Emmvee Photovoltaic Power Limited (EMMVEE)
₹277.20 -1.74% last close, 16 Oct
Q2 FY27 results
Emmvee Photovoltaic Power Limited reported Q2 FY27 results on 14 Oct 2026: revenue ₹1,576 Cr (+39.4% year on year, +1.3% on the previous quarter), and net profit ₹382 Cr (+60.6% year on year); the operating margin was 35.3%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,576 | +39.4% | +1.3% |
| Operating profit | ₹557 | +39.4% | +1.6% |
| Net profit | ₹382 | +60.6% | +0.5% |
| Operating margin | 35.3% | — | — |
- Profit -18% below its own trend
Quality of profit: of pre-tax profit of ₹465 Cr, ₹463 Cr (99%) came from the core business and the rest from other income and one-off items. Core profit (operating profit less interest and depreciation) moved +69.4% year on year.
Against its own trend: net profit of ₹382 Cr was -18.0% against the ₹466 Cr its recent growth pointed to (below trend). This is a statistical baseline, not an analyst estimate.
Share price since the results: -7.4% (close before the filing to the latest close).
EMMVEE delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 29.77% of the EMMVEE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 43.59%. That is lower than usual for this stock.
Delivery in the last 5 sessions: 52.4% · 50.2% · 60.0% · 34.5% · 29.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Emmvee Photovoltaic Power reported strong Q2FY27 performance with total revenue from operations up 39% YoY to ₹1,576.4 crore and PAT rising 60.6% YoY to ₹382.0 crore. Operating EBITDA margins remained solid at 35.3% (₹556.9 crore), supported by high solar cell capacity utilization of 89%. The total order book reached 10.4 GW, backed by 1.5 GW of new order inflows in Q2FY27. Progress on its ₹5,500 crore integrated TOPCon expansion (6 GW modules by Dec 2026, 6 GW cells by Mar 2027) remains on track.
- Q2FY27 Revenue from operations reached ₹1,576.4 crore, up 39% YoY
- EBITDA grew 39.4% YoY to ₹556.9 crore with sustained 35.3% margins
- PAT surged 60.6% YoY to ₹382.0 crore supported by lower finance costs
- Order book stood at 10.4 GW with 1.5 GW added during the quarter
- Ongoing 6 GW integrated expansion on track at ₹5,500 crore project cost (~99% of TTM revenue)
Emmvee Photovoltaic Power reported strong H1 FY27 results with revenue climbing 45.1% YoY to ₹3,131.9 crore and PAT surging 79.1% YoY to ₹762.3 crore. For Q2 FY27, revenue rose 39.4% YoY to ₹1,576.4 crore, while net profit grew 60.6% YoY to ₹382.0 crore. The order book stood robust at 10.4 GW, supported by 1.5 GW order inflows in Q2. Additionally, the company announced plans for backward integration into 9 GW ingot and wafer manufacturing with an estimated capex of ₹5,000-5,500 crore (equivalent to ~26% of market cap).
- H1 FY27 revenue rose 45.1% to ₹3,131.9 crore; PAT increased 79.1% to ₹762.3 crore
- Q2 FY27 revenue grew 39.4% YoY to ₹1,576.4 crore and PAT expanded 60.6% YoY to ₹382.0 crore
- Order book stood at 10.4 GW at the end of Q2 FY27, with 1.5 GW added during the quarter
- Planned ₹5,000-5,500 crore capex for 9 GW ingot and wafer backward integration across FY29-FY30
- Ongoing 6 GW module expansion to commission by December 2026, followed by 6 GW cells by March 2027
Emmvee Photovoltaic Power reported strong Q2 FY27 performance with revenue growing 39.4% YoY to ₹1,576.4 crore and PAT surging 60.6% YoY to ₹382.0 crore. Operating EBITDA margin remained robust at 35.3%, while net debt-to-equity remained low at 0.12x. The company reported an order book of 10.4 GW backed by 1.5 GW of new order inflows in Q2. Additionally, its 6 GW TOPCon module expansion is on track for commissioning by December 2026, followed by a 6 GW cell line by March 2027.
