Emmvee Photovoltaic Power Limited — Q1 FY27 earnings call

Call held 16 Jul 2026

Management summary

Emmvee Photovoltaic Power Limited reported a strong Q1 FY27, with significant year-on-year growth in revenue, EBITDA, and PAT, driven by improved operational execution and higher manufacturing efficiencies. The company's order book expanded to 9.9 GW, and its integrated TOPCon cell and module expansion is progressing as planned. While facing some sequential revenue decline and strategic inventory build-up due to geopolitical concerns, the outlook remains positive with stable margins and continued focus on capacity expansion and domestic manufacturing.

Highlights

  • Revenue from operations grew 51% YoY to INR 1,555 crores in Q1FY27, reflecting strong business fundamentals.

  • EBITDA increased 56% YoY to INR 548 crores, with EBITDA margin expanding to 35% from 34% in Q1FY26.

  • Profit after tax surged 103% YoY to INR 380 crores, and PAT margin improved to 24% from 18% in Q1FY26.

  • Order book strengthened to 9.9 gigawatt, supported by fresh order inflows of 1,484 megawatt, providing healthy revenue visibility.

  • Achieved record production for both solar modules (970 MW) and solar cells (454 MW), with cell capacity utilization improving significantly to 83%.

Concerns

  • Revenue saw a sequential decline, though EBITDA was only 4% lower QoQ due to operating leverage and cost optimization.

  • Some inventory was added this quarter due to high production, though management expects liquidation with a healthy order book.

  • Geopolitical issues led to strategic raw material inventory build-up, indicating potential supply chain volatility.

Key financials

  1. Revenue from Operations ₹1,555 Cr +51%YoY
  2. EBITDA ₹548 Cr +56%YoY
  3. EBITDA Margin 35%
  4. Profit After Tax ₹380 Cr +103%YoY
  5. PAT Margin 24%
  6. Finance Costs ₹11.1 Cr
  7. Solar Module Production 970 megawatt +52.7%YoY
  8. Solar Cell Production 454 megawatt +26.1%YoY
  9. Cell Capacity Utilization 83%

What they filed

Q1 FY27: revenue up 51.4%, net profit up 102.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue402 528 1,072 1,028 1,131 +181%1,152 +118%1,739 +62%1,556 +51%
EBITDA93 202 361 350 399 +329%413 +104%571 +58%548 +57%
Net profit35 99 207 188 238 +580%264 +167%392 +89%380 +102%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Order book

high confidence

Total value

9.9 gigawatt

as of 2026-06-30 quantified

5.3% QoQ

Inflow this quarter

1,484 megawatt

Execution

approximately 7 plus gigawatt of orders that are to be executed in the next 18-months' time frame.

Composition

  • DCR (contract type) 50%

Cancellations & deferrals

  • deferred: Pick-up for Q1FY27 orders not fully executed in the last month due to LC establishment issues and rains.
The order book provides healthy revenue visibility and reflects continued demand across utility-scale, commercial and industrial, and rooftop solar segments.

Source: Prepared remarks

Capital allocation

high confidence
  • Capex ₹5,500 Cr INR 3,300 crores of the 6 GW expansion is debt funded, with the ingot/wafer expansion expected to be funded largely through internal accruals.
    • 6-gigawatt integrated TOPCon cell and module manufacturing facility ₹5,500 Cr
    • Backward integration into ingot and wafer manufacturing (9 GW total, 5 GW by FY29, 4 GW by FY30)
    The total project cost is estimated at approximately INR 5,500 crores, including hard costs of around INR 4,600 crores. Debt funding of approximately INR 3,300 crores has been tied up at the cost of less than 8%... The capital expenditure for the same is expected to be funded largely through internal accruals.
  • Debt Debt disclosed Cost 8%
    • New borrowing Debt funding tied up for 6 GW expansion at less than 8% cost. ₹3,300 Cr
    Debt funding of approximately INR 3,300 crores has been tied up at the cost of less than 8%.

Guidance & targets

Profitability

  • EBITDA Profitability · FY27 · High confidence INR 2,400 crore
    We are targeting approximately INR 2,400 crore of an EBITDA by the close of FY27.

    — Suhas Manjunatha

  • EBITDA per watt (module) Profitability · ongoing · Medium confidence INR 2.5 per watt
    And EBITDA per watt, I think what we had guided is around INR 2.5 per watt for just module

    — Suhas Manjunatha

  • EBITDA per watt (cell) Profitability · ongoing · Medium confidence INR 6.00-6.5 per watt
    and for the cell it is of INR 6.00-6.5 per watt.

