Emmvee Photovoltaic Power Limited · NSE:EMMVEE
Emmvee Photovoltaic Power — Q2 FY2027 Earnings Presentation
36 slides from Emmvee Photovoltaic Power's earnings presentation, Oct 14, 2026
Slide 1: Regulation 30 disclosure letter to exchanges
Date: October 14, 2026 To, BSE Limited National Stock Exchange of India Limited BSE Scrip Code: 544608 NSE Scrip Symbol: EMMVEE Dear Sir/Ma’am, Sub: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 - Investors Presentation on Q2FY27 Pursuant t
Slide 2: Emmvee Photovoltaic Power Ltd Investor Presentation Q2 and H1 FY2027
EMMVEE PHOTOVOLTAIC POWER LTD Investor Presentation | Q2 and H1 FY2027
Slide 3: Disclaimer
Disclaimer Safe Harbour Statement This Release / Communication, except for the historical information, may contain statements, including the words or phrases such as ‘expects, anticipates, intends, will, would, undertakes, aims, estimates, contemplates, seeks to, objective, goal, projects, should’ a
Slide 4: Table of Contents
Table of Contents 01 Financial and Operational Performance 02 Company Overview 03 Industry Overview 04 Historical Financial Statements 05 Data Book 3
Slide 5: Financial and Operational Performance
Financial and Operational Performance
Slide 6: Key Highlights: Quarterly Growth Sustains
Key Highlights Quarterly Growth Sustains Q2FY27 result snapshot Strong Balance Sheet* FY27 Target Annual Capacity Total Revenues Modules Net Debt / Equity 15,789 INR mn 16.3 GW 0.12x +37.4% YoY | +0.4% QoQ Cells EBITDA 8.9 GW 5,569 INR mn ROCE +39.4% YoY | +1.6% QoQ 35.1% Order Book EBITDA Margin 35
Slide 7: Financial Overview: Half-Year Momentum Builds
Financial Overview Half-Year Momentum Builds Revenue from EBITDA & PAT & Highlights Operations EBITDA Margin PAT Margin ✓ Q2FY27 revenue was ₹15.8 bn, sustaining the 1.3% 39.4% 45.1% 1.6% 39.4% 47.4% 0.5% 60.6% 79.1% strong growth in Q1 ✓ Production remained robust, with module 24% output at 952 MW
Slide 8: Operational Highlights: Scaling with Efficiency
Operational Highlights Scaling with Efficiency Installed Capacity (MW) Production (MW) Effective Capacity Utilization* Solar Module Solar Cell Solar PV Modules Solar Cells Solar PV Modules Solar Cells 10,308 10,308 89% 1,923 86% 7,803 83% 1,317 63% 58% 970 952 967 45% 44% 45% 2,943 2,943 2,943 682 6
Slide 9: Business Update: Expanding Capacity, Unlocking Growth
Business Update Expanding Capacity, Unlocking Growth 6 GW Integrated Wafer / Ingot Backward Industry Update (Cell + Module) Facility Integration • ALMM II Implementation • Progress in-line on the 6 GW integrated TOPCon cell • Plans in place to backward integrate into ingot and and module expansion,
Slide 10: Growth Vectors: Roadmap to Scalable and Sustainable Growth
Growth Vectors Roadmap to Scalable and Sustainable Growth Capacity ramp up plans to meet market demand Strong Order Book providing revenue visibility (MW) 9,399 9,914 10,404 Cells Modules 4,892 Current Capacity 2.94 GW 10.3 GW Ongoing Projects 6 GW by FY27 6 GW by FY27 FY25 FY26 Q1FY27 Q2FY27 Future
Slide 11: Diverse Customer Base Backed By a Substantial Order Book
Valued Relationships With a Diverse Customer Base Backed By a Substantial Order Book Diversified Clientele Revenue Share (Split of Solar Module Order Book) 85% 81% 75% 73% 71% Others, 22% 68% IPPs, 53% 53% 55% 44% 36% Q2FY27 Order Book: 28% 10.4 GW 19% C&I, 24% FY25 FY26 Q1FY27 Q2FY27 Largest Custom
Slide 12: Financial Snapshot
Financial Snapshot Profit and Loss Statement INR mn Q2 FY27 Q2 FY26 Y-Y (%) Q1 FY27 Q-Q (%) H1 FY27 H1 FY26 Y-Y (%) Revenue from operations 15,764 11,310 39% 15,555 1% 31,319 21,588 45% Other income 25 184 165 190 328 Total income 15,789 11,494 37% 15,720 0% 31,509 21,916 44% Cost of Materials Consu
