Analysts/Institutional Investor Meet/Con. Call Updates

Date: July 22, 2026 BSE Limited National Stock Exchange of India Limited BSE Scrip Code: 544608 NSE Scrip Symbol: EMMVEE Dear Sir/Ma’am, Sub: Transcript of Q1FY27 Earnings Conference Call held on July 16, 2026. Further to our communication dated July 13, 2026 and July 15, 2026, please find enclosed the transcript of the Q1FY27 Earnings Conference Call held on Thursday, July 16, 2026, at 04:00 p.m. to discuss the Unaudited Financial Results for the quarter ended June 30, 2026. This intimation shall 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 Limited Q1FY27 Earnings Conference Call” July 16, 2026 MANAGEMENT: MR. MANJUNATHA D.V – CHAIRMAN AND MANAGING DIRECTOR – EMMVEE PHOTOVOLTAIC POWER LIMITED MR. SUHAS DONTHI MANJUNATHA – PRESIDENT AND CHIEF EXECUTIVE OFFICER – EMMVEE PHOTOVOLTAIC POWER LIMITED MR. PAWAN KUMAR JAIN – CHIEF FINANCIAL OFFICER – EMMVEE PHOTOVOLTAIC POWER LIMITED Emmvee Photovoltaic Power Limited July 16, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