Revenue from operations increased by 51% year-on-year to ₹1,555.5 crore. EBITDA grew by 56% to ₹548.1 crore, with EBITDA margin expanding to an all-time high of 35.2%, up from 34.1% in Q1 FY26 and 32.8% in Q4 FY26. Profit after tax more than doubled, increasing 103% to ₹380.3 crore, with PAT margin at a record 24.2%. This is despite the first quarter being the softest seasonally for module dispatches in prior years.
Financial performance
| Particulars | Q1 FY27 | Q1 FY26 | YoY change |
| Revenue from operations | ₹1,555.5 crore | ₹1,027.8 crore | +51% |
| EBITDA | ₹548.1 crore | ₹350.5 crore | +56% |
| EBITDA margin | 35.2% | 34.1% | +114 bps |
| Profit before tax | ₹469.6 crore | ₹240.2 crore | +96% |
| Profit after tax | ₹380.3 crore | ₹187.7 crore | +103% |
| PAT margin | 24.2% | 18.01% | +618 bps |
Operational performance
Emmvee recorded its highest-ever quarterly production volumes during Q1 FY27. Solar module production increased by 53% YoY to 970 MW, compared with 635 MW in Q1 FY26. Solar cell production increased by 26% YoY to 454 MW, compared with 360 MW in the corresponding quarter of the previous year.
Effective solar cell capacity utilisation improved to a record 83%, from 68% in Q1 FY26 and 79% in Q4 FY26, reflecting the continued ramp-up of integrated operations and higher internal cell consumption – the primary driver of margin expansion. Effective module capacity utilisation stood at 45%, providing ample headroom to support volume growth through the year.
As at the end of Q1 FY27, the Company had installed annual manufacturing capacity of approximately 10.3 GW for solar modules and 2.94 GW for TOPCon solar cells.
Order book and demand outlook
The Company secured order inflows of 1.48 GW during Q1 FY27, taking its order book to an all-time high of approximately 9.9 GW, providing strong revenue visibility for the coming quarters. The order book remains diversified across independent power producers, commercial and industrial customers and other customer categories, with the repeat customer rate increasing to 57% during the quarter.
Emmvee features in the Approved List of Models and Manufacturers (ALMM) List II, implemented from June 2026, which mandates domestically manufactured solar cells for covered projects. The Company expects this framework to be a demand tailwind over the coming quarters and to support its transition towards a fully DCR-compliant product portfolio.
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.”
Capacity expansion update
• The 6 GW integrated TOPCon cell and module facility is progressing in line with its implementation plan: the module line is expected to be commissioned by December 2026 and the cell line by March 2027, taking installed capacity to approximately 16.3 GW of modules and
8.9 GW of cells by early FY28.
• Equipment orders covering approximately 60% of the project’s total hard cost have been placed, and construction is progressing on schedule to meet the targeted commissioning timelines.
• The Company is also evaluating backward integration into ingot and wafer manufacturing through a proposed 9 GW facility, planned in two phases.
