Solar stock jumps 5% after its net profit increases by 161% YoY in Q3 FY26

Synopsis: Emmvee Photovoltaic Power Limited reports 118.11% YoY revenue growth and a 161.61% YoY net profit surge in Q3 FY26 results, and Jefferies maintained a Buy rating with a ₹320 target.

This Solar stock, engaged in manufacturing solar PV modules, cells, and EPC services as a leading integrated solar player in India, jumped 4.78 percent after the company reported strong December quarterly results with a 161.61 percent YoY increase in net profit.

With a market capitalization of Rs. 15,162.36 crores, the share of Emmvee Photovoltaic Power Limited has reached an intraday high of Rs. 229 per equity share, rising nearly 4.78 percent from its previous day’s close price of Rs. 218.55. Since then, the stock has retreated and is currently trading at Rs. 219 per equity share. 

Q3 FY26 Result Walkthrough

Coming into the quarterly results of Emmvee Photovoltaic Power Limited, the company’s consolidated revenue from operations increased by 118.11 percent YOY, from Rs. 528.29 crore in Q3 FY25 to Rs. 1,152.25 crore in Q3 FY26, and grew by 1.88 percent QoQ from Rs. 1,131 crore in Q2 FY26.

Emmvee Photovoltaic Power Limited generated 98.66 percent of its revenue from photovoltaic modules (PV) sales, 0.90 percent from material handling equipment sales, and 0.44 percent from other income in Q3 FY26.

In Q3 FY26, Emmvee Photovoltaic Power Limited’s consolidated net profit increased by 161.61 percent YOY, reaching Rs. 262.68 crore compared to Rs. 100.41 crore during the same period last year. As compared to Q2 FY26, the net profit has increased by 11.19 percent, from Rs. 236.24 crore.

The basic earnings per share increased by 146.11 percent and stood at Rs. 4.11 as against Rs. 1.67 recorded in the same quarter in the previous year, FY2025. Emmvee Photovoltaic Power Limited’s revenue and net profit have grown at a CAGR of 61.46 percent and 205.04 percent, respectively, over the last three years.

In terms of return ratios, the company’s ROCE and ROE stand at 28 percent and 105 percent, respectively. Emmvee Photovoltaic Power Limited has an earnings per share (EPS) of Rs. 68.4, and its debt-to-equity ratio is 2.15x.

Analyst Viewpoints

Jefferies, a prominent brokerage firm, has recommended a “Buy” call on Emmvee Photovoltaic Power Limited with a target price of Rs. 320 per share, indicating an upside potential of 46.42 percent from its previous day’s close price of Rs. 218.55.

Jefferies has maintained a Buy rating as the company’s order book surged 84 percent quarter-on-quarter, significantly improving revenue visibility. Strong execution and a healthy pipeline provide clear revenue and EBITDA visibility through FY27-FY28, while the company’s net debt-free balance sheet strengthens financial stability and supports future growth, justifying confidence in the target outlook.

Management Guidance

Management of Emmvee Photovoltaic Power Limited has guided that the company aims to reach an annual manufacturing capacity of 16.3 GW for solar modules and 8.94 GW for solar cells by FY28.

Emmvee Photovoltaic Power Limited currently has a strong order book of 9.3 GW, which includes 4.5 GW of long-term contracts scheduled to be executed over the next five years, providing clear revenue visibility and growth confidence.

Current Capacity

As of 9MFY26, Emmvee Photovoltaic Power Limited has significantly strengthened its operations with an installed capacity of around 10,308 MW in solar PV modules and 2,943 MW in solar cells, reflecting strong expansion in manufacturing capabilities. 

Alongside this, the company’s order book has grown sharply to about 9,337 MW, providing robust revenue visibility and underscoring healthy demand for the company’s solar products going forward.

Emmvee Photovoltaic Power Limited was founded in 2007 and is a leading Indian manufacturer of solar photovoltaic (PV) modules and cells, headquartered in Bengaluru, Karnataka. The company operates as part of the Emmvee Group, focusing on integrated solar manufacturing with significant production capacities.

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