Bengaluru-based solar cell and module manufacturer Emmvee Photovoltaic Power reported revenue from operations of ₹15.76 billion (~$165.77 million) in the second quarter (Q2) of the financial year (FY) 2027, a 39.4% year-over-year (YoY) increase from ₹11.31 billion (~$118.96 million).

The company’s profit after tax (PAT) jumped 60.6% YoY to ₹3.82 billion (~$40.18 million) from ₹2.38 billion (~$25.03 million) in the corresponding quarter last year.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 39.4% YoY to ₹5.57 billion (~$58.59 million) from ₹3.99 billion (~$41.97 million). The EBITDA margin remained at 35%.

Diluted earnings per share (EPS) increased to ₹5.52 (~$0.058) from ₹4.01 (~$0.042) in the corresponding quarter last year.

Emmvee attributed its financial performance to sustained demand, operating efficiencies, and the benefits of integrated manufacturing.

First Half FY 2027

For the first half (1H) of FY 2027, Emmvee reported revenue from operations of ₹31.32 billion (~$329.44 million), a 45.1% YoY increase from ₹21.59 billion (~$227.10 million).

PAT rose 79.1% to ₹7.62 billion (~$80.15 million) from ₹4.26 billion (~$44.81 million) in the corresponding period last year.

EBITDA increased 47.4% to ₹11.05 billion (~$116.23 million) from ₹7.5 billion (~$78.89 million), with the EBITDA margin remaining at 35%.

Diluted EPS increased to ₹11.01 (~$0.116) from ₹7.17 (~$0.075) in the corresponding period last year.

Business Highlights

Emmvee retained its installed annual manufacturing capacity of 10.3 GW for solar modules and 2.94 GW for tunnel oxide passivated contact (TOPCon) solar cells as of September 30, 2026.

Solar module production increased 39.6% YoY to 952 MW from 682 MW in Q2 FY 2026. Solar cell production rose 60.8% to 513 MW from 319 MW.

Effective solar cell capacity utilization reached 89%, compared with 83% in Q1 FY 2027. Module capacity utilization stood at 44%, compared with 45% in the preceding quarter.

Emmvee’s order book increased to 10.4 GW at the end of Q2 FY 2027 from 9.9 GW in the preceding quarter, supported by approximately 1.5 GW of new orders.

The company’s ongoing 6 GW integrated TOPCon cell and module manufacturing expansion remains on schedule. The module manufacturing line is expected to be commissioned by December 2026, followed by the cell line in March 2027.

Once fully commissioned, the expansion will increase Emmvee’s annual manufacturing capacity to approximately 16.3 GW of modules and 8.9 GW of solar cells.

The project involves an estimated investment of ₹55 billion (~$578.52 million), including approximately ₹46 billion (~$483.85 million) in hard costs. The company plans to finance the expansion with approximately ₹33 billion (~$347.11 million) in debt. Most hard-cost orders have already been placed.

Emmvee is also planning backward integration into ingot and wafer manufacturing through a proposed 9 GW facility. The expansion will be implemented in two phases, comprising 5 GW in FY 2029 and another 4 GW in FY 2030.

The proposed investment is subject to regulatory clarity on the implementation timelines for the Approved List of Models and Manufacturers (ALMM) List III and prevailing market conditions.

The estimated capital expenditure for the ingot and wafer project is ₹50 billion (~$525.93 million) to ₹55 billion (~$578.52 million), or approximately ₹6 billion (~$63.11 million) to ₹6.5 billion (~$68.37 million) per GW. The company expects to fund the investment primarily through internal accruals.

Emmvee said the implementation of ALMM List II for solar cells from June 1, 2026, and the inclusion of G12R solar cells in the list have expanded opportunities for domestic manufacturers.

The company also expects demand for solar modules to benefit from the growth of firm and dispatchable renewable energy, round-the-clock power, and other renewable energy projects integrated with battery energy storage systems.

Emmvee reported revenue from operations of ₹15.56 billion (~$162.5 million) in Q1 FY27, up 51% YoY from ₹10.28 billion (~$106.75 million).

In Q4 FY2026, Emmvee reported revenue of ₹17.39 billion (~$184 million), up 62% YoY from ₹10.72 billion (~$113.4 million).