Emmvee Photovoltaic Power (EMMVEE) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 consolidated revenue was INR 113,099.57 lakhs, up 181% YoY; EBITDA margin was 35% and net profit was INR 23,786.10 lakhs.

• H1 FY26 revenue reached INR 215,881.94 lakhs, up 193% YoY, and net profit was INR 42,553.38 lakhs.

• Q2 order book was 5.07 GW, supporting 12–18 months of stated revenue visibility.

• IPO proceeds funded INR 1,621 crore of debt repayment, while the planned 6 GW integrated facility supports further capacity expansion.

Financial highlights

• Consolidated Q2 revenue was INR 113,099.57 lakhs, versus INR 102,782.37 lakhs in Q1 and INR 40,240.12 lakhs in Q2 FY25; H1 revenue was INR 215,881.94 lakhs.

• Q2 EBITDA was ₹3,994 mn, up 331% YoY and 14% QoQ; EBITDA margin was 35%, versus 23% in Q2 FY25.

• Q2 net profit was INR 23,786.10 lakhs, up 577% YoY; PAT margin was 21%, versus 8% in Q2 FY25.

• H1 gross profit was ₹10,046 mn, up 353% YoY; gross margin was 47%, versus 30% in H1 FY25.

• Consolidated Q2 EPS was INR 4.01, versus INR 0.59 in Q2 FY25; H1 EPS was INR 7.17.

Outlook and guidance

• Management aims to keep EBITDA margins broadly within the 30%–35% range as volumes ramp, while investing in technology and backward integration.

• Cell utilization is expected to reach 85%–90% by FY26 year-end.

• A second 2.5 GW module line is expected in FY26; the planned 6 GW integrated cell and module facility is targeted for ramped-up operations by March–April 2027.

• Planned H1 FY28 capacity is 16.30 GW for modules and 8.94 GW for cells; domestic production exports are expected to account for 25%–32% over FY26–30.

• Management expects the order book to expand with capacity and targets a 12–18-month delivery horizon.