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Emmvee Photovoltaic Power
SectorCapital Goods
The Quarter story
The two most recent quarterly results, compared side-by-side.
Profit and order book stay strong, but margins and customer concentration need watching.
Revenue from operations grew from ₹11,310 to ₹15,764 from Q2 FY26 to Q2 FY27 — demand is still expanding
Gross profit margin fell from 47% to 42% from Q2 FY26 to Q2 FY27 — pricing or input costs are squeezing profitability
EBITDA rose from ₹3,994 to ₹5,569 from Q2 FY26 to Q2 FY27 — operating profit held near record levels
Largest customer revenue share rose from 25% to 44% from Q3 FY26 to Q2 FY27 — customer concentration risk increased
PAT increased from ₹2,379 to ₹3,820 from Q2 FY26 to Q2 FY27 — bottom line stayed elevated
ROE fell from 115.7% to 36.1% from Q2 FY26 to Q2 FY27 — returns are normalizing sharply
Solar cell production grew from 319 MW to 513 MW from Q2 FY26 to Q2 FY27 — utilization improved from 59% to 89%
C&I order book share fell from 50% to 24% from Q3 FY26 to Q2 FY27 — commercial and industrial demand mix weakened
Order book grew from 9.3 GW to 10.4 GW from Q3 FY26 to Q2 FY27 — backlog visibility improved
Company insights, generated from the most recent coverage.
The 6 GW integrated TOPCon expansion takes capacity to roughly 16.3 GW modules and 8.9 GW cells, but the module line lands only by Dec-2026 and the cell line by Mar-2027 — two more quarters of execution and timing risk before the next leg of growth shows up in numbers.
PAT growth decelerated from +103% YoY in Q1 FY27 to +61% YoY in Q2 FY27. With the stock having rallied into results, this slowdown is what triggered the sell-the-news de-rating.
A Rs.38.44 Cr GST show-cause notice to a subsidiary (disputed demand of Rs.20.39 Cr plus penalties) is a manageable overhang; the Karnataka High Court asking the trial court to dispose of the pending criminal case within nine months actually reduces legal uncertainty.
