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Emmvee Photovoltaic Power Q2 FY27 results: net profit up 60.6% to ₹382.05 crore, revenue up 39.4%
Emmvee Photovoltaic Power Limited reported consolidated revenue of ₹1,576 crore and net profit of ₹382.05 crore for Q2 FY27, with the EBITDA margin at 35.3%. Revenue rose 39.4% and profit after tax rose 60.6% from a year earlier, while sequentially revenue was up 1.3% and profit after tax was up 0.5%.
Key points
- Consolidated Q2 FY27 revenue was ₹1,576 crore, up 39.4% from ₹1,131 crore in Q2 FY26.
- EBITDA was ₹556.88 crore, up 39.4% year on year, with the margin at 35.3%.
- Net profit was ₹382.05 crore, up 60.6% from ₹237.86 crore a year earlier, and basic EPS was ₹5.52.
- H1 FY27 revenue was ₹3,131.89 crore and profit after tax was ₹762.33 crore, up 45.1% and 79.1% respectively.
- The order book stood at 10.4 GW at the end of Q2 FY27, with new order inflows of approximately 1.5 GW during the quarter.
How did Emmvee Photovoltaic Power perform in Q2 FY27?
Emmvee Photovoltaic Power reported consolidated revenue of ₹1,576 crore for Q2 FY27, up 39.4% from ₹1,131 crore in Q2 FY26 and 1.3% from ₹1,556 crore in Q1 FY27. EBITDA was ₹556.88 crore, up 39.4% from ₹399.39 crore a year earlier and 1.6% from ₹548.10 crore in the previous quarter. The EBITDA margin was 35.3%, unchanged from a year earlier and 0.1 percentage points above Q1 FY27.
Profit before tax was ₹465.29 crore, up 59.5% from ₹291.67 crore in Q2 FY26 but 0.9% below ₹469.61 crore in Q1 FY27. Net profit was ₹382.05 crore, against ₹237.86 crore a year earlier and ₹380.29 crore in the previous quarter. Basic EPS was ₹5.52, compared with ₹4.01 in Q2 FY26 and ₹5.49 in Q1 FY27. On the standalone basis, revenue was ₹209.97 crore and profit after tax was ₹6.87 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,576 | 1,556 | 1,131 | +39.4% | +1.3% |
| Other income | 2.52 | 16.48 | 18.39 | −86.3% | −84.7% |
| Total expenses | 1,114 | 1,102 | 857.72 | +29.8% | +1.0% |
| EBITDA | 556.88 | 548.10 | 399.39 | +39.4% | +1.6% |
| EBITDA margin | 35.3% | 35.2% | 35.3% | +0.0 pp | +0.1 pp |
| Profit before tax | 465.29 | 469.61 | 291.67 | +59.5% | −0.9% |
| Tax | 83.25 | 89.32 | 53.81 | +54.7% | −6.8% |
| Net profit | 382.05 | 380.29 | 237.86 | +60.6% | +0.5% |
| EPS (₹) | 5.52 | 5.49 | 4.01 | +37.7% | +0.5% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Emmvee Photovoltaic Power's costs and profit?
Total expenses rose 29.8% to ₹1,114 crore from ₹857.72 crore in Q2 FY26, a rise of ₹255.88 crore. Cost of materials increased 21.4% by ₹154.82 crore to ₹876.67 crore, and depreciation rose 19.4% by ₹13.76 crore to ₹84.63 crore. Employee cost fell 13.0% by ₹4.92 crore to ₹32.92 crore, while other expenses fell 19.8% by ₹19.57 crore to ₹79.36 crore.
Finance costs fell 82.9% by ₹45.78 crore to ₹9.47 crore in Q2 FY26. Other income fell 86.3% by ₹15.87 crore to ₹2.52 crore, and there was no exceptional item. Tax expense rose 54.7% by ₹29.44 crore to ₹83.25 crore. The company said the reduction in finance costs supported earnings growth during the period. Against Q1 FY27, cost of materials fell 8.0% and other expenses fell 17.2%, while other income fell 84.7% and finance costs fell 14.5%.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 876.67 | 721.85 | +154.82 | +21.4% |
| Employee cost | 32.92 | 37.84 | −4.92 | −13.0% |
| Finance costs | 9.47 | 55.25 | −45.78 | −82.9% |
| Depreciation | 84.63 | 70.87 | +13.76 | +19.4% |
| Other expenses | 79.36 | 98.93 | −19.57 | −19.8% |
| Total expenses | 1,114 | 857.72 | +255.88 | +29.8% |
| Other income | 2.52 | 18.39 | −15.87 | −86.3% |
| Tax | 83.25 | 53.81 | +29.44 | +54.7% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, consolidated revenue was ₹3,131.89 crore, up 45.1% by ₹973.07 crore from ₹2,158.82 crore in H1 FY26. Total income was ₹3,150.88 crore, up 43.8% from ₹2,191.61 crore, and profit before tax was ₹934.9 crore, up 75.8% by ₹403.04 crore from ₹531.86 crore.
