EMMVEEEmmvee Photovoltaic Power Ltd
Emmvee Photovoltaic’s September-quarter profit rises 61% to ₹382 crore as revenue grows 39%
- Earnings
- Renewable Energy
Emmvee Photovoltaic Power Limited has told the exchanges that on 14 Oct 2026 it released its consolidated unaudited results for the quarter and six months ended 30 Sep 2026. Revenue from operations for the September quarter grew 39.4% from a year earlier to ₹1,576.4 crore, and profit after tax rose 60.6% to ₹382.0 crore.
Revenue was 1% above the June 2026 quarter, and profit after tax was in line with the ₹380.3 crore of that quarter. EBITDA was ₹556.9 crore, a margin of 35%, the same as a year earlier. Profit before tax was ₹465.3 crore, against ₹291.7 crore, and finance costs fell to ₹9.5 crore from ₹55.2 crore. For the half year, revenue from operations rose 45.1% to ₹3,131.9 crore, EBITDA rose 47.4% to ₹1,105.0 crore, and profit after tax rose 79.1% to ₹762.3 crore.
Solar module production in the quarter was 952 MW, against 682 MW a year earlier, and solar cell production was 513 MW, against 319 MW. Effective capacity utilisation was 89% for cells and 44% for modules. The order book stood at 10.4 GW at the end of the quarter, with new order inflows of about 1.5 GW. Installed annual capacity at 30 Sep 2026 was about 10.3 GW for modules and 2.94 GW for TOPCon cells.
The company is progressing with a 6 GW integrated TOPCon module and cell expansion, and plans phased backward integration into 9 GW of ingot and wafer manufacturing, 5 GW in FY29 and 4 GW in FY30. That plan is subject to regulatory clarity on ALMM III timelines and market conditions. The estimated capital expenditure is ₹5,000–5,500 crore, expected to be funded largely through internal accruals.
Inference
Gross profit margin was lower than a year earlier, at 42% against 47%, but the EBITDA margin stayed at 35%. Lower finance costs also helped profit growth, since profit before tax grew by 60% while revenue grew by 39%.
The ingot and wafer plan depends on regulatory clarity that the filing says has not yet been given, so the timelines are not fixed. The utilisation figure of 44% for modules shows how much of the installed module capacity was in use in the quarter.
Reference: Original filing (PDF)
Disclaimer:
The information available on this article is provided for education and informational purposes only. It does not constitute or provide financial, investment or trading advice and should not be construed as an endorsement of any specific stock or financial strategy in any form or manner. We do not make any representations or warranties regarding the quality, reliability, or accuracy of the information provided. This website may contain links to third-party content. We are not responsible for the content or accuracy of these external sources and do not endorse or verify the information provided by third parties. We are not liable for any decisions made or actions taken based on the information provided on this website.
