Emmvee Photovoltaic Power Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Emmvee Photovoltaic Power Ltd filed with BSE on 22 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Emmvee Photovoltaic Power Limited reported Q1FY27 revenue from operations of INR 1,555 crores, EBITDA of INR 548 crores at a 35% margin, and profit after tax of INR 380 crores. Management attributed the results to record module and cell production, improved cell utilization, a healthier DCR mix, and lower finance costs, while the order book grew to 9.9 gigawatt on fresh inflows of about 1.5 gigawatt. The company also detailed progress on its 6 gigawatt integrated TOPCon cell and module expansion and plans for backward integration into ingot and wafer manufacturing.
Numbers mentioned
Revenue from operations: INR 1,555 crores (Q1FY27)
p. 4
“Revenue from operations for Q1FY2027 stood at INR 1,555 crores, registering growth of 51% over Q1FY26.”
Suhas Manjunatha, page 4 of the filed PDF · View the filing
EBITDA: INR 548.1 crores (Q1FY27)
p. 4
“An EBITDA for the quarter stood at INR 548.1 crores, an increase of 56% year-on-year.”
Suhas Manjunatha, page 4 of the filed PDF · View the filing
EBITDA margin: 35% (Q1FY27)
p. 4
“An EBITDA margin improved to 35% compared to 34% in Q1FY26 and 33% in Q4 FY26.”
Suhas Manjunatha, page 4 of the filed PDF · View the filing
Profit after tax: INR 380.3 crores (Q1FY27)
p. 4
“Profit after tax stood at INR 380.3 crores, registering growth of 103% over Q1FY26.”
Suhas Manjunatha, page 4 of the filed PDF · View the filing
PAT margin: 24% (Q1FY27)
p. 4
“PAT margin improved to 24% compared to 18% in the corresponding quarter last year and 23% in the previous quarter”
Suhas Manjunatha, page 4 of the filed PDF · View the filing
Finance costs: INR 11.1 crores (Q1FY27)
p. 4
“due to lower finance costs that reduced significantly to INR 11.1 crores compared to INR 53.1 crores in Q1FY26”
Suhas Manjunatha, page 4 of the filed PDF · View the filing
Solar module production: 970 megawatt (Q1FY27)
p. 5
“Solar module production stood at 970 megawatt compared to 635 megawatt in Q1FY26 and 952 megawatt in Q4 FY26.”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
Solar cell production: 454 megawatt (Q1FY27)
p. 5
“Solar cell production increased to 454 megawatt compared to 360 megawatt in Q1FY26 and 428 megawatt in Q4 FY26”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
Module capacity utilization: 45% (Q1FY27)
p. 5
“Effective module capacity utilization stood at 45% compared to 44% in both Q1FY26 and Q4 FY26.”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
Cell capacity utilization: 83% (Q1FY27)
p. 5
“Cell capacity utilization improved further to 83% compared to 68% in Q1FY26 and 79% in Q4 FY26.”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
Order inflow: 1,484 megawatt (Q1FY27)
p. 5
“Our inflow during Q1FY27 stood at 1,484 megawatt.”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
Order book: 9.9 gigawatt (as of Q1FY27 end)
p. 5
“Consequently, our order book increased to 9.9 gigawatt of the end of the quarter compared to 9.4 gigawatt at the end of FY2026.”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
Installed capacity: 10.3 gigawatt of modules and 2.94 gigawatt of TOPCon cells (current)
p. 5
“Our current installed capacity stands at 10.3 gigawatt of solar modules and 2.94 gigawatt of TOPCon cells.”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
Total project cost of 6 GW expansion: approximately INR 5,500 crores
p. 5
“The total project cost is estimated at approximately INR 5,500 crores, including hard costs of around INR 4,600 crores.”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
Debt funding tied up for expansion: approximately INR 3,300 crores
p. 5
“Debt funding of approximately INR 3,300 crores has been tied up at the cost of less than 8%.”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
Non-DCR module realization: 15-16 cents (last quarter)
p. 10
“Realization for module in the last quarter was I think around 15 -16 cents in the non-DCR.”
Suhas Manjunatha, page 10 of the filed PDF · View the filing
Addition to finished goods inventory: INR 74.25 crores (Q1FY27)
p. 9
“barring these INR 74.25 crores of the addition to inventory, it is in line with our current level of operations..”
Pawan Jain, page 9 of the filed PDF · View the filing
EBITDA margin comparison: 32.84% vs 35.2% (Q4FY26 vs Q1FY27)
p. 11
“if you see the previous quarter EBITDA margin is around 32.84% and this quarter is 35.2%.”
