Emmvee Photovoltaic Q1 PAT Doubles to ₹380 Crore

Financial Performance Summary

Emmvee Photovoltaic Power Limited reported its strongest first-quarter performance for Q1 FY27 (quarter ended June 30, 2026), with record financial results driven by higher production volumes and deeper integration of internally manufactured solar cells.

Key Financial Metrics:

| Particulars | Q1 FY27 | Q1 FY26 | YoY Change |

| EBITDA margin | 35.2% | 34.1% | +114 bps |

| PAT margin | 24.2% | 18.01% | +618 bps |

Operational Performance

Production Volumes:

Solar module production: 970 MW (+53% YoY from 635 MW in Q1 FY26)
Solar cell production: 454 MW (+26% YoY from 360 MW in Q1 FY26)

Capacity Utilization:

Effective solar cell capacity utilization: 83% (vs 68% in Q1 FY26 and 79% in Q4 FY26)
Effective module capacity utilization: 45%

Installed Manufacturing Capacity (as of Q1 FY27 end):

Solar modules: approximately 10.3 GW annual capacity
TOPCon solar cells: approximately 2.94 GW annual capacity

Order Book and Demand Outlook

Order inflow during Q1 FY27: 1,484 MW
Order book at all-time high: approximately 9.9 GW
Repeat customer rate: 57% during the quarter
Customer base diversified across independent power producers, commercial and industrial customers, and other categories

The Company expects the Approved List of Models and Manufacturers (ALMM) List II, implemented from June 2026, to be a demand tailwind as it mandates domestically manufactured solar cells for covered projects. This is expected to support the company's transition towards a fully DCR-compliant product portfolio.

Capacity Expansion Update

6 GW Integrated TOPCon Cell and Module Facility:

Module line expected commissioning: December 2026
Cell line expected commissioning: March 2027
Post-expansion capacity: approximately 16.3 GW modules and 8.9 GW cells by early FY28
Equipment orders placed covering approximately 60% of project's total hard cost
Construction progressing on schedule

Future Plans:

Evaluating backward integration into ingot and wafer manufacturing through a proposed 9 GW facility, planned in two phases

Management Commentary

Mr. DV Manjunatha, Chairman & Managing Director, stated: "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."

Company Background

Emmvee Photovoltaic Power Limited is a pure-play integrated solar photovoltaic module and cell manufacturer with two decades of experience. All manufacturing facilities are located within a 100-kilometre radius in Karnataka. The company was listed on NSE and BSE on November 18, 2025.

Safe Harbour Statement

The press release contains forward-looking statements based on current expectations, assumptions and estimates, subject to risks and uncertainties including changes in market demand, competition, pricing, input costs, supply-chain conditions, regulatory policies, project execution schedules and general economic conditions.