Emmvee Photovoltaic Power544608Earnings call transcript

Q2FY27 call: H1 revenue INR3,132 crores, PAT INR762 crores; expansion on track

Transcript of the Oct 15, 2026 Q2FY27 earnings call.

By ScoutQuest · Wed 21 Oct 2026, 6:08 PM IST · 3 min read

INR3,132 crores

Q2 FY27INR1,576 croresH1 FY27INR3,132 crores

Revenue from operations: INR1,576 crores (Q2 FY27) and INR3,132 crores (H1 FY27).

H1 FY27 Revenue: INR3,132 crores (up 45%)
H1 FY27 PAT: INR762 crores (up 79%)
Q2 Finance Cost: about INR9.5 crores vs INR55.2 crores a year earlier

What this document is

This is the transcript of the Q2FY27 earnings conference call held on October 15, 2026. The Chairman and Managing Director, the CEO and the CFO spoke about the quarter and half year ended September 30, 2026 and took questions from analysts and investors.

H1 FY27: management calls it the strongest half-year so far

Revenue from operations: INR3,132 crores, up 45% year-on-year
EBITDA: INR1,105 crores, up 47% year-on-year
Profit after tax: INR762 crores, up 79% year-on-year
EBITDA margin maintained at about 35%

Management said the performance stayed consistent with the guidance it had given, even as the industry moved through changes in the implementation of ALMM regulations and geopolitical issues.

Q2 FY27 on its own

Revenue from operations: INR1,576 crores, up 39% year-on-year
Profit after tax: INR382 crores, up 61% year-on-year
Finance cost: about INR9.5 crores, against INR55.2 crores in the same quarter last year
Revenue and EBITDA were broadly in line with the previous quarter, per management

The fall in finance cost was attributed to a stronger balance sheet after IPO proceeds were used to repay debt. Profit grew faster than revenue, which management linked to this lower finance cost.

Cash generation

Net cash generated from operating activities: about INR410 crores in H1 FY27, against INR121 crores in H1 FY26, an improvement of about 239%

Management described this as an important indicator because the company is investing in expanding manufacturing capacity.

Expansion and forward-looking guidance

The 6 gigawatt integrated TOPCon cell and module project is stated to be on track
Module manufacturing facility commissioning expected by December, cell manufacturing facility by March 2027
After completion, total installed capacity is expected to rise to about 16.3 gigawatt of modules and 8.9 gigawatt of cells
The two capacities are designed to deliver broadly equivalent annual output, since cells can run at higher utilisation than modules
Backward integration into ingot and wafer is planned at 9 gigawatt, built in two phases of 5 gigawatt and 4 gigawatt
The timing of that investment will be guided by regulatory developments, particularly ALMM List-III, prevailing market conditions and long-term economic viability
The company said its inclusion in G12R TOPCon cells under ALMM List-II supports its ability to serve customer requirements

Management's view of the industry

The first half of calendar year 2027 saw India's highest-ever solar installation for a six-month period
On the current installation trajectory, domestic module demand is running at a pace that could translate into about 64% year-on-year growth this year
Demand is described as coming from utility-scale, commercial and industrial, rooftop and government-supported programmes
ALMM-II for solar cells is seen as strengthening domestic manufacturing, with some transitional provisions in place

What a retail investor can take from this

The call is a management narrative, not a fresh set of audited numbers: the growth figures, margin, lower finance cost and cash flow are how management presented the half year.
The forward-looking parts are the commissioning timelines for the module and cell plants, the resulting capacity figures, and the conditional plan for ingot and wafer manufacturing.
The company's own disclaimer notes that outlook statements must be read along with the risks the business faces, so timelines and plans can change.

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