Investor Presentation

Date: July 15, 2026 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 Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith a copy of Q1FY27 Investor Presentation of the Company for the quarter ended June 30, 2026. The same will also be available on the website of the Company at https://www.emmveepv.com/investors. This is for your kind information and dissemination. Thanking You, For and on behalf of Emmvee Photovoltaic Power Limited (Formerly known as Emmvee Photovoltaic Power Private Limited) Pawan Kumar Jain Chief Financial Officer EMMVEE PHOTOVOLTAIC POWER LTD Investor Presentation | Q1 FY2027 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’ and similar expressions or variations of these expressions or negatives of these terms indicating future performance or results, financial or otherwise, which are forward looking statements. These forward-looking statements are based on certain expectations, assumptions, anticipated developments and other factors which are not limited to, risk and uncertainties regarding fluctuations in earnings, market growth, intense competition and the pricing environment in the market, consumption level, ability to maintain and manage key customer relationship and supply chain sources and those factors which may affect our ability to implement business strategies successfully, namely changes in regulatory environments, political instability, change in international oil prices and input costs and new or changed priorities of the trade. The Company, therefore, cannot guarantee that the forward-looking statements made herein shall be realised. The Company, based on changes as stated above, may alter, amend, modify or make necessary corrective changes in any manner to any such forward looking statement contained herein or make written or oral forward-looking statements as may be required from time to time on the basis of subsequent developments and events. The Company does not undertake any obligation to update forward looking statements that may be made from time to time by or on behalf of the Company to reflect the events or circumstances after the date hereof. Table of Contents 01 Financial and Operational Performance 02 Company Overview 03 Industry Overview 04 Historical Financial Statements 05 Data Book Financial and Operational 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 8.9 GW EBITDA INR 5,481 mn | + 56% YoY Order Book INR 3,803 mn | + 103% YoY 9.9 GW EBITDA and PAT Margin Order inflow for Q1FY27: 1,484 MW 35% & 24% 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 performance continued to strengthen, with module production reaching a record 970 MW (45% utilisation) and cell productionreaching a record 454 MW (83% utilisation), reflecting stronger integration 6000 0.8 55 68 000 0 23% 24% benefits and readiness to support future growth 5400 5200 0.7 5000 4800 44 46 00 00 34% 0.6 ✓ EBITDA margin expanded to 35%, reflecting 4200 4 380 000 0 0.5 operating leverage benefits, optimisation of 3600 17,388 3 34 200 00 18% expenses and increased internal cell 15,555 23 2 60 8 00 0 00 0 5,711 5,481 0.4 3,924 3,803 consumption 2400 2200 0.3 10,278 2 1800 000 3,505 11 146 2000 000 0.2 1,877 ✓ PAT remained robust at ₹3.8 bn, with PAT 1000 margin improving to 24%, underscoring the 800 0.1 400 strength of the business model Q1 FY26 Q4 FY26 Q1 FY27 Q1 FY26 Q4 FY26 Q1 FY27 Q1 FY26 Q4 FY26 Q1 FY27 ✓ Order inflow of 1.5 GW during Q1FY27 reinforced demand momentum, while the 9.9 GW order book provides strong revenue visibility for the coming quarters Q-o-Q Y-o-Y 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% 7,803 1,482 1,520 44% 44% 45% 43% 43% 2,943 2,943 2,943 952 970 428 454 Q1FY26 Q4FY26 Q1FY27 Q1FY26 Q4FY26 Q1FY27 FY25 FY26 Q1FY26 Q4FY26 Q1FY27 FY25 FY26 *Effective capacity is actual installed capacity adjusted for number of working days and product specification. Effective Capacity for the quarter has been annualized 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 integrate into ingot and solar cells for covered projects and materially and module expansion, which will increase total wafer manufacturing with a 9 GW facility, aligned expanding the addressable DCR market beyond capacity to approximately 16.3 GW of modules and with the future cell capacity. government schemes. 8.9 GW of cells by early FY28. • Rollout to be in 2 phases: 5 GW in FY29 and 4 GW in • C&I and Rooftop demand are the key incremental • Module line is expected to be commissioned by FY30, subject to final clarity on ALMM III timelines beneficiaries. C&I may see a brief transition December 2026, with the cell line expected by and market conditions. impact, but demand is expected to accelerate as March 2027. Commercial Sales to be aligned with developers align procurement with the new the commissioning dates, with utilisations scaling • Estimated capex is ₹5,000-5,500 crore, broadly requirement. steadily. implying ₹600-650 crore per GW. To be funded largely through internal accruals. • Utility-scale demand remains partly grandfathered • The project cost is estimated at about ₹5,500 crore, for projects bid before the cut-off, with execution with hard costs of about ₹4,600 crore. Debt of • A strategic margin-protection investment aiming visibility extending into FY28. approximately ₹3,300 crore has been tied up at a to reduce upstream supply risk and protect DCR sub-8% cost. economics by integrating further. • Domestic cell supply remains tight, especially for TOPCon cells. This supports the margin • All equipment have been ordered. Orders for environment for established, ALMM-compliant approximately 60% of the total hard cost are in manufacturers with proven cell manufacturing place. capability. • Expansion timed to match the expected • Expect DCR demand to strengthen through FY27 as acceleration in domestic cell demand from ALMM II grandfathered non-DCR projects roll-off and ALMM- and improving internal cell sourcing. led procurement becomes more broad-based. Emmvee continues to move steadily on the path to deepen backward integration, progressively lowering costs, bolstering supply-chain resilience, and strengthening long-term competitive sustainability. Growth Vectors Roadmap to Scalable and Sustainable Growth Capacity ramp up plans to meet market demand Strong Order Book providing revenue visibility (MW) 9,914 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 Q1FY27 Future Capacity 8.94 GW by FY28 16.3 GW by FY28 Strategic Focus On Backward Integration Solar Module Supply Chain Medium-term Plan Emmvee’s Current [Showing first 8,000 characters — download PDF for full document]