Emmvee Photovoltaic Power Limited · NSE:EMMVEE
Emmvee Photovoltaic Power — Q2 FY2026 Earnings Presentation
32 slides from Emmvee Photovoltaic Power's earnings presentation, Dec 2, 2025
Slide 1: Regulation 30 disclosure cover letter to exchanges
To, BSE Limited National Stock Exchange of India Limited 20th Floor, P.J. Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai - 400001. Mumbai – 400 051 BSE Scrip Code: 544608 NSE Scrip Symbol: EMMVEE Dear Sir/Ma’am, Sub: Disclosure under Regulation 30 of SEB
Slide 2: Emmvee Photovoltaic Power Ltd Investor Presentation Q2 FY2026
Emmvee Photovoltaic Power Ltd Investor Presentation | Q2 FY2026
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 • Q2 FY26 and H1 FY26 Highlights • Company Overview • Industry Overview • Historical Financial Statements • Data Book
Slide 5: Q2 and H1 FY26 Highlights
EMMVEE 01 my Q2 and H1 FY26 Highlights
Slide 6: Financial Snapshot
Financial Snapshot Financial Metrics Financial Highlights Revenue from Operations (₹ Mn) EBITDA(₹ Mn) EBITDA Margin %) PAT (₹ Mn) 35% 8,000 7,800 80% • Revenues for Q2FY26 grew to ₹11,310 mn, +181% Y-Y and +10% Q-Q. This is on 7,600 7,400 7,200 7,000 70% account new capacity coming onstream in 6,80
Slide 7: Operational Highlights
Operational Highlights Operational Metrics Operational Highlights Effective Capacity Installed Capacity (MW) Production (MW) • Total Installed capacity increased to 7,803 MW for solar Utilization PV modules and 2,943 MW for solar cells in Q2 FY26 Solar PV Modules Solar Cells Solar PV Modules Solar C
Slide 8: Strategy Overview – Future Growth Vectors
Strategy Overview – Future Growth Vectors Continued Expansion Of Solar Cell And Strategic Focus On Further Backward Module Manufacturing Capacity Integration And Diversify Supplier Base Manufacturing Capacity (GW) Backward Integration Solar Module Supply Chain EMMVEE’s CURRENT PRESENCE 8.94 2.94 16.
Slide 9: Strategy Overview – Future Growth Vectors (cont’d)
Strategy Overview – Future Growth Vectors (cont’d) Strengthen Presence Across Expand Sales In Leveraging New Technologies Customer Segments Within India International Markets To Improve Efficiency Access to DCR Market Integrated manufacturing facility Fraunhofer ISE positions us to benefit from dema
Slide 10: Financial Snapshot
Financial Snapshot Profit and Loss Statement INR mn Q2 FY26 Q2 FY25 Y-Y (%) Q1 FY26 Q-Q (%) H1 FY26 H1 FY25 Y-Y (%) Revenue from operations 11,310 4,024 181% 10,278 10% 21,588 7,356 193% Other income 184 110 144 328 112 Total income 11,494 4,134 178% 10,422 10% 21,916 7,468 193% Cost of Materials Co
Slide 11: Company Overview
02 Company Overview
Slide 12: Who We Are?
Who We Are? H1FY26: 7.8 GW || 2.94 GW 18+ Years H1FY26: 21,588 Mn H1FY26: 35.0% || 19.4% H1FY26: 32.8% || 91.1% FY25: 6.0 GW || 2.94 GW Track Record in Module FY25: INR 23,356 Mn FY25: 30.9% || 15.8% FY25: 23.3% || 104.6% Module || Cell Manufacturing Revenue from Operations EBITDA (%) || PAT (%) RoC
Slide 13: Company History and Evolution
Company History and Evolution • Successfully commissioned 2.5GW module facility at Sulibele, Production on 144 Bengaluru International sales Facility upgraded; cut-cell TOPCon offices opened in Annual capacity • Second module line of 2.5GW is modules at 560 – Germany reached 560 MW expected to be op
Slide 14: Wide Product Portfolio And Commitment To Quality And Reliability
Wide Product Portfolio And Commitment To Maintaining High Standards Of Quality And Reliability Products Cells Modules Technology TOPCon 100.0% TOPCon 0% Mono PERC Formats - Mono-facial formats Bifacial formats Mono-facial formats Bifacial formats Configurations • N-Type TOPCon Solar Cell • 144, 132,
Slide 15: Integrated Manufacturing Capabilities Offering Competitive Advantages
Integrated Manufacturing Capabilities Offering Competitive Advantages Market Access Well Positioned To Capitalize On The Growing DCR Market In India Domestic solar cell manufacturing capabilities position Emmvee for potential inclusion under the List II of the ALMM Prices of Domestic module assemble
Slide 16: Early Mover Advantage In Leveraging Higher Efficiency TOPCon Cell Technology
Early Mover Advantage In Leveraging Higher Efficiency TOPCon Cell Technology Solar Cell Manufacturing Is Highly Complex TOPCon Cell Capacity To Reach 8.94 GW By H1 FY’28 (Post Expansion) TOPCon Cell Capacity (GW) Expertise in Topcon is supported by collaboration with Features Cell Manufacturing Modu
Slide 17: Advanced Manufacturing Units Driving Efficient And Sustainable Operations