- Q2 FY27 consolidated revenue grew 39.4% YoY to ₹1,576.4 crore, while PAT rose 60.6% to ₹382.0 crore
- EBITDA came in at ₹556.9 crore with a strong margin of 35.3%
- Total order book reached 10.4 GW with new order inflows of 1.5 GW in Q2 FY27
- 6 GW module expansion line targeted for commissioning by December 2026 and 6 GW cell line by March 2027
- Net debt-to-equity stood conservative at 0.12x as of September 30, 2026
Emmvee Photovoltaic Power has received a favorable order from the High Court of Karnataka regarding a litigation matter previously disclosed in its November 14, 2025 Prospectus. The High Court has directed the Trial Court to dispose of the matter within a period of nine months. The proceedings stem from a criminal litigation seeking to set aside a dismissal order by the Small Causes Court, Bengaluru. No direct financial exposure or penalty was specified in the filing.
- High Court of Karnataka directed the Trial Court to dispose of the matter within 9 months
- Matter pertains to criminal litigation originally disclosed in the Prospectus dated November 14, 2025
- Order relates to a challenge seeking to set aside a dismissal by the Small Causes Court, Bengaluru
- No financial liability or monetary claims disclosed in the intimation
Emmvee Photovoltaic Power's material subsidiary, Emmvee Energy Private Limited, received a Show Cause Notice dated September 30, 2026, from the Karnataka State GST Department. The notice demands ₹20.39 crore in GST, ₹16.02 crore in interest, and a penalty of ₹2.04 crore, aggregating to ₹38.45 crore for FY 2022-23 regarding alleged excess Input Tax Credit (ITC). Emmvee stated it only availed eligible ITC of ₹11.51 crore and intends to contest the notice, expecting no material financial impact. Relative to Q1 FY27 (Jun 2026) net profit of ₹380.29 crore, the total disputed sum represents ~10.1%.
- Subsidiary Emmvee Energy Private Limited received a GST Show Cause Notice dated September 30, 2026.
- Proposed total demand aggregates to ₹38,44,79,651, comprising tax of ₹20,39,04,267, interest of ₹16,01,84,958, and penalty of ₹2,03,90,427.
- Dispute pertains to alleged excess claim of Input Tax Credit for FY 2022-23.
- Company maintains it only availed eligible ITC of ₹11,51,16,900 and expects no material financial impact.
Emmvee Photovoltaic Power Limited submitted its Scrutinizer Report and voting results for its 19th Annual General Meeting held on September 25, 2026. A total of 4 ordinary resolutions were presented and passed by the requisite majority, with overall voter turnout reaching 90.84% across 62.89 crore polled shares. Key resolutions approved include the adoption of financial statements, declaration of dividend, reappointment of director Mr. Suhas Donthi Manjunatha, and ratification of cost auditor remuneration. Support was overwhelming, with resolutions receiving between 99.34% and 100.00% votes in favor.
- All 4 ordinary resolutions passed with requisite majority at the 19th AGM held on September 25, 2026
- Total voting turnout was 90.84%, representing 62,89,53,055 shares polled out of 69,23,45,033 outstanding shares
- Adoption of financial statements and declaration of dividend both approved with ~100.00% votes in favor
- Reappointment of director Mr. Suhas Donthi Manjunatha passed with 99.34% votes in favor (41,55,180 votes against)
Emmvee Photovoltaic Power Limited has submitted a regulatory declaration under Regulation 34(1)(b) of the SEBI Listing Regulations. The company confirmed that there have been no changes made to its already submitted Annual Report for FY 2025-26. This is a purely administrative compliance confirmation with no operational or financial impact.
- Declaration filed pursuant to Regulation 34(1)(b) of SEBI LODR Regulations, 2015
- Confirmation that there is zero change in the previously submitted FY 2025-26 Annual Report
- Filing submitted on September 25, 2026, to both BSE and NSE
Emmvee Photovoltaic Power Limited has fixed Friday, September 18, 2026, as the record date to determine shareholder eligibility for a dividend of Rs 1.00 per equity share (face value of Rs 2.00 each) for FY 2025-26. The dividend is subject to approval at the upcoming Annual General Meeting scheduled for September 25, 2026. If approved, the payout will be completed within 30 days from the declaration date.
