Emmvee Photovoltaic Power

“I think considering the first two quarters of half-yearly projection that we have of INR1,100 crores, we can definitely achieve the upper part of the guidance.”

“Coming to our ongoing expansion, our 6 gigawatt integrated TOPCon cell and module manufacturing project remain on track. We expect the commissioning of the module manufacturing facility by December, followed by cell manufacturing facility by March 2027.”

“We had long ordered all the equipment’s for the project. Construction is going at full swing.”

“FAT is going on, and more likely, we are planning to start shipping the equipment from end of this month. So, by November, the equipment will be in place.”

“Hookup as well as the balance of plant construction will be simultaneously going on, and most of the activities have already started at a very fast rate.”

“including our choice of equipment’s, as well as the way the plant is designed to build, operational efficiencies and automation will increase while silver consumption will reduce. It's a holistic planned project.”

“So, right now we have converted more than 50% of our capacity to G12R.”

“So, the company truly believes that in the next couple of years, companies like us and who have established customer base, as well as doing business, we may need to add further capacities to meet the demand that is growing.”

“We have no mono PERC, sir. We have everything TOPCon from the last 2-years.”

“When we consider the maximum achievable production for both operations, our 16.3 gigawatt of module capacity and 8.9 gigawatt of cell capacity are designed to deliver broadly equivalent annual output.”

“as of 30th September 2026, our order book stood at approximately 10.4 gigawatts, supported by new order inflows of approximately 1.5 gigawatts during the quarter.”

“We see 1.5 gigawatt of order book, that is the highest ever in one quarter that we have got in this quarter.”

“DCR and non-DCR split of the order book is around 70% is DCR and about 30% is non-DCR”

“No, delivery timeline is all within next 12 months.”

“Out of the 10.4 gigawatts order book, we should have about 5 gigawatts that is delivered, 5 gigawatts to 5.5 GW that is delivered in the next 12 to 15 months.”

“This quarter was broadly marginally higher, but it's not too different from last quarter.”

“About 25% of our sales is to the markets of retail and KUSUM, and the remaining 75 split is for the institutional customers, such as both in the C&I and utility space.”

“So, in fact, I think what you're going to see is a much similarly kind of a much stronger quarter going forward.”

“Yes, I think we said there is more than about 50% of our sales was DCR, and so majority was DCR this time.”

“Yes, it's going to continue this quarter.”

“Based on the current installation trajectory, domestic module demand is running a pace that could translate into approximately 64% year-on-year growth for this year.”

“And if you look at the installation today, 27 gigawatt of first half of the calendar year, we have seen the AC installation, which translates to around 35 gigawatt of DC demand.”

“Every month approximately, it is growing more than a 1.5 gigawatt to 2 gigawatt of the demand, in addition to whatever the tendered is going on, plus already tendered business is going on.”

“Well, actually, for our Indian demand to achieve the present numbers of the growth of present first half of the year or the forecasted one, we need our approximately 80 gigawatt to 100 gigawatt of capacity bare minimum, which is the utilization capacity.”

“We have seen the open-access inquiries consistently go up.”

“EBITDA increased by 39% to INR557 crores, while our EBITDA margin remained strong at approximately 35.3%.”

“We have maintained EBITDA margins of approximately 35%, demonstrating the strength and consistency of our operating performance.”

“See, if you see, all our order book is in the same line, so I do not see anything is going to be on a negative on the margin sides. And as of our orders are in hand, we have the margins what we have indicated is going to be continued.”

“If you look at the margins for non-DCR, for the company, it has been broadly going same as what it used to be, this thing.”

“when Emmvee started the supplying to NTPC orders in the beginning of the last year, we have used to use the silver about 220 milligrams. Today, we are using around 60 milligrams to 65 milligrams.”

“Finance cost during Q2 stood at approximately INR9.5 crores, as compared with INR55.2 crores in the corresponding quarter last year. This reflects the strengthening of our balance sheet following the deployment of IPO proceeds towards debt repayment.”

“Net cash generated from the operating activities increased to approximately INR410 crores in H1 of FY27, compared to INR121 crores in H1 of FY 2026.”

“as of 30th September 2026, our net debt to equity ratio stood at approximately 0.12x.”

“Total inventory is around INR1,884 crores, out of that around INR860 crores is finished goods and rest is raw material and some other stores and spares.”

“So, this is the capex also is mostly for our new capex project. The advance is mostly for that”

“So, other than the cost optimization, this time we have some forex gain also, which was relatively low last time, which is clubbed under the expense.”

“Reason is, all the utility-scale, which has been bidded as per the tender document with a DCR, they have to must has to go, whether it is irrespective of whether the DCR has been extended to June to December or not.”

“So, quarter-on-quarter, the revenue share keeps changing, of course, because the delivery timelines these thing, that will always be there.”

“So, what I was saying is that ALMM-II implementation after 2026 deferment looks extremely unlikely, especially that there is significant amount of time that is given for the industry to realign.”

“Once the module line is commissioned, a portion of the interest will be recognized in March quarter and full amount will begin to be recognized from first quarter of next year.”

“the government is emphasizing on looking at implementation of ALMM-III for ingots and wafers.”

“For the first half of financial year '27, our revenue from operation grew by 45% year-on-year to INR3,132 crores.”

“EBITDA increased by 47% to INR1,105 crores. The profit after tax grew by 79% to INR762 crores.”

“Starting with the second quarter, revenue from operations for Q2 FY27 stood at INR1,576 crores, representing growth of 39% year-on-year.”

“Profit after tax increased by 61% year-on-year to INR382 crores, with PAT margins improving to approximately 24% compared with 21% in the corresponding quarter last year.”

“Our inclusion in G12R TOPCon cells under ALMM List-II further strengthened our ability to serve evolving customer requirements.”