Emmvee Photovoltaic Power Ltd
Emmvee Photovoltaic Power Q1 FY27 earnings call: Revenue & Margins
Q1 FY27 earnings call: what management guided on revenue, margins and order book.
The short version
Emmvee Photovoltaic Power Limited expects continued growth in order inflows and backlog, with approximately 1,500 MW orders in Q1 and a total order book of around 10 GW, supporting execution over the next 18 months. Emmvee targets approximately INR 2,400 crore EBITDA by the close of FY27, signaling strong earnings growth.
From Emmvee Photovoltaic Power Ltd's Q1 FY27 earnings-call transcript · updated 24 Sept 2026.
Revenue & Sales Performance
- Emmvee Photovoltaic Power Limited expects continued growth in order inflows and backlog, with approximately 1,500 MW orders in Q1 and a total order book of around 10 GW, supporting execution over the next 18 months.
- The company targets an EBITDA of approximately INR 2,400 crore by the close of FY27, implying increasing utilization across modules and cells.
- Module capacity utilization is expected to reach about 65%, while cell utilization is close to peak levels of 85-90%, with overall volumes increasing due to transition to G12R technology.
- Expansion plans include commissioning a 6 GW integrated TOPCon cell and module facility by Q3 FY27, with backward integration into ingot and wafer manufacturing planned for mid-2028.
2 more points management made on revenue & sales performance
Profitability & Margins
See what Emmvee Photovoltaic Power Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Ongoing 6-gigawatt integrated TOPCon cell and module manufacturing facility progressing as planned.
- Module line expected to be commissioned by December 2026, cell line by March 2027.
- Total project cost estimated at ~INR 5,500 crores with INR 4,600 crores in hard costs; ~INR 3,300 crores debt tied up at less than 8% cost.
- Post-expansion capacity to increase to ~16.3 GW modules and 8.9 GW cells by FY2027 end.
- Medium-term plan for backward integration into ingot and wafer manufacturing with a 9 GW facility planned in two phases: 5 GW in FY2029 and 4 GW in FY2030.
- Backward integration capex expected to be funded mainly through internal accruals.
2 more points management made on capital expenditure plans
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Fundraising & Capital Structure
See what Emmvee Photovoltaic Power Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- Order inflow in Q1FY2027 was approximately 1,500 megawatts.
- The total order book stands at around 10 gigawatts.
- Out of this, about 7+ gigawatts of orders are expected to be executed over the next 18 months.
- The order book includes a growing mix of DCR (domestic content requirement) and non-DCR modules.
- Increasing DCR proportion is reflected, though non-DCR orders remain significant.
- The order book growth aligns with the ongoing expansion plans, including the commissioning of a 6 gigawatt integrated cell and module facility.
2 more points management made on order book & pipeline
Emmvee Photovoltaic Power Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹1.7K Cr, net profit ₹392 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Emmvee Photovoltaic Power Ltd's management said in earlier quarters
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Frequently Asked Questions
What were Emmvee Photovoltaic Power Ltd Q1 FY27 results?
Emmvee Photovoltaic Power Limited expects continued growth in order inflows and backlog, with approximately 1,500 MW orders in Q1 and a total order book of around 10 GW, supporting execution over the next 18 months. Emmvee targets approximately INR 2,400 crore EBITDA by the close of FY27, signaling strong earnings growth.
What is Emmvee Photovoltaic Power Ltd share price analysis?
Emmvee Photovoltaic Power Ltd currently shows a neutral. The stock trades at a P/E of 17.8 with a market cap of ₹22,709 Cr. Investors should review the full earnings analysis for detailed insights.
Is Emmvee Photovoltaic Power Ltd planning capital expenditure?
Ongoing 6-gigawatt integrated TOPCon cell and module manufacturing facility progressing as planned.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.