Emmvee Q2FY27 Revenue Surges 39% YoY to ₹15,764 Crore; PAT Jumps 61%
Emmvee reported Q2 FY27 revenue of ₹15,764 million (₹157.64 crore), up 39% YoY. PAT rose 61% YoY to ₹3,820 million (₹38.20 crore). The company is expanding its integrated cell and module capacity to 16.3 GW (modules) and 8.9 GW (cells) by early FY28 with an investment of ₹5,500 crore. Future plans include backward integration into wafer manufacturing.
The significant increase in revenue and profit, coupled with substantial ongoing and future capital expenditure plans for capacity expansion and backward integration, will have a material impact on the company's future growth and market position.
The company has reported strong year-on-year growth in revenue and profit, along with positive operational performance and clear expansion plans, indicating a favorable financial and business outlook.
Emmvee Photovoltaic Power Limited (EMMVEE) has announced its financial results for the second quarter and half-year ended September 30, 2026. The company reported a significant year-on-year (YoY) growth in revenue from operations, which increased by 39% to ₹15,764 million (₹157.64 crore) for Q2 FY27, compared to ₹11,310 million (₹113.10 crore) in Q2 FY26. Sequentially, revenue saw a modest increase of 1% from ₹15,555 million (₹155.55 crore) in Q1 FY27.
Profit After Tax (PAT) for the quarter surged by 61% YoY to ₹3,820 million (₹38.20 crore), up from ₹2,379 million (₹23.79 crore) in the same period last year. The PAT margin improved to 24% from 21% in Q2 FY26, driven by a sharp decline in finance costs. EBITDA also saw a substantial YoY increase of 39% to ₹5,569 million (₹55.69 crore), with the EBITDA margin maintained at a strong 35%.
Operationally, the company produced 952 MW of solar PV modules and 513 MW of solar cells in Q2 FY27. Module capacity utilization stood at 44%, while cell utilization was a robust 89%. The company ended the quarter with a healthy order book of 10.4 GW.
Emmvee is also progressing on its expansion plans, including a 6 GW integrated cell and module facility, expected to increase total capacity to approximately 16.3 GW of modules and 8.9 GW of cells by early FY28. The module line is slated for commissioning by December 2026, and the cell line by March 2027. This expansion is estimated to cost around ₹5,500 crore (₹55 billion). Furthermore, plans are in place for backward integration into ingot and wafer manufacturing with a 9 GW facility, with an estimated capex of ₹5,000-5,500 crore (₹50-55 billion), to be funded largely through internal accruals.
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Emmvee Photovoltaic Power Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Emmvee Photovoltaic Power Limited. Read the original for the full detail.