- Dividend recommended at Re 1.00 per equity share of face value Rs 2.00
- Record date fixed as Friday, September 18, 2026
- Annual General Meeting (AGM) scheduled for September 25, 2026
- Dividend payout to be executed within 30 days of declaration
Emmvee Photovoltaic Power Limited has scheduled interactions with institutional investors and analysts at the Jefferies India Forum 2026. The meetings will take place in-person in Gurgaon on September 17-18, 2026. The format includes both group and one-on-one sessions, with discussions strictly restricted to publicly available information and no unpublished price-sensitive information shared.
- Meeting dates scheduled for September 17-18, 2026
- Event: Jefferies India Forum 2026 held in Gurgaon
- Format: In-person group and one-on-one meetings
- Discussions to be based strictly on publicly available information
Emmvee Photovoltaic Power Limited has issued the notice for its 19th Annual General Meeting (AGM), scheduled for September 25, 2026, via Video Conferencing. Key agenda items include the adoption of FY2025-26 audited financial statements and shareholder approval for a final dividend of Re 1 per equity share of face value Rs 2 each. The AGM will also consider the reappointment of Mr. Suhas Donthi Manjunatha, who retires by rotation, and the ratification of cost auditor remuneration of Rs 1.50 lakh for FY2026-27.
- 19th Annual General Meeting scheduled for Friday, September 25, 2026, at 4:00 PM IST via VC/OAVM
- Recommendation of a final dividend of Re 1 per equity share of face value Rs 2 for FY2025-26
- Proposal for re-appointment of Director Mr. Suhas Donthi Manjunatha (liable to retire by rotation)
- Ratification of remuneration not exceeding Rs 1,50,000 plus taxes for Cost Auditors M/s. Murthy & Co. LLP for FY2026-27
Emmvee Photovoltaic Power Limited's Board of Directors met on August 26, 2026, and approved the re-appointment of Director Mr. Suhas Donthi Manjunatha (liable to retire by rotation), subject to shareholder approval at the ensuing Annual General Meeting. Additionally, the Board appointed M/s. Murthy & Co. LLP as the Cost Auditors of the company for FY 2026-27. Mr. Suhas Donthi Manjunatha holds over seven years of experience in the renewable energy sector and oversees operations and strategic planning.
- Board approved re-appointment of Director Mr. Suhas Donthi Manjunatha, subject to AGM approval
- M/s. Murthy & Co. LLP appointed as Cost Auditors for FY 2026-27
- Board meeting commenced at 12:38 PM and concluded at 2:20 PM on August 26, 2026
- Director Suhas Donthi Manjunatha has over 7 years of experience in the renewable energy sector
Emmvee Photovoltaic Power Limited's Board of Directors met on August 26, 2026, to approve standard governance items. The Board appointed M/s. Murthy & Co. LLP as the Cost Auditors of the company for FY 2026-27. Additionally, the Board recommended the re-appointment of Director Mr. Suhas Donthi Manjunatha, who retires by rotation, subject to member approval at the upcoming Annual General Meeting.
- Appointment of M/s. Murthy & Co. LLP as Cost Auditors for FY 2026-27 approved on August 26, 2026.
- Re-appointment of Director Mr. Suhas Donthi Manjunatha recommended for shareholder approval at the ensuing AGM for FY 2025-26.
- Mr. Suhas brings over 7 years of operational experience in the renewable energy sector.
Emmvee reported a robust Q1FY27 with revenue of ₹1,555 crore, a 51% YoY increase, and PAT of ₹380.3 crore, which surged 103% YoY. The company maintained a high EBITDA margin of 35%, supported by increased internal cell consumption and operational efficiencies. The order book has grown to 9.9 GW, providing strong revenue visibility. Management confirmed that the 6 GW integrated TOPCon expansion is on track for completion by March 2027, which will significantly scale their manufacturing platform.
- Revenue from operations grew 51% YoY to ₹1,555 crore in Q1FY27.
- Profit After Tax (PAT) increased by 103% YoY to ₹380.3 crore, aided by finance costs dropping to ₹11.1 crore from ₹53.1 crore.
