-Term Growth Potential 

India remains significantly underpenetrated in electricity consumption, with per-capita electricity usage of only around 1,500 KWh compared to the global average of 3,500 KWh and substantially lower than developed economies such as the US and Canada. This structural gap indicates substantial long-term growth potential in India’s power sector, driven by rising urbanization, industrialization, digital adoption, and improving electrification across residential, commercial, and industrial segments over the coming decade.

Strong Power Demand Growth Outlook

India’s power demand is expected to grow at a healthy CAGR of 5–7% between FY25 and FY30, supported by strong economic activity and rising energy consumption across sectors. Total electricity demand is projected to increase from ~ 1.8 billion units in FY25 to 2.4 billion units by FY30. And India’s projected peak electricity demand is expected to rise steadily from 289 GW in FY27 to 459 GW by FY36, reflecting strong structural growth in energy consumption. This sustained growth trajectory is expected to drive significant investments across generation, transmission, renewable energy infrastructure, and energy storage solutions in the country.

Emerging Demand Drivers: EVs, Green Hydrogen, and Data Centers 

Emerging industries and energy transition themes are expected to become key drivers of incremental electricity demand in India. Electric vehicle penetration is targeted to reach 30% by 2030, while India aims to achieve green hydrogen production capacity of 5 MTPA. Additionally, the data center industry is expected to grow at a CAGR of 23% during 2025–30, further accelerating power consumption and increasing the need for reliable and sustainable energy infrastructure.

Diversifying Installed Capacity with Rising Renewable Energy Share 

India’s installed power generation capacity continues to diversify toward renewable energy sources. As of January 2026, solar capacity stood at ~ 140 GW, followed by wind at 55 GW, while coal-based capacity remained dominant at 228 GW. The increasing contribution of renewable energy highlights the government’s focus on clean energy transition, energy security, and reducing carbon intensity, supported by favorable policies, production incentives, and large-scale infrastructure investments across the renewable ecosystem.

Renewables to Dominate Installed Capacity

By FY35–36, India’s installed capacity is expected to reach a highly renewable-heavy mix, with solar leading at 509 GW (45% share), followed by wind at 155 GW (14%), hydro at 78 GW (7%), nuclear at 22 GW (2%), and gas at 20 GW (2%). Coal will still contribute 315 GW (28%), but overall the system shifts decisively toward clean energy dominance.

Solar Emerges as the Core Energy Source

Solar energy is projected to become the single largest contributor to India’s installed capacity, accounting for 509 GW or 45% of total capacity by FY36. It also dominates generation with around 984 BU, representing nearly 27% share. This highlights solar’s central role in India’s clean energy transition, driven by falling costs, policy support, and large-scale utility and rooftop deployment.

Emmvee Photovoltaic is capitalizing on government initiatives to accelerate the expansion of its renewable energy solutions.

Transmission framework and System

Inter-State Transmission System (ISTS) Waiver Extension

The ISTS waiver framework is designed to reduce delivered power costs for renewable energy projects by removing transmission charges, thereby improving project competitiveness. It provides 100% waiver for projects commissioned up to 30 June 2025, followed by a graded reduction from 75% to 25% between July 2025 and June 2028. Post June 2028, no waiver will be available, signalling a gradual transition to a fully market-linked transmission cost structure.

Green Energy Corridor & Intra-State Evacuation Infrastructure

The Green Energy Corridor Phase II is focused on strengthening transmission infrastructure for efficient renewable energy integration across states. It is currently supporting the evacuation of around 13 GW of renewable energy across seven states. Additionally, an intra-state RE evacuation program with an outlay of ~₹12,031 crore, including central financial assistance, has been approved. These initiatives are critical for reducing bottlenecks and ensuring smooth power flow from RE-rich regions.

National Electricity Plan for Transmission

The National Electricity Plan for Transmission 2023–2032 outlines a massive infrastructure buildout to support India’s renewable energy transition. It targets inter-regional transfer capacity of 168 GW by 2032 and is designed to evacuate up to 500 GW of renewable energy. The estimated investment requirement stands at ₹9.15 lakh crore, making it one of the largest transmission expansion programs aimed at ensuring grid readiness for long-term clean energy integration.

