Emmvee Unveils 9 GW Ingot and Wafer Manufacturing Roadmap to Strengthen Solar Value Chain

Emmvee Photovoltaic Power Limited reported its strongest first-quarter performance to date for the quarter ended June 30, 2026, with profit after tax (PAT) more than doubling year-on-year. The company’s PAT increased by 103% to ₹380.3 crore, while revenue from operations grew 51% year-on-year to ₹1,555.5 crore, compared to ₹1,027.8 crore in Q1 FY26.

The company achieved its highest-ever quarterly performance, supported by increased production volumes, improved capacity utilisation, and deeper integration of internally manufactured solar cells. Emmvee reported record EBITDA and PAT margins of 35.24% and 24.2%, respectively, reflecting operational efficiency and improved manufacturing integration.

The Board of Directors approved the unaudited financial results for Q1 FY27 at its meeting held on July 15, 2026. Following the strong quarterly performance, the company has set an FY27 EBITDA target of ₹2,400 crore and expects stable EBITDA per watt of approximately ₹2.5 for modules and ₹6.5 for solar cells.

During the quarter, EBITDA increased by 56% year-on-year to ₹548.1 crore, compared to ₹350.5 crore in Q1 FY26. The EBITDA margin improved to 35.24% from 34.10%, registering an expansion of 114 basis points. The company’s Profit Before Tax (PBT) grew by 96% to ₹469.6 crore, compared to ₹240.2 crore in the corresponding quarter last year. The company reported a basic and diluted EPS of ₹5.49, while the paid-up equity share capital remained unchanged at ₹13,846.90 lakh.

Emmvee recorded a strong improvement in manufacturing output during Q1 FY27, achieving its highest-ever quarterly production volumes. Solar module production increased by 53% year-on-year to 970 MW, while solar cell production grew 26% to 454 MW. The effective solar cell capacity utilisation improved significantly to 83%, compared to 68% in Q1 FY26, supported by higher internal cell consumption and improved operational efficiency.

As of the end of Q1 FY27, Emmvee had an installed annual manufacturing capacity of approximately 10.3 GW for solar modules and 2.94 GW for TOPCon solar cells. The company continues to strengthen its integrated solar manufacturing capabilities to meet growing demand across domestic and international markets.

During the quarter, the company secured order inflows of 1.48 GW, taking its total order book to an all-time high of approximately 9.9 GW. The order pipeline is diversified across independent power producers (IPPs) and commercial and industrial (C&I) customers, with a repeat customer rate of 57%, reflecting strong customer relationships and market confidence.

On the expansion front, Emmvee’s 6 GW integrated TOPCon cell and module expansion project remains on schedule. The module line is expected to be commissioned by December 2026, while the cell line is targeted for completion by March 2027. Upon completion, the company’s total manufacturing capacity is expected to increase to approximately 16.3 GW for solar modules and 8.9 GW for solar cells by the end of FY27.

The total investment for this expansion is estimated at ₹5,500 crore, with ₹3,300 crore of debt funding already tied up at a cost of below 8%. The expansion will further strengthen Emmvee’s position as an integrated solar module and cell manufacturer.

Additionally, the company has outlined a medium-term plan for 9 GW backward integration into ingot and wafer manufacturing, to be implemented in two phases — 5 GW by FY29 and 4 GW by FY30. The timeline will depend on clarity regarding ALMM List III requirements and prevailing market conditions, with funding expected to be largely supported through internal accruals.

With strong financial performance, expanding manufacturing capacity, and a robust order pipeline, Emmvee Photovoltaic Power continues to strengthen its position in India’s growing solar manufacturing ecosystem.