Profit after tax for the first half was ₹762.33 crore, up 79.1% by ₹336.8 crore from ₹425.53 crore in H1 FY26. Basic EPS was ₹11.01, against ₹7.17 a year earlier, a rise of ₹3.84. The company also reported H1 FY27 EBITDA of ₹1,105.0 crore, up 47.4%.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 3,132 | 2,159 | +45.1% |
| Profit before tax | 934.90 | 531.86 | +75.8% |
| Net profit | 762.33 | 425.53 | +79.1% |
| EPS (₹) | 11.01 | 7.17 | +53.6% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As at 30 September 2026, total assets were ₹6,840.74 crore against ₹5,772.49 crore at 31 March 2026. Total equity rose to ₹4,390.06 crore from ₹3,694.94 crore, while borrowings increased to ₹910.56 crore from ₹177.26 crore. Cash stood at ₹379.51 crore against ₹242.62 crore. Inventories were ₹1,884.2 crore compared with ₹1,710.55 crore, trade receivables ₹819.39 crore compared with ₹695.02 crore, and trade payables ₹423.32 crore compared with ₹882.13 crore.
Net cash generated from operating activities in H1 FY27 was ₹409.9 crore, against ₹120.75 crore in H1 FY26. Investing cash flow was negative ₹974.42 crore compared with negative ₹103.46 crore, and financing cash flow was ₹701.4 crore against negative ₹189.04 crore. Capital expenditure was ₹1,111.81 crore for the half year, up from ₹334.39 crore in H1 FY26. Net debt to equity was 0.12x as at 30 September 2026.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 6,841 | 5,772 |
| Total equity | 4,390 | 3,695 |
| Borrowings | 910.56 | 177.26 |
| Cash and equivalents | 379.51 | 242.62 |
| Inventories | 1,884 | 1,711 |
| Trade receivables | 819.39 | 695.02 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 409.90 | 120.75 |
| Cash from investing | −974.42 | −103.46 |
| Cash from financing | 701.40 | −189.04 |
| Capital expenditure | 1,112 | 334.39 |
Source: Company's results filing (XBRL).
How has Emmvee Photovoltaic Power done over the last 5 quarters?
Revenue rose across each of the last four quarters, from ₹1,131.0 crore in Q2 FY26 to ₹1,152.25 crore in Q3 FY26, ₹1,738.81 crore in Q4 FY26 and ₹1,555.52 crore in Q1 FY27, before reaching ₹1,576.38 crore in Q2 FY27. Revenue peaked at ₹1,738.81 crore in Q4 FY26 and was at its lowest in Q2 FY26. Profit after tax followed the same pattern, rising from ₹237.86 crore to a peak of ₹392.38 crore in Q4 FY26, then easing to ₹380.29 crore and ₹382.05 crore.
The EBITDA margin stayed in a narrow band across the five quarters, with 35.3% in Q2 FY26, 35.9% in Q3 FY26, 32.8% in Q4 FY26, 35.2% in Q1 FY27 and 35.3% in Q2 FY27. The margin bottomed at 32.8% in Q4 FY26 and peaked at 35.9% in Q3 FY26, and is now back at 35.3%. Profit after tax rose from ₹380.29 crore in Q1 FY27 to ₹382.05 crore in Q2 FY27.
Which businesses drove the quarter?
Photovoltaics Modules was the main reported segment, with revenue of ₹1,569.4 crore in Q2 FY27, up 20.6% from ₹1,301.4 crore in the year-ago quarter. Segment EBIT was ₹470.13 crore against ₹319.91 crore, with an EBIT margin of 30.0%.
Engineering, Procurement and Construction reported no revenue and no EBIT in the quarter, and no comparable year-ago figures were given. The Others segment reported revenue of ₹6.98 crore, up 11.1% from ₹6.28 crore, with EBIT of ₹1.65 crore against ₹1.41 crore and an EBIT margin of 23.6%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Photovoltaics Modules (PV) | 1,569 | +20.6% | 470.13 | 30.0% |
| Engineering, Procurement and Construction (EPC) | 0 | 0 | ||
| Others | 6.98 | +11.1% | 1.65 | 23.6% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board met on 14 October 2026 and approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, together with limited review reports from the statutory auditors carrying an unmodified opinion. The Audit Committee had reviewed and recommended the results, and the board also filed a press release and an investor presentation on the same day. The company had earlier intimation on 7 October 2026 that the results were to be considered on 14 October 2026 and that the Q2 FY27 earnings conference call would be held on 15 October 2026 at 4:00 PM IST.
What did Emmvee Photovoltaic Power's management say?