Renewable Purchase Obligation (RPO) & Annual RE Bidding Trajectory

The government is strengthening renewable energy demand visibility through a structured Renewable Purchase Obligation framework and a planned annual RE bidding roadmap. This ensures DISCOMs and large buyers commit to minimum renewable procurement levels. The approach improves long-term contracting certainty, reduces execution risk for developers, and supports steady capacity addition by aligning project pipelines with predictable offtake demand over multiple years.

Pradhan Mantri Surya Ghar: Muft Bijli Yojana

Pradhan Mantri Surya Ghar: Muft Bijli Yojana aims to accelerate residential rooftop solar adoption through capital subsidies. It targets 1 crore households and 30 GW capacity by FY27 with a ₹75,021 crore outlay, offering subsidies up to ₹78,000 per system. As of March 2026, ~31 lakh homes and ~9 GW have been achieved, with strong subsidy disbursement supporting rapid household-level solar penetration.

PM-KUSUM Scheme – Agricultural Solarisation Push

The PM-KUSUM initiative focuses on expanding solar adoption in agriculture through solar pumps and feeder-level solarisation, reducing diesel dependence and improving farm energy security. The target is 34.8 GW by March 2026, with around 9.5 GW already achieved. The implementation deadline has been extended to March 2027 for projects with PPAs or tenders issued by December 2025, ensuring continuity and improved execution flexibility for state-level deployment.

Green Open Access, GTAM/GDAM & C&I Demand Growth

Green energy markets such as GTAM and GDAM are enabling exchange-based renewable procurement, with rising trading volumes reflecting expanding capacity and participation. Open access reforms, including a 100 kW threshold and faster portal-based approvals, are boosting Commercial & Industrial demand. Group captive norms have been relaxed to improve bankability, with 51% consumption assessed collectively. India added ~6.1 GW in 9M 2025, reaching ~27.9 GW cumulative open access capacity.

PLI Scheme for Solar PV Manufacturing

The Production Linked Incentive (PLI) scheme for solar PV manufacturing is aimed at building strong domestic solar manufacturing capacity through incentive-linked investments. Tranche I and II have already been fully allocated, reflecting strong industry participation. The total scheme outlay is around ₹24,000 crore. As of March 2026, ALMM List-I module capacity has exceeded 173 GW, with nearly 119 GW of additional capacity added in CY2025 alone, highlighting rapid manufacturing scale-up.

Performance of Q4FY26 & FY26 Result:

• Emmvee reported a strong financial performance, with revenue from operations rising 62.25% YoY to ₹1,738.8 crore in Q4FY26 from ₹1,071.68 crore in Q4FY25. On a sequential basis, revenue grew 50.9% QoQ from ₹1,152.25 crore in Q3FY26. For FY26, revenue more than doubled, registering a 116.2% YoY growth to ₹5,049.88 crore compared to ₹2,335.61 crore in FY25, primarily driven by higher production volumes and capacity ramp-up.

• EBITDA remained strong, increasing 58.3% YoY to ₹571.11 crore in Q4FY26 from ₹360.66 crore in Q4FY25, and 38.1% QoQ from ₹413.38 crore in Q3FY26. On an annual basis, EBITDA grew sharply by 140.2% YoY to ₹1,734.37 crore in FY26 versus ₹721.94 crore in FY25, reflecting strong operating performance.

• For Q4FY26, EBITDA margin stood at 32.84%, reflecting a YoY contraction of 81.2 bps from 33.7% in Q4FY25 and a QoQ decline of 306 bps from 35.88% in Q3FY26. Conversely, the full-year performance for FY26 demonstrated robust health, with margins expanding by 343 bps to reach 34.34% compared to 30.91% in FY25. This strong annual margin expansion was primarily driven by the benefits of operating leverage, improved capacity utilization, and a substantial increase in the production of solar modules and cells.

