For H1 FY27, revenue from operations increased 45.1% to ₹3,131.9 crore, EBITDA grew 47.4% to ₹1,105.0 crore, and profit after tax (PAT) rose 79.1% to ₹762.3 crore.
For Q2 FY27, revenue from operations grew 39.4% year on year to ₹1,576.4 crore. With a PAT increase of 60.6% to ₹382.0 crore.
Operating and order book highlights
• Solar PV module production in Q2 FY27 was 952 MW, compared with 682 MW in Q2 FY26.
• Solar cell production increased to 513 MW from 319 MW in the corresponding quarter last year.
• Effective capacity utilisation in Q2 FY27 stood at 89% for solar cells and 44% for modules.
• The order book stood at 10.4 GW at the end of Q2 FY27, supported by new order inflows of approximately 1.5 GW during the quarter.
As at 30 September 2026, the Company had installed annual capacity of approximately 10.3 GW in modules and 2.94 GW in TOPCon solar cells. Emmvee is a leading integrated module
and cell manufacturer.
Capacity expansion and integration
Emmvee is progressing with its 6 GW integrated TOPCon module and cell manufacturing expansion. Commercial sales and utilisation are expected to ramp up progressively following
commissioning.
The Company also plans phased backward integration into 9 GW of ingot and wafer manufacturing, comprising 5 GW in FY29 and a further 4 GW in FY30. This remains subject to regulatory clarity on ALMM III implementation timelines and market conditions. The estimated capital expenditure for the proposed ingot and wafer project is ₹5,000-5,500 crore, expected to be funded largely through internal accruals.
Balance sheet and cash flow
Net debt to equity was 0.12x as at 30 September 2026. Net cash generated from operating activities during H1 FY27 was ₹409.9 crore, compared with ₹120.7 crore in H1 FY26. The reduction in finance costs also supported earnings growth during the period.
DV Manjunatha, Chairman & Managing Director, Emmvee Photovoltaic Power Ltd., said, “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. This represents an important step in deepening backward integration, strengthening domestic sourcing and supply-chain resilience, and building a more competitive business for the long term.”
