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Financial Performance Highlights

Q2 FY27 Results (Quarter Ended September 30, 2026)

  • Total Revenues: ₹15,789 million, up 37.4% YoY and 0.4% QoQ
  • EBITDA: ₹5,569 million, up 39.4% YoY and 1.6% QoQ
  • EBITDA Margin: 35.3%, improved by 1 basis point YoY and 9 basis points QoQ
  • PAT: ₹3,820 million, up 60.6% YoY and 0.5% QoQ
  • PAT Margin: 24.2%, improved from 21.0% in Q2 FY26
  • Finance Costs: ₹95 million, significantly reduced from ₹552 million in Q2 FY26

H1 FY27 Results (Half Year Ended September 30, 2026)

  • Total Revenues: ₹31,509 million, up 44% YoY
  • EBITDA: ₹11,050 million, up 47% YoY
  • PAT: ₹7,623 million, up 79% YoY

Operational Metrics

  • Module Production: 952 MW in Q2FY27
  • Cell Production: 513 MW in Q2FY27 at 89% utilization rate
  • Module Utilization: 44% providing headroom for future volumes
  • Order Book: 10.4 GW as of Q2FY27
  • New Order Inflow: 1.5 GW in Q2FY27

Capacity Expansion Targets

  • FY27 Module Capacity Target: 16.3 GW
  • FY27 Cell Capacity Target: 8.9 GW
  • Current Capacity: 10.3 GW solar module and 2.94 GW TOPCon cell production capacity

Business Strategy and Market Position

  • Pure-play integrated module and cell manufacturer with 2 decades of experience
  • All five manufacturing units located within a 100 km radius in Karnataka
  • Featured in ALMM List II, positioned to capitalize on Domestic Content Requirement (DCR) market
  • Complex tenders (FDRE, RTC, firm power) with mandated BESS requiring up to 2× DC module capacity expected to drive further demand
  • Expansion timed to match expected acceleration in domestic cell demand from ALMM II

Financial Statements Summary

Balance Sheet Position (H1FY27)

  • Total Assets: ₹68,407 million
  • Property, Plant and Equipment: ₹24,519 million
  • Capital Work-in-Progress: ₹2,133 million
  • Inventories: ₹18,842 million
  • Trade Receivables: ₹8,194 million
  • Cash and Cash Equivalents: ₹3,795 million
  • Total Equity: ₹43,901 million
  • Borrowings (Non-current): ₹8,496 million
  • Net Debt/Equity Ratio: 0.12x

Profitability Ratios

  • ROCE: 35.1%
  • ROE: 36.1%

Corporate Governance

Board of Directors

  • Shubha Manjunatha Donthi: Non-Executive Director, Promoter with 30 years experience in renewable energy
  • Ram Kumar Tiwari: Non-Executive Independent Director, MSc Engineering, 45+ years experience in electrical and energy sector, former BHEL executive
  • Sambasivarao Chandramouleswara Sharada: Non-Executive Independent Director, Company Secretary with 30+ years experience
  • Santosh Kumar Mohanty: Non-Executive Independent Director, Retired Indian Revenue Service Commissioner of Income Tax, former SEBI Executive Director

Industry Context

  • India installed ~150 GW solar capacity, with last 50 GW added in 14 months
  • FY26 added ~45 GW solar capacity
  • CPSU Phase II scheme: ~12 GW opportunity with ~8.2 GW sanctioned
  • PM-KUSUM scheme: ~35 GW opportunity with 10.2 GW installed
  • PM Surya Ghar: ~30 GW opportunity with 9.6 GW installed
  • Limited domestic manufacturing of DCR modules and cells in country
  • Domestic module prices using domestic cells ~60% higher than those using imported cells

Additional Information

  • Investor presentation available at https://www.emmveepv.com/investors
  • Document digitally signed by Murugesh C, Company Secretary and Compliance Officer on October 14, 2026