Emmvee Photovoltaic Power Ltd

Meeting Details

• Date: October 15, 2026; Time: 4:00 PM IST.
• Type: group earnings conference call; Mode: virtual.
• Event: Q2FY27 Earnings Conference Call; Organised by Emmvee Photovoltaic Power Limited.

Participants

• Company Secretary and Compliance Officer participated.

Purpose

• Disclose audio recording link for Q2FY27 earnings conference call.

Additional Notes

• Audio recording uploaded on company website.

Business overview

• Pure-play integrated module and TOPCon cell manufacturer.
• Current capacity: 10.3 GW modules, 2.94 GW cells.
• ALMM II and DCR-driven domestic manufacturing emphasis.

Key operational highlights

• Q2 FY27 revenue ₹15.8 bn; EBITDA ₹5.57 bn; PAT ₹3.82 bn.
• Module output 952 MW; cell output 513 MW; cell utilization 89%.
• Module utilization 44%; order inflow ~1.5 GW in Q2.

Financial performance

• Revenue from operations ₹15.764 bn; YoY +39%.
• Total income ₹15.789 bn; gross margin 42%.
• EBITDA ₹5.569 bn; EBITDA margin 35%; PAT ₹3.82 bn; PAT margin 24%.

Capital structure & liquidity

• Net debt to equity 0.12x; cash and cash equivalents ₹3.795 bn.
• 6 GW expansion capex ₹5,500 cr; debt ~₹3,300 cr.
• H1 FY27 capex funded by internal accruals; strong balance sheet.

Strategic priorities & outlook

• 6 GW integrated facility to raise total capacity to 16.3 GW modules; 8.9 GW cells by FY28.
• Module line due Dec-2026; cell line by Mar-2027; commercial sales aligned.
• Backward integration: 9 GW ingot/wafer facility planned for FY29-30; capex ₹5,000-₹5,500 cr.

Risks & governance

• ALMM/DCR policy evolution; higher domestic content demand; regulatory shifts.
• Backwards integration relies on internal accruals; project execution risk.
• Promoter-led management; experienced board; ISO certifications.

Financial highlights

• H1 FY27 revenue from operations rose 45.1% to ₹3,131.9 crore.
• H1 FY27 EBITDA rose 47.4% to ₹1,105.0 crore.
• H1 FY27 PAT rose 79.1% to ₹762.3 crore.
• Q2 FY27 revenue grew 39.4% YoY to ₹1,576.4 crore.
• Q2 FY27 PAT rose 60.6% to ₹382.0 crore.

Operational progress and capacity expansion

• Order book at end of Q2 FY27: 10.4 GW.
• Installed capacity: modules 10.3 GW; TOPCon cells 2.94 GW.
• 6 GW integrated TOPCon expansion progressing; module line by December 2026.
• Cell line commissioning target by March 2027.
• Commercial sales to ramp following commissioning.
• Backwards integration into 9 GW ingot/wafer underway.

Balance sheet and liquidity

• Net debt to equity at 0.12x as at 30 Sep 2026.
• H1 FY27 net cash from operations ₹409.9 crore; H1 FY26 ₹120.7 crore.

Outlook and capex plans

• Estimated capex for ingot/wafer project: ₹5,000-5,500 crore.
• Funding largely via internal accruals.
• FY29 capex adds 5 GW; FY30 adds 4 GW.
• ALMM III regulatory clarity subject to market conditions.

Financials

• Q2 FY27 revenue ₹1,576.4 crore; YoY growth 39.4%.
• H1 FY27 revenue ₹3,131.9 crore; up 45.1% YoY.
• H1 FY27 EBITDA ₹1,105.0 crore; margin 35%.
• H1 FY27 PAT ₹762.3 crore; up 79.1%.
• Q2 FY27 PAT ₹382.0 crore; up 60.6%.
• Consolidated order book at end Q2 FY27: 10.4 GW.

