Mumbai: Emmvee Photovoltaic Power Limited on Wednesday announced its unaudited consolidated financial results for the second quarter and six months ended 30 September 2026, reporting substantial growth in revenue and profit.
Financial Highlights
For the first half of FY27, revenue from operations increased to ₹3,131.9 crore, with EBITDA growing 47.4 per cent to ₹1,105.0 crore. The company’s profit after tax (PAT) rose 79.1 per cent to ₹762.3 crore.
Quarterly Performance
In the second quarter of FY27, revenue from operations grew 39.4 per cent year-on-year to ₹1,576.4 crore. PAT for the quarter saw a 60.6 per cent increase, reaching ₹382.0 crore.
Production and Order Book
Solar PV module production in Q2 FY27 stood at 952 MW, up from 682 MW in Q2 FY26. Solar cell production increased to 513 MW from 319 MW in the previous year's corresponding quarter. The order book reached 10.4 GW by the end of Q2 FY27, with new order inflows of approximately 1.5 GW during the quarter.
Capacity Expansion
The company is advancing its 6 GW integrated TOPCon module and cell manufacturing expansion. Emmvee expects to commission the 6 GW module line by December 2026, followed by the 6 GW cell line by March 2027. This expansion is projected to increase annual manufacturing capacity to approximately 16.3 GW of modules and 8.9 GW of cells.
Backward Integration Plans
Emmvee also plans phased backward integration into 9 GW of ingot and wafer manufacturing, with 5 GW planned for FY29 and an additional 4 GW for FY30. This project has an estimated capital expenditure of ₹5,000-5,500 crore, primarily funded through internal accruals.
Balance Sheet and Cash Flow
The net debt to equity ratio was 0.12x as at 30 September 2026. Net cash generated from operating activities during H1 FY27 was ₹409.9 crore, a significant rise from ₹120.7 crore in H1 FY26. A reduction in finance costs also contributed to earnings growth.
Management Commentary
DV Manjunatha, Chairman and Managing Director, Emmvee Photovoltaic Power, stated that the company’s H1 FY27 performance reflects continued business growth, supported by demand, operating efficiencies, and integrated manufacturing benefits. He added that the expansion project is on schedule, with commissioning of the module line expected by December 2026 and the cell line by March 2027.
Disclaimer: This story is based on company exchange filings and is for informational purposes only. Investors should evaluate risks before making decisions.
