Emmvee Photovoltaic Power (EMMVEE) Q1 26/27 earnings summary

Executive summary

• Consolidated Q1 FY27 revenue from operations was ₹155,551.63 lakh and PAT was ₹38,028.65 lakh; both increased YoY. PV modules were the largest reportable segment by revenue.

• Record quarterly production reached 970 MW of modules and 454 MW of cells; order inflows were 1,484 MW and the quarter-end order book was 9,914 MW.

Financial highlights

• Consolidated revenue from operations rose 51% YoY to ₹155,551.63 lakh; EBITDA rose 56% to ₹5,481 mn and PAT rose 103% to ₹38,028.65 lakh.

• Revenue, EBITDA and PAT declined 11%, 4% and 3% QoQ, respectively.

• Consolidated EBITDA margin was 35%, versus 34% in Q1 FY26 and 33% in Q4 FY26; PAT margin was 24%, versus 18% and 23%, respectively.

• Standalone PAT was ₹3,686.83 lakh, down from ₹9,016.28 lakh in Q1 FY26; standalone PBT was ₹4,936.13 lakh.

• Consolidated gross profit was ₹6,773 mn, up 45% YoY; gross margin was 44%, versus 46% in Q1 FY26 and 42% in Q4 FY26.

Outlook and guidance

• FY27 EBITDA target is ~₹2,400 crore; management emphasized absolute EBITDA and expects production and utilization to increase.

• Module and cell lines are scheduled for commissioning by December 2026 and March 2027, respectively, with utilization expected to ramp progressively.

• The 6 GW integrated expansion is expected to take installed capacity to 16.3 GW of modules and 8.9 GW of cells.

• A 9 GW ingot and wafer project is planned in two phases: 5 GW in FY29 and 4 GW in FY30, subject to ALMM List-III timing and market conditions.

• Management expects stable EBITDA per watt, citing indicative levels of ₹2–₹2.5 for non-DCR modules, ₹6.5 for cells and ₹8.5–₹9 for DCR modules.