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Revenue from operations increased 51.34% YoY but declined 10.54% QoQ to Rs 1,555.50 crore in the June 2026 quarter.
Profit before tax stood at Rs 469.60 crore in Q1 FY27, down 2.96% vs Q4 and up 95.50% vs Q1 FY26.
Gross profit rose 44.64% YoY to Rs 677.30 crore, while the gross margin stood at 44% compared with 46% in Q1 FY26 and 42% in Q4 FY26.
EBITDA jumped 56.38% YoY to Rs 548.10 crore, while EBITDA margin improved to 35% from 34% in Q1 FY26 and 33% in Q4 FY26.
Other income increased 14.58% YoY to Rs 16.50 crore, while total tax expense rose 70.10% YoY to Rs 89.30 crore.
On the cost front, total expenses increased 37.46% YoY to Rs 1,102.40 crore. Cost of materials consumed rose 42.07% YoY to Rs 952.60 crore. Employee benefits expenses declined 1.48% YoY to Rs 33.30 crore, while other expenses increased 14.03% YoY to Rs 95.90 crore. Finance costs fell 79.10% YoY to Rs 11.10 crore, while depreciation and amortisation expenses increased 17.18% YoY to Rs 83.90 crore.
Operationally, the company recorded its highest-ever quarterly production, with solar module output rising 53% YoY to 970 MW and solar cell production increasing 26% YoY to 454 MW. Solar cell capacity utilisation improved to a record 83% from 68% a year ago, while module capacity utilisation stood at 45%.
Emmvee secured order inflows of 1.48 GW during the quarter, taking its order book to a record 9.9 GW. The company said the implementation of ALMM List II from June 2026 is expected to support demand and accelerate its transition towards a fully DCR-compliant product portfolio.
The company is also progressing with its 6 GW integrated TOPCon cell and module facility, with the module line expected to be commissioned by December 2026 and the cell line by March 2027. On completion, installed capacity is expected to increase to approximately 16.3 GW of modules and 8.9 GW of cells by early FY28.
Chairman and managing director D.V. Manjunatha said the quarter marked the strongest first-quarter performance in the company's history, supported by record production volumes, higher margins, deeper cell integration and disciplined execution.
Emmvee Photovoltaic Power is an integrated solar photovoltaic module and TOPCon solar cell manufacturer with installed annual manufacturing capacity of approximately 10.3 GW for modules and 2.94 GW for solar cells.
Investors will continue to monitor developments in the US-Iran conflict, movements in crude oil prices, the ongoing Q1 earnings season, corporate business updates, and the progress of the southwest monsoon for further cues on market direction.
Media shares advanced after registering losses in the last two consecutive trading sessions.
At 11:25 IST, the barometer index, the S&P BSE Sensex advanced 255.08 points or 0.35% to 77,458.48. The Nifty 50 index added 73.45 points or 0.31% to 24,151.95.
In the broader market, the BSE 150 MidCap Index rose 0.25% and the BSE 250 SmallCap Index climbed 0.25%.
The market breadth was positive. On the BSE, 2,211 shares rose and 1,641 shares fell. A total of 216 shares were unchanged.
IPO Update:
The initial public offer (IPO) of Alphine Texoworld received bids for 1.21 crore shares as against 1.20 crore shares on offer, as per NSE data as of 11:15 hours on Thursday (16 July 2026). The issue was subscribed 1.01 times.
The issue opened for bidding on Tuesday (14 July 2026) and it will close on Thursday (16 July 2026). The price band of the IPO is fixed between Rs 100 to Rs 105 per share. The minimum order quantity is 142 equity shares.
SBI Funds Management IPO received bids for 58.47 crore shares as against 12.45 crore shares on offer, according to stock exchange data at 11:15 IST on Thursday (16 July 2026). The issue was subscribed 4.69 times.
The issue opened for bidding on 14 July 2026 and it will close on 16 July 2026. The price band of the IPO is fixed between Rs 545 and 574 per share. An investor can bid for a minimum of 26 equity shares and multiples thereof.
Buzzing Index:
The Nifty Media index jumped 1.42% to 1,525. The index fell 0.70% in past two consecutive trading sessions.