    — Suhas Manjunatha

  • EBITDA per watt (DCR module) Profitability · ongoing · Medium confidence INR 8.5 to INR 9 per watt
    So, DCR module is usually INR 8.5 to INR 9 per watt.

    — Suhas Manjunatha

Capacity

  • Module line commissioning Capacity · December 2026 · High confidence December 2026
    The module line is expected to be commissioned by December 2026

    — Suhas Manjunatha

  • Cell line commissioning Capacity · March 2027 · High confidence March 2027
    followed by the cell line by March 2027.

    — Suhas Manjunatha

  • Total manufacturing capacity (post-expansion) Capacity · end of FY2027 · High confidence 16.3 gigawatt of modules and 8.9 gigawatt of cells
    Following the completion of this expansion, our total manufacturing capacity is expected to increase to approximately 16.3 gigawatt of modules and 8.9 gigawatt of cells by end of FY2027.

    — Suhas Manjunatha

  • Ingot and wafer manufacturing (Phase 1) Capacity · FY2029 · Medium confidence 5 gigawatt
    The proposed facility will have a total of 9 gigawatt and is planned in two phases, with 5 gigawatt targeted in FY2029

    — Suhas Manjunatha

  • Ingot and wafer manufacturing (Phase 2) Capacity · FY2030 · Medium confidence 4 gigawatt
    and the remaining 4 gigawatt in FY2030.

    — Suhas Manjunatha

Capacity Utilization

  • Cell capacity utilization (peak) Capacity Utilization · ongoing · High confidence 85% to 90%
    Peak utilization for cell is around 85% to 90%, which we are already close to that.

    — Suhas Manjunatha

  • Module capacity utilization (peak) Capacity Utilization · ongoing · Medium confidence about 65%
    And with respect to modules, it will be about 65%.

    — Suhas Manjunatha

What to watch in Q2 FY27

Module line commissioning progress

by December 2026
Current Progressing according to plan
Target Commissioned by December 2026

Why it matters

Successful commissioning is key to realizing planned capacity expansion and revenue growth.

The module line is expected to be commissioned by December 2026

Risks & concerns

  • Geopolitical issues impacting raw material supply

    medium

    Company strategically kept more raw material inventory due to geopolitical issues, indicating potential supply chain volatility.

    Management mitigated

  • Clarity on ALMM List 3 for ingot/wafer investment

    medium

    Timing of ingot and wafer backward integration investment is subject to final clarity on ALMM List 3 and prevailing market conditions, potentially delaying the project.

    Management acknowledged

  • Short-term execution delays due to external factors

    low

    Order pick-up in Q1FY27 was not fully executed in the last month due to LC establishment issues and rains, causing temporary delays.

    Management acknowledged

Q&A highlights

8 direct
EBITDA per watt trend for DCR and non-DCR modules Direct
I think an EBITDA spread in both non-DCR and DCR have been in line with what we experienced in the previous quarter, which is also, reflecting from our EBITDA margin as well. And, going forward also, we are expecting a stable kind of a scenario, and that is what is reflected as of now.

Clarifies the stability of margins across different product categories and provides an outlook for future margin trends.

Asked by Rohit from Axis Max Life

Timeline and procedural steps for ingot/wafer backward integration Direct
There's no procedural steps, rather like the timing that we have planned the commissioning is by mid of calendar year 2028. So, that does not require such early actions to our understanding. That is something in line with what we are planning, because it's quite clear that our priority right now is expanding the cell and module, and ingot and wafer is something that we are adding in calendar year of 2028.

Provides clarity on the strategic sequencing of capacity expansions, prioritizing cell and module over ingot/wafer in the near term.

Asked by Rohit from Axis Max Life

Sales mix of DCR vs non-DCR modules Direct
This time the DCR non-DCR mix have been healthier on the DCR side, which is reflected in our increased margin percentage as well. So, we have done, I think over 50% DCR.

Indicates a favorable product mix towards higher-margin DCR products, contributing to overall margin improvement.

Asked by Subramaniam Yadav from SBI Life

Reasons for sharp QoQ drop in raw material costs Direct
here the couple of things are that the mix of DCR and non-DCR, when it becomes healthy on the DCR side, you will see the COGS being much better. And two, like I said, there is also cell sales that is involved in this quarter. So that is also a reason why you should see the absolute COGS also being lower compared to the previous quarter.

Explains the drivers behind cost efficiencies and margin expansion, linking it to product mix and internal cell consumption.