- Order book reached 9.9 GW as of June 30, 2026, with 1,484 MW of fresh inflows during the quarter.
- Cell capacity utilization improved to 83% compared to 68% in the same quarter last year.
- Ongoing 6 GW TOPCon expansion is scheduled for module commissioning by December 2026 and cell commissioning by March 2027.
Emmvee Photovoltaic Power Limited has disclosed the audio recording link for its Q1FY27 earnings conference call held on July 16, 2026. This follows a period of strong financial performance, with the company reporting a net profit of ₹263.64 Cr in the Dec 2025 quarter. Investors can access the recording to gain insights into the execution of the ₹7,424 Cr order book and the progress of the 16.3 GW module capacity expansion. The filing is a standard regulatory disclosure under SEBI LODR Regulations.
- Q1FY27 earnings conference call conducted on July 16, 2026, at 4:00 PM IST
- Company reported a net profit of ₹263.64 Cr and revenue of ₹1,152.25 Cr in Dec 2025 quarter
- Order book stood at ₹7,424 Cr as of July 2025, with 86% concentration among top 5 customers
- Targeting expansion to 16.30 GW module and 8.94 GW cell capacity by FY2028
- Maintained a low warranty claim rate of 0.0002% in FY25
Emmvee Photovoltaic Power reported a robust Q1 FY27 with revenue growing 51% YoY to ₹1,555.5 cr and PAT doubling to ₹380.3 cr. EBITDA margins expanded to 35% from 34% YoY, driven by record cell production utilization of 83% and increased internal cell consumption. The company maintains a massive order book of 9,914 MW, providing strong revenue visibility. Management is executing a ₹5,500 cr integrated expansion to reach 16.3 GW module capacity by FY28, with ₹3,300 cr debt already secured at sub-8% interest rates.
- Net Profit (PAT) surged 103% YoY to ₹3,803 mn in Q1 FY27, with PAT margins improving to 24%.
- Order book reached 9,914 MW as of July 2026, including 1,484 MW of new inflows during the quarter.
- Ongoing 6 GW integrated cell and module expansion project cost estimated at ₹5,500 cr, with module line commissioning expected by Dec 2026.
- Cell production reached a record 454 MW in Q1 FY27, representing 83% effective capacity utilization.
- Planned backward integration into ingot and wafer manufacturing with a 9 GW facility estimated at ₹5,000-5,500 cr capex.
Financial Performance
Revenue Growth by Segment
Total revenue for H1 FY26 reached INR 2,158.8 Cr, representing a 193% YoY growth compared to INR 735.6 Cr in H1 FY25. Q2 FY26 revenue stood at INR 1,131 Cr, up 181% YoY and 10% sequentially, driven by new capacity coming onstream in FY25.
Geographic Revenue Split
The company serves both domestic and international markets. While specific percentage splits are not disclosed, management has identified strengthening exports as a key pillar of their strategic roadmap to leverage global green energy demand.
Profitability Margins
Gross Profit Margin improved to 47% in H1 FY26 from 30% in H1 FY25. PAT Margin significantly increased to 19% in H1 FY26 compared to 8% in H1 FY25, reflecting enhanced operational discipline and the benefits of backward integration into cell manufacturing.
EBITDA Margin
EBITDA margin for Q2 FY26 was 35%, a substantial improvement from 23% in Q2 FY25. This 1,200 bps expansion is attributed to increased capacity utilization and the internal use of solar cells manufactured at the company's integrated facility.
Capital Expenditure
Emmvee has a planned capital expenditure of INR 5,500 Cr for a 6 GW integrated facility for TopCon cell and module manufacturing. Historical PPE assets grew from INR 278.5 Cr in FY24 to INR 1,924.1 Cr in FY25.
Credit Rating & Borrowing
ICRA upgraded the short-term rating to [ICRA]A2+ from [ICRA]A2 and assigned a long-term rating of [ICRA]A- (Stable). Interest coverage strengthened to 6.9x in FY25 from 3.1x in FY24, indicating improved debt-servicing capability.
Operational Drivers
Raw Materials
Key raw materials include Solar Wafers, Polysilicon, Solar Glass, Aluminum frames, and EVA sheets. Cost of materials consumed represented 64.5% of total revenue in H1 FY26 (INR 1,392.4 Cr).
