Emmvee Photovoltaic Power Ltd

Issue Overview

• IPO of equity shares; total issue size and net proceeds not specified in excerpt.
• Main objectives for use of proceeds are not detailed here.

Utilisation of Proceeds

• Deviation from objects NIL; no reallocation reported.
• Utilisation reported as per objects; no deviations observed.
• Per-object utilisation status not detailed in this excerpt.
• Status of unutilised funds not described in the document.

Governance and Compliance

• Monitoring Agency: CARE Ratings Limited; report for IPO proceeds.
• Deviation NIL; no material governance changes noted.

Meeting Details

• Date and time: July 16, 2026 at 4:00 PM IST
• Type and mode: group earnings conference call, virtual
• Event/organiser: Q1FY27 earnings conference call
• Key company participant: Chief Financial Officer
• Purpose: discuss Q1FY27 earnings results
• Recording: audio recording uploaded on company website

Business Overview

• Pure-play integrated solar module and TOPCon cell manufacturer with 10.3 GW modules and 2.94 GW cells.
• ALMM II/DCR mandates expand addressable market; 6 GW integrated TOPCon facility planned by FY28.
• Capex of ₹5,000-5,500 crore; debt cost under 8%; funded largely by internal accruals.
• Equity raise completed FY25; equity capital increased to support expansion.

Operational Highlights

• Q1 FY27 revenue ₹15.56 bn; EBITDA ₹5.48 bn; PAT ₹3.80 bn.
• Module production 970 MW (45% utilisation); cell production 454 MW (83% utilisation).
• Order inflow for Q1FY27 at 1.5 GW; order book 9.9 GW.
• Current capacity: Modules 10.3 GW; Cells 2.94 GW.
• FY28 target: 16.3 GW modules, 8.94 GW cells.
• Expansion plan: 2-phase rollout—5 GW in FY29, 4 GW in FY30.
• Capex guidance: ₹5-5.5k crore; funded largely via internal accruals.
• Backward integration into ingot/wafer with 9 GW facility.
• 60% of hard costs in place; ~₹3,300 crore debt at sub-8%.

Capital Structure & Liquidity

• Ending cash and cash equivalents: ₹2,426 mn.
• Total equity surged to ₹36,949 mn; equity share capital rose to ₹1,385 mn.
• Non-current borrowings declined to ₹489 mn; current borrowings ₹1,283 mn.
• Proceeds from equity issue: ₹20,600 mn.
• Investing cash flow outflow: ₹3,041 mn; financing cash flow inflow: ₹1,303 mn.

Strategic Plan & Outlook

• ALMM-II timeframe: June 2026; DCR-led procurement to broaden market.
• Backward integration and 9 GW facility to reduce upstream risk.
• Revenue visibility supported by 9.9 GW order book; 1.5 GW inflow in Q1FY27.
• Fraunhofer collaboration supports TOPCon efficiency and yields.
• Expansion targets: 6 GW integrated facility; capacity ramp to meet rising demand.

Risks & Governance

• Domestic cell supply tight, especially TOPCon; margin protection via backward integration.
• DCR/ALMM policy shifts pose execution risk; management aims to mitigate via diversified sourcing.
• No material governance changes reported.

Financial highlights

• Revenue from operations ₹1,555.5 crore, up 51% YoY.
• EBITDA ₹548.1 crore, up 56% YoY; EBITDA margin 35.2%.
• PAT ₹380.3 crore, up 103% YoY; PAT margin 24.2%.
• Profit before tax ₹469.6 crore, up 96% YoY.

Operational performance

• Module production 970 MW in Q1 FY27, up 53% YoY.
• Cell production 454 MW, up 26% YoY.
• Effective cell capacity utilisation 83%; module utilisation 45%.
• Installed capacity: ~10.3 GW modules and 2.94 GW TOPCon cells.

Order book & demand

• Order inflows 1.484 GW; order book ~9.9 GW.
• Repeat customer rate 57% during the quarter.
• Order book diversified across IPPs, commercial/industrial and other customers.

Capacity expansion & regulatory outlook

• 6 GW integrated TOPCon facility: module line by December 2026; cell line by March 2027.
• Capacity target: 16.3 GW modules and 8.9 GW cells by early FY28.
• Equipment orders placed for ~60% of hard costs; construction on schedule.
• Backward integration into ingot/wafer via proposed 9 GW facility (two phases).
• ALMM List II implemented June 2026; domestically manufactured cells mandated.

Financial results approved

• Unaudited consolidated results for quarter ended June 30, 2026 approved.
• Standalone unaudited results for quarter ended June 30, 2026 approved.
• Limited Review Report by statutory auditors issued with unmodified opinion.
• Audit Committee recommendations approved by Board.
• Results to be hosted on the company's website.

Dividend proposal

• Final dividend of INR 1 per equity share recommended for year ended March 31, 2026.
• Payment subject to approval of shareholders at ensuing AGM.

Auditor/notes

• One subsidiary and three step-down subsidiaries were reviewed by another auditor.
• Consolidated results carry unmodified conclusion on the limited review.

Financial results and dividend

• Approved unaudited standalone and consolidated results for quarter ended June 30, 2026, reviewed by Audit Committee.
• Consolidated results have Limited Review Report with unmodified opinion.
• Standalone results reviewed; limited review unmodified.
• Final dividend of INR 1 per share for year ended 31 Mar 2026, subject to AGM.
• Results to be hosted on the company's website.
• IPO-related expenses recognized; impact not material.

Meeting Details

• Q1FY27 Earnings Conference Call on Thursday, July 16, 2026 at 04:00 PM IST.
• Mode: Audio Conference Call (Dial-in).
• Event: Earnings Conference Call Q1FY27; organiser: Emmvee Photovoltaic Power Limited.

Participants

• Chairman and Managing Director to participate.
• President and CEO to participate.
• Chief Financial Officer to participate.

Purpose

• Discuss Q1FY27 earnings with investors/analysts.
• Presentation to Analysts/Investors will be filed with exchanges and hosted on the company website.

Additional Notes

• Registration via DiamondPass to receive access details.

Processing status

• Details of dematerialised/rematerialised securities furnished to stock exchanges.
• Registrar and transfer agent confirm submission to stock exchanges.

Meeting Details

• Meeting scheduled for Wednesday, July 15, 2026.
• Venue: Bengaluru.

Key Agenda Items

• Consider and approve unaudited standalone and consolidated results for quarter ended June 30, 2026.

Other Notes

• Trading window remains closed until 48 hours after results are intimated to stock exchanges.