Emmvee Photovoltaic Power Limited has reported a 79.1% year-on-year increase in consolidated profit after tax (PAT) to INR 762.3 crore for the first half of FY2026-27, driven by strong solar demand, improved operating efficiency and lower financing costs.
According to the company’s unaudited financial results for the six months ended September 30, 2026, revenue from operations rose 45.1% year-on-year to INR 3,131.9 crore. Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 47.4% to INR 1,105 crore.
For the second quarter of FY2026-27, revenue from operations grew 39.4% year-on-year to INR 1,576.4 crore, while PAT rose 60.6% to INR 382 crore.
The company also recorded higher manufacturing output during the quarter. Solar photovoltaic module production increased to 952 MW from 682 MW in the corresponding quarter last year, while solar cell production rose to 513 MW from 319 MW. Capacity utilisation reached 89% for solar cells and 44% for modules.
Emmvee’s order book stood at 10.4 GW at the end of the second quarter, supported by new order inflows of approximately 1.5 GW during the period.
Manufacturing Expansion to Strengthen Capacity
Emmvee is progressing with its 6 GW integrated TOPCon solar cell and module manufacturing expansion. The company expects to commission the new module production line by December 2026, followed by the solar cell line by March 2027.
Once fully commissioned, the expansion is expected to increase the company’s annual manufacturing capacity to approximately 16.3 GW of solar modules and 8.9 GW of solar cells. Commercial sales and capacity utilisation are expected to ramp up progressively after commissioning.
The company is also planning to develop 9 GW of ingot and wafer manufacturing capacity in phases, with 5 GW targeted for FY2028-29 and another 4 GW for FY2029-30. The proposed project is estimated to require capital expenditure of INR 5,000–5,500 crore and remains subject to regulatory clarity and prevailing market conditions.
The strong first-half performance and ongoing capacity expansion underscore Emmvee’s efforts to scale up domestic solar manufacturing amid sustained demand for renewable energy equipment in India.
