Emmvee Posts Strong Q2 Results Post Market Listing: H1 Revenue Up 193%, PAT Up 5.7x

Bengaluru-based Emmvee Photovoltaic Power Limited, a leading solar module manufacturer since 2007, delivered stellar results for Q2 FY26, with a 193% year-over-year increase in H1 revenue. On a sequential basis, revenue in Q2 grew over 10% versus the Rs 1042 crores recorded in Q1. PAT, however, grew over 28% sequentially, at Rs 237.9 crores versus Rs 187.6 crores, indicating a margin expansion.  

The strong topline performance was complemented by operational efficiencies, resulting in significant EBITDA margin expansion in its unaudited consolidated financial results for the second quarter (Q2 FY26) and half-year (H1 FY26) ended September 30, 2025.

Emmvee Photovoltaic Power’s Board approved the Q2 HY26 results at its meeting held in Bengaluru.

The company's Profit After Tax (PAT) also saw incremental growth, reaching Rs. 237.9 crore—a 577.8% year-on-year (YoY) increase from the Rs. 35.1 crore profit achieved in the same quarter last year (Q2 FY25). This marks the company’s first earnings announcement following its successful listing on the stock exchanges.

Quarterly Growth:

Emmvee also saw a quarterly increase in solar segment revenue, which comprises Photovoltaics modules (PV) and Engineering, Procurement, and Construction (EPC) Projects.

The company’s total solar segment revenue rose to ₹1,13,099.57 Cr in September 2025 from ₹40,240.12 Cr a year earlier in September 2024, marking a ~181% YoY increase.

The company's total revenue also increased quarterly to ₹1,13,099.57 Cr in September 2025, up from ₹1,02,782.37 Cr in the June quarter, marking a quarter-over-quarter (QoQ) 10.05% increase.

Key Business Updates

• Successful IPO & Listing: After the quarter end, Emmvee completed its Initial Public Offering (IPO), raising a total of ₹2,900 Crore (including fresh issuance of ₹2,143.9 Crore). The equity shares were listed on the BSE and NSE on November 18, 2025. 

• Balance Sheet Strength: A large part of the IPO proceeds have been used to repay about Rs 1,621 crore of long-term debt, strengthening the balance sheet and lowering interest costs. The rest will go toward general corporate purposes, which will optimise working capital needs, thus further reducing finance costs.

Leadership View

Management Commentary Manjunatha Donthi Venkatarathnaiah, Chairman and Managing Director, Emmvee Photovoltaic Power Limited, said: "We are delighted to report a historic first half for Emmvee, characterized by record financial performance and our successful transition into a publicly listed entity. Delivering a nearly 7x growth in Profit After Tax for the first half of the year is a testament to our robust manufacturing capabilities and the trust our customers place in our high-quality solar solutions. With the successful completion of our IPO, we are better capitalized than ever to execute our expansion strategies." 

The firm, like all leading solar manufacturers in the country, is in the middle of a significant expansion drive including backward integration, with plans for a significant cell manufacturing expansion by 2026. Besides that, the firm is likely to consider further backward integration into wafers possibly, considering its size and placement in Karnataka.