Emmvee Photovoltaic shares jumped 10% on Thursday, hitting a fresh 52-week high of Rs 371.55 on the NSE, after Q1 profit more than doubled.

The company’s net profit for the first quarter of FY27 more than doubled to Rs 380.3 crore, up 103% from Rs 187.7 crore in the same quarter last year. Revenue climbed 51% to Rs 1,555.5 crore, while EBITDA rose 56% to Rs 548 crore.

The EBITDA margin improved to 35.2%, the best the company has ever posted. Here’s the simple version of what’s going on. Emmvee makes solar panels, and it also makes the solar cells that go inside those panels.

Earlier, it had to buy some cells from outside. Now more of that is happening in-house, and that shift is a big reason profit jumped so sharply this quarter. Production numbers back that up.

Solar module output grew 53% from a year ago to 970 MW. Solar cell output rose 26% to 454 MW. The company’s cell manufacturing plants ran at 83% capacity during the quarter, the highest ever for Emmvee, up from just 68% a year earlier.

There’s a strong order pipeline behind this too. Emmvee added fresh orders worth 1.48 GW during the quarter, pushing its total order book to an all-time high of 9.9 GW. That gives the company clear revenue visibility well into next year.

The company representative Suhas Donthi said the June quarter is usually the weakest of the year for the business, yet pricing held steady this time. He added that Emmvee remains on track to hit the higher end of its FY27 EBITDA guidance of Rs 2,200-2,400 crore.

Chairman DV Manjunatha called it “the strongest first quarter in Emmvee’s history.” At 12:24 pm, Emmvee shares were trading at Rs 361.15 on the NSE, up 6.91% for the day.

The stock has now gained more than 94% since the start of the year and is up around 110% from its March low. Emmvee listed on the exchanges in November 2025 at an issue price of Rs 217.

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