Emmvee H1 Revenue Surges 45% to ₹3,131.9 Cr; PAT Jumps 79% to ₹762.3 Cr
Emmvee Photovoltaic Power Limited reported H1 FY27 revenue up 45.1% to ₹3,131.9 crore and PAT up 79.1% to ₹762.3 crore. Q2 FY27 revenue grew 39.4% to ₹1,576.4 crore, with PAT up 60.6% to ₹382.0 crore. The company expects to commission its 6 GW module line by December 2026 and the 6 GW cell line by March 2027.
The strong financial performance, substantial capacity expansion plans, and significant increase in order book indicate a material positive impact on the company's future prospects and investor sentiment.
The company reported significant year-on-year growth in revenue and profit for both the quarter and half-year ended September 30, 2026. Expansion plans and increased production capacity further contribute to a positive outlook.
Emmvee Photovoltaic Power Limited announced its consolidated unaudited financial results for the second quarter and six months ended September 30, 2026.
For the first half of FY27, the company reported a 45.1% increase in revenue from operations, reaching ₹3,131.9 crore. EBITDA grew by 47.4% to ₹1,105.0 crore, and profit after tax (PAT) saw a significant rise of 79.1% to ₹762.3 crore.
In the second quarter of FY27, revenue from operations grew by 39.4% year-on-year to ₹1,576.4 crore, with PAT increasing by 60.6% to ₹382.0 crore.
Operational highlights for Q2 FY27 include a Solar PV module production of 952 MW (up from 682 MW in Q2 FY26) and a Solar cell production increase to 513 MW (from 319 MW in Q2 FY26). Capacity utilization stood at 89% for solar cells and 44% for modules. The order book at the end of Q2 FY27 was 10.4 GW, with new order inflows of approximately 1.5 GW during the quarter. As of September 30, 2026, the company's installed annual capacity was 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. The 6 GW module line is expected to be commissioned by December 2026, followed by the 6 GW cell line by March 2027. Additionally, plans for phased backward integration into 9 GW of ingot and wafer manufacturing (5 GW in FY29 and 4 GW in FY30) are underway, subject to regulatory clarity and market conditions. The estimated capital expenditure for this project is ₹5,000-5,500 crore, expected to be funded through internal accruals.
Financially, net debt to equity was 0.12x as of September 30, 2026. Net cash generated from operating activities in H1 FY27 was ₹409.9 crore, an increase from ₹120.7 crore in H1 FY26. Reduction in finance costs also contributed to earnings growth.
Mr. DV Manjunatha, Chairman & Managing Director, commented, "Our performance during the first half of FY27 reflects continued growth in the business, supported by sustained demand, operating efficiencies and the benefits of integrated manufacturing. Our 6 GW integrated TOPCon solar cell and module manufacturing facility expansion project is progressing in line with our schedule... Once fully commissioned, the expansion will increase our annual manufacturing capacity to approximately 16.3 GW of modules and 8.9 GW of cells."
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