Emmvee Photovoltaic Power Limited · NSE:EMMVEE
Emmvee Photovoltaic Power — Q3 FY2026 Earnings Presentation
37 slides from Emmvee Photovoltaic Power's earnings presentation, Jan 15, 2026
Slide 1: Regulation 30 disclosure cover letter
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 Q3 FY2026
EMMVEE PHOTOVOLTAIC POWER LTD Investor Presentation | Q3 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 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
Key Highlights Q3FY26 result snapshot Strong Balance Sheet* FY28 Target Annual Capacity Modules Revenue Net Debt / Equity 11,679 INR mn 16.3 GW (0.02)x Cells EBITDA 8.9 GW 4,134 INR mn ROCE 36.5% Order Book EBITDA Margin 35.9% 9.3 GW 9.3 ROEGW PAT 2,636 INR mn 49.9% Includes 4.5 GW of multi-year con
Slide 7: Financial Snapshot: Delivering robust growth and margin expansion
Financial Snapshot Delivering robust growth and margin expansion EBITDA & Revenue PAT Highlights EBITDA Margin 118% 162% 105% 222% 165% 325% 2% 4% 11% Strong Y-o-Y growth backed by capacity 12,400 12,200 12,000 35% 80% increase and improved utilisation levels 11,800 11,600 11,400 11,200 11,000 10,80
Slide 8: Operational Highlights
Operational Highlights Strengthening our position as a leading integrated manufacturer Installed Capacity (MW) Production (MW) Effective Capacity Utilization* Solar PV Modules Solar Cells Solar PV Modules Solar Cells Solar PV Modules Solar Cells 76% 2,055 10,308 59% 7,803 52% 1,091 884 43% 43% 682 7
Slide 9: Business Update
Business Update Building integrated, resilient competitiveness 6 GW Integrated 2.5 GW Solar Module line 4.5 GW Order (Cell + Module) Facility • Commissioned a 2.5 GW solar module • Completed payment for land allotment • Received a 4.5 GW order for supply of manufacturing line on 20 Dec 2025 for the
Slide 10: Growth Vectors
Growth Vectors Roadmap to Scalable and Sustainable Growth Capacity ramp up plans to meet market demand Strong Order Book providing revenue visibility 9,337 Cells Modules 4,892 Current Capacity 2.94 GW 10.3 GW 1,100 539 Ongoing Projects 6 GW by FY28 6 GW by FY28 FY23 FY24 FY25 Q3 FY26 Future expansio
Slide 11: Financial Snapshot
Financial Snapshot Profit and Loss Statement INR mn Q3 FY26 Q3 FY25 Y-Y (%) Q2 FY26 Q-Q (%) 9M FY26 9M FY25 Y-Y (%) Revenue from operations 11,523 5,283 118% 11,310 2% 33,111 12,639 162% Other income 157 103 184 485 215 Total income 11,679 5,386 117% 11,494 2% 33,596 12,854 161% Cost of Materials Co
Slide 12: Company Overview
Company Overview
Slide 13: About Us
About Us Second-largest pure-play integrated module and cell manufacturer, with 2.94 GW TOP Con cell production capacity and 5.1% market share* 18+ years of proven track record in module manufacturing Strategic collaboration with Fraunhofer, enabling early-mover advantage in high-efficiency TOP Con
Slide 14: 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 15: Integrated Manufacturing Facility (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 16: Integrated Manufacturing Facility (2/2)
Integrated Manufacturing Facility Driving Sustainable Competitive Advantage (2/2) State-of-the-Art Manufacturing Facilities Team of 494 engineers and 2,040+ Fully automated, dust-proof, Multi-stage electroluminescence personnel(1) deployed across units air-conditioned facilities testing with AI Sust
Slide 17: Well Positioned to Capitalize on DCR-Led Solar Demand
Well Positioned to Capitalize on DCR-Led Solar Demand Well Positioned To Capitalize On The Growing DCR Market In India Projected Annual DCR Solar Demand in India Total DCR Demand 40–48 35–40 30–35 25–30 18–22 ~15 20–22 Limited manufacturing of 18–20 Prices of Domestic module 15–18 15–18 DCR modules
