Emmvee Photovoltaic Power Ltd has reported its strongest first-quarter performance to date for the quarter ended June 30, 2026, supported by higher production volumes, increased use of internally manufactured solar cells, and operating leverage across its expanded manufacturing base.
Revenue from operations increased 51% year-on-year to INR 1,555.5 crore. EBITDA grew 56% to INR 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 INR 380.3 crore, with PAT margin at a record 24.2%.
DV Manjunatha, chairman & managing director, Emmvee Photovoltaic Power Ltd, said the company’s revenue, EBITDA and PAT growth reflects a clear improvement in the quality of its 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,” he added.
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, Emmvee Photovoltaic Power had annual installed manufacturing capacity of around 10.3 GW for solar modules and 2.94 GW for TOPCon solar cells, with all manufacturing facilities located within a 100-kilometre radius in Karnataka.
Emmvee secured order inflows of 1.48 GW during Q1 FY27, taking its order book to an all-time high of around 9.9 GW, providing strong revenue visibility for the coming quarters. The company said its 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.
According to the company, its 6 GW integrated TOPCon cell and module facility is progressing as per schedule, with the module line expected to be commissioned by December 2026 and the cell line by March 2027. This will take its 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.
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