Asked by Apoorva Bahadur from IIFL Capital

Impact of government restrictions on silver imports Direct
It is only the procedure which has been introduced. So, what we have to do is now we have to apply well in advance to the DGFT for what is the import quantity we want to bring it. Then accordingly they are giving approval to the import... As soon as we are applying, within 3 to 4 days we are getting the approvals.

Assures investors that the company is effectively managing regulatory changes related to critical raw material imports, mitigating potential supply chain disruptions.

Asked by Apoorva Bahadur from IIFL Capital

Current inventory levels and future outlook Direct
Yes. if you see in the P&L, the change in inventory, which is of finished goods because the production was high, so some inventory has been added. but otherwise, barring these INR 74.25 crores of the addition to inventory, it is in line with our current level of operations... With the healthy order book and we added another 1.48 gigawatt of additional order, so this will help us to liquidate the inventory also, both in terms of finished goods and raw material.

Addresses concerns about inventory build-up, explaining it as a result of high production and a strategic move, with confidence in future liquidation due to strong order book.

Asked by Apoorva Bahadur from IIFL Capital

Peak capacity utilization for current module and cell facilities Direct
Peak utilization for cell is around 85% to 90%, which we are already close to that. And with respect to modules, it will be about 65%.

Provides insight into current operational efficiency and potential for further optimization within existing infrastructure.

Asked by Karan from Niveshaay

EBITDA per watt for different manufacturing/sales scenarios Direct
So cell like we said non-DCR module is about INR 2 to INR 2.5 per watt and then the cell is about INR 6.0-6.5 per watt. So, DCR module is usually INR 8.5 to INR 9 per watt.

Offers granular detail on profitability across different product types and integration levels, crucial for understanding margin drivers and business model.

Asked by Gaurav Birmiwal from Axis Mutual Fund

2 min read 6 chapters

Detailed narrative

Strong Q1 FY27 Financial Performance

Emmvee Photovoltaic Power Limited commenced FY27 with robust financial results, reporting a 51% year-on-year growth in revenue from operations to INR 1,555 crores. EBITDA increased by 56% YoY to INR 548 crores, achieving a healthy margin of 35%. Profit after tax saw an impressive 103% YoY surge to INR 380 crores, with the PAT margin expanding to 24%, primarily due to lower finance costs which reduced significantly to INR 11.1 crores from INR 53.1 crores in Q1FY26.

Record Production and Enhanced Capacity Utilization

The quarter marked Emmvee's best operational performance to date, achieving record production levels for both solar modules and cells. Solar module production reached 970 megawatt, a 53% increase YoY, while solar cell production grew 26% YoY to 454 megawatt. Critically, cell capacity utilization improved significantly to 83% from 68% in Q1FY26, strengthening the advantages of the integrated manufacturing platform and supporting better control over product quality and margins.

Robust Order Book and Revenue Visibility

The company's order book continued to strengthen, reaching 9.9 gigawatt by the end of Q1FY27, up from 9.4 gigawatt at FY26 end. This was bolstered by fresh order inflows of 1,484 megawatt during the quarter. Management indicated that approximately 7 gigawatt of these orders are slated for execution within the next 18 months, providing strong revenue visibility across utility-scale, commercial, industrial, and rooftop solar segments.

Strategic Capacity Expansion and Backward Integration

Work on the 6-gigawatt integrated TOPCon cell and module manufacturing facility is progressing as planned, with the module line expected to be commissioned by December 2026 and the cell line by March 2027. This expansion, costing an estimated INR 5,500 crores (INR 3,300 crores debt-funded), will increase total capacity to 16.3 GW modules and 8.9 GW cells by FY2027. Additionally, Emmvee is planning backward integration into ingot and wafer manufacturing with a 9-gigawatt facility in two phases (5 GW by FY2029, 4 GW by FY2030), to be largely funded by internal accruals.

ALMM Implementation and Domestic Manufacturing Focus

The implementation of ALMM List 2 from June 2026 is seen as a significant development, expected to expand the addressable DCR market for domestically manufactured cells. Emmvee believes this will strengthen the Indian domestic manufacturing ecosystem. The company's existing cell manufacturing capacity and planned integrated expansion position it well to capitalize on the tightening supply of high-efficiency TOPCon cells.

Disciplined Cost Management and Margin Stability

Despite a sequential decline in revenue, EBITDA was only 4% lower QoQ, demonstrating disciplined cost management and operating leverage. The company maintained stable EBITDA per watt spreads for both DCR and non-DCR products. A sharp QoQ drop in raw material costs was attributed to a healthier DCR mix and increased cell sales, further contributing to margin stability. Management also confirmed effective handling of silver import restrictions through timely DGFT approvals.

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