Emmvee Photovoltaic Power Limited reported a 60.6% year-on-year increase in profit after tax for the second quarter of fiscal year 2027, reaching ₹382.0 crore. This result surpassed the consensus estimate of ₹360 crore by approximately 6%. The solar manufacturer also clocked a 39.4% rise in revenue from operations to ₹1,576.4 crore during the quarter ended September 30, 2026.

The Board of Directors approved the unaudited standalone and consolidated financial results on October 14, 2026. These figures were reviewed by the Audit Committee and carry an unmodified opinion from the statutory auditors. For the half-year period (H1FY27), the company witnessed robust growth across key metrics, with EBITDA expanding by 47.4% to ₹1,105.0 crore.

Financial performance highlights

The following table summarizes the key financial metrics for Q2FY27 and H1FY27:

Balance sheet and cash flow updates

New disclosures reveal significant improvements in liquidity and leverage. Net cash generated from operating activities during H1FY27 was ₹409.9 crore, a substantial increase from ₹120.7 crore in H1FY26. This surge in operating cash flow supports the company's expansion plans. Additionally, net debt to equity stood at 0.12x as at September 30, 2026, indicating a conservative balance sheet position. The reduction in finance costs also supported earnings growth during the period.

Operational and capacity updates

Emmvee’s production volumes saw significant expansion in Q2FY27 compared to the corresponding quarter last year. Solar PV module production rose to 952 MW from 682 MW in Q2FY26. Similarly, solar cell production increased to 513 MW from 319 MW in the previous year.

Key operational data points include:

• Effective capacity utilisation stood at 89% for solar cells and 44% for modules in Q2FY27.
• The order book ended the quarter at 10.4 GW, supported by new order inflows of approximately 1.5 GW.
• As at September 30, 2026, installed annual capacity was approximately 10.3 GW in modules and 2.94 GW in TOPCon solar cells.

What the numbers show

A notable divergence exists between the high utilisation rates in cell manufacturing and the lower utilisation in module assembly. While cell utilisation reached 89%, module utilisation remained at 44% despite the installed capacity being significantly higher (10.3 GW vs 2.94 GW). This suggests that Emmvee is currently prioritising cell production or selling excess cells externally, while module assembly capacity remains underutilised relative to its installed base. The strong order book of 10.4 GW indicates future demand that may drive higher module utilisation in subsequent quarters.

Furthermore, the sharp rise in operating cash flow to ₹409.9 crore alongside a low net debt-to-equity ratio of 0.12x highlights strong internal accrual generation. This financial strength is critical as the company embarks on capital-intensive expansions, reducing reliance on external debt funding.

Expansion plans

The company is progressing with its 6 GW integrated TOPCon module and cell manufacturing expansion, with commercial sales expected to ramp up progressively after commissioning. Chairman & Managing Director DV Manjunatha stated that the 6 GW module line is expected to be commissioned by December 2026, followed by the 6 GW cell line by March 2027. Once fully commissioned, this will increase annual manufacturing capacity to approximately 16.3 GW of modules and 8.9 GW of cells.

Additionally, Emmvee plans phased backward integration into 9 GW of ingot and wafer manufacturing. This includes 5 GW in FY29 and a further 4 GW in FY30. This expansion is subject to regulatory clarity on ALMM III implementation timelines and market conditions. The estimated capital expenditure for this project is ₹5,000-5,500 crore, to be funded largely through internal accruals.

Emmvee Photovoltaic Power received a favorable order from the Karnataka High Court at Bengaluru directing the trial court to dispose of a pending criminal litigation within nine months.

The litigation originated from a dismissal order passed by the Small Causes Court, Bengaluru. The company had previously disclosed this matter in its prospectus filed on November 14, 2025. The High Court's directive aims to expedite the resolution of the legal dispute.

Litigation background

The company sought to set aside the dismissal order issued by the lower court. The criminal litigation was filed before the Hon'ble High Court of Karnataka at Bengaluru. This update was communicated to stock exchanges on October 1, 2026.

The intimation regarding this development is available on the company's investor relations website. The company remains committed to complying with regulatory disclosure norms.