Emmvee Photovoltaic Power shares hit 10% upper circuit on robust earnings; check all Q2 numbers

The company’s consolidated net profit soared 580% to ₹238 crore in the second quarter of the fiscal year (Q2 FY26) as compared to ₹35 crore reported in the same period of the previous fiscal year.

Its revenue from operations jumped 181% on a year-on-year (YoY) basis to ₹1,131 crore in the July to September quarter as against ₹402 crore seen in Q2 FY25.

Emmvee’s operating profit, also known as earnings before interest, taxes, depreciation, and amortisation (EBITDA), surged to ₹399 crore as against ₹92 crore in the corresponding period last year. The EBITDA margin also expanded to 35.2%, in contrast to 22.89% in the year-ago period.

Consolidated revenue from operations for H1 FY26 surged 193% year-on-year to ₹2,159 crore, while PAT jumped nearly seven times to ₹426 crore. The company’s growth was primarily driven by strong operational scale, with the Photovoltaic (PV) Module segment continuing to deliver substantial order execution.

“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 capitalised than ever to execute our expansion strategies,” said Manjunatha Donthi Venkatarathnaiah, Chairman and Managing Director.

Emmvee Photovoltaic Power IPO

The ₹2,900 crore IPO was a fresh issue of shares amounting to ₹2,143.86 crore and an offer for sale of shares aggregating to ₹756.14 crore by promoters Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi. It had a price band of ₹206 to ₹217 per share.

Of the fresh issue proceeds, ₹1,621.29 crore will be utilised for repayment or prepayment of loans taken by the company and its subsidiary, and the remainder of funds for corporate general purposes.

Emmvee Photovoltaic Power IPO received 97% subscription. It got bids for 75,044,538 shares compared to 77,427,183 shares on offer, as per the NSE data.

Before the IPO, the company collected ₹1,305 crore from anchor investors such as Abu Dhabi Investment Authority, Ashoka WhiteOak, Amundi Funds, Eastspring Investments, BNP Paribas Funds, Prudential Hong Kong, ICICI Prudential MF, Tata MF, 360 ONE, Kotak Mahindra AMC, Franklin India, Aditya Birla Sun Life AMC, WhiteOak Capital and others.

Emmvee Photovoltaic Power Ltd is one of the leading pure-play integrated solar PV (photovoltaic system) module and solar cell manufacturing companies. It has a solar PV module production capacity of 7.8 gigawatts (GW) and a solar cell production capacity of 2.94 GW as of May 31, 2025.