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Bengaluru-based solar module and cell manufaturing company Emmvee Photovoltaic Power has reported an increase in both revenue and profit in its consolidated financial results for the second quarter and six months ended September 30, 2026. Quarterly growth however remained subdued as it waits on its manufacturing expansion to take effect.
For H1 FY27, Emmvee’s revenue from operations rose 45.1% to ₹3,131.9 crore, while EBITDA grew 47.4% to ₹1,105.0 crore. Profit after tax (PAT) increased 79.1% to ₹762.3 crore.
For Q2 FY27, revenue from operations grew 39.4% year-on-year (YoY) to ₹1,576.4 crore, while PAT increased 60.6% to ₹382.0 crore. The growth was supported by higher production and an expanding order book. During Q2 FY27, its solar module production increased to 952 MW from 682 MW in Q2 FY26. Its solar cell production also rose to 513 MW from 319 MW in the corresponding quarter of the previous year. the firm’s stock however, reacted negatively on opening after the results, down almost 2%. the drop is linked to market weakness as well as the expected gap between module and cell capacity, that the foirm expects to narrow only by March 2027 as its cell capacity expansion takes effect. 
Effective capacity utilisation in Q2 FY27 stood at 89% for solar cells and 44% for modules. The company’s order book stood at 10.4 GW at the end of Q2 FY27, supported by new order inflows of approximately 1.5 GW during the quarter.

On a quarter-on-quarter (QoQ) basis, its revenue rose 1.3% from Rs. 1,555.5 crore in the June quarter, in the first quarter of FY27 (Q1 FY27), to Rs. 1,576.4 crore in the September quarter (Q2 FY27).
Similarly, quarterly, Emmvee’s profit for the period also rose 60.6% YoY to ₹382.05 crore from ₹237.86 crore in Q2 FY26, while QoQ profit grew 0.5% from ₹380.29 crore in Q1 FY27.
As of September 30, 2026, Emmvee had installed annual manufacturing capacity of approximately 10.3 GW for solar modules and 2.94 GW for TOPCon solar cells. The company operates as an integrated solar module and cell manufacturer.
Emmvee is progressing with a 6 GW integrated TOPCon solar cell and module manufacturing expansion. Commercial sales and capacity utilisation are expected to ramp up progressively following commissioning.
The company also plans to expand its backward integration into ingot and wafer manufacturing through a phased addition of 9 GW of capacity, comprising 5 GW in FY29 and a further 4 GW in FY30. The plan remains subject to regulatory clarity on the implementation timelines of ALMM III and prevailing market conditions.
The proposed ingot and wafer manufacturing project is expected to require capital expenditure of ₹5,000–5,500 crore, which will be funded largely through internal accruals.
As of September 30, 2026, Emmvee’s net debt-to-equity ratio stood at 0.12x. Net cash generated from operating activities during H1 FY27 reached ₹409.9 crore, compared with ₹120.7 crore in H1 FY26.
Commenting on the performance, DV Manjunatha, Chairman & Managing Director, Emmvee Photovoltaic Power Ltd., said, “Our 6 GW integrated TOPCon solar cell and module manufacturing facility expansion project is progressing in line with our schedule, with most orders for hard costs already placed. We expect to commission the 6 GW module line by December 2026, followed by the 6 GW cell line by March 2027. Commercial sales will be aligned with commissioning, with utilisation increasing progressively thereafter. Once fully commissioned, the expansion
will increase our annual manufacturing capacity to approximately 16.3 GW of modules and 8.9 GW of cells.”
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