Emmvee Photovoltaic Power Reports Q1 FY27 Revenue of INR 1,555.5 Crore, PAT Jumps 103 Percent to INR 380.3 Crore

Emmvee Photovoltaic Power has reported its strongest first quarter to date for Q1 FY27, with revenue rising 51 percent and profit after tax (PAT) surging 103 percent year on year, supported by higher production volumes, deeper integration of internally manufactured solar cells and improved operating leverage across its expanded manufacturing facilities.

The company’s revenue from operations increased 51 percent year on year to INR 1,555.5 crore in Q1 FY27 from INR 1,027.8 crore in the corresponding quarter of the previous fiscal. Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 56 percent to INR 548.1 crore from INR 350.5 crore, while the EBITDA margin improved to a record 35.2 percent from 34.1 percent a year earlier.

Profit before tax nearly doubled to INR 469.6 crore from INR 240.2 crore in Q1 FY26. Profit after tax increased 103 percent year on year to INR 380.3 crore from INR 187.7 crore, with the PAT margin expanding to an all-time high of 24.2 percent from 18.01 percent in the corresponding quarter last year.

Operationally, Emmvee achieved its highest-ever quarterly production during the reporting period. Solar module production increased 53 percent year on year to 970 MW from 635 MW, while solar cell production rose 26 percent to 454 MW from 360 MW in Q1 FY26.

The company said that effective solar cell capacity utilisation improved to a record 83 percent from 68 percent a year earlier, reflecting the continued ramp-up of integrated operations and higher internal solar cell consumption, which remained the primary driver of margin expansion. Effective module capacity utilisation stood at 45 percent, providing significant headroom for further production growth.

As of June 30, 2026, Emmvee had an installed annual manufacturing capacity of approximately 10.3 GW for solar modules and 2.94 GW for TOPCon solar cells.

During the quarter, the company secured fresh orders totalling 1.48 GW, taking its order book to an all-time high of around 9.9 GW. The order pipeline remains diversified across independent power producers, commercial and industrial customers and other customer segments, while the repeat customer rate increased to 57 percent during the quarter.

The company said that its inclusion in the Approved List of Models and Manufacturers (ALMM) List II, implemented from June 2026 and mandating domestically manufactured solar cells for covered projects, is expected to support demand over the coming quarters and accelerate its transition towards a fully domestic content requirement (DCR) compliant product portfolio.

Commenting on the results, DV Manjunatha, Chairman and Managing Director of Emmvee Photovoltaic Power Ltd., said that the company's strongest first-quarter performance reflected improved earnings quality driven by deeper cell integration, operating leverage and disciplined execution. He added that the strong order book, implementation of ALMM List II and the planned 6 GW integrated capacity expansion position the company for its next phase of growth.

On the expansion front, Emmvee said that  its 6 GW integrated TOPCon solar cell and module manufacturing facility is progressing as planned. The module production line is expected to be commissioned by December 2026, followed by the cell production line by March 2027. Once operational, the expansion will increase the company's installed manufacturing capacity to approximately 16.3 GW of solar modules and 8.9 GW of solar cells by early FY28.

The company added that equipment orders covering around 60 percent of the project's total hard cost have already been placed, while construction is progressing according to schedule. It is also evaluating backward integration into ingot and wafer manufacturing through a proposed 9 GW facility to be developed in two phases.