• Financial performance and guidance: Q1 profits doubled year-on-year with EBITDA margins reaching 35.2%, and management maintained its FY27 absolute EBITDA guidance of ₹2,200 to ₹2,400 crore, expecting performance near the upper end.
• Capacity expansion plans: The company is executing a ₹5,500 crore capex to add 6 GW of integrated capacity by early 2027, which will scale total module capacity to 16.3 GW and cell capacity to 8.9 GW.
• Backward integration capex: Emmvee is evaluating an additional 9 GW ingot and wafer capacity requiring ₹5,500 to ₹6,000 crore in capex, which is expected to be largely funded via internal accruals.
• Order book visibility: The order book stands at 9.9 GW—translating to roughly ₹12,000 to ₹13,000 crore in revenue—supported by record Q1 inflows of 1.484 GW and about 7 GW slated for delivery over the next 12 to 18 months.