Revenue jumped 50.91% QoQ, but operating margin fell 3.04 points
Costs grew 58.04%, outpacing revenue, while net profit rose 48.83% as interest expense fell 60.84%.
Filed 28 Apr 2026, 20:51 IST · after market close · Emmvee Photovoltaic Power Ltd (EMMVEE)
Key takeaways
- Consolidated revenue rose 50.91% QoQ, but costs grew 58.04%, pulling operating margin down 3.04 percentage points.
- Net profit increased 48.83% QoQ as interest expense fell 60.84%, while other income contributed only 1.04% of pre-tax profit.
- Operating margin of 32.84% was 17.18 percentage points above the Industrials median across 71 reported peers.
Price around the results
Q4 revenue growth outpaced profit growth
Emmvee Photovoltaic Power's consolidated revenue increased 50.91% QoQ, while operating profit grew 38.16% and net profit rose 48.83%. Profit growth therefore lagged the revenue surge, reflecting the pressure on operating margins. EPS increased 37.96% to Rs 5.67.
Higher costs reduced operating leverage
Expenses grew 58.04%, faster than revenue, which reduced operating margin by 3.04 percentage points to 32.84%. A 60.84% fall in interest expense supported pre-tax profit, even as the tax rate increased by 0.85 percentage points. Other income was only 1.04% of pre-tax profit, so reported profit was not materially reliant on non-operating income.
Margin remains above peers after the Q4 dip
Operating margin rose from 35.31% in Q2FY26 to 35.88% in Q3FY26 before falling to 32.84% in Q4FY26. It was still 17.18 percentage points above the 15.66% median for 71 Industrials peers that had reported the quarter. The sequential margin decline is therefore the main change in an otherwise higher-margin profile.
Capacity additions and order growth frame the next phase
Management said two 2.5 GW module lines at Sulibele were commissioned in May 2025 and December 2025, while FY26 module utilisation was lower because the units operated for only part of the year. The company said its order book increased from 4.9 GW to 9.4 GW during FY26. Management also said it had initiated plans for a 6 GW integrated cell and module facility and was targeting total installed capacity of 16.3 GW for modules and 8.9 GW for cells by FY28.
The first-session rally faded over the following weeks
The results were filed after market close, and the stock gained 6.82% on the first session after the filing, with a 4.86% opening gap. It was down 3.63% after one session and 4.05% after 15 sessions, before showing a 26.18% gain after 30 sessions.
Q4FY26 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q4FY26 | Q3FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,739 cr | ₹1,152 cr | +50.91% |
| Other income | ₹5 cr | ₹16 cr | -67.94% |
| Expenses | ₹1,168 cr | ₹739 cr | +58.04% |
| Operating profit | ₹571 cr | ₹413 cr | +38.16% |
| Operating margin (%) | 32.84% | 35.88% | — |
| Interest | ₹13 cr | ₹33 cr | -60.84% |
| Depreciation | ₹79 cr | ₹74 cr | +6.99% |
| Profit before tax | ₹484 cr | ₹322 cr | +50.39% |
| Tax | ₹92 cr | ₹58 cr | +57.43% |
| Net profit | ₹392 cr | ₹264 cr | +48.83% |
| EPS (₹) | ₹5.67 | ₹4.11 | +37.96% |
Operating margin of 32.84% compares with a Industrials sector median of 15.66% across 71 peers that have reported Q4FY26.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | +6.82% | +6.06% |
| Next session | -3.63% | — |
| 5 sessions | -2.71% | -4.09% |
| 15 sessions | -4.05% | — |
| 30 sessions | +26.18% | — |
Volume on the results session was 5.89× its 20-day average.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Guidance & outlook
- The company targets total installed capacity of 16.3 GW for modules and 8.9 GW for cells by FY28.
Expansion
- The company commissioned two 2.5 GW solar module lines at Sulibele in May 2025 and December 2025.
- The company initiated plans for a new 6 GW integrated cell and module manufacturing facility.
- The new Unit 7 integrated facility is scheduled for commissioning in 2026–2027 with 6 GW each of module and cell capacity.
New orders
- The order book increased from 4.9 GW to 9.4 GW during FY26.
New initiatives
- The company plans phased manufacturing of ancillary components to capture a larger share of the bill of materials.
Problems & risks
- FY26 module capacity utilisation was lower because Units 5 and 6 operated for only part of the year after commissioning.
What to watch
- Whether operating margin holds above 32.84% after the Q4 sequential decline.
- Whether utilisation improves after the two 2.5 GW lines were operational for only part of FY26.
- Whether the order book remains above 9.4 GW as the stated capacity plans progress.