On a consolidated basis, revenue from operations rose 51.3% year-on-year to ₹1,555.5 crore from ₹1,027.8 crore. EBITDA increased 56.4% to ₹548 crore from ₹350.5 crore, while the EBITDA margin expanded to 35.2% from 34.1%.
Net profit more than doubled to ₹380.3 crore from ₹187.7 crore in the year-ago quarter.
On a sequential basis, however, performance moderated. Revenue declined 11% from ₹1,738.8 crore in the March quarter, while EBITDA fell 4% to ₹548 crore from ₹571.1 crore. Despite the decline, EBITDA margin improved to 35.2% from 33%, while net profit slipped 3% quarter-on-quarter to ₹380.3 crore.
The company ended the quarter with an order book of 9.9 GW. Commercial and industrial (C&I) customers accounted for 39% of the order book, followed by independent power producers (IPPs) at 33%, while the remaining 28% came from other customer segments. Fresh order inflows during the quarter stood at 1,484 MW.
Operationally, module production increased 53% year-on-year, while solar cell production rose 26%. Higher internal consumption of solar cells also supported profitability during the quarter.
As of March 2026, Emmvee had an installed manufacturing capacity of 10.3 GW for solar modules and 2.94 GW for solar cells.
Capacity utilisation improved during the June quarter, with solar cell utilisation rising to 83% from 79% in the previous quarter, while solar module utilisation edged up to 45% from 44%.
The company produced 970 MW of solar modules during the quarter, compared with 636 MW in the year-ago period and 952 MW in the preceding quarter. Solar cell production stood at 454 MW, up from 360 MW a year ago and 428 MW in the March quarter.
‘Best Q1 for us’
Speaking to CNBC-TV18, Suhas Donthi of Emmvee Photovoltaic said the company delivered its best-ever first quarter, driven by the benefits of backward integration into solar cell manufacturing.
He said that the June quarter is typically seasonally weaker than the March quarter, but unit pricing remained stable during Q1. The company remains on track to achieve its FY27 EBITDA guidance of ₹2,200-2,400 crore and expects to be at the higher end of that range.
Donthi said Emmvee plans to add 6 GW of integrated module and cell manufacturing capacity, while its backward integration efforts continue. The expansion will be funded primarily through internal accruals.
He added that sales of solar cells to external customers improved in the June quarter compared with the March quarter. The module-to-cell spread currently stands at around ₹2.5 per watt for non-DCR modules.
On the order pipeline, Donthi said the company recorded its strongest-ever order inflows during the June quarter. Emmvee aims to maintain an order book of around 7 GW, providing revenue visibility for the next 12 to 18 months.