Import Sources
A significant portion of raw materials, particularly solar wafers, are imported. While specific countries are not named, the industry typically sources these from China and Southeast Asia.
Key Suppliers
Specific supplier names are not disclosed, but management describes them as having a 'reputed profile' with established long-term relationships.
Capacity Expansion
Current installed capacity as of August 2025 is 7.80 GW for modules and 2.94 GW for cells. The company plans to expand to 16.30 GW for modules and 8.94 GW for cells by FY2028.
Raw Material Costs
Raw material costs were INR 1,392.4 Cr in H1 FY26, up 135% YoY from INR 592.2 Cr. Procurement strategies include backward integration into cell manufacturing to reduce dependency on external cell suppliers and improve margins.
Manufacturing Efficiency
Capacity utilization ramp-up has been the primary driver for EBITDA margin improvement from 23% to 35%. The transition to TopCon technology and G12R/M10R formats is expected to further reduce cost per watt.
Strategic Growth
Expected Growth Rate
193%
Growth Strategy
Growth will be achieved through a four-pillar strategy: 1) Investing in world-class 16.3 GW module and 8.94 GW cell capacity; 2) Transitioning to advanced TopCon and G12R technology; 3) Strengthening relationships with IPPs and Utilities; 4) Expanding the export footprint to international markets.
Products & Services
Solar PV Modules (MonoPERC, TopCon, G12R, M10R formats) and Solar Cells.
Brand Portfolio
Emmvee
New Products/Services
Transitioning to TopCon technology and G12R/M10R high-efficiency modules, which are expected to contribute to higher realizations and lower per-watt costs.
Market Expansion
Focusing on international markets for exports and strengthening the domestic manufacturing ecosystem to align with India's green energy goals.
Market Share & Ranking
The company is one of the early entrants in the Indian solar industry with over 30 years of experience and holds a strong market position, particularly in the ALMM-approved segment.
External Factors
Industry Trends
The industry is shifting from MonoPERC to TopCon technology. Future growth is driven by national green energy targets and regulatory support, though 'on-paper' overcapacity remains a concern for smaller, non-integrated players.
Competitive Landscape
Competes with other vertically integrated solar manufacturers. Competitive edge is maintained through backward integration and technology shifts to reduce per-watt costs.
Competitive Moat
Durable advantages include 30+ years of manufacturing experience, early ALMM certification for both cells and modules, and a superior quality record with warranty claims <0.008% over three years.
Macro Economic Sensitivity
Highly sensitive to government policies like ALMM (Approved List of Models and Manufacturers) and BCD (Basic Customs Duty) which protect domestic manufacturers from cheap imports.
Consumer Behavior
Increasing demand from IPPs, Utilities, and Corporates for high-efficiency, reliable domestic modules to meet ESG goals and regulatory mandates.
Geopolitical Risks
Trade barriers and changes in import duties on solar components could impact the cost structure and competitiveness of final products.
Regulatory & Governance
Industry Regulations
Operations are governed by ALMM mandates, which restrict the use of non-approved solar modules in government-backed projects, and BCD on imported cells and modules.
Environmental Compliance
ESG is integrated into plant operations and product design; however, specific compliance costs in INR are not disclosed.
Taxation Policy Impact
The effective tax rate for H1 FY26 was approximately 20% (INR 106.3 Cr tax on INR 531.9 Cr PBT).
Risk Analysis
Key Uncertainties
Raw material price volatility and foreign exchange fluctuations could impact margins by 2-5% if not fully mitigated by pass-through and hedging.
Geographic Concentration Risk
Primarily concentrated in the Indian domestic market, though expanding into international regions.
Third Party Dependencies
High dependency on top 5 customers (86% of order book) and external suppliers for wafers until further backward integration is complete.
Technology Obsolescence Risk
Risk of technology shift from TopCon to newer formats; mitigated by the company's R&D focus on G12R and M10R modules.
Credit & Counterparty Risk
Receivables quality is supported by a reputed customer profile (Sembcorp, KPI Green, Hero Solar) and LC-backed or advance payment terms.
