Event Type: Q1FY27 Earnings Conference Call hosted by Raadhi Capital.

Date and Time: The call was held on Thursday, July 16, 2026, at 04:00 p.m. IST.

Purpose: To discuss the Unaudited Financial Results for the quarter ended June 30, 2026.

Management Participants:

  • Mr. Manjunatha D.V – Chairman and Managing Director
  • Mr. Suhas Donthi Manjunatha – President and Chief Executive Officer
  • Mr. Pawan Kumar Jain – Chief Financial Officer

Financial Period Discussed: Q1 FY27 (quarter ended June 30, 2026).

Availability of Materials: The transcript is a corporate material of Emmvee Limited and cannot be copied or rebroadcasted without written consent. The intimation is available on the company's website at https://www.emmveepv.com/investors.

Compliance Language: The call included a standard disclaimer about forward-looking statements and risks, with a disclosure available on the investor relations section of the website and stock exchanges.

Financial Highlights:

  • Revenue from operations: INR 1,555 crores (51% YoY growth)
  • EBITDA: INR 548.1 crores (56% YoY growth)
  • EBITDA margin: 35% (vs 34% in Q1FY26 and 33% in Q4FY26)
  • Profit after tax: INR 380.3 crores (103% YoY growth)
  • PAT margin: 24% (vs 18% in Q1FY26 and 23% in Q4FY26)
  • Finance costs: INR 11.1 crores (vs INR 53.1 crores in Q1FY26)

Operational Performance:

  • Solar module production: 970 MW (53% YoY growth, vs 635 MW in Q1FY26 and 952 MW in Q4FY26)
  • Solar cell production: 454 MW (26% YoY growth, vs 360 MW in Q1FY26 and 428 MW in Q4FY26)
  • Module capacity utilization: 45% (vs 44% in Q1FY26 and Q4FY26)
  • Cell capacity utilization: 83% (vs 68% in Q1FY26 and 79% in Q4FY26)
  • Current installed capacity: 10.3 GW solar modules and 2.94 GW TOPCon cells

Order Book Update:

  • Order inflows during Q1FY27: 1,484 MW
  • Order book at quarter end: 9.9 GW (vs 9.4 GW at end of FY2026)

Capacity Expansion Update:

  • 6 GW integrated TOPCon cell and module manufacturing facility in progress
  • Module line commissioning: December 2026
  • Cell line commissioning: March 2027
  • Total project cost: ~INR 5,500 crores (hard costs ~INR 4,600 crores)
  • Debt funding: INR 3,300 crores tied up at <8% cost
  • Orders representing ~60% of total hard costs already placed
  • Post-expansion capacity: ~16.3 GW modules and ~8.9 GW cells by end-FY2027

Strategic Updates:

  • ALMM List 2 implementation from June 2026 expected to expand addressable DCR market
  • Medium-term plan for backward integration into ingot and wafer manufacturing (9 GW total in two phases: 5 GW in FY2029, 4 GW in FY2030)
  • Capex for backward integration expected to be funded largely through internal accruals

Forward-looking Statements & Guidance:

  • Targeting ~INR 2,400 crore EBITDA by close of FY27
  • EBITDA per watt guidance: ~INR 2.5 for modules, INR 6.0-6.5 for cells, INR 8.5-9.0 for DCR modules
  • Expect continued improvement in production volumes and capacity utilization
  • DCR/non-DCR mix was >50% DCR in Q1, expected to remain around similar levels

Additional Notes Section

Attachments: The document is a transcript of the earnings conference call.

Financial Data Disclosure: Significant financial and operational data was disclosed in the transcript.

Q&A Highlights:

  • Management addressed questions on EBITDA per watt trends, capacity utilization, order book composition, raw material costs, inventory position, silver import procedures, and margin sustainability across different product segments (cells, DCR modules, non-DCR modules).
  • Clarified that merchant cell sales reached their highest level in company history this quarter
  • Noted that geopolitical concerns led to strategically higher raw material inventory
  • Confirmed that silver import approvals are being received within 3-4 days of application