Key Financial Figures

Half Year (H1) FY27 Performance (Consolidated)

  • Revenue from operations: ₹3,131.9 crore, representing a 45.1% year-on-year increase
  • EBITDA: ₹1,105.0 crore, representing a 47.4% year-on-year increase
  • Profit After Tax (PAT): ₹762.3 crore, representing a 79.1% year-on-year increase

Second Quarter (Q2) FY27 Performance (Consolidated)

  • Revenue from operations: ₹1,576.4 crore, representing a 39.4% year-on-year increase
  • Profit After Tax (PAT): ₹382.0 crore, representing a 60.6% year-on-year increase

Operating and Production Metrics

  • Solar PV module production in Q2 FY27: 952 MW (compared to 682 MW in Q2 FY26)
  • Solar cell production in Q2 FY27: 513 MW (compared to 319 MW in Q2 FY26)
  • Effective capacity utilization in Q2 FY27: 89% for solar cells, 44% for modules
  • Order book as of September 30, 2026: 10.4 GW
  • New order inflows during Q2 FY27: approximately 1.5 GW

Installed Manufacturing Capacity

As of September 30, 2026:

  • Modules: approximately 10.3 GW annual capacity
  • TOPCon solar cells: approximately 2.94 GW annual capacity

Capacity Expansion Projects

6 GW Integrated TOPCon Expansion

  • Project type: Integrated TOPCon module and cell manufacturing expansion
  • Current status: Progressing with most orders for hard costs already placed
  • Expected commissioning timeline: Module line by December 2026, cell line by March 2027
  • Post-expansion capacity: Approximately 16.3 GW modules and 8.9 GW cells annually
  • Commercial sales and utilization expected to ramp up progressively following commissioning

Backward Integration Plans

  • Planned phased integration into ingot and wafer manufacturing
  • Total planned capacity: 9 GW
  • Implementation schedule: 5 GW in FY29, additional 4 GW in FY30
  • Conditions: Subject to regulatory clarity on ALMM III implementation timelines and market conditions
  • Estimated capital expenditure: ₹5,000-5,500 crore
  • Funding: Expected to be largely through internal accruals

Balance Sheet and Cash Flow

  • Net debt to equity ratio as of September 30, 2026: 0.12x
  • Net cash generated from operating activities during H1 FY27: ₹409.9 crore (compared to ₹120.7 crore in H1 FY26)
  • Reduction in finance costs supported earnings growth during the period

Management Commentary

Mr. DV Manjunatha, Chairman & Managing Director, stated that the H1 FY27 performance reflects continued business growth supported by sustained demand, operating efficiencies, and benefits of integrated manufacturing. He emphasized that the 6 GW expansion 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.

Company Background

Emmvee Photovoltaic Power Limited (formerly Emmvee Photovoltaic Power Private Limited) is an Indian manufacturer of solar photovoltaic modules and TOPCon solar cells established in 2007. The company has a manufacturing footprint concentrated in Karnataka and serves domestic solar markets while expanding integrated manufacturing capabilities.

Forward-Looking Statements

The release includes statements regarding expected commissioning, capacity additions, and future investments. The company notes that actual outcomes may differ materially due to project execution, market conditions, regulatory developments, and other risks, and that such statements are not guarantees of future performance.