Management said it had maintained FY27 EBITDA guidance of INR2,200–2,400 crores and indicated the upper end of INR2,400 cr was achievable based on the H1 run-rate. The company expects the 6 GW module line to be commissioned by December 2026 and the cell line by March 2027, taking total installed capacity to approximately 16.3 GW of modules and 8.9 GW of cells. Capex for the expansion is estimated at INR5,500 crores, including INR4,600 cr of hard cost.
Management said the order book stood at a record 10.4 GW with 1.5 GW of Q2 inflow, split 70% DCR and 30% non-DCR, with 5–5.5 GW deliverable in the next 12–15 months. The Chairman and Managing Director said, "when Emmvee started the supplying to NTPC orders in the beginning of the last year, we have used to use the silver about 220 milligrams. Today, we are using around 60 milligrams to 65 milligrams." The CEO said, "Pricing is generally a function of raw-material costs, module or cell efficiency, and operational efficiency."
Management flagged the ALMM-II regulatory transition as a factor that could reshape customer mix, said finance cost will step up after cell-line commissioning, with a partial impact in Q4 FY27 and the full effect from Q1 FY28, and noted the module business remains exposed to industry oversupply in the non-DCR segment. The Chairman said, "for our Indian demand to achieve the present numbers of the growth of present first half of the year or the forecasted one, we need our approximately 80 gigawatt to 100 gigawatt of capacity bare minimum, which is the utilization capacity." No analyst questions were recorded in the available material.
How did Emmvee Photovoltaic Power shares react?
The results were announced after market hours. From the price when the filing appeared, the stock fell 5.8% after 5 minutes, 7.1% after 15 minutes and 9.7% after 30 minutes. On the reaction day, from the previous close of ₹299.0 to the close of ₹307.0, the stock fell 6.3%, against a median move of negative 1.7% for the industry's other stocks.
By the next day's close the stock was down 7.4% from its pre-results close, and by the fifth session it was down 19.6%. The industry's other stocks had a median move of negative 1.8% over one day and negative 9.4% over five days, so the stock underperformed the industry median by 5.5 percentage points over one day and 10.2 percentage points over five days. Past reaction-day moves were 7.0% on 15 July 2026, 3.8% on 22 April 2026, negative 2.9% on 15 January 2026 and 8.8% on 1 December 2025.
| After the filing | Stock | Other Electrical Equipment median |
|---|---|---|
| 5 minutes | −5.8% | |
| 15 minutes | −7.1% | |
| 30 minutes | −9.7% | |
| Reaction day | −6.3% | −1.7% |
| Next day | −7.4% | −1.8% |
| 5 days | −19.6% | −9.4% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 15 July 2026 | +7.0% |
| 22 April 2026 | +3.8% |
| 15 January 2026 | −2.9% |
| 1 December 2025 | +8.8% |
Source: MarketPing price-reaction measurement.
How did other Other Electrical Equipment companies do?
Nineteen Other Electrical Equipment companies have filed for this quarter, and their median revenue growth was 43.3%, against revenue growth of 39.4% for Emmvee Photovoltaic Power. Eleven of those peers grew revenue faster than the company, while eight grew more slowly. Of the 17 peers for which profit figures were compared, 11 reported higher profit.
| Emmvee Photovoltaic Power revenue growth (YoY) | +39.4% |
|---|---|
| Median of 19 other Other Electrical Equipment companies | +43.3% |
| Companies with slower revenue growth than Emmvee Photovoltaic Power | 8 of 19 |
| Companies with faster revenue growth than Emmvee Photovoltaic Power | 11 of 19 |
| Companies whose net profit rose | 11 of 17 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Emmvee Photovoltaic Power's revenue in Q2 FY27?
Revenue from operations was ₹1,576 crore, up 39.4% from ₹1,131 crore in Q2 FY26 (consolidated).
Did Emmvee Photovoltaic Power make a profit in Q2 FY27?
Yes. Net profit was ₹382.05 crore, against a net profit of ₹237.86 crore in Q2 FY26.
What was Emmvee Photovoltaic Power's EPS in Q2 FY27?
Basic earnings per share were ₹5.52, against ₹4.01 in Q2 FY26.
How did Emmvee Photovoltaic Power shares react to the Q2 FY27 results?
On the reaction day the stock moved −6.3% from the previous close; the median Other Electrical Equipment stock moved −1.7%.
When did Emmvee Photovoltaic Power announce its Q2 FY27 results?
On 14 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consider And Approve The Unaudited Financial Results (Standalone And Consolidated) Of The Company For The Quarter And Half Year Ended September 30, 2026. (BSE, 7 October 2026) · PDF
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation (BSE, 7 October 2026) · PDF
- Board Meeting Outcome for Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 14 October 2026) · PDF
- Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 14 October 2026) · PDF
- The earnings call (21 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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