Summary
Emmvee Photovoltaic Power Limited - Q3 FY2026 Earnings Call Summary Friday, January 16, 2026, 04:00 p.m.
Event Participants
Executives 3 Manjunatha DV (Chairman and MD), Pawan Kumar Jain (CFO), Suhas Donthi Manjunatha (President and CEO)
Analysts 10 Abhi Sehgel, Aman Jain, Aritra Banerjee, Bharti, Deepak, Nikhil Abhyankar, Prakhar Porwal, Sahil Sheth, Shashank Jha, Subramanyam Yadav, Udit, Utsav, Vinay, Yogesh Patil
Financials & KPIs
| Metric | Reported | Commentary |
|---|---|---|
| Revenue from Operations | ₹1,152.3 crores | +118% YoY, +2% QoQ; driven by capacity ramp-up and stable operations. |
| Total Income | ₹1,167.9 crores | +117% YoY; reflects scale of integrated operational model. |
| EBITDA | ₹413.4 crores | +105% YoY; reported margin of 35.9%. |
| Profit After Tax (PAT) | ₹263.6 crores | +166% YoY; PAT margin stood at 23%. |
| Order Book | 9.3 GW | Includes 4.5 GW multi-year TopCon cell order as of Dec 31, 2025. |
| Module Capacity | 10.3 GW | Increased following commissioning of 2.5 GW module line at Sulibele. |
| Cell Capacity | 2.94 GW | Effective capacity adjusted for product spec (G12 vs M10) is 2.155 GW. |
| Production Volume | 737 MW (Modules); 412 MW (Cells) | Utilization at 43% for modules and 76% for cells (effective capacity). |
Geographic & Segment Commentary
- Domestic Market: Primary focus area with strong demand from C&I (Commercial & Industrial) and IPP segments. Management noted high visibility from government schemes like PM Surya Ghar (30 GW target) and KUSUM.
- DCR (Domestic Content Requirement): Comprises 40% of current execution and 50% of the order book. DCR modules command a premium realization of 24–24.5 cents per watt peak compared to non-DCR.
- Export Markets: Maintaining teams in the US and Europe to monitor opportunities. Management highlighted potential in Europe due to regulations requiring 10% non-Chinese sourcing.
Company-Specific & Strategic Commentary
- Capacity Expansion: Progressing with a 6 GW integrated cell and module facility at Devanahalli; land acquisition and financial closure completed.
- Vertical Integration: Strategy to maintain slightly higher module capacity (targeted 16.3 GW by FY28) vs. cell capacity (8.9 GW) to account for differing utilization rates (batch vs. inline).
- Efficiency & R&D: Improved cell efficiency from 24.5% to 25.2%. Transitioned fully to 100% TopCon technology for FY26 module sales.
- Cost Management: Drastically reduced silver paste consumption per cell by over 50% through process R&D to offset rising commodity prices.
Guidance & Outlook
| Metric | Guidance / Outlook | Commentary |
|---|---|---|
| Module/Cell Capacity | 16.3 GW / 8.9 GW by FY28 | Staged expansion to align with integrated manufacturing strategy. |
| Technology Mix | 100% TopCon in FY26 | Company has phased out Monoperc entirely for current year sales. |
| Backward Integration | Ingot and Wafer capacity | Plans under evaluation; timing depends on ALMM implementation for wafers. |
Risks & Constraints
| Risk | Context |
|---|---|
| Commodity Pricing | Silver and Aluminum price volatility. Management mitigates this through pass-through contracts and 50-60% reduction in silver usage via R&D. |
| Policy/Regulatory | ALMM List-II (cells) implementation from June 2026. Management views this as a tailwind for domestic manufacturers but requires periodic re-audits for capacity. |
| Market Oversupply | Potential 140 GW cell capacity in India by 2028. Management relies on “experienced player” status and A-list client base to maintain utilization. |
Q&A Highlights
Pricing & Realizations
- Question: What is the realization difference between DCR and non-DCR modules? (Subramanyam Yadav)
- Answer: DCR realization is ~24-24.5 cents/watt. The delta between DCR and non-DCR is roughly 6-7 cents for retail and 5-6 cents for bulk (Suhas Donthi).
Raw Material Impact
- Question: How are rising silver and aluminum costs affecting margins? (Vinay)
- Answer: Most key account contracts are in US cents with exchange rate and material pass-throughs. Silver consumption per cell was reduced by ~50% recently; another 40% reduction is targeted (Suhas Donthi/Manjunatha DV).
Order Book Strategy
- Question: Why has non-DCR module order growth been limited recently? (Prakhar Porwal)
- Answer: Management avoids overbooking beyond 12-18 months. Orders are only finalized once developers secure PPAs, land, and bank financing (Suhas Donthi).
Capacity Utilization
- Question: Why is there a gap between installed (2.9 GW) and effective cell capacity? (Deepak)
- Answer: 2.9 GW is nameplate G12 capacity. Since the market currently uses M10 (smaller size), effective capacity is 2.155 GW (Suhas Donthi).
ALMM & Policy
- Question: Why is the ALMM approved capacity lower than installed capacity? (Aritra Banerjee)
- Answer: ALMM approves capacity based on the running utilization at the time of inspection. Re-audits will be invited as utilization ramps up to increase approved limits (Suhas Donthi).
Key Takeaway
Emmvee Photovoltaic Power Limited delivered a robust Q3 FY26, with revenue growing 118% YoY to ₹1,152.3 crores and EBITDA margins remaining strong at 35.9%. The company successfully commissioned 2.5 GW of module capacity, bringing its total to 10.3 GW, while maintaining an order book of 9.3 GW. Strategically, the firm has transitioned entirely to TopCon technology and is mitigating commodity price inflation—specifically silver—through aggressive R&D-led reduction in material consumption. Management remains focused on the Domestic Content Requirement (DCR) segment, which offers superior realizations and is protected by the upcoming ALMM List-II mandate for cells in June 2026. While the industry faces potential long-term oversupply, Emmvee’s integrated model and focus on high-efficiency G12R products position it to maintain high utilization through FY28 and beyond.
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