Emmvee Photovoltaic Power has reported exceptional growth for the quarter and half year ended 30 September 2025, marking its first results since listing on the stock exchanges. Emmvee Photovoltaic Q2 FY26 results reported a stellar performance, driven by record demand for solar PV modules, margin expansion, and balance-sheet strengthening post its successful IPO.
Emmvee Photovoltaic Q2 FY26 Results: Highlights
| Particulars | Q2 FY26 | Q2 FY25 | YoY % |
|---|---|---|---|
| Revenue from Operations | 1,131.00 | 402.40 | 181.1 |
| Total Income | 1,149.40 | 413.40 | 178.0 |
| EBITDA | 399.40 | 92.60 | 331.3 |
| Profit After Tax (PAT) | 237.90 | 35.10 | 577.8 |
| Diluted EPS (INR) * | 4.01 | 0.59 | 579.7 |
*EPS not annualised
Emmvee achieved a record INR 1,131 crore in revenue for Q2 FY26, up 181% year-on-year. Strong demand for high-efficiency PV modules and better capacity utilisation lifted EBITDA to INR 399 crore, while PAT rose nearly sixfold to INR 238 crore, reflecting strong operating leverage and cost control.
Emmvee Photovoltaic H1 FY26 Results: Highlights
| Particulars | H1 FY26 | H1 FY25 | YoY % |
|---|---|---|---|
| Revenue from Operations | 2,158.82 | 735.64 | 193.5 |
| Total Income | 2,191.61 | 746.84 | 193.5 |
| EBITDA | 749.90 | 159.30 | 370.7 |
| Profit After Tax (PAT) | 425.53 | 62.68 | 578.6 |
| Diluted EPS (₹) * | 7.17 | 1.06 | 576.4 |
*EPS not annualised
For H1 FY26, Emmvee’s consolidated revenue nearly tripled to INR 2,159 crore, while PAT surged almost seven times to INR 426 crore. The company’s EBITDA margin expanded significantly, underpinned by higher volumes and operational efficiency gains.
Segment-Wise Revenue
| Segment | Q2 FY26 | Q1 FY26 | H1 FY26 | H1 FY25 |
|---|---|---|---|---|
| Photovoltaic Modules (PV) | 1,301.40 | 1,226.99 | 2,528.38 | 726.62 |
| EPC Projects | 16.89 | 55.95 | 72.84 | 135.39 |
| Others | 6.28 | 23.70 | 29.98 | 30.08 |
The PV module division contributed over 90% of consolidated revenue, reaffirming its position as the company’s growth engine. EPC and other segments added moderate but profitable contributions.
Key Business Developments
- IPO Achievement: Raised INR 2,900 crore, including a fresh issue of INR 2,143.9 crore; shares listed on BSE and NSE on 18 November 2025.
- Operational Efficiency: Improved cost structure and higher utilisation drove EBITDA growth of 371% YoY in H1 FY26.
- Strategic Focus: Expansion of integrated PV manufacturing capabilities to capture India’s 500 GW renewable energy target.
Management Commentary
“Delivering a nearly sevenfold growth in profit after tax for the first half of FY26 is a testament to our robust manufacturing capabilities and the trust our customers place in our solar solutions,” said Mr. Manjunatha Donthi Venkatarathnaiah, Chairman & Managing Director.
“With the successful IPO, we are well-capitalised to execute our expansion roadmap and leverage India’s renewable energy opportunity.”
Emmvee Solar Post-IPO Performance
Emmvee Solar launched its INR 2,900-crore IPO on 11 November 2025, comprising both a fresh issue and an OFS. The issue saw weak initial demand and was subscribed 97%. The stock listed at INR 219.40, a modest 1.1% premium over its issue price of INR 217.
After listing, shares of Emmvee Photovoltaic briefly rose to INR 236 (~9% up) but could not sustain these levels and later fell to INR 210.63. Strong quarterly results subsequently triggered a 10% upper circuit, taking the stock to a new high of INR 240.76.
Conclusion
Emmvee Photovoltaic Q2 and H1 FY26 results are one of its strongest performances to date, reflecting the company’s ability to capture India’s rapidly growing solar opportunity. Revenue and profit growth are a testimony to operational efficiency and product competitiveness. Post-IPO deleveraging has given the company the financial flexibility to scale up significantly, and the high demand for high-efficiency solar modules is a tailwind for growth.
With its strong financials, technology and alignment with national renewable energy goals, Emmvee is one of the most promising and well-capitalised players in the solar manufacturing space.
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