Operations & capacity

• Q2 FY27 module production 952 MW; cell production 513 MW; cell utilization 89%; module utilization 44%.
• Installed capacity: Modules 10.3 GW; TOPCon cells 2.94 GW.
• Post-expansion capacity: 16.3 GW modules and 8.9 GW cells.
• Capex for 6 GW integrated TOPCon expansion: ₹5,500 crore.
• Module line to commission by Dec 2026; cell line by Mar 2027.

Capex & growth strategy

• Backward integration into 9 GW ingot/wafer facility; 5 GW in FY29, 4 GW in FY30.
• Total proposed ingot/wafer capex: ₹5,000-5,500 crore; funded largely by internal accruals.
• Debt for expansion: ₹3,300 crore; net debt/ equity 0.12x as of Sep 2026.

Outlook & expansion milestones

• ALMM II strengthened; G12R cells included; demand from DCR schemes.
• 6 GW TOPCon integrated facility to lift capacity to 16.3 GW modules, 8.9 GW cells by FY28.
• Q2 FY27 order inflows ~1.5 GW provide revenue visibility.

Business overview

• Pure-play integrated module and TOPCon cell manufacturer with 10.3 GW modules and 2.94 GW TOPCon cells.

AGM Details

• Date and mode: 25 September 2026, VC/OAVM.
• Start 16:00, end 16:55.
• Record date: 18 September 2026; shareholders on record: 164,652.
• Meeting conducted through VC/OAVM; total resolutions passed: 4.

Resolutions and outcomes

• Adoption of financial statements — passed; 100% in favour, 0% against.
• Declaration of dividend — passed; amount per-share not disclosed.
• Director appointment by rotation — passed; 99.32% in favour, 0.68% against.
• Remuneration payable to cost auditors — passed; 100% in favour, 0% against.

Observations

• All resolutions approved by ordinary majority; no material RPTs disclosed.
• Votes by promoter/public mix reflected, with e-voting and AGM ballots tallied.

Emmvee Photovoltaic Power Limited – Closure of Trading Window from Oct 1, 2026; shall reopen after 48 hours from the announcement of the unaudited standalone and consolidated financial results for the quarter and half year ending Sept 30, 2026

Compliance update

• Declaration under Reg 34(1)(b): no change in Annual Report 2025-26 submitted to stock exchanges.

agm details

• Date/time/mode: 25 Sep 2026, 4:00 PM IST via VC/OAVM.
• Remote e-voting conducted Sep 22–24, 2026; e-voting remained open 30 minutes post AGM.
• Quorum present; meeting chaired by Chairman & Managing Director.

key resolutions

• Adoption of financial statements (ordinary resolution).
• Declaration of final dividend; Board recommended Rs 1 per share.
• Appointment of Suhas Donthi Manjunatha as Director, liable to retire by rotation.
• Ratification of remuneration payable to Cost Auditors for FY 2026-27.

voting status

• Voting results awaited; Scrutinizer's Report to be submitted separately.

auditor appointments

• Cost Auditor remuneration ratified for FY 2026-27.

Appointment details

• Murugesh C appointed Company Secretary and Compliance Officer effective 22 September 2026.
• Nagaraj Shrinivas Ronad ceases as Compliance Officer with immediate effect; remains CS of subsidiary.
• Murugesh C profile: 17+ years listed-company CS experience; ICSI Associate; AICWA and LLB holder.
• No relationships disclosed with directors or promoters.

Governance and materiality roles

• KMPs authorised to determine materiality for disclosures: MD, WTD, CFO, and CS/CO Murugesh C.
• MD: Manjunatha Donthi Venkatarathnaiah; WTD: Suhas Donthi Manjunatha; CFO: Pawan Kumar Jain; CS/CO: Murugesh C.

Dividend record date details

• Record date: 18 September 2026 for dividend entitlement.
• Dividend: Re 1.00 per equity share (face value Rs 2).
• Record date holders must be listed by NSDL/CDSL for dematerialised shares.
• Beneficiary names as of close of business on 18 Sep 2026.
• Payment within 30 days from declaration, subject to TDS.
• Subject to Members' approval at AGM on 25 Sep 2026.