Emmvee Photovoltaic Power Ltd Share Price – NSE  / BSE

Capital Goods - Electrical Equipment, Small Cap

The company's net profit surged 102.61% YoY, while declining 3.08% QoQ, to Rs 380.30 crore in Q1 FY27.

Revenue from operations increased 51.34% YoY but declined 10.54% QoQ to Rs 1,555.50 crore in the June 2026 quarter.

Profit before tax stood at Rs 469.60 crore in Q1 FY27, down 2.96% vs Q4 and up 95.50% vs Q1 FY26.

Gross profit rose 44.64% YoY to Rs 677.30 crore, while the gross margin stood at 44% compared with 46% in Q1 FY26 and 42% in Q4 FY26.

EBITDA jumped 56.38% YoY to Rs 548.10 crore, while EBITDA margin improved to 35% from 34% in Q1 FY26 and 33% in Q4 FY26.

Other income increased 14.58% YoY to Rs 16.50 crore, while total tax expense rose 70.10% YoY to Rs 89.30 crore.

On the cost front, total expenses increased 37.46% YoY to Rs 1,102.40 crore. Cost of materials consumed rose 42.07% YoY to Rs 952.60 crore. Employee benefits expenses declined 1.48% YoY to Rs 33.30 crore, while other expenses increased 14.03% YoY to Rs 95.90 crore. Finance costs fell 79.10% YoY to Rs 11.10 crore, while depreciation and amortisation expenses increased 17.18% YoY to Rs 83.90 crore.

Operationally, the company recorded its highest-ever quarterly production, with solar module output rising 53% YoY to 970 MW and solar cell production increasing 26% YoY to 454 MW. Solar cell capacity utilisation improved to a record 83% from 68% a year ago, while module capacity utilisation stood at 45%.

Emmvee secured order inflows of 1.48 GW during the quarter, taking its order book to a record 9.9 GW. The company said the implementation of ALMM List II from June 2026 is expected to support demand and accelerate its transition towards a fully DCR-compliant product portfolio.

The company is also progressing with its 6 GW integrated TOPCon cell and module facility, with the module line expected to be commissioned by December 2026 and the cell line by March 2027. On completion, installed capacity is expected to increase to approximately 16.3 GW of modules and 8.9 GW of cells by early FY28.

Chairman and managing director D.V. Manjunatha said the quarter marked the strongest first-quarter performance in the company's history, supported by record production volumes, higher margins, deeper cell integration and disciplined execution.

Emmvee Photovoltaic Power is an integrated solar photovoltaic module and TOPCon solar cell manufacturer with installed annual manufacturing capacity of approximately 10.3 GW for modules and 2.94 GW for solar cells.

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Net profit of Emmvee Photovoltaic Power rose 102.64% to Rs 380.29 crore in the quarter ended June 2026 as against Rs 187.67 crore during the previous quarter ended June 2025. Sales rose 51.34% to Rs 1555.52 crore in the quarter ended June 2026 as against Rs 1027.82 crore during the previous quarter ended June 2025.

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Emmvee Photovoltaic Power will hold a meeting of the Board of Directors of the Company on 15 July 2026.

For Q4 FY2026, consolidated revenue from operations stood at Rs 1,738.8 crore, up 62% year-on-year and 51% quarter-on-quarter. EBITDA for the quarter was Rs 571.1 crore, up 58% year-on-year and 38% quarter-on-quarter, with EBITDA margin at 33% compared to 34% in Q4 FY25 and 36% in Q3 FY26. Profit after tax for Q4 FY2026 was Rs 392.4 crore, up 89% year-on-year and 49% quarter-on-quarter, with PAT margin at 23%

For FY2026, the company reported consolidated revenue from operations of Rs 5,050 crore, up 116% year-on-year, while EBITDA increased 140% year-on-year to Rs 1,734.4 crore. Profit after tax for the year stood at Rs 1,081.6 crore, up 193% year-on-year. EBITDA margin improved to 34% in FY2026 from 31% in FY2025, while PAT margin expanded to 21% from 16%, reflecting strong operating leverage, improved efficiencies, and scale benefits with negative net debt.

The company said the strong performance was driven by higher production volumes, the first full year of solar cell operations, expansion in module capacity, operating leverage and lower finance costs following balance sheet deleveraging.

The company reported a net debt-to-equity ratio of (0.06)x as of 31 March 2026, indicating a net cash position.

Order book stood at 9.4 GW at the end of FY2026, with Q4 order inflows at 1.27 GW.

Consolidated net cash from operating activities decreased to Rs 200.14 crore in FY26 from Rs 624.89 crore a year ago.

Emmvee Photovoltaic Power is one of India?s leading integrated solar photovoltaic module and cell manufacturers. As of 31 March 2026, it had installed production capacity of 10.3 GW of solar modules and 2.94 GW of TOPCon solar cells.

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