Emmvee Photovoltaic Power Limited reported its strongest first-quarter financial performance to date for the quarter ended June 30, 2026, driven by higher production volumes, increased integration of in-house solar cell manufacturing and improved operating leverage across its expanded manufacturing facilities.
Revenue from operations increased 51% year-on-year to ₹1,555.5 crore in Q1 FY27, compared with ₹1,027.8 crore in the corresponding quarter last year.
EBITDA rose 56% to ₹548.1 crore, while the EBITDA margin expanded to a record 35.2%, up from 34.1% in Q1 FY26 and 32.8% in the previous quarter.
Profit before tax nearly doubled, increasing 96% to ₹469.6 crore, while profit after tax (PAT) grew 103% year-on-year to a record ₹380.3 crore. PAT margin improved to 24.2%, compared with 18.0% in the same period last year.
Operationally, Emmvee achieved its highest-ever quarterly production volumes during the quarter. Solar module production increased 53% to 970 MW, while solar cell production rose 26% to 454 MW.
The company also reported a record 83% effective utilization of its solar cell manufacturing capacity, up from 68% in Q1 FY26, reflecting higher internal consumption of domestically manufactured solar cells and greater manufacturing integration. Effective module capacity utilization stood at 45%, providing additional headroom for future production growth.
As of June 30, 2026, Emmvee’s installed annual manufacturing capacity stood at approximately 10.3 GW of solar modules and 2.94 GW of TOPCon solar cells.
During the quarter, the company secured 1.48 GW of new orders, taking its total order book to a record 9.9 GW. Emmvee said the order pipeline remains diversified across independent power producers (IPPs), commercial and industrial (C&I) customers, and other market segments, with repeat customers accounting for 57% of orders during the quarter.
The company also highlighted the implementation of ALMM List II, which came into effect in June 2026 and mandates the use of domestically manufactured solar cells for eligible projects. Emmvee said its inclusion in the approved list is expected to support demand over the coming quarters and accelerate its transition toward a fully Domestic Content Requirement (DCR)-compliant product portfolio.
Commenting on the results, DV Manjunatha, Chairman and Managing Director of Emmvee Photovoltaic Power Limited, said the company delivered its strongest first-quarter performance in terms of production volumes and profitability, supported by deeper cell integration, operating leverage and disciplined execution. He added that the record order book, implementation of ALMM List II and the company’s ongoing integrated manufacturing expansion provide confidence for its next phase of growth.
Emmvee also provided an update on its ongoing 6 GW integrated TOPCon solar cell and module manufacturing project. The company said the new module production line is expected to be commissioned by December 2026, followed by the cell manufacturing line by March 2027. Upon completion, Emmvee’s total manufacturing capacity is expected to increase to approximately 16.3 GW of solar modules and 8.9 GW of solar cells by early FY28.
The company added that equipment orders covering around 60% of the project’s total capital cost have already been placed and construction is progressing according to schedule. In addition, Emmvee is evaluating further backward integration through a proposed 9 GW ingot and wafer manufacturing facility, planned for development in two phases.
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