Emmvee’s PAT more than doubles to Rs 380 crore in Q1 FY27
Emmvee Photovoltaic Power Limited reported its strongest quarterly performance to date for the quarter ended June 30, 2026, driven by higher production volumes, increased utilisation of internally manufactured solar cells and operating leverage from its expanded manufacturing base.
The company recorded growth across revenue, profitability and production during Q1 FY27, despite the first quarter historically being the weakest period for module dispatches.
Financial performance
Revenue from operations rose by 51% year-on-year to Rs 1,555.5 crore in Q1 FY27 from Rs 1,027.8 crore in the corresponding quarter of the previous year.
Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 56% to Rs 548.1 crore from Rs 350.5 crore. EBITDA margin expanded to a record 35.2%, compared to 34.1% in Q1 FY26 and 32.8% in Q4 FY26.
Profit before tax stood at Rs 469.6 crore, up 96% from Rs 240.2 crore a year earlier.
Profit after tax (PAT) more than doubled to Rs 380.3 crore from Rs 187.7 crore in Q1 FY26, registering growth of 103%. PAT margin improved to an all-time high of 24.2%, compared to 18.01% in the corresponding quarter last year.
The improvement in margins was supported by higher internal consumption of solar cells and better utilisation of manufacturing facilities.
Production and utilisation
Emmvee recorded its highest-ever quarterly production during the quarter. Solar module production increased to 970 MW in Q1 FY27 from 635 MW in Q1 FY26, representing year-on-year growth of 53%. Solar cell production rose to 454 MW from 360 MW in the corresponding period of the previous year, reflecting growth of 26%.
The company reported effective solar cell capacity utilisation of 83%, the highest level achieved so far. This compares with 68% in Q1 FY26 and 79% in Q4 FY26. According to the company, the increase reflects the continued ramp-up of integrated operations and greater internal use of solar cells, which contributed significantly to margin expansion.
Effective module capacity utilisation stood at 45%, indicating available capacity to support further growth in production volumes during the remainder of the financial year.
As of June 30, 2026, Emmvee had installed annual manufacturing capacity of around 10.3 GW of solar modules and 2.94 GW of TOPCon solar cells.
The company secured fresh orders totalling 1.48 GW during Q1 FY27. With these additions, Emmvee’s order book reached an all-time high of around 9.9 GW, providing visibility for future revenues. The order pipeline remains diversified across independent power producers, commercial and industrial customers and other customer segments.
Emmvee said it expects the implementation of the Approved List of Models and Manufacturers (ALMM) List II from June 2026 to support future demand.
The framework requires the use of domestically manufactured solar cells for covered projects and is expected to benefit domestic manufacturers while supporting the company’s transition towards a fully Domestic Content Requirement (DCR)-compliant product portfolio.
Commenting on the performance, Mr. DV Manjunatha, Chairman & Managing Director, Emmvee Photovoltaic Power Ltd., said:
“This is the strongest first quarter in Emmvee’s history, with both production volumes and margins at all-time high. Our revenue, EBITDA and PAT growth reflects a clear improvement in the quality of our earnings, driven by deeper cell integration, operating leverage and disciplined execution.
Our strong order book, the implementation of ALMM List II and our on-track 6 GW integrated expansion give us confidence as we enter the next phase of India’s solar manufacturing growth.”
Expansion plans
The company is progressing with the development of a 6 GW integrated TOPCon cell and module manufacturing facility.
According to Emmvee, the module manufacturing line is expected to be commissioned by December 2026, while the cell manufacturing line is scheduled for commissioning by March 2027. Upon completion, the company’s installed manufacturing capacity is expected to increase to around 16.3 GW of modules and 8.9 GW of cells by early FY28.
The company stated that equipment orders representing around 60% of the project’s total hard cost have already been placed and construction activities are progressing in line with the planned commissioning schedule.
In addition, Emmvee is evaluating further backward integration through a proposed 9 GW ingot and wafer manufacturing facility, which is planned to be developed in two phases.
The featured photograph is for representation only.