Pawan Jain, page 11 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Module line commissioning — module line commissioned · December 2026
stated firmly by Suhas Manjunatha
p. 5
“The module line is expected to be commissioned by December 2026, followed by the cell line by March 2027.”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
Total manufacturing capacity — approximately 16.3 gigawatt of modules and 8.9 gigawatt of cells · by end of FY2027
stated firmly by Suhas Manjunatha
p. 5
“Following the completion of this expansion, our total manufacturing capacity is expected to increase to approximately 16.3 gigawatt of modules and 8.9 gigawatt of cells by end of FY2027.”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
Ingot and wafer backward integration capacity — 9 gigawatt in two phases, 5 GW then 4 GW · 5 gigawatt in FY2029 and 4 gigawatt in FY2030
stated conditionally by Suhas Manjunatha
p. 5
“The proposed facility will have a total of 9 gigawatt and is planned in two phases, with 5 gigawatt targeted in FY2029 and the remaining 4 gigawatt in FY2030.”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
Ingot and wafer investment timing
stated conditionally by Suhas Manjunatha
p. 5
“The timings of this investment will remain subject to the final clarity on ALMM List 3 and prevailing market conditions.”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
Orders to be executed — approximately 7 plus gigawatt · next 18 months
stated firmly by Suhas Manjunatha
p. 6
“So, with that, we are looking at approximately 7 plus gigawatt of orders that are to be executed in the next 18-months’ time frame.”
Suhas Manjunatha, page 6 of the filed PDF · View the filing
Ingot and wafer commissioning — mid of calendar year 2028
stated firmly by Suhas Manjunatha
p. 6
“the timing that we have planned the commissioning is by mid of calendar year 2028.”
Suhas Manjunatha, page 6 of the filed PDF · View the filing
Cell run rate production — coming quarters
stated firmly by Suhas Manjunatha
p. 8
“Yes. Absolutely. That is something that you should expect to see in these coming quarters.”
Suhas Manjunatha, page 8 of the filed PDF · View the filing
EBITDA target for FY27 — approximately INR 2,400 crore · by close of FY27
stated firmly by Suhas Manjunatha
p. 11
“We are targeting approximately INR 2,400 crore of an EBITDA by the close of FY27.”
Suhas Manjunatha, page 11 of the filed PDF · View the filing
Non-DCR module EBITDA per watt — INR 2-INR 2.5 per watt
stated firmly by Suhas Manjunatha
p. 13
“Yes that should be in that range. Yes, absolutely.”
Suhas Manjunatha, page 13 of the filed PDF · View the filing
DCR demand strengthening — during FY2027
stated conditionally by Suhas Manjunatha
p. 5
“We expect DCR demand to strengthen progressively during FY2027 as grandfathered non-DCR projects are completed and procurement aligned with ALMM requirements becomes more broad-based.”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the spread has been in line with the previous quarter and expects a stable scenario going forward.
Answered by Suhas Manjunatha
Asked by Rohit: How has EBITDA per watt in DCR and non-DCR modules trended this quarter and what is the outlook?
p. 6
“I think an EBITDA spread in both non-DCR and DCR have been in line with what we experienced in the previous quarter, which is also, reflecting from our EBITDA margin as well.”
Suhas Manjunatha, page 6 of the filed PDF · View the filing
Management said order backlog is already expanding in tandem with growth, citing current inflow and backlog figures and a target of over 7 GW of orders to execute in 18 months.
Answered by Suhas Manjunatha
Asked by Rohit: When will order booking start for the 6 GW expansion and what order backlog growth should be expected as an indicator of on-track commissioning?
p. 6
“Today we have an order inflow of approximately 1,500 megawatts in Q1 and an order book of approximately 10 gigawatt.”
Suhas Manjunatha, page 6 of the filed PDF · View the filing
Management said the mix was healthier on the DCR side, over 50% DCR.
Answered by Suhas Manjunatha
Asked by Subramaniam Yadav: What is the DCR/non-DCR mix in sales this quarter?
p. 7
“This time the DCR non-DCR mix have been healthier on the DCR side, which is reflected in our increased margin percentage as well.”
Suhas Manjunatha, page 7 of the filed PDF · View the filing
Management said C&I order inflows have started increasing but supply will come later in the year, and margins are expected to stay largely stable with only slight potential improvement on the DCR side.
Answered by Suhas Manjunatha
Asked by Prakhar Porwal: How has C&I demand and order inflow trended since June 1, and are margins on new orders expected to rise given cell tightness?
p. 7
“On the C&I demand order inflows, that's something that we've already started seeing, but the supply of it is something that you should expect towards later part of this financial year and not immediately.”
