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Emmvee Posts 193% Revenue Growth in H1 FY26; PAT Jumps Nearly Sixfold

Emmvee Photovoltaic Power has recorded a strong financial performance in the first half of FY26, with revenue soaring 193% year-on-year to Rs2,158.8 crore and profit after tax rising to Rs425.5 crore, nearly six times higher than the previous year.

The solar module and cell manufacturer also delivered exceptional quarterly results. Revenue from operations in Q2 FY26 climbed 181.1% to Rs1,131 crore, compared to Rs402.4 crore in the same quarter last year. Profit after tax surged to Rs237.9 crore, up from Rs35.1 crore, marking a 577.8% YoY increase.

For the April–September period (H1 FY26), operational revenue grew from Rs735.6 crore in H1 FY25 to Rs2,158.8 crore, while PAT rose from Rs62.7 crore to Rs425.5 crore, a jump of 578.6%.

In its statement, Emmvee attributed the sharp growth to robust demand for its high-efficiency solar modules and enhanced operational efficiencies, which together contributed to a stronger EBITDA margin.

Following the end of the quarter, Emmvee successfully completed its Initial Public Offering (IPO), raising Rs2,900 crore, including a fresh issue worth Rs2,143.9 crore. The company’s shares were listed on the BSE and NSE on November 18, 2025.

A significant portion of the IPO proceeds — about Rs1,621 crore — has been utilised to repay long-term debt, improving the company’s balance sheet and reducing interest expenses. The remainder has been allocated for general corporate purposes to support working capital and further reduce financing costs.

Manjunatha Donthi Venkatarathnaiah, Chairman and Managing Director of Emmvee Photovoltaic Power, said the company has delivered a “historic first half,” underscoring record profitability and a successful public listing. Achieving nearly seven-times growth in PAT, he noted, reflects Emmvee’s strong manufacturing capabilities and growing customer confidence in its solar solutions.

He added that with stronger capitalisation post-IPO, Emmvee is well-positioned to pursue its expansion plans. As India accelerates toward 500 GW of renewable energy capacity, the company aims to capture a larger share of the market with its advanced technology and integrated manufacturing ecosystem.