Slide 18: Early Mover Advantage in 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 19: Valued Relationships With a Diverse Customer Base
Valued Relationships With a Diverse Customer Base Backed By a Substantial Order Book Diversified Clientele Focus is on Improving Quality, Size & Repeat Customers (Split of Solar Module Order Book) FY2023 FY2024 FY2025 Others 18% IPPs Avg Order Size Among Top 10 32% 18.0 37.5 121.2 Customers (MW) Max
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 (
Slide 21: Environmental responsibility and social commitment
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 6+ 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 29 yrs of experience in renewable energy • Former senior executive at BHEL
Slide 24: Industry Overview
Industry Overview
Slide 25: Strong Industry Tailwinds from Power Demand Surge
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 (KWh)(1) CAGR Over FY25-30E(1) Up Power Consumption(1) Canada 14.5 30% Rise in EV Penetration 5-7% 2
Slide 26: Solar: India's Clean Energy Leader
Solar: India's Clean Energy Leader Govt Target: 500 GW Renewable capacity by 2030 Renewable capacity by 2030 Solar Dominance: 44% of total installed capacity by FY30 140-160 23.8 6.5 280 GW 140 GW 40 GW 1.2 Solar Wind Hydro FY15 FY20 FY25 FY26-30e RE Capacity to Grow ~2.0x by FY30E(1) 140-160 GW of
Slide 27: Long-Term Policy Visibility 1/3
Long-Term Policy Visibility Drive Sustained Growth in India’s Solar Ecosystem 1/3 Demand Creation: Driving Solar Adoption & Offtake Inter-State Transmission System Waiver Extension • Initiative to lower delivered power cost for RE projects by waiving ISTS Renewable Purchase Obligation and Annual RE
Slide 28: Long-Term Policy Visibility 2/3
Long-Term Policy Visibility Drive Sustained Growth in India’s Solar Ecosystem 2/3 Supply & Infra Enablement: Ensuring Scale, Bankability & Grid Readiness PLI Scheme, Solar PV Manufacturing Green Energy Corridor and Intra-state Evacuation • To build domestic manufacturing capacity through incentive-l
Slide 29: Long-Term Policy Visibility 3/3
Long-Term Policy Visibility Drive Sustained Growth in India’s Solar Ecosystem 3/3 Policy & Make-in-India Push: Boosting Domestic Manufacturing Non-Tariff Barriers (Strategic Shift) • Initiative to support domestic manufacturers through market access controls (e.g., ALMM) rather than only high import
Slide 30: Historical Financial Statements
Historical Financial Statements
Slide 31: 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 32: 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 Equity share capital 108 108 108 1,187 Property, plant and equipment 3,124 2,785 19,241 19,868 Other equity 1,297 1,580 5,260 8,155 Right-of-use assets 102 104 1,206 1,
Slide 33: Cash Flow Statement
Cash Flow Statement (INR Mn) FY23 FY24 FY25 1H FY26 (INR Mn) FY23 FY24 FY25 1H 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 (including (4,446) (6,733) (9,883) (3,344) Adjustments fo
Slide 34: Data Book
. Data Book
Slide 35: Key Operational Metrics
Key Operational Metrics FY23 FY24 FY25 9MFY26 xx% Capacity utilization (In MW) 10,308 6,016 Solar PV 5,262 21.8% 38.8% 53.9% 39.1% Modules 2,749 2,055 1,585 1,585 1,227 1,482 1,005 219 476 Installed capacity Effective installed capacity Actual production (In MW) (In MW) 9,337 2,943 2,943 42.8% 67.2%
Slide 36: Key Financial Metrics
Key Financial Metrics Revenue From Operations (INR Mn) EBITDA(1) (INR Mn) PAT(2) (INR Mn) % Margin % Margin 33,111 9% 13% 31% 35% 1.5% 3.0% 16% 21% 23,356 11,633 6,892 9,519 7,219 6,181 3,690 563 1,204 90 289 FY23 FY24 FY25 9MFY26 FY23 FY24 FY25 9MFY26 FY23 FY24 FY25 9MFY26 RoCE(3) (%) ROE(4) (%) De
Slide 37: 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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