Suhas Manjunatha, page 7 of the filed PDF · View the filing
Management confirmed merchant cell sales are included and represent the highest such volume in company history, described as meaningful but not dominant.
Answered by Suhas Manjunatha
Asked by Apoorva Bahadur: Does the sales mix include merchant cell sales, and is it a meaningful contributor?
p. 8
“It is an increased number quarter-on-quarter or this thing, probably the highest we have also done in the history of Emmvee also.”
Suhas Manjunatha, page 8 of the filed PDF · View the filing
Management attributed it to a healthier DCR mix and the inclusion of cell sales in the quarter.
Answered by Suhas Manjunatha
Asked by Apoorva Bahadur: What caused the sharp quarter-on-quarter drop in raw material costs despite higher production?
p. 8
“here the couple of things are that the mix of DCR and non-DCR, when it becomes healthy on the DCR side, you will see the COGS being much better.”
Suhas Manjunatha, page 8 of the filed PDF · View the filing
Management said there have been no difficulties, only a new procedure requiring advance DGFT application, with approvals received quickly.
Answered by Manjunatha D.V.
Asked by Apoorva Bahadur: Is the company facing challenges securing silver imports after government restrictions?
p. 9
“So what Emmvee is following up is that three months inventory what we require, we are applying and we are getting the approvals in time.”
Manjunatha D.V., page 9 of the filed PDF · View the filing
Management said they would rather guide on overall EBITDA target than volumes, citing the INR 2,400 crore FY27 EBITDA target.
Answered by Suhas Manjunatha
Asked by Meghana: When is the 65% module utilization level expected to be achieved?
p. 11
“We expect to continue increasing production volumes. However, rather than providing guidance on volumes, we have to provide guidance from an overall EBITDA perspective.”
Suhas Manjunatha, page 11 of the filed PDF · View the filing
Management explained that per-watt figures are affected by raw material price movements and blended sales mix, but efficiency gains are helping maintain stable EBITDA per watt despite headwinds.
Answered by Suhas Manjunatha
Asked by Karan Gupta: Is the benefit of backward integration and rising cell utilization reflected in EBITDA per watt numbers?
p. 12
“Because our consumptions have been more streamlined, our operating efficiencies have become better, efficiency of the cell has become better, and the consumption has become better.”
Suhas Manjunatha, page 12 of the filed PDF · View the filing
Management said yes, citing its positioning with bankable, credible supply for serious IPP players allowing it to maintain margins even at lower utilization.
Answered by Suhas Manjunatha
Asked by Dhruv Muchhal: Given reports that C&I demand has shifted to DCR cells, can the company still achieve its INR 2-2.5 module EBITDA guidance?
p. 13
“So making that reasonable return even with lower utilization is rather better than making a higher utilization and lower margin.”
Suhas Manjunatha, page 13 of the filed PDF · View the filing
Management explained pass-through occurs via value engineering first, and passing to vendors only if margins cannot otherwise be maintained, keeping absolute EBITDA per watt stable.
Answered by Manjunatha D.V
Asked by Dhaval Popat: Is the company able to pass through raw material cost increases, such as silver, to customers?
p. 14
“pass-through will be done in two ways. One is we'll do value engineering in the production.”
Manjunatha D.V, page 14 of the filed PDF · View the filing
Management said there has been no price decline, and raw material procurement is based on order inflows already covered by advances and LCs, so there is no exposure.
Answered by Manjunatha D.V
Asked by Dhaval Popat: Could declining prices lead to recurring inventory losses?
p. 14
“There is no decline in the prices that what we said in non-DCR we normally produce based on the orders inflows only and which is already covered by the advances and the LCs.”
Manjunatha D.V, page 14 of the filed PDF · View the filing
Risks flagged
Geopolitical issues prompting higher raw material inventory holding
p. 9
“Reason being the geopolitical issues what is taking place.”
Manjunatha D. V, page 9 of the filed PDF · View the filing
Timing of ingot/wafer backward integration investment dependent on ALMM List 3 clarity and market conditions
p. 5
“The timings of this investment will remain subject to the final clarity on ALMM List 3 and prevailing market conditions.”
Suhas Manjunatha, page 5 of the filed PDF · View the filing
Rain-related delays in customer pickup of non-DCR materials in the last month of the quarter
p. 10
“Because of some rains in those areas, they are not able to pick up the materials.”
Manjunatha D.V., page 10 of the filed PDF · View the filing
Raw material price volatility, including silver paste, affecting cost pass-through
p. 14
“But my absolute number will remain same.”
Manjunatha D.V, page 14 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.