Advanced Manufacturing Units Driving Efficient And Sustainable Operations Manufacturing Capacity (GW) State-of-the-Art Manufacturing Facilities All units located within 100km of each Team of 494 engineers and 2,040+ personnel(2) deployed across units other, which aids in easing logistics and Process
Slide 18: Track Record Of Delivering Quality Products
Track Record Of Delivering Quality Products Supplied Over 2.04 GW High-efficiency Solar PV Modules To Customers Domestically And Internationally In The Last Three Fiscals(1) Best In Class Performance Quality Metrics Awards & Accolades Track Record of 18+ Years ✓ ✓ Average Warranty claim is <0.008% o
Slide 19: Valued Relationships With A Diverse Customer Base And Order Book
Valued Relationships With A Diverse Customer Base Backed By A Substantial Order Book Order Book Has Increased Exponentially Diversified Clientele (in MW) (Split of Order Book for Solar PV Modules) 15.8% of orders received in FY25 were DCR orders 4,892 14.37% Emmvee's Well- 3.73% established 43.28% 4
Slide 20: Experienced Promoter-led Senior Management Team
Experienced Promoter-led Senior Management Team ◼ Has been in the Solar Industry since 1992 Manjunatha Donthi ◼ Co-founded Emmvee Solar Systems Private Limited in 1996 and then co- Venkatarathnaiah founded Emmvee Photovoltaic Power in 2007 Chairman & Managing Director ◼ Awarded Business Leadership E
Slide 21: Industry Overview
EMMVEE 04 =4 Industry Overview
Slide 22: Positive Macro And Sector Fundamentals For Renewable Energy
Positive Macro And Sector Fundamentals Indicate A Strong Growth Trajectory For Renewable Energy India Has One of the Lowest per-capita Power Demand to Grow at 5-7% CAGR Growing Segments to Drive Up Power Electricity Consumption (KWh)(1) Over FY25-30E(1) Consumption(1) India 1,159 Rise in EV 30% Stro
Slide 23: Favorable Policy Initiatives Provide Strong Tailwind For Indian Manufacturers
Favorable Policy Initiatives Provide Strong Tailwind For Indian Module And Cell Manufacturers India Is Well Positioned to Capitalize on Both Domestic and Recent U.S. Tariffs and Barriers(1) Import dependence to fall 1% to 5% by Fiscal 2030(1) India Tariffs on Imports USA Tariffs on China Imports • B
Slide 24: Industry – Long Term Supply Demand Scenario
Industry – Long Term Supply Demand Scenario: Emmvee Integrated Manufacturing Capacity Positions It Well For Long Term Sustainability Projected Installed Capacity(1) For Solar Modules & Cells Supply / Demand Scenario(2) (GW) (GW) Available Module Capacity Constrained by Cell Capacity 175-185 ALMM II
Slide 25: Historical Financial Statements
05 Historical Financial Statements 24
Slide 26: Profit & Loss Statement
Profit & Loss Statement INR Mn FY23 FY24 FY25 Revenue from operations 6,181 9,519 23,356 Other income 262 25 247 Total income 6,444 9,544 23,603 Cost of Materials Consumed 5,063 7,710 15,180 Changes in inventories of finished goods (41) (165) (1,157) Employee benefits expense 201 240 778 Finance cos
Slide 27: Balance Sheet
Balance Sheet Assets (INR Mn) FY23 FY24 FY25 H1 FY26 Equity & Liabilities (INR Mn) FY23 FY24 FY25 H1 FY26 Non-current assets EQUITY Property, plant and equipment 3,124 2,785 19,241 19,868 Equity share capital 108 108 108 1187 Right-of-use assets 102 104 1,206 1,919 Other equity 1,297 1,580 5,260 8,1
Slide 28: Cash Flow Statement
Cash Flow Statement (INR Mn)` FY23 FY24 FY25 H1 FY26 (INR Mn) FY23 FY24 FY25 H1 FY26 A. Cash flow from operating activities B. Cash flows from investing activities Profit before tax 117 476 4,828 5,319 Purchase of property, plant and equipment (4,446) (6,733) (9,883) (3,344) Adjustments for: 0 (incl
Slide 29: Data Book
05 Data Book 28
Slide 30: Key Operational Metrics
Key Operational Metrics FY23 FY24 FY25 H1FY26 xx% Capacity utilization (In MW) 7,803 6,016 21.8% 38.8% 53.9% 42.6% Solar PV Modules 2,749 1,585 1,585 1,227 1,594 1,482 1,005 682 219 476 Installed capacity Effective installed capacity Actual production (In MW) (In MW) 2,943 2,943 4,892 5,071 42.8% 62
Slide 31: Key Financial Metrics
Key Financial Metrics Revenue From Operations (INR Mn) EBITDA(1) (INR Mn) PAT(2) (INR Mn) % Margin % Margin 23,356 21,588 9.1% 12.7% 30.9% 34.7% 1.5% 3.0% 15.8% 19.4% 7,219 7,499 9,519 4,255 3,690 6,181 1,204 563 90 289 FY23 FY24 FY25 H1FY26 FY23 FY24 FY25 H1FY26 FY23 FY24 FY25 H1FY26 RoCE(3) (%) RO
Slide 32: Thank You
THANK YOU Emmvee Photovoltaic Power Ltd CIN: U26101KA2007PLC042197 Investor Relations Advisors: Registered Office: 13/1, International Airport Road, Bettahalasuru Post, , emmvee@raadhiadvisors.com Bangalore North, Karnataka, India – 562157 Web: Nikhil Raina https://www.emmveepv.com/ nikhil.r@raadhia
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