Slide 13: Company Overview
Company Overview
Slide 14: About Us
About Us Pure-play integrated module and cell manufacturer, with 10.3 GW of Solar Module and 2.94 GW TOPCon cell production capacity 2 decades of proven track record in module manufacturing Established TOPCon cell manufacturing capability since 2024, and a successful track record of supplying utilit
Slide 15: Company History and Evolution
Company History and Evolution 2007 2010 2022 2025 EPPPL founded with Total module Research and Commissioned 4.43 GW module 15 MW of capacity production capacity development and 2.94 GW cell capacity increased to 135 MW contract with Capacity as of 31st Mar’25 – Fraunhofer ISE Module : 6.01 GW Cell :
Slide 16: Integrated Manufacturing Facility Driving Competitive Advantage (1/2)
Integrated Manufacturing Facility Driving Sustainable Competitive Advantage (1/2) Manufacturing Capacity (GW) Annual Installed Year of Area Products All units located within 100km of each other, Production Technology Commissioning (sq.ft.) Manufactured which aids in easing logistics and inventory ma
Slide 17: Integrated Manufacturing Facility Driving Competitive Advantage (2/2)
Integrated Manufacturing Facility Driving Sustainable Competitive Advantage (2/2) State-of-the-Art Manufacturing Facilities Team of 790+ engineers and 3,460+ Fully automated, dust-proof, Multi-stage electroluminescence personnel(1) deployed across units air-conditioned facilities testing with AI Sus
Slide 18: Well Positioned to Capitalize on DCR-Led Solar Demand
Well Positioned to Capitalize on DCR-Led Solar Demand ALMM Enforcement to drive Demand Across Key Well Positioned To Capitalize On The Growing DCR Market In India DCR Linked Schemes CPSU scheme, PM-KUSUM scheme, PM Surya Ghar Muft Bijli Yojana Cumulatively provide an opportunity of orders of at leas
Slide 19: Early Mover Advantage in Leveraging Higher Efficiency Technology
Early Mover Advantage in Leveraging Higher Efficiency Technology TOPCon Cell Capacity To Reach 8.94 GW By H1 FY’28 (Post Expansion) Leveraging New Technologies To Improve Efficiency Expertise in Topcon is supported by collaboration with Fraunhofer ISE - Europe-based research institute for energy pro
Slide 20: Track Record Of Delivering Quality Products
Track Record Of Delivering Quality Products Best In Class Performance Quality Metrics Awards & Accolades Only Indian company among 4 global players Kiwa PVEL to pass 7 tests for a single product type under Average Warranty claim is 0.008% of total revenue from KIWA's Product Qualification Program (2
Slide 21: Integrating environmental responsibility and social commitment into long-term value creation
Integrating environmental responsibility and social commitment into long-term value creation Environmental Social Governance Responsibility Responsibility & Oversight Resource Efficiency & Pollution Prevention Community Development Structured ESG Governance • Integrated management system for quality
Slide 22: Experienced Promoter-led Senior Management Team
Experienced Promoter-led Senior Management Team Manjunatha Donthi Venkatarathnaiah Suhas Donthi Manjunatha Chairman & Managing Director Whole Time Director, President & CEO 30+ years 7+ years • Leads domestic & international operations, including Europe and • Has been in the Solar Industry since 199
Slide 23: Esteemed Board of Directors
Esteemed Board of Directors Non-Executive Director Non-Executive Independent Director Ram Kumar Tiwari • MSc in Engineering Shubha Manjunatha Donthi • 45 yrs+ of experience in the electrical and energy sector • Promoter with 30 yrs of experience in renewable energy • Former senior executive at BHEL
