The company’s module capacity has increased from 6 gigawatts to 10.3 gigawatts, enhancing both output and earnings predictability.
The EBITDA reported for Q4 was ₹571 crore, indicating a higher annualised run rate. Donthi noted that the strong performance in the January-March 2026 quarter reinforces growth expectations, with FY27 operating profit projected to be between ₹2,200–2,400 crore, aiming for ₹3,000 crore by FY28.
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Margins have remained consistent, supported by backward integration into cell production. However, the company emphasized a focus on overall EBITDA growth rather than just percentage margins.
Regarding demand visibility, Emmvee has reported a robust order book of 9.4 gigawatts, with an additional 1.27 gigawatts secured in the fourth quarter. The company attributes its strong customer base to its expertise in advanced module technology and longstanding operational history.
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Tackling concerns about industry competition, Donthi mentioned that the company has navigated through various cycles and continues to align capacity expansion with market demand. The aim is to develop capabilities that meet market needs effectively.
On export risks, the company clarified it has no exposure to the US market and does not foresee pricing pressures in India due to any shifts in global supply.
Furthermore, the company indicated intentions to enhance integration within solar manufacturing, including potential ventures in wafers and ingots while assessing adjacent opportunities.
With a market capitalisation of ₹18,163.67 crore, the company is committed to expanding its capacity and order book in alignment with trends in the solar sector.
