Emmvee Photovoltaic Power Limited · NSE:EMMVEE
Emmvee Photovoltaic Power — Q4 FY2026 Earnings Presentation
37 slides from Emmvee Photovoltaic Power's earnings presentation, Apr 28, 2026
Slide 1: Regulation 30 disclosure cover letter
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 Q4 & FY26 Pursuant to Regulation 30 of t
Slide 2: Emmvee Photovoltaic Power Ltd Investor Presentation Q4 & FY2026
EMMVEE PHOTOVOLTAIC POWER LTD Investor Presentation | Q4 & 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 FY28 Target Annual Installed FY26 result snapshot Strong Balance Sheet* Capacity Modules Revenue from Operations Net Debt / Equity 50,499 INR mn 16.3 GW (0.06)x Cells EBITDA 8.9 GW 17,344 INR mn ROCE 38% Order Book PAT 10,816 INR mn 9.4 GW EBITDA Margin | PAT Margin 9.3 ROEGW 34% | 21
Slide 7: Financial Overview
Financial Overview Achieving strong growth alongside improved margins Revenue from EBITDA & PAT & Highlights Operations EBITDA Margin PAT Margin 51% 62% 38% 58% 49% 89% ✓ Strong growth in FY26 driven by higher 33% production volumes, improved cell utilization (1st full year of operations), and 6,000
Slide 8: Operational Highlights
Operational Highlights Enhancing our status as a Premier Integrated Manufacturer Installed and Effective 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 2,999 79% 75% 70% 6,016 54% 1,482 1,
Slide 9: Business Update
Business Update Building Scale, with integrated competitive advantages Capital Structure Strengthened 5 GW Module Lines Commissioned • Completed IPO and public listing in November 2025, raising ₹2,900 crore, with • Successfully commissioned a 2.5 GW solar module line in May’25 and another 2.5 ₹2,144
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 (MW) 9,399 Cells Modules 4,892 Current Capacity 2.94 GW 10.3 GW 1,100 Ongoing Projects 6 GW by FY28 6 GW by FY28 FY24 FY25 FY26 Future Capacity 8.94 G
Slide 11: Financial Snapshot
Financial Snapshot Profit and Loss Statement INR mn Q4 FY26 Q4 FY25 Y-Y (%) Q3 FY26 Q-Q (%) FY26 FY25 Y-Y (%) Revenue from operations 17,388 10,717 62% 11,523 51% 50,499 23,356 116% Other income 50 32 157 535 247 Total income 17,438 10,749 62% 11,679 49% 51,034 23,603 116% Cost of Materials Consumed
Slide 12: Company Overview
Company Overview
Slide 13: 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 18+ years of proven track record in module manufacturing Strategic collaboration with Fraunhofer, enabling early-mover advantage in high-efficiency TOPCon technology A
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 Driving Sustainable 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 16: Integrated Manufacturing Facility Driving Sustainable Competitive Advantage (2/2)
Integrated Manufacturing Facility Driving Sustainable Competitive Advantage (2/2) State-of-the-Art Manufacturing Facilities Team of 587 engineers and 3,800+ 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 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 18: 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 19: Valued Relationships With a Diverse Customer Base Backed By a Substantial Order Book
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) FY2024 FY2025 FY2026 Others, 25% Avg Order Size Among Top 10 IPPs, 41% 38 121 221 Customers (MW) Max Co
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: 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: Long-Term Policy Visibility Drive Sustained Growth in India's Solar Ecosystem 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 Renewable Purchase Obligation and Annual RE Bidding Trajectory • Initiative to lower delivered power cost for RE projec
Slide 28: Long-Term Policy Visibility Drive Sustained Growth in India's Solar Ecosystem 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 Drive Sustained Growth in India's Solar Ecosystem 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 FY24 FY25 FY26 Revenue from operations 9,519 23,356 50,499 Other income 25 247 535 Total income 9,544 23,603 51,034 Cost of Materials Consumed 7,710 15,180 34,117 Changes in inventories of finished goods (165) (1,157) (6,362) Employee benefits expense 213 665 1,367 Fin
Slide 32: Balance Sheet
Balance Sheet Assets (INR Mn) FY24 FY25 FY26 Equity & Liabilities (INR Mn) FY24 FY25 FY26 Non-current assets EQUITY Equity share capital 108 108 1,385 Property, plant and equipment 2,785 19,241 24,563 Other equity 1,580 5,260 35,565 Right-of-use assets 104 1,206 1,761 Total equity 1,688 5,368 36,949
Slide 33: Cash Flow Statement
Cash Flow Statement (INR Mn) FY24 FY25 FY26 (INR Mn) FY24 FY25 FY26 A. Cash flow from operating activities B. Cash flows from investing activities Profit before tax 476 4,828 13,376 Purchase of property, plant and equipment (including CWIP (6,733) (9,883) (6,531) Adjustments for: and capital advance
Slide 34: Data Book
. Data Book
Slide 35: Key Operational Metrics
Key Operational Metrics (In MW) 54% 10,308 43% 39% 6,901 6,016 Solar PV 2,999 22% 2,749 Modules 1,585 1,585 1,005 1,227 476 1,482 219 Installed capacity Effective installed capacity Actual production Capacity Utilization FY23 FY24 FY25 FY26 (In MW) (In MW) 9,399 2,943 2,943 69.9% 2,175 43.3% 1,520 4
Slide 36: Key Financial Metrics
Key Financial Metrics Revenue From Operations (INR Mn) EBITDA(1) (INR Mn) PAT(2) (INR Mn) % Margin % Margin 50,499 13% 31% 34% 3.0% 16% 21% 17,344 23,356 10,816 9,519 7,219 3,690 1,204 289 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 Net Working Capital (7) & RoCE(3) (%) ROE(4) (%) Debt to Equity Cu
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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