EMMVEE's Q2 FY27 numbers came in strong, with revenue of Rs. 1,576.40 Cr (+39.40% YoY) and PAT growth of +60.60% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 14, 2026 |
|---|
| Quarter | Q2 FY 2026-2027 |
|---|
| Revenue (Q2) | Rs. 1,576.40 Cr (+39.40% YoY) |
|---|
| PAT (Q2) | Rs. 382.00 Cr (+60.60% YoY) |
|---|
| EBITDA margin | 35.30% (+0 bps YoY) |
|---|
| Market cap | Rs. 20,728.81 Cr |
|---|
| CMP | Rs. 299.40 |
|---|
Quarter Snapshot
Q2 FY27 revenue grew 39.4% YoY to Rs.1,576.4 cr on volume (module output +39.6%), with PAT up 60.6% to Rs.382 cr aided by an 82.8% YoY collapse in finance costs post-IPO debt repayment of Rs.1,621 cr. EBITDA margin held at 35.3%, meeting management's ~35% band, while the order book reached 10.4 GW and cell utilization hit 89% vs 58% YoY. The key watch item is the FY27 EBITDA target of ~Rs.2,400 cr, which requires H2 delivery of Rs.1,295 cr — a 17% step-up over the H1 run-rate — contingent on the 6 GW module line commissioning by Dec 2026.
Key Investment Insights
Key Positives
- Revenue grew 39.4% YoY to Rs.1,576.4 cr; H1 revenue up 45.1% YoY to Rs.3,131.9 cr
- PAT grew 60.6% YoY to Rs.382.0 cr in Q2 and 79.1% YoY to Rs.762.3 cr in H1; PAT margin expanded 320 bps YoY to 24.2%
- EBITDA margin held at 35.3%, at the top of management's guided ~35% band, for the fifth consecutive quarter
- Finance costs fell 82.8% YoY to Rs.9.5 cr after Rs.1,621 cr of IPO-funded debt repayment
- Cell production rose 61% YoY to 513 MW with utilization at 89% vs 58% a year ago
- Order book grew to 10.4 GW from 9.9 GW with 1.5 GW of new inflows
- Net CFO of Rs.409.9 cr in H1, up 3.4x YoY from Rs.120.7 cr
- 6 GW module line (Dec 2026) and cell line (Mar 2027) commissioning on track; CWIP rose from Rs.9.9 cr to Rs.213.3 cr
Risk Factors
- Borrowings rose from Rs.177.2 cr to Rs.910.5 cr (+413.6%) to fund the 6 GW expansion; net debt/equity turned positive at 0.12x from (0.06)x
- H1 free cash flow was negative at (Rs.701.9) cr with capex of Rs.1,111.8 cr
- CFO/PAT ratio of 0.54x is below PAT, partly reflecting the non-cash finance-cost benefit
- EPC segment revenue fell 11.1% YoY to Rs.15.0 cr and dropped 66.7% QoQ from Rs.45.0 cr
- FY27 EBITDA target of ~Rs.2,400 cr requires H2 EBITDA of Rs.1,295 cr, 17% above the H1 quarterly run-rate — rated Stretch
- GST show-cause notice of Rs.38.45 cr on subsidiary Emmvee Energy for FY2022-23 ITC with no provision booked