Prime Focus (up 8.88%), Zee Entertainment Enterprises (up 3.16%), D B Corp (up 1.97%), PVR Inox (up 0.79%) and Tips Music (up 0.62%), Nazara Technologies (up 0.58%) and Sun TV Network (up 0.28%) surged.
Stocks in Spotlight:
Emmvee Photovoltaic Power jumped 8.91% after the solar module and cell manufacturer reported record Q1 FY27 earnings, driven by higher production volumes, improved cell integration and operating leverage. The company's net profit surged 102.61% YoY, while declining 3.08% QoQ, to Rs 380.30 crore in Q1 FY27. Revenue from operations increased 51.34% YoY but declined 10.54% QoQ to Rs 1,555.50 crore in the June 2026 quarter.
HDFC Life Insurance Company shed 0.54%. The company reported standalone net profit of Rs 611.19 crore in Q1 FY27, up 11.89% as against Rs 546.46 crore in Q1 FY26. Net premium income rose 14.39% year on year (YoY) to Rs 16,547.97 crore in Q1 FY27 over Q1 FY26.
Global Market:
Asian shares fell on Thursday as chipmakers stumbled ahead of result from bellwether Taiwan Semiconductor Manufacturing Co's (TSMC), the world's largest manufacturer of advanced AI chips.
Bonds, however, benefited from another benign reading on U.S. inflation that lessened the risk of an imminent rate hike.
In a related development, South Korea's central bank raised interest rates for the first time in three and half year period to 2.75% on Thursday to stabilise a slumping won and counter persistent inflationary pressure. The decision was largely as expected.
On the other side, oil prices kept climbing as hostilities heated up in the Middle East. Washington continued striking Iran after reimposing a naval blockade of its ports, while Tehran warned of an 'existential war' with America.
Overnight in the US, Wall Street stocks gained ground on Wednesday as softening inflation data and a robust beginning of second-quarter earnings season put investors in a buying mood.
In regular trading, the Dow advanced 150.91 points, or 0.3%, to end the day at 52,659.18. The broad market S&P gained 0.4%, finishing at 7,572.43, and the tech heavy Nasdaq Composite rose 0.6% to 26,269.23.
A softer-than-expected U.S. producer price index added to optimism that inflation is cooling, helping lift equities and providing some comfort to investors that the Federal Reserve will keep key interest rates on hold.
The U.S. produce price index dropped 0.3% in June from 1.1% in May 2026.
Additionally, strong earnings from major financial firms reassured investors that earnings growth remains intact, despite easing inflation, while lower Treasury yields boosted demand for growth stocks, particularly mega-cap technology companies.
For the full year,net profit rose 193.10% to Rs 1081.55 crore in the year ended March 2026 as against Rs 369.01 crore during the previous year ended March 2025. Sales rose 116.21% to Rs 5049.88 crore in the year ended March 2026 as against Rs 2335.61 crore during the previous year ended March 2025.
For FY2026, the company reported consolidated revenue from operations of Rs 5,050 crore, up 116% year-on-year, while EBITDA increased 140% year-on-year to Rs 1,734.4 crore. Profit after tax for the year stood at Rs 1,081.6 crore, up 193% year-on-year. EBITDA margin improved to 34% in FY2026 from 31% in FY2025, while PAT margin expanded to 21% from 16%, reflecting strong operating leverage, improved efficiencies, and scale benefits with negative net debt.
The company said the strong performance was driven by higher production volumes, the first full year of solar cell operations, expansion in module capacity, operating leverage and lower finance costs following balance sheet deleveraging.
The company reported a net debt-to-equity ratio of (0.06)x as of 31 March 2026, indicating a net cash position.
Order book stood at 9.4 GW at the end of FY2026, with Q4 order inflows at 1.27 GW.
Consolidated net cash from operating activities decreased to Rs 200.14 crore in FY26 from Rs 624.89 crore a year ago.
Emmvee Photovoltaic Power is one of India’s leading integrated solar photovoltaic module and cell manufacturers. As of 31 March 2026, it had installed production capacity of 10.3 GW of solar modules and 2.94 GW of TOPCon solar cells.