Emmvee Photovoltaic Power544608Quarterly results

Board approves Q2 & H1 FY27 results; consolidated H1 revenue from operations up 45.1% to ₹3,131.9 crore

Board met on October 14, 2026 (3:35 p.m. to 4:40 p.m.) and approved the Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended September 30, 2026.

By ScoutQuest · Wed 14 Oct 2026, 7:01 PM IST · 3 min read

₹3,131.9 crore

Q2 FY27₹1,576.4 croreH1 FY27₹3,131.9 crore

Consolidated revenue from operations: ₹1,576.4 crore (Q2 FY27) and ₹3,131.9 crore (H1 FY27).

H1 FY27 Revenue from Operations: ₹3,131.9 crore (up 45.1%)
H1 FY27 Profit After Tax: ₹762.3 crore (up 79.1%)
Q2 FY27 Profit After Tax: ₹382.0 crore (up 60.6%)

What the board approved

The board of Emmvee Photovoltaic Power Limited met on October 14, 2026 from 3:35 p.m. to 4:40 p.m. and approved the Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended September 30, 2026. The results were reviewed and recommended by the Audit Committee, and the Statutory Auditors issued their Limited Review Reports with an unmodified opinion. A press release and an investor presentation were also shared along with the results.

Half year (H1 FY27, consolidated)

Revenue from operations: ₹3,131.9 crore, up 45.1%
EBITDA: ₹1,105.0 crore, up 47.4%
Profit after tax: ₹762.3 crore, up 79.1%

Quarter (Q2 FY27, consolidated)

Revenue from operations: ₹1,576.4 crore, up 39.4% year on year
Profit after tax: ₹382.0 crore, up 60.6%
EBITDA margin shown in the presentation: 35.3%; the presentation shows Return on Capital Employed of 35.1% and Return on Equity of 36.1% for Q2 FY27, based on annualised profits

Production and utilisation

Solar PV module production in Q2 FY27: 952 MW, compared with 682 MW in Q2 FY26
Solar cell production: 513 MW, up from 319 MW in the corresponding quarter last year
Effective capacity utilisation: 89% for solar cells and 44% for modules
Installed annual capacity as at September 30, 2026: about 10.3 GW in modules and 2.94 GW in TOPCon solar cells

Order book

Order book stood at 10.4 GW at the end of Q2 FY27
Supported by new order inflows of approximately 1.5 GW during the quarter

Expansion plans

The 6 GW integrated TOPCon module and cell manufacturing expansion is progressing, with commercial sales and utilisation expected to ramp up progressively after commissioning. The release says the 6 GW module line is expected to be commissioned by December 2026, followed by the 6 GW cell line by March 2027, and that full commissioning would take annual manufacturing capacity to approximately 16.3 GW of modules and 8.9 GW of cells.

On backward integration, the company plans phased entry into 9 GW of ingot and wafer manufacturing, comprising 5 GW in FY29 and a further 4 GW in FY30. This is subject to regulatory clarity on ALMM III implementation timelines and market conditions. The estimated capital expenditure for the proposed ingot and wafer project is ₹5,000-5,500 crore, expected to be funded largely through internal accruals.

Balance sheet and cash flow

Net debt to equity: 0.12x as at September 30, 2026
Net cash generated from operating activities during H1 FY27: ₹409.9 crore, compared with ₹120.7 crore in H1 FY26
The release attributes part of the earnings growth to a reduction in finance costs

Management comment

The Chairman and Managing Director said the first half reflected continued growth supported by sustained demand, operating efficiencies and the benefits of integrated manufacturing, and that most orders for hard costs for the expansion project have already been placed.

Points to note

The release and presentation include a forward-looking statement caution: expectations on commissioning, capacity additions and future investments are subject to project execution, market conditions, regulatory developments and other risks, and are not guarantees of future performance.

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