• It reported a strong PAT growth of 89.4% YoY at ₹392.38 crore in Q4FY26 as compared to ₹207.14 crore in Q4FY25, along with a 48.8% QoQ increase from ₹263.64 crore in Q3FY26. For FY26, PAT surged 193.1% YoY to ₹1,081.55 crore from ₹369.01 crore in FY25, indicating improved profitability driven by scale benefits and cost efficiencies.

• It has announced a final dividend of ₹1 per share.

Management Commentary and future prospects:

• Management highlighted ALMM (Approved List of Models and Manufacturers) as a key growth catalyst. Upcoming cell-level ALMM requirements will favor integrated players like Emmvee over pure-play module assemblers.

• DCR schemes like PM-KUSUM and PM Surya Ghar are creating stable demand. Emmvee’s internal cell capacity allows them to capture higher margins in segments.

• Inventory levels increased to ₹636 crores to support higher production run rates. Management expects these levels to normalize as new capacity utilization stabilizes in the coming quarters.

• Management believes Indian manufacturers can now compete globally against any region except China on cost, while matching or exceeding global standards in technology, reliability, and product quality.

• Ingot and wafer expansion will require approximately ₹600–700 crores per GW. The company is committed to keeping the debt-equity ratio within manageable limits during this capital-intensive phase.

• FY27 is designated as the “Year of Execution.” The primary focus is ramping up the new Sulibele lines and ensuring the Devanahalli integrated plant stays on its commissioning schedule.

Peer Comparison 

• Robust Revenue Momentum: Emmvee demonstrated exceptional growth, posting ₹1,738.8 crore in Q4FY26 and ₹5,049.9 crore for FY26, cementing its strong market position against sector peers.

• Superior Operational Efficiency: Delivering a stellar FY26 EBITDA margin of 34.3%, the company significantly outperformed major competitors like Waaree Energies, showcasing elite cost-management and profitability.
• Excellent Profitability Translation: Emmvee effectively converted revenue into strong bottom-line results, recording an impressive FY26 PAT of ₹1,081.6 crore.
• High Shareholder Value: With a solid FY26 EPS of ₹15.6, the company highlights robust fundamental value and attractive returns for investors.
• Prime Strategic Position: Driven by compounding quarterly and annual growth, Emmvee is fundamentally well-positioned to consistently outpace and outperform its solar industry peers moving forward.

Profit and Loss Statement:

Cash Flow Statement: 

Balance Sheet:

Outlook:

Emmvee Photovoltaic is one of India’s leading solar module manufacturers and the second-largest pure-play integrated solar photovoltaic module and solar cell producer in the country. It delivered a strong financial performance during Q4FY26 and FY26, supported by robust execution, rising domestic demand, and continued capacity expansion.

For Q4FY26, the company reported revenue from operations growth of 62.25% YoY, while profitability increased significantly with PAT rising 89.4% YoY compared to Q4FY25. EBITDA margins remained healthy at 32.84% during the quarter, reflecting strong operating efficiency and an improved product mix. And for FY26, Emmvee reported exceptional growth, with revenue from operations increasing 116.2% YoY, while profitability surged 193.1% YoY compared to FY25. The company maintained strong margin performance, with EBITDA margin standing at 34.3% for the FY26.

It’s installed manufacturing capacity currently stands at 10.3 GW for solar modules and 2.94 GW for solar cells. Further strengthening its integrated manufacturing capabilities, Emmvee has announced plans to establish an additional 6 GW integrated solar cell and module manufacturing facility. Upon completion, the company’s total installed capacity is expected to increase to 16.3 GW for solar modules and 8.94 GW for solar cells by FY28.

Emmvee continues to maintain a strong presence in the domestic solar market while simultaneously exploring opportunities in international markets, which could support long-term growth and diversification.

On the valuation front, the company reported an EPS of ₹17.17 for FY26 and currently trades at a CMP of ₹301, implying a P/E multiple of 17.53x. Considering its strong earnings growth, healthy margins, expanding manufacturing capacity, and favourable industry tailwinds, current valuations appear attractive. Based on these factors, We recommend accumulating Emmvee between ₹300 – 290 for a target price of ₹390, with a time horizon of the next 9–12 months.”

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