Emmvee Photovoltaic Power Limited (EMMVEE) share price

₹302.00 on NSE as of 2026-10-08. -1.24% on the day. market cap ₹20,909 Cr. P/E 15.7. 52-week range ₹172.93 to ₹365.35. Capital Goods.

www.emmveepv.com

Emmvee Photovoltaic Power Q1 FY27: PAT Doubles to ₹380 Cr as Cell Utilisation Hits 83%

At a glance

Emmvee Photovoltaic Power makes solar modules, and also the cells that sit inside them. Revenue for the three months to June 2026 was ₹1,556 crore, against ₹1,028 crore a year earlier. That is a rise of 51 per cent. Operating profit came in at ₹548 crore, and the operating margin held at 35 per cent. Profit after tax reached ₹380 crore, a shade over double the ₹188 crore of the year-earlier quarter.

Set against the previous three months, the direction reverses. Revenue slipped about 11 per cent from the ₹1,739 crore of the quarter to March 2026. Profit after tax eased roughly 3 per cent from ₹392 crore. Management puts the year-on-year profit jump down to deeper use of cells made in its own plants. It also cites operating leverage, which means fixed costs spread across a larger volume of output. The third item is finance cost, the interest paid on borrowings, which fell to ₹11 crore from ₹53 crore. Management links that last one to the November 2025 listing, whose proceeds prepaid a large slice of term loans.

Effective solar cell capacity utilisation rose to 83 per cent, from 68 per cent a year earlier. Management calls that the main driver of the wider margin. Module utilisation sat at 45 per cent. The order book stood at 9.9 GW at the end of the quarter. Borrowings were ₹360 crore against cash of ₹354 crore. The board recommended a final dividend of ₹1 for the year to March 2026.

Introduction

Emmvee Photovoltaic Power Limited was incorporated in March 2007. It describes itself as an integrated solar player. It makes solar modules, the panels that turn sunlight into electricity, and it also makes the cells inside them. Those cells use TOPCon, a newer design built to draw more power from the same piece of silicon. The company describes itself as India's second pure-play integrated cell-and-module manufacturer by capacity. As of the quarter to June 2026, the Emmvee Group's peak rated capacity was about 10.3 GW of modules and 2.94 GW of cells.

The recent history is mostly a listing-and-scaling story. The shares were listed on the BSE and NSE on 18 November 2025, raising ₹2,900 crore. Of that, ₹2,144 crore came from a fresh issue of new shares. The remaining ₹756 crore was an offer for sale, where existing holders sold their own stock. Per the IPO disclosures, ₹1,621 crore of the fresh money was applied to prepaying outstanding term loans. The balance was earmarked for general corporate purposes and for land for a new project.

Capacity additions have arrived in quick succession since the listing. A 2.5 GW module line was commissioned at Unit VI in Bengaluru in December 2025. That took total module capacity to 10.3 GW. In January 2026, ICRA, a credit-rating agency, upgraded the long-term rating to [ICRA]A (Stable) from [ICRA]A-. ICRA cited an improved financial risk profile after the company cut its debt.

The next build is a 6 GW integrated TOPCon cell-and-module facility. The module line is targeted for December 2026 and the cell line for March 2027. It is backed by a sanctioned loan of ₹3,306 crore from IREDA, the state-backed lender for renewable energy projects. The company spent 2025 moving from a private module maker to a listed one with cell lines of its own.

Business model

Emmvee makes the flat blue-black rectangles that sit on roofs and in fields, turning photons into slightly less painful electricity bills. That is the module business. The company also makes the solar cells that go inside those modules, rather than importing them as much of the industry does. The cells are N-type TOPCon, a design built for higher output from the same silicon. Running both the cell line and the module line is what management points to behind the quarter's wider margin.

The product menu is TOPCon and Mono-PERC modules, in bifacial and monofacial versions. Bifacial panels collect light on both faces, including whatever bounces up off the ground. Wattages have crept up the spec sheet over the years. The customer base is domestic and heavily so, at 99.4 per cent domestic against 0.6 per cent export. The company has technically shipped modules to 17 countries, including the United States, Germany and Spain. Those 17 countries collectively bought a rounding error.

The real buyers are Indian independent power producers and EPC developers, the firms that design and build solar plants. Named customers include Clean Max, KPI Green Energy, Ayana Renewable and Aditya Birla Renewables. Concentration is the model's defining trait. Per ICRA, the credit-rating agency, the top five customers made up around 86 per cent of the order book as of November 2025. ICRA also puts those five at 63 to 75 per cent of revenue across the last three financial years. The repeat-customer rate was 57 per cent in the three months to June 2026.

So the company sells a fairly commoditised product to a small number of large, repeat buyers. It positions itself as the reliable, ALMM-listed, cell-integrated supplier rather than the lowest-priced one. ALMM is the government's approved list of models and manufacturers, and many projects may buy only from makers on it. The manufacturing footprint is clustered within a 100 km radius in Karnataka, which management notes helps logistics and inventory.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Emmvee Photovoltaic Power Limited.

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