Emmvee Photovoltaic Power Limited · NSE:EMMVEE
Emmvee Photovoltaic Power — Q1 FY2027 Earnings Presentation
36 slides from Emmvee Photovoltaic Power's earnings presentation, Jul 15, 2026
Slide 1: Regulation 30 disclosure cover letter
Date: July 15, 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 Q1FY27 Pursuant to R
Slide 2: Emmvee Photovoltaic Power Ltd Investor Presentation Q1 FY2027
EMMVEE PHOTOVOLTAIC POWER LTD Investor Presentation | Q1 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: Record quarterly performance
Key Highlights Record quarterly performance FY28 Target Annual Installed 1Q FY27 Financial Result Snapshot Capacity Modules Revenue from Operations 16.3 GW INR 15,555 mn | + 51% YoY Cells EBITDA 8.9 GW INR 5,481 mn | + 56% YoY Order Book PAT INR 3,803 mn | + 103% YoY 9.9 GW EBITDA and PAT Margin Ord
Slide 7: Financial Overview
Financial Overview Strong Profitability and Operational Momentum Revenue from EBITDA & PAT & Highlights Operations EBITDA Margin PAT Margin ✓ Delivered a strong Q1FY27 revenue of ₹15.6 bn, -11% 51% -4% 56% -3% 103% with Module production +53% YoY and Cell production +26% YoY ✓ Operational performanc
Slide 8: Operational Highlights
Operational Highlights Enhancing our status as a leading Integrated Manufacturer 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 2,999 83% 79% 7,803 68% 70% 54% 1,482 1,520 44% 44%
Slide 9: Business Update
Business Update Towards integrated resilience, competitive edge 6 GW Integrated Wafer / Ingot Backward ALMM II Implementation (Cell + Module) Facility Integration • Implemented from June 2026, mandating domestic • Progress in-line on the 6 GW integrated TOPCon cell • Plans in place to backward integ
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 9,914 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 Q1FY27 Future Ca
Slide 11: Financial Snapshot
Financial Snapshot Profit and Loss Statement INR mn Q1 FY27 Q1 FY26 Y-Y (%) Q4 FY26 Q-Q (%) FY26 FY25 Y-Y (%) Revenue from operations 15,555 10,278 51% 17,388 (11%) 50,499 23,356 116% Other income 165 144 50 535 247 Total income 15,720 10,422 51% 17,438 (10%) 51,034 23,603 116% Cost of Materials Con
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 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 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 540+ engineers and 3,700+ Fully automated, dust-proof, Multi-stage electroluminescence personnel(1) deployed across units air-conditioned facilities testing with AI Sus
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) FY2025 FY2026 Q1 FY2027 Others, 28% IPPs, 33% Avg Order Size Among Top 10 121 221 67 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: 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–FY26 (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 project
Slide 29: Historical Financial Statements
Historical Financial Statements
Slide 30: Profit & Loss Statement
Profit & Loss Statement INR Mn FY24 FY25 FY26 Q1 FY27 Revenue from operations 9,519 23,356 50,499 15,555 Other income 25 247 535 165 Total income 9,544 23,603 51,034 15,720 Cost of Materials Consumed 7,710 15,180 34,117 9,526 Changes in inventories of finished goods (165) (1,157) (6,362) (745) Emplo
Slide 31: 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 32: 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 33: Data Book
. Data Book
Slide 34: Key Operational Metrics
Key Operational Metrics (In MW) 54% 10,308 10,308 43% 45% 6,901 6,016 Solar PV 2,999 2,749 Modules 2,143 1,482 970 Installed capacity Effective installed capacity Actual production Capacity Utilization FY25 FY26 Q1FY27 (In MW) (In MW) 83% 70% 9,914 2,943 2,943 2,943 9,399 2,175 43% 1,520 4,892 1,246
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% 13% 31% 3.0% 16% 21% 24% 17,344 23,356 15,555 10,816 9,519 7,219 5,481 3,690 3,803 1,204 289 FY24 FY25 FY26 Q1FY27 FY24 FY25 FY26 Q1FY27 FY24 FY25 FY26 Q1FY27 Net Working Capita
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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