Emmvee Q2 FY27 revenue up 39% to ₹15.8 bn, PAT up 61%; 6 GW cell-and-module expansion on track, 9 GW ingot-wafer plan
Q2 FY27 revenue up 39% to INR 15,764 mn, EBITDA margin 35%, PAT up 61% to INR 3,820 mn; order book 10,404 MW.
By ScoutQuest · · 1 min read
- Q2 FY27 Revenue from Operations
- INR 15,764 mn, up 39% year on year
- Q2 FY27 PAT
- INR 3,820 mn, up 61%
- Q2 FY27 EBITDA Margin
- 35% (EBITDA INR 5,569 mn)
- Period
- Quarter and half year ended September 30, 2026
- Positioning
- Emmvee presents itself as an integrated Indian solar cell and module maker with 10.3 GW module and 2.94 GW cell capacity, deepening backward integration.
📈 Q2 FY27 revenue from operations was INR 15,764 mn, up 39% year on year, with EBITDA of INR 5,569 mn at a 35% margin and PAT of INR 3,820 mn, up 61%. H1 FY27 revenue was INR 31,319 mn (up 45%) and PAT INR 7,623 mn (up 79%), helped by finance costs falling to INR 95 mn in Q2 from INR 552 mn.
📋 Cell utilisation reached 89% in Q2 while module utilisation was 44%; the order book stood at 10,404 MW, and the company says 1.5 GW of new orders in Q2 provides revenue visibility.
🏭 Management states the 6 GW integrated TOPCon cell and module expansion is progressing in line, with the module line expected by December 2026 and the cell line by March 2027, taking capacity to about 16.3 GW modules and 8.9 GW cells by early FY28. Project cost is estimated at about ₹5,500 crore with debt of about ₹3,300 crore.
🏭 The presentation lists plans for a 9 GW ingot and wafer facility in two phases, 5 GW in FY29 and 4 GW in FY30, at an estimated ₹5,000-5,500 crore funded largely through internal accruals, subject to ALMM III clarity. The company says ALMM List-II, which now includes G12R cells, widens its addressable opportunity.
Also from Emmvee Photovoltaic Power
Q2FY27 call: H1 revenue INR3,132 crores, PAT INR762 crores; expansion on track
21 Oct 2026
Emmvee Photovoltaic Power uploads audio recording of Q2FY27 earnings call held October 15, 2026
15 Oct 2026
Emmvee Q2 FY27 revenue rises 39.4% to ₹1,576.4 crore; H1 PAT up 79% to ₹762.3 crore
14 Oct 2026
More numbers
- Revenue from operations, Q2 FY2715,764 (INR mn)
- Revenue growth Y-Y, Q2 FY2739%
- EBITDA, Q2 FY275,569 (INR mn)
- EBITDA margin, Q2 FY2735%
- Profit after tax, Q2 FY273,820 (INR mn)
- PAT growth Y-Y, Q2 FY2761%
- Revenue from operations, H1 FY2731,319 (INR mn)
- Profit after tax, H1 FY277,623 (INR mn)
- Revenue from operations, FY2650,499 (INR Mn)
- Cell capacity utilisation, Q2FY2789%
- 6 GW project cost estimate₹5,500 crore
- 6 GW project debt₹3,300 crore
- Total borrowings non-current, H1FY278,496 (INR Mn)
- Cash and cash equivalents, H1FY273,795 (INR Mn)
- Order book10,404 (MW)
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