Bengaluru-based solar cell and module manufacturer Emmvee Photovoltaic Power reported revenue from operations of ₹15.56 billion (~$162.5 million) in the first quarter (Q1) of the financial year (FY) 2027, a 51% year-over-year (YoY) increase from ₹10.28 billion (~$106.75 million).

The company attributed the growth to deeper cell integration and disciplined execution.

Emmvee said it achieved record-high production volumes and margins during the quarter.

Profit after tax (PAT) jumped to ₹3.8 billion (~$39.46 million), up 103% YoY from ₹1.88 billion (~$19.52 million).

Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 56% YoY to ₹5.48 billion (~$56.9 million) from ₹3.51 billion (~$36.4 million) in the corresponding quarter last year.

Earnings per share (EPS) increased to ₹5.49 (~$0.057) from ₹3.16 (~$0.033) in same quarter last year.

Business Highlights

Emmvee retained its installed production capacity at 10.3 GW for solar modules and 2.94 GW for TOPCon solar cells.

Module production reached a record 970 MW during the quarter, while solar cell production stood at 454 MW. Cell capacity utilization improved to a record 83%, up from 79% in Q4 FY 2026. Module capacity utilization was 45%, leaving significant headroom for higher output through the remainder of the year.

Emmvee’s order book expanded to a record 9.9 GW at the end of Q1, supported by 1.48 GW of new orders, providing strong revenue visibility for the coming quarters.

The company’s 6 GW integrated TOPCon cell-and-module manufacturing facility is being commissioned in phases. The module line is scheduled to become operational by December 2026, followed by the cell line by March 2027.

Once fully commissioned, the expansion will increase Emmvee’s manufacturing capacity to approximately 16.3 GW of modules and 8.9 GW of solar cells by the first half of FY 2028. The project involves an estimated investment of ₹55 billion (~$571.1 million).

Emmvee is also evaluating backward integration into ingot and wafer manufacturing through a planned 9 GW facility. The project will be implemented in two phases, with 5 GW expected to be commissioned by FY 2029 and the remaining 4 GW by FY 2030. The estimated capital expenditure is ₹50 billion-₹55 billion (~$519.2 million-$571.4 million), or about ₹6 billion-₹6.5 billion (~$62.3 million-$67.49 million) per GW, and will be funded primarily through internal accruals.

The company said that domestically manufactured solar modules using Indian-made cells being priced about 60% higher than modules made with imported cells. This is underscored by the Ministry for New and Renewable Energy mandating compliance with the Approved List of models and manufacturers for solar cells.

It added that domestic content requirement-linked programs present an opportunity for Indian solar manufacturers to secure orders totaling at least 40 GW.

On product quality, Emmvee said the average warranty claim over the past three years remained below 0.008% of revenue from operations. In FY 2026, the warranty claim rate increased to 0.016%. The company also said its solar modules experienced a 2% degradation rate.

In Q4 FY 2026, Emmvee reported a revenue of ₹17.39 billion (~$184 million) registering a 62% YoY increase from ₹10.72 billion (~$113.4 million).

The company also secured cell manufacturing equipment from RENA Technologies with a total manufacturing capacity of 6 GW.