Emmvee Photovoltaic Power Ltd
Emmvee Photovoltaic Power Q2 FY26: Revenue ₹2191 Cr, EBITDA margin 35%
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Emmvee’s revenue growth is driven by capacity expansions; current installed capacity is 7.8 GW of modules and 2.94 GW of cells. Emmvee projects continued strong growth aligned with capacity expansions; current capacity stands at 7.8 GW modules and 2.94 GW cells, with a confirmed order book of 5 GW covering 12-18 months.
From Emmvee Photovoltaic Power Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Emmvee’s revenue growth is driven by capacity expansions; current installed capacity is 7.8 GW of modules and 2.94 GW of cells.
- Confirmed order book of over 5 GW provides visibility for the next 12 to 18 months, aligned with planned capacity growth.
- New 6 GW integrated cell and module facility at ITIR Phase 2 in Bangalore is underway; expected operational by March-April 2027, expanding capacity significantly.
- Company plans to maintain order book size roughly equivalent to 12-18 months of work capacity, growing in line with capacity expansions.
- Revenue potential seen from current 7.8 GW capacity is around ₹2191 crore in H1 FY26, indicating strong scale-up prospects.
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Profitability & Margins
See what Emmvee Photovoltaic Power Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Emmvee is expanding its capacity with a new 6 GW integrated cell and module manufacturing facility at ITIR Phase 2, Bangalore.
- Capex outlook for the 6 GW TopCon integrated facility is about INR 5,500 crore.
- The 6 GW cell expansion is greenfield and expected to be fully operational by March-April 2027.
- An additional 2.5 GW module line will come online in FY 2026, supporting scale-up.
- The company secured a loan sanction of INR 3,306 crore from IREDA for the 6 GW project.
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Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
- Current confirmed order book stands at over 5 gigawatts (GW).
- Of this, approximately 20% are Domestic Content Requirement (DCR) orders.
- Order book provides clear visibility for the next 12 to 18 months of deliveries.
- Orders are primarily fixed price contracts with advance payments for raw material procurement.
- Order book grows in line with the company's capacity expansion to maintain a steady 12 to 18 months delivery pipeline.
- The company does not take orders that significantly exceed its capacity, ensuring manageable order fulfillment.
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Emmvee Photovoltaic Power Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹1.6K Cr, net profit ₹382 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Emmvee Photovol.'s management said in earlier quarters
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Frequently Asked Questions
What were Emmvee Photovoltaic Power Ltd Q2 FY26 results?
Emmvee’s revenue growth is driven by capacity expansions; current installed capacity is 7.8 GW of modules and 2.94 GW of cells. Emmvee projects continued strong growth aligned with capacity expansions; current capacity stands at 7.8 GW modules and 2.94 GW cells, with a confirmed order book of 5 GW covering 12-18 months.
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 17.6 with a market cap of ₹22,474 Cr. Investors should review the full earnings analysis for detailed insights.
Is Emmvee Photovoltaic Power Ltd planning capital expenditure?
Emmvee is expanding its capacity with a new 6 GW integrated cell and module manufacturing facility at ITIR Phase 2, Bangalore.
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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.