Emmvee Photovoltaic Power Limited Earnings Summary — Q4 FY2026
Emmvee Reports Explosive Q4 FY2026 Performance with 62% Revenue Growth and Record Quarterly Profits
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue declined 10.5% sequentially in Q1 FY2027.
- Revenue of ₹1,556 Cr is 51.3% higher year-on-year.
- Revenue has compounded at 116.5% annualised over the last 10 quarters.
- Net profit of ₹380 Cr is 102.6% above the same quarter last year.
- Profit growth is outpacing revenue growth, pointing to positive operating leverage.
- Net profit has compounded at 290.1% annualised across the period.
- Operating margin stands at 35.2% in Q1 FY2027.
- Operating margin expanded by 114 bps year-on-year.
- PBT margin is 30.2%.
- Expense growth of 48.7% remained below revenue growth of 51.3%.
- Operating profit of ₹548 Cr is 56.4% higher year-on-year.
- Operating leverage continues to improve.
- 4 of the last 4 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 74/100 (Strong) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2019 | Q4 FY2018 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Strong Uptrend | 1,556 | 1,739 | 1,152 | 1,131 | 1,028 | 1,072 | 528 | 402 | — | — |
| Expenses | Strong Uptrend | 1,007 | 1,168 | 739 | 732 | 677 | 711 | 326 | 310 | — | — |
| Operating Profit | Strong Uptrend | 548 | 571 | 413 | 399 | 350 | 361 | 202 | 93 | — | — |
| Operating Margin | Improving | 35.2% | 32.8% | 35.9% | 35.3% | 34.1% | 33.6% | 38.2% | 23.0% | — | — |
| Other Income | Volatile | 16 | 5 | 16 | 18 | 14 | 3 | 10 | 11 | — | — |
| Interest | Volatile | 11 | 13 | 33 | 55 | 53 | 46 | 37 | 17 | — | — |
| Depreciation | Strong Uptrend | 84 | 79 | 74 | 71 | 72 | 66 | 54 | 23 | — | — |
| Profit Before Tax | Strong Uptrend | 470 | 484 | 322 | 292 | 240 | 253 | 122 | 64 | — | — |
| Tax | Strong Uptrend | 89 | 92 | 58 | 54 | 53 | 45 | 23 | 29 | — | — |
| Net Profit | Strong Uptrend | 380 | 392 | 264 | 238 | 188 | 207 | 99 | 35 | — | — |
| Net Margin | Strong Uptrend | 24.4% | 22.6% | 22.9% | 21.0% | 18.3% | 19.3% | 18.8% | 8.7% | — | — |
Key Takeaways
- Revenue surged to ₹1,739 Cr in Q4 FY2026, marking a 62% YoY increase as the company's integrated solar manufacturing model gains scale.
- Quarterly net profit reached a record ₹392 Cr, underpinned by the strategic transition into high-efficiency TOPCon solar cell manufacturing.
- Debt levels saw a massive reduction, with consolidated borrowings falling from ₹2,065 Cr to ₹360 Cr within the fiscal year.
- Operating margins remained robust at 33%, though slightly compressed from the 36% achieved in the preceding quarter (Q3 FY26).
- Working capital cycle is lengthening, with inventory days rising to 225 days and debtor days increasing to 50 days.
- Return on Capital Employed (ROCE) improved significantly to 45%, reflecting high efficiency of the newly deployed integrated assets.
- The board is scheduled to meet on July 15, 2026, to review performance for the subsequent quarter (Q1 FY27).
Management Guidance
Management remains focused on maintaining its 'integrated' model (cell-and-module) as a competitive moat against assemblers while navigating high-growth technological shifts in the renewable sector.
Sentiment Shift
Improving
The dramatic deleveraging and successful scale-up of TOPCon integration suggest the company has transitioned from a high-debt explorer to a high-ROCE leader.
Outlook
The company is positioned as India's second pure-play integrated manufacturer, but must monitor substantial working capital pressure and technological risks associated with evolving cell technologies.
From the Annual Report (Key Quotes)
“The business has demonstrated an explosive scale-up... driven by the strategic shift into TOPCon solar cell manufacturing.”
“Management has successfully navigated the business through a period of extreme technological and capacity scaling.”
“Successful deleveraging from 2,065 Cr to 360 Cr in one year.”
Official Quarterly Documents
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This summary is AI-generated from Emmvee Photovoltaic Power Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.