Slide 24: Industry Overview
Industry Overview
Slide 25: Strong Industry Tailwinds fuelled by Power Demand Surge & Green Energy Transition
Strong Industry Tailwinds fuelled by Power Demand Surge & Green Energy Transition India Has One of the Lowest per-capita Power Demand to Grow at 5-7% Growing Segments to Drive Electricity Consumption (‘000 KWh) CAGR Over FY25-30E Up Power Consumption 5-7% 2.4 Canada 14.5 30% Rise in EV Penetration U
Slide 26: Solar: India's Clean Energy Leader
Solar: India's Clean Energy Leader National Generation Adequacy Plan (2026-27 to 2035-36) Power Outlook 2035-36: Projected installed capacity Fossil Share Non Fossil Share 2035-36 30% SOLAR COAL WIND HYDRO NUCLEAR GAS 70% 509 GW 315 GW 155 GW 78 GW 22 GW 20 GW 45% of mix 28% of mix Jan'26 48% 14% of
Slide 27: India's Solar Demand Quad
India's Solar Demand Quad ~150 GW installed - the last 50 GW added in just 14 months FY26 added ~45 GW DEMAND ENGINE CURRENT DRIVERS FUTURE GROWTH DRIVERS • RPO / RGO mandates on DISCOMs • FDRE / RTC / Hybrid tenders bundling storage IPP | Utility Scale • Deep SECI & state auction pipeline • ~56 GW
Slide 28: Module Demand Multipliers and the Localisation Push
Module Demand Multipliers and the Localisation Push Installations by Engine: FY24–H1FY26 (GW) Demand Multiplier - headlines understate module need Utility Scale C&I Open Access KUSUM (Agri) Rooftop • Complex tenders (FDRE / RTC / firm power) need up to ~2x the modules of plain solar - a 100 MW proje
Slide 29: Historical Financial Statements
Historical Financial Statements
Slide 30: Profit & Loss Statement
Profit & Loss Statement INR Mn FY25 FY26 H1FY27 Revenue from operations 23,356 50,499 31,319 Other income 247 535 190 Total income 23,603 51,034 31,509 Cost of Materials Consumed 15,180 34,117 18,293 Changes in inventories of finished goods (1,157) (6,362) (439) Employee benefits expense 665 1,367 6
Slide 31: Balance Sheet
Balance Sheet Assets (INR Mn) FY25 FY26 H1FY27 Equity & Liabilities (INR Mn) FY25 FY26 H1FY27 Non-current assets EQUITY Equity share capital 108 1,385 1,385 Property, plant and equipment 19,241 24,563 24,519 Other equity 5,260 35,565 42,516 Right-of-use assets 1,206 1,761 1,848 Total equity 5,368 36
Slide 32: Cash Flow Statement
Cash Flow Statement (INR Mn) FY25 FY26 H1FY27 (INR Mn) FY25 FY26 H1FY27 A. Cash flow from operating activities B. Cash flows from investing activities Profit before tax 4,828 13,376 9,349 Purchase of property, plant and equipment (including CWIP Adjustments for: (9,883) (6,531) (11,118) and capital
Slide 33: Data Book
. Data Book
Slide 34: Key Operational Metrics
Key Operational Metrics (In MW) 54% 10,308 10,308 10,308 43% 45% 44% 6,901 6,016 Solar PV 2,999 2,749 Modules 2,143 2,150 1,482 970 952 Installed capacity Effective installed capacity Actual production Capacity Utilization FY25 FY26 Q1FY27 Q2FY27 (In MW) (In MW) 89% 9,914 10,404 83% 9,399 70% 2,175
Slide 35: Key Financial Metrics
Key Financial Metrics Revenue From Operations (INR Mn) EBITDA(1) (INR Mn) PAT(2) (INR Mn) % Margin % Margin 50,499 34% 35% 31% 16% 21% 24% 31,319 17,344 23,356 11,050 10,816 7,219 7,623 3,690 FY25 FY26 H1FY27 FY25 FY26 H1FY27 FY25 FY26 H1FY27 Net Working Capital (7) & RoCE(3) (%) ROE(4) (%) Debt to
Slide 36: Thank You
Thank You Emmvee Photovoltaic Power Ltd. Investor Relations Advisors CIN: L26101KA2007PLC042197 emmvee@raadhicapital.com Registered Office: Nikhil Raina 13 / 1, International Airport Road, Bettahalasuru Post, nikhil.r@raadhicapital.com Bangalore North, Karnataka, India – 562157 Vinita Pandya Web: vi
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