Emmvee's H1 Profit Jumps 79 Percent on Strong Solar Demand

Emmvee is progressing with a 6 GW integrated TOPCon solar cell and module manufacturing expansion.

October 15, 2026. By Abha Rustagi

Emmvee Photovoltaic Power reported a 79.1 percent rise in first-half profit, driven by strong demand, improved operating efficiency, and lower financing costs.

Consolidated profit after tax (PAT) rose to INR 762.3 crore in the six months ended September 30, compared with the year-earlier period, the solar module and cell manufacturer said in its unaudited financial results.

Revenue from operations increased 45.1 percent to INR 3,131.9 crore, while earnings before interest, tax, depreciation and amortisation (EBITDA) grew 47.4 percent to INR 1,105.0 crore in the first half of fiscal 2027.

For the second quarter, revenue from operations rose 39.4 percent year on year to INR 1,576.4 crore, while PAT increased 60.6 percent to INR 382.0 crore.

Solar photovoltaic module production rose to 952 MW in the quarter from 682 MW a year earlier, while solar cell production increased to 513 MW from 319 MW in the corresponding quarter last year.

Effective capacity utilisation stood at 89 percent for solar cells and 44 percent for modules during the quarter.

The company's order book stood at 10.4 GW at the end of the second quarter, supported by new order inflows of approximately 1.5 GW during the period.

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

The company is progressing with a 6 GW integrated TOPCon solar cell and module manufacturing expansion, with commercial sales and capacity utilisation expected to ramp up progressively after commissioning.

"We expect to commission the 6 GW module line by December 2026, followed by the 6 GW cell line by March 2027," said D.V. Manjunatha, Chairman and MD, Emmvee Photovoltaic Power.

"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, with most orders for hard costs already placed. We expect to commission the 6 GW module line by December 2026, followed by the 6 GW cell line by March 2027. Commercial sales will be aligned with commissioning, with utilisation increasing progressively thereafter. Once fully commissioned, the expansion will increase our annual manufacturing capacity to approximately 16.3 GW of modules and 8.9 GW of cells,” added Manjunatha.

Emmvee also plans to develop 9 GW of ingot and wafer manufacturing capacity in phases, comprising 5 GW in fiscal 2029 and a further 4 GW in fiscal 2030. The plans are subject to regulatory clarity on the implementation timeline for ALMM III and prevailing market conditions.

The proposed ingot and wafer project is estimated to require capital expenditure of INR 5,000-5,500 crore, which the company expects to fund largely through internal accruals.

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