Emmvee Photovoltaic Power Limited (NSE: EMMVEE; BSE: 544608) has reported its strongest-ever first-quarter performance for the quarter ended June 30, 2026, driven by higher production volumes, increased internal solar cell manufacturing and improved operational efficiencies across its expanded manufacturing base.
The company’s revenue from operations increased 51% year-on-year to ₹1,555.5 crore in Q1 FY27, compared to ₹1,027.8 crore in the corresponding quarter of the previous fiscal year. EBITDA grew 56% to ₹548.1 crore, while EBITDA margin expanded to a record 35.2% from 34.1% in Q1 FY26 and 32.8% in Q4 FY26. Profit after tax (PAT) more than doubled, rising 103% to ₹380.3 crore, with PAT margin improving to an all-time high of 24.2%.
Despite Q1 traditionally being a seasonally softer period for module dispatches, Emmvee delivered strong financial growth supported by enhanced manufacturing integration and operating leverage.
The company achieved its highest-ever quarterly production volumes during the quarter. Solar module production increased 53% year-on-year to 970 MW, compared with 635 MW in Q1 FY26, while solar cell production rose 26% to 454 MW from 360 MW during the same period.
The effective utilisation of solar cell capacity improved significantly to 83% in Q1 FY27, compared with 68% in Q1 FY26 and 79% in Q4 FY26. The improvement was driven by the continued ramp-up of integrated operations and higher consumption of internally manufactured cells, which contributed to margin expansion. Meanwhile, effective module capacity utilisation stood at 45%, providing sufficient capacity headroom for future volume growth.
As of the end of Q1 FY27, Emmvee had installed annual manufacturing capacity of approximately 10.3 GW for solar modules and 2.94 GW for TOPCon solar cells.
The company also witnessed strong demand momentum, securing order inflows of 1.48 GW during the quarter. This increased its order book to an all-time high of approximately 9.9 GW, providing strong revenue visibility for the coming quarters. The order book remains diversified across independent power producers, commercial and industrial customers, and other segments, with repeat customers accounting for 57% of the order base during the quarter.
Emmvee’s inclusion in the Approved List of Models and Manufacturers (ALMM) List II, implemented from June 2026, is expected to support demand growth as the framework mandates the use of domestically manufactured solar cells for applicable projects. The company expects this policy development to further accelerate its transition towards a fully DCR-compliant product portfolio.
Commenting on the performance, Mr. DV Manjunatha, Chairman & Managing Director, Emmvee Photovoltaic Power Ltd., said, “This is the strongest first quarter in Emmvee’s history, with both production volumes and margins at all-time-high. Our revenue, EBITDA and PAT growth reflects a clear improvement in the quality of our earnings, driven by deeper cell integration, operating leverage and disciplined execution.”
He added, “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.”
The company’s 6 GW integrated TOPCon cell and module expansion project is progressing as planned. The module manufacturing line is expected to be commissioned by December 2026, while the cell line is targeted for commissioning by March 2027. Once completed, the expansion will increase Emmvee’s installed capacity to approximately 16.3 GW of modules and 8.9 GW of cells by early FY28.
The company has already placed equipment orders covering around 60% of the project’s total hard cost, with construction activities progressing as per schedule. Emmvee is also evaluating backward integration into ingot and wafer manufacturing through a proposed 9 GW facility planned in two phases.
With expanding manufacturing capacity, a strong order pipeline and increased focus on integrated solar production, Emmvee aims to strengthen its position in India’s growing domestic solar manufacturing ecosystem.
