Emmvee Photovoltaic Power reported a 79.1% year-on-year increase in profit after tax (PAT) to ₹762.3 crore in the first half of FY27, supported by higher revenue, improved operating efficiencies and growth in solar manufacturing. Revenue from operations rose 45.1% to ₹3,131.9 crore, while EBITDA increased 47.4% to ₹1,105 crore.
For the second quarter of FY27, the company recorded revenue from operations of ₹1,576.4 crore, up 39.4% year-on-year. PAT increased 60.6% to ₹382 crore, reflecting continued demand for its solar manufacturing products and the benefits of integrated operations.
Solar Module and Cell Production Increases
Emmvee recorded higher production across its solar module and cell manufacturing operations during Q2 FY27. Solar PV module production reached 952 MW, compared with 682 MW in the corresponding quarter of the previous year. Solar cell production increased to 513 MW from 319 MW over the same period.
The company reported capacity utilisation of 89% for solar cells and 44% for modules during the quarter. Its order book stood at 10.4 GW at the end of Q2 FY27, supported by approximately 1.5 GW of new orders received during the period.
As of September 30, 2026, Emmvee had an installed annual manufacturing capacity of approximately 10.3 GW for solar modules and 2.94 GW for TOPCon solar cells.
6 GW Integrated TOPCon Manufacturing Expansion
Emmvee is progressing with its planned 6 GW integrated TOPCon solar module and cell manufacturing expansion. The company expects to commission the 6 GW module manufacturing line by December 2026, followed by the 6 GW solar cell line by March 2027.
Commercial sales from the expanded facilities are expected to align with commissioning, with production utilisation increasing gradually thereafter.
Once the expansion is fully commissioned, Emmvee’s annual manufacturing capacity is expected to reach approximately 16.3 GW for solar modules and 8.9 GW for solar cells. The company expects the additional capacity to strengthen backward integration, increase domestic sourcing and improve supply-chain resilience.
Commenting on the financial performance, D. V. Manjunatha, Chairman and Managing Director of Emmvee Photovoltaic Power, said the first-half results reflected continued business growth, supported by sustained demand, operating efficiencies and integrated manufacturing capabilities. He added that commercial sales from the expansion would begin in line with commissioning, followed by a gradual increase in capacity utilisation.
Emmvee Plans ₹5,500 Crore Ingot and Wafer Investment
Alongside its module and cell expansion, Emmvee plans to enter ingot and wafer manufacturing through a phased 9 GW capacity addition. The proposed expansion comprises 5 GW in FY29 and a further 4 GW in FY30.
The company has estimated capital expenditure of ₹5,000 crore to ₹5,500 crore for the proposed ingot and wafer manufacturing project. It expects to finance the investment largely through internal accruals.
However, the implementation timeline remains subject to regulatory clarity regarding the implementation of ALMM III and prevailing market conditions. The proposed investment forms part of Emmvee’s broader strategy to expand its integrated solar manufacturing operations and reduce dependence on external suppliers for key production inputs.
Debt Position and Operating Cash Flow
Emmvee reported a net debt-to-equity ratio of 0.12x as of September 30, 2026, indicating a relatively low level of leverage. Net cash generated from operating activities increased to ₹409.9 crore in H1 FY27, compared with ₹120.7 crore in the corresponding period of FY26.
The company also reported that lower finance costs contributed to earnings growth during the first half of the financial year.
With its ongoing TOPCon manufacturing expansion and proposed investment in ingot and wafer production, Emmvee is seeking to strengthen its position across multiple stages of the solar manufacturing value chain. The planned capacity additions are expected to expand its manufacturing scale and deepen domestic integration as India’s solar industry continues to grow.
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