Emmvee Photovoltaic Power544608Quarterly results

Emmvee Q2 FY27 revenue rises 39.4% to ₹1,576.4 crore; H1 PAT up 79% to ₹762.3 crore

Emmvee has shared its unaudited consolidated results for the quarter and half year ended 30 September 2026.

By ScoutQuest · Wed 14 Oct 2026, 7:16 PM IST · 2 min read

₹3,131.9 crore

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

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

H1 FY27 Revenue from Operations: up 45.1% to ₹3,131.9 crore
H1 FY27 PAT: up 79.1% to ₹762.3 crore
Q2 FY27 Revenue from Operations: up 39.4% year on year to ₹1,576.4 crore

Results at a glance

Emmvee Photovoltaic Power Limited announced its unaudited consolidated financial results for the second quarter and six months ended 30 September 2026.

Revenue from operations for H1 FY27 rose 45.1% to ₹3,131.9 crore.
EBITDA grew 47.4% to ₹1,105.0 crore.
Profit after tax (PAT) rose 79.1% to ₹762.3 crore.

For Q2 FY27 alone, revenue from operations grew 39.4% year on year to ₹1,576.4 crore, with PAT up 60.6% to ₹382.0 crore.

Production and utilisation

Solar PV module production in Q2 FY27 was 952 MW, compared with 682 MW in Q2 FY26.
Solar cell production increased to 513 MW from 319 MW in the corresponding quarter last year.
Effective capacity utilisation in Q2 FY27 stood at 89% for solar cells and 44% for modules.

Order book

The 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.

Capacity and expansion

As at 30 September 2026, the company had installed annual capacity of approximately 10.3 GW in modules and 2.94 GW in TOPCon solar cells.

The company is progressing with its 6 GW integrated TOPCon module and cell manufacturing expansion, with commercial sales and utilisation expected to ramp up progressively following commissioning.
The company expects to commission the 6 GW module line by December 2026, followed by the 6 GW cell line by March 2027.
Once fully commissioned, annual manufacturing capacity is expected to rise to approximately 16.3 GW of modules and 8.9 GW of cells.

Backward integration plan

The company also plans phased backward integration into 9 GW of ingot and wafer manufacturing, comprising 5 GW in FY29 and a further 4 GW in FY30.
This remains 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 was 0.12x as at 30 September 2026.
Net cash generated from operating activities during H1 FY27 was ₹409.9 crore, compared with ₹120.7 crore in H1 FY26.

The release states that the reduction in finance costs also supported earnings growth during the period.

Management comment

The Chairman and Managing Director said the first half of FY27 reflects continued growth in the business, supported by sustained demand, operating efficiencies and the benefits of integrated manufacturing, and that the 6 GW expansion project is progressing in line with schedule with most orders for hard costs already placed.

What to watch

The release includes forward-looking statements regarding expected commissioning, capacity additions and future investments, and notes that actual outcomes may differ materially due to project execution, market conditions, regulatory developments and other risks, and that such statements are not guarantees of future performance.

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