Emmvee Photovoltaic Power Limited has reported strong financial and operational growth for the first half of FY27, supported by higher solar module and cell production, a robust order book and progress on manufacturing expansion plans. The company’s revenue from operations increased 45.1% year on year to ₹3,131.9 crore in H1 FY27, while profit after tax (PAT) rose 79.1% to ₹762.3 crore.
For the second quarter of FY27, revenue from operations grew 39.4% year on year to ₹1,576.4 crore, while PAT increased 60.6% to ₹382 crore. During H1 FY27, EBITDA rose 47.4% to ₹1,105 crore, reflecting improved financial performance during the period.
On the operational front, Emmvee produced 952 MW of solar PV modules in Q2 FY27, compared with 682 MW in the corresponding quarter of the previous financial year. Solar cell production increased to 513 MW from 319 MW year on year. Effective capacity utilisation during the quarter stood at 89% for solar cells and 44% for modules.
As of 30 September 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’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.
The company is also progressing with its planned 6 GW integrated TOPCon solar module and cell manufacturing expansion. Commercial sales and capacity utilisation are expected to ramp up progressively following commissioning.
In addition, Emmvee plans phased backward integration into ingot and wafer manufacturing, with a proposed total capacity of 9 GW. The expansion is planned in two phases, comprising 5 GW in FY29 and a further 4 GW in FY30. The timeline remains subject to regulatory clarity on the implementation 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 the company expects to fund largely through internal accruals.
Emmvee’s balance sheet and operating cash flow also showed improvement during the period. Net debt-to-equity stood at 0.12x as of 30 September 2026, while net cash generated from operating activities increased to ₹409.9 crore in H1 FY27 from ₹120.7 crore in H1 FY26. A reduction in finance costs also supported earnings growth.
The company’s manufacturing capacity, production growth and planned backward integration reflect its strategy to strengthen its position across the solar manufacturing value chain, from modules and cells to the proposed expansion into ingots and wafers.
Commenting on the performance, Mr. DV Manjunatha, Chairman & Managing Director, Emmvee Photovoltaic Power Ltd., said, “Our performance during the first half of FY27 reflects continued growth in the business, supported by sustained demand, operating efficiencies and the benefits of integrated manufacturing. 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. This represents an important step in deepening backward integration, strengthening domestic sourcing and supply-chain resilience, and building a more competitive business for the long term.”
