Emmvee Photovoltaic Power Limited — Q2FY27 earnings call summary

Filed 21 October 2026 · Official transcript

Capex INR5,500 Cr includes INR4,600 Cr hard cost plus margin money and IDC
Order book at 10.4 GW with 1.5 GW new inflows in Q2; 70% DCR, 30% non-DCR
Finance cost down sharply to INR9.5 Cr in Q2 from INR55.2 Cr last year; net debt/equity 0.12x
Management confident of maintaining margins despite pricing pressures via efficiency and product differentiation
Q2 EBITDA margin steady at ~35.3%; H1 EBITDA margin ~35%; PAT up 61% in Q2, 79% in H1
Q2FY27 revenue grew 39% y-y to INR1,576 Cr; H1 revenue up 45% to INR3,132 Cr
Cell production utilization at 89%, module at 44%; 6 GW integrated expansion on track for Dec 2026 (module) and Mar 2027 (cell)