Emmvee H1 Revenue Jumps 45% To ₹3,131.9 Crore, PAT Up 79%

Mumbai-based Emmvee Photovoltaic Power Limited disclosed strong financial results for its second quarter and six months ended September 30, 2026. The company's revenue from operations surged to ₹3,131.9 crore, marking a 45% increase compared to the same period last year. EBITDA rose 47.4% to ₹1,105.0 crore. Most notably, profit after tax (PAT) jumped 79.1% to ₹762.3 crore.

In the second quarter alone, revenue from operations grew 39.4% year-on-year to ₹1,576.4 crore, while PAT increased by 60.6% to ₹382.0 crore. Solar PV module production in Q2 FY27 reached 952 MW, up from 682 MW in the previous year's corresponding quarter. Solar cell production rose to 513 MW from 319 MW.

The company's order book expanded to 10.4 GW by the end of Q2 FY27, with new orders worth approximately 1.5 GW during the quarter. Emmvee is pushing ahead with its 6 GW integrated TOPCon module and cell manufacturing expansion, with the module line set to begin commissioning by December 2026, followed by the cell line by March 2027. This expansion is expected to boost annual manufacturing capacity to about 16.3 GW of modules and 8.9 GW of cells.

Emmvee also aims to back-inwardly integrate into 9 GW of ingot and wafer manufacturing, with 5 GW projected for FY29 and 4 GW for FY30. This project is estimated to cost between ₹5,000 and ₹5,500 crore, primarily financed through internal accruals.