Emmvee Q1FY27 PAT surges 103% on record volumes
Emmvee Photovoltaic Power reported a 103% YoY increase in PAT to ₹380.3 crore for Q1FY27, alongside a 51% rise in revenue to ₹1,555.5 crore. EBITDA grew 56% to ₹548.1 crore, with margins expanding to 35.24%, supported by record solar module and cell production volumes. The order book reached an all-time high of 9.9 GW, and the 6 GW capacity expansion remains on track for commissioning by March 2027. Jefferies maintained a Buy rating with a target price of ₹400, raising EBITDA estimates for FY27 and FY28.
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Emmvee Photovoltaic Power reported its strongest first-quarter performance to date for the period ended June 30, 2026, with profit after tax (PAT) more than doubling year-on-year. PAT increased 103% to ₹380.3 crore, while revenue from operations grew 51% to ₹1,555.5 crore. The company achieved record EBITDA and PAT margins of 35.24% and 24.2%, respectively, supported by higher production volumes and deeper integration of internally manufactured solar cells. The Board of Directors approved the unaudited financial results at a meeting held on July 15, 2026. Building on this performance, management has set an FY27 EBITDA target of INR2,400 crores, while expecting stable EBITDA per watt of approximately INR2.5 for modules and INR6.5 for cells.
Financial Performance
EBITDA for the quarter rose 56% to ₹548.1 crore, with the margin expanding from 34.10% in Q1 FY26 to 35.24% in Q1 FY27. Profit before tax grew 96% to ₹469.6 crore. Earnings per share (EPS) on a basic and diluted basis stood at ₹5.49. The paid-up equity share capital remained at ₹13,846.90 lakh.
The following table summarises the key consolidated financial metrics for the quarter:
| Particulars: | Q1 FY27 (Unaudited) | Q1 FY26 (Audited) | YoY Change |
|---|---|---|---|
| Revenue from operations | ₹1,555.5 crore | ₹1,027.8 crore | +51% |
| EBITDA | ₹548.1 crore | ₹350.5 crore | +56% |
| EBITDA margin (%) | 35.24 | 34.10 | +114 bps |
| Profit before tax | ₹469.6 crore | ₹240.2 crore | +96% |
| Profit after tax | ₹380.3 crore | ₹187.7 crore | +103% |
| PAT margin (%) | 24.2 | 18.01 | +618 bps |
Operational Highlights
Emmvee recorded its highest-ever quarterly production volumes during Q1 FY27. Solar module production increased 53% year-on-year to 970 MW, while solar cell production rose 26% to 454 MW. Effective solar cell capacity utilisation improved to a record 83%, compared to 68% in Q1 FY26, driving margin expansion through higher internal cell consumption. As of the end of Q1 FY27, the company had an installed annual manufacturing capacity of approximately 10.3 GW for solar modules and 2.94 GW for TOPCon solar cells.
Order Book, Expansion and Management Guidance
The company secured order inflows of 1.48 GW during the quarter, taking its order book to an all-time high of approximately 9.9 GW. The order book is diversified across independent power producers and commercial and industrial customers, with a repeat customer rate of 57%. On the capacity front, the 6 GW integrated TOPCon cell and module expansion is on schedule, with the module line expected to be commissioned by December 2026 and the cell line by March 2027. Upon completion of this expansion, total manufacturing capacity is projected to reach approximately 16.3 GW for modules and 8.9 GW for cells by the end of FY27. The total project cost for this expansion is estimated at INR5,500 crores, with INR3,300 crores in tied-up debt funding at less than 8% cost.
Additionally, the company has proposed a medium-term plan for 9 GW backward integration into ingot and wafer manufacturing in two phases — 5 GW by FY29 and 4 GW by FY30 — with timing subject to ALMM List III clarity and market conditions, and funding largely through internal accruals.
| Parameter: | Details |
|---|---|
| Order Inflows (Q1 FY27) | 1.48 GW |
| Order Book | ~9.9 GW (all-time high) |
| Repeat Customer Rate | 57% |
| Capacity Expansion Plan | +6 GW (module and cell) |
| Module Line Commissioning | December 2026 |
| Cell Line Commissioning | March 2027 |
| Post-Expansion Module Capacity | ~16.3 GW |
| Post-Expansion Cell Capacity | ~8.9 GW |
| Total Expansion Project Cost | INR5,500 crores |
| Tied-up Debt Funding | INR3,300 crores (< 8% cost) |
| FY27 EBITDA Target | INR2,400 crores |
| EBITDA/Watt – Modules | ~INR2.5 |
| EBITDA/Watt – Cells | ~INR6.5 |
| Ingot & Wafer Integration – Phase 1 | 5 GW by FY29 |
| Ingot & Wafer Integration – Phase 2 | 4 GW by FY30 |
Analyst View: Jefferies Raises Target Price
Jefferies maintained its Buy rating on Emmvee Photovoltaic Power and raised its target price to ₹400, following the Q1 results that beat expectations. The brokerage noted that FY27 power demand recovery supports the renewables sector, and that the company's balance sheet is well-funded to triple its TOPCon cell capacity by FY28. As a result, Jefferies raised its FY27 and FY28 EBITDA estimates by 9% and 4%, respectively. The brokerage expects a 29% EBITDA CAGR over FY26–29, underpinned by the company's expanding manufacturing footprint and strong order pipeline.
| Parameter: | Details |
|---|---|
| Rating | Buy (Maintained) |
| Target Price | ₹400 |
| FY27 EBITDA Estimate Revision | +9% |
| FY28 EBITDA Estimate Revision | +4% |
| EBITDA CAGR (FY26–29E) | 29% |
Historical Stock Returns for Emmvee Photovoltaic Power
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.91% | +2.33% | -0.88% | +60.22% | +48.13% | +48.13% |
How will the company secure the remaining INR2,200 crores for the 6 GW expansion given that INR3,300 crores is currently tied-up in debt?
What impact will the proposed 9 GW backward integration into ingot and wafer manufacturing have on overall production costs and gross margins by FY30?
Is the current order book of 9.9 GW sufficient to sustain the projected 16.3 GW module capacity once the expansion is fully commissioned?
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