Synopsis:- Posting an 116 percent jump in full-year revenue and nearly tripling its net profit, Emmvee Photovoltaic Power has delivered one of the stronger debut years for a recently listed solar manufacturer with an order book that more than doubled during FY26, now providing multi-year revenue coverage.
A Bengaluru-based integrated solar manufacturer jumped 10 percent on April 28, 2026, after reporting a 116 percent revenue surge and near-tripling of full-year profits. With an order book that nearly doubled to 9.4 GW during FY26 anchored by a 4.5 GW deal running through 2030, the company is signaling multi-year revenue visibility from its first full fiscal year as a listed entity.
With a market capitalization of approximately Rs. 20,227 crore, the shares of Emmvee Photovoltaic Power Limited were trading at Rs. 299.51 per share, up by 10 percent hitting the upper circuit from their previous closing price of Rs. 272.24 apiece. It is trading at a P/E of approximately 19x.
Q4 FY26 and Full-Year Financial Performance
The company’s Q4 FY26 revenue came in at Rs. 1,738.8 crore, up 62 percent from Q4 FY25 and up 51 percent sequentially over Q3 FY26. EBITDA for the quarter stood at Rs. 571.1 crore, a 58 percent year-on-year increase, with a margin of 33 percent. Net profit for Q4 came in at Rs. 392.4 crore, up 89 percent over the same quarter last year.
For the full year FY26, revenue from operations reached Rs. 5,049.9 crore against Rs. 2,335.6 crore in FY25 by a 116 percent revenue surge, while PAT expanded to Rs. 1,081.6 crore, nearly tripling from Rs. 369 crore in FY25. EBITDA margin for FY26 came in at 34 percent, up from 31 percent in FY25. The company’s finance costs fell sharply in Q4 to Rs. 13 crore from Rs. 45.9 crore a year ago, reflecting the aggressive debt repayment carried out using IPO proceeds.
Order Book and Business Update
The order book growth is where the story gets more interesting. The company’s total order book stood at 9.4 GW as of FY26-end, up from 4.9 GW at the start of the year, nearly doubling within 12 months. A large part of that jump came from a 4.5 GW order for TOPCon crystalline silicon cells from a domestic customer, with execution running through 2030. That one order alone extends meaningful revenue visibility over the next four years. Q4 FY26 saw order inflows of 1.27 GW.
On the capacity front, the company commissioned two 2.5 GW module lines during the year, one in May 2025 and another in December 2025, taking aggregate solar module installed capacity to 10.3 GW. Solar cell capacity held at 2.94 GW. Cell utilization reached 79 percent in Q4 FY26, up from 43 percent in Q4 FY25. The company also used roughly Rs. 1,621 crore of IPO proceeds to prepay term loans, effectively slashing its net debt-to-equity ratio to negative 0.06x by March 2026.
Conclusion:
With revenue more than doubling, profits nearly tripling, and an order book that has grown to 9.4 GW anchored by a single 4.5 GW deal running through 2030, Emmvee Photovoltaic appears to have used its IPO year to build both scale and financial resilience. The debt-light balance sheet and expanding cell utilization add further structural comfort. The question for investors now is whether the current 19x P/E already prices in the multi-year visibility or whether execution on that record order book could still surprise on the upside.
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