Emmvee Photovoltaic Power Ltd
Emmvee Photovoltaic Power Q2 FY27: Revenue ₹1,576 Cr, PAT ₹382 Cr
Q2 FY27 earnings call: what management guided on revenue, margins and order book.
Based on our transcription of the Q2 FY27 call recording. The company has not filed its transcript yet; this page will switch to it when it does.
What the Q2 FY27 call signalled
3 of 4 strong
The short version
Q2 FY27 revenue grew 39% YoY to ₹1,576 crore; H1 FY27 revenue grew 45% YoY to ₹3,132 crore. Revenue from operations for Q2 FY27 grew 39% YoY to ₹1,576 crores; H1 FY27 revenue grew 45% YoY to ₹3,132 crores.
From Emmvee Photovoltaic Power Ltd's Q2 FY27 earnings-call transcript · updated 16 Oct 2026.
Revenue & Sales Performance
- Q2 FY27 revenue grew 39% YoY to ₹1,576 crore; H1 FY27 revenue grew 45% YoY to ₹3,132 crore.
- Solar module production increased 40% YoY to 952 MW; solar cell production grew 61% YoY to 513 MW.
- Order book at 10.4 GW, supported by new inflows of 1.5 GW in Q2; healthy order book expected to sustain growth for FY27 and FY28.
- Installation demand growing strongly with 27 GW AC installed in first half of calendar year, translating to ~35 GW DC demand.
- Company expects 64% YoY growth trajectory based on current market trends.
- Capacity expansions underway: 6 GW integrated cell and module plant progressing; module capacity commissioning by Dec 2026, cell by March 2027.
- Production utilization: cell plant at ~89%, module plant flexible with utilization around 45-60%.
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Profitability & Margins
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Capital Expenditure Plans
- Ongoing 6 GW integrated top-con cell and module manufacturing expansion on track.
- Module manufacturing facility expected to commission by December 2026; cell manufacturing by March 2027.
- Post-completion, total installed capacity to reach ~16.3 GW modules and 8.9 GW cells.
- Capex for 6 GW integrated cell and module project estimated at ₹5,500 crores (~₹4,600 crores hard cost), including interest, contingency, and working capital.
- Plans for backward integration into ingot and wafer manufacturing with a proposed 9 GW facility in two phases (5 GW and 4 GW).
- Expansion timing guided by regulatory environment, market conditions, and economic viability.
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Fundraising & Capital Structure
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Order Book & Pipeline
- Current order book stands at approximately 10.4 gigawatts.
- Out of this, about 5 to 5.5 gigawatts are expected to be delivered within the next 12 to 15 months.
- Quarterly order inflow has reached a record 1.5 gigawatts this quarter and continues to grow strongly.
- Orders include committed needs for the upcoming 6 gigawatt module expansion.
- Order book includes approximately 70% DCR (Domestic Content Requirement) and 30% non-DCR orders.
- Around 25% of revenue is derived from retail markets including Surya Garo and Naqsham schemes that operate mostly on a spot and ongoing basis.
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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 FY27 results?
Q2 FY27 revenue grew 39% YoY to ₹1,576 crore; H1 FY27 revenue grew 45% YoY to ₹3,132 crore. Revenue from operations for Q2 FY27 grew 39% YoY to ₹1,576 crores; H1 FY27 revenue grew 45% YoY to ₹3,132 crores.
What is Emmvee Photovoltaic Power Ltd share price analysis?
Emmvee Photovoltaic Power Ltd currently shows a strong growth signal based on ranking data. The stock trades at a P/E of 15.3 with a market cap of ₹19,531 Cr. Investors should review the full earnings analysis for detailed insights.
Is Emmvee Photovoltaic Power Ltd planning capital expenditure?
Ongoing 6 GW integrated top-con cell and module manufacturing expansion on track.
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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.