Emmvee Photovoltaic Power Ltd

Emmvee Photovoltaic Power jumps as Q1 PAT soars 103% YoY

16 Jul 2026

Emmvee Photovoltaic Power jumped 8.67% to Rs 367.10 after the solar module and cell manufacturer reported record Q1 FY27 earnings, driven by higher production volumes, improved cell integration and operating leverage.

The company's net profit surged 102.61% YoY, while declining 3.08% QoQ, to Rs 380.30 crore in Q1 FY27. Revenue from operations increased 51.34% YoY but declined 10.54% QoQ to Rs 1,555.50 crore in the June 2026 quarter. Profit before tax stood at Rs 469.60 crore in Q1 FY27, down 2.96% vs Q4 and up 95.50% vs Q1 FY26. Gross profit rose 44.64% YoY to Rs 677.30 crore, while the gross margin stood at 44% compared with 46% in Q1 FY26 and 42% in Q4 FY26. EBITDA jumped 56.38% YoY to Rs 548.10 crore, while EBITDA margin improved to 35% from 34% in Q1 FY26 and 33% in Q4 FY26. Other income increased 14.58% YoY to Rs 16.50 crore, while total tax expense rose 70.10% YoY to Rs 89.30 crore. On the cost front, total expenses increased 37.46% YoY to Rs 1,102.40 crore. Cost of materials consumed rose 42.07% YoY to Rs 952.60 crore. Employee benefits expenses declined 1.48% YoY to Rs 33.30 crore, while other expenses increased 14.03% YoY to Rs 95.90 crore. Finance costs fell 79.10% YoY to Rs 11.10 crore, while depreciation and amortisation expenses increased 17.18% YoY to Rs 83.90 crore. Operationally, the company recorded its highest-ever quarterly production, with solar module output rising 53% YoY to 970 MW and solar cell production increasing 26% YoY to 454 MW. Solar cell capacity utilisation improved to a record 83% from 68% a year ago, while module capacity utilisation stood at 45%. Emmvee secured order inflows of 1.48 GW during the quarter, taking its order book to a record 9.9 GW. The company said the implementation of ALMM List II from June 2026 is expected to support demand and accelerate its transition towards a fully DCR-compliant product portfolio. The company is also progressing with its 6 GW integrated TOPCon cell and module facility, with the module line expected to be commissioned by December 2026 and the cell line by March 2027. On completion, installed capacity is expected to increase to approximately 16.3 GW of modules and 8.9 GW of cells by early FY28. Chairman and managing director D.V. Manjunatha said the quarter marked the strongest first-quarter performance in the company's history, supported by record production volumes, higher margins, deeper cell integration and disciplined execution. Emmvee Photovoltaic Power is an integrated solar photovoltaic module and TOPCon solar cell manufacturer with installed annual manufacturing capacity of approximately 10.3 GW for modules and 2.94 GW for solar cells. Powered by Capital Market - Live News