Emmvee Photovoltaic Power (EMMVEE) Q2 26/27 earnings summary

Executive summary

• H1 FY27 revenue rose 45% to ₹31,319 mn, EBITDA rose 47% to ₹11,050 mn and PAT rose 79% to ₹7,623 mn; EBITDA margin was 35%.

• A 10.4 GW order book, strong cell utilisation and planned integrated capacity additions support growth and deeper manufacturing integration.

Financial highlights

• Q2 FY27 revenue was ₹157,637.62 lakh, up 39% YoY; total income was ₹157,889.14 lakh.

• Q2 EBITDA rose 39% YoY to ₹5,569 mn at a 35.3% margin; H1 EBITDA grew 47% to ₹11,050 mn at a 35% margin.

• Q2 PAT was ₹38,204.79 lakh, up 61% YoY; PAT margin rose to 24% from 21%. H1 PAT was ₹7,623 mn, up 79%.

• H1 operating cash generation reached ₹410 crore versus ₹121 crore in H1 FY26; Q2 finance cost fell to ~₹9.5 crore from ₹55.2 crore YoY.

• Q2 gross profit rose 25% YoY to ₹6,692 mn, while gross margin was 42% versus 47% a year earlier.

Outlook and guidance

• FY27 EBITDA guidance remains INR 2,200–2,400 crore; management said H1 performance supports reaching the upper end.

• The 6 GW integrated TOPCon project remains on schedule: module commissioning by Dec 2026 and cell facility by Mar 2027; capacity is expected to reach 16.3 GW of modules and 8.9 GW of cells.

• Cell utilisation is expected near 90% in the remaining two FY27 quarters; module utilisation is expected in the 45%–60% range.

• A 9 GW ingot-and-wafer project is planned in 5 GW and 4 GW phases; timing depends on ALMM List-III timelines and market conditions.

• Domestic module demand was projected to grow ~64% YoY if the current installation trajectory continues; hybrid, RTC and firm-power projects add to demand.