Emmvee Photovoltaic Q2 FY27: Revenue Rs 1,576.4 cr, PAT Rs 382.0 cr

What the numbers show

• Net margin was 24.23% of revenue, up 319 bps from 21.03%.
• Revenue rose 39.4% while total expenses rose 29.8%.
• Changes in inventories accounted for Rs 157.50 cr of the Rs 255.90 cr rise in total expenses (61%).
• Cost of materials took 55.6% of revenue, against 63.8% a year earlier.

• Revenue from operations (Q2 FY27): Rs 1,576.40 cr (Q2 FY26: Rs 1,131.00 cr)
• Total income (Q2 FY27): Rs 1,578.90 cr (Q2 FY26: Rs 1,149.40 cr)
• Total expenses (Q2 FY27): Rs 1,113.60 cr (Q2 FY26: Rs 857.70 cr)
• Cost of Materials Consumed (Q2 FY27): Rs 876.70 cr (Q2 FY26: Rs 721.90 cr)
• Changes in inventories of finished goods (Q2 FY27): Rs 30.50 cr (Q2 FY26: Rs (127.00) cr)
• Employee benefits expenses (Q2 FY27): Rs 32.90 cr (Q2 FY26: Rs 32.60 cr)
• Finance costs (Q2 FY27): Rs 9.50 cr (Q2 FY26: Rs 55.20 cr)
• Depreciation and amortisation expense (Q2 FY27): Rs 84.60 cr (Q2 FY26: Rs 70.90 cr)
• Other expenses (Q2 FY27): Rs 79.40 cr (Q2 FY26: Rs 104.20 cr)
• Profit before tax (Q2 FY27): Rs 465.30 cr (Q2 FY26: Rs 291.70 cr)
• Profit after tax (Q2 FY27): Rs 382.00 cr (Q2 FY26: Rs 237.90 cr)
• PAT (%) (Q2 FY27): 24% (Q2 FY26: 21%)

According to the Financial Snapshot – Profit and Loss Statement in the statement of financial results (investor presentation, "Financial Snapshot" table), Emmvee Photovoltaic Power Ltd reported higher revenue and profit in the quarter ended 30 September 2026 (Q2 FY27) compared with the same quarter a year earlier.

Revenue from operations for Q2 FY27 was Rs 1,576.40 cr, up from Rs 1,131.00 cr in Q2 FY26. Total income, which includes other income, increased to Rs 1,578.90 cr in Q2 FY27 from Rs 1,149.40 cr in Q2 FY26. Other income was Rs 2.50 cr in Q2 FY27 versus Rs 18.40 cr in Q2 FY26.

On the cost side, Cost of Materials Consumed rose to Rs 876.70 cr in Q2 FY27 from Rs 721.90 cr in Q2 FY26. Changes in inventories of finished goods moved to Rs 30.50 cr in Q2 FY27 from Rs (127.00) cr in Q2 FY26. Employee benefits expenses were Rs 32.90 cr in Q2 FY27 compared with Rs 32.60 cr a year earlier. Other expenses declined to Rs 79.40 cr in Q2 FY27 from Rs 104.20 cr in Q2 FY26.

EBITDA, as presented in the same table, was Rs 556.90 cr in Q2 FY27 versus Rs 399.40 cr in Q2 FY26, with EBITDA (%) shown at 35% in both periods. Depreciation and amortisation expense increased to Rs 84.60 cr in Q2 FY27 from Rs 70.90 cr in Q2 FY26. Finance costs decreased to Rs 9.50 cr in Q2 FY27 from Rs 55.20 cr in Q2 FY26.

Total expenses were Rs 1,113.60 cr in Q2 FY27, compared with Rs 857.70 cr in Q2 FY26. Profit before tax for the period rose to Rs 465.30 cr in Q2 FY27 from Rs 291.70 cr in Q2 FY26. Total tax expense was Rs 83.20 cr in Q2 FY27 versus Rs 53.80 cr in Q2 FY26.

Profit after tax for the period was Rs 382.00 cr in Q2 FY27, up from Rs 237.90 cr in Q2 FY26. The PAT (%) line in the statement of financial results shows 24% for Q2 FY27 compared with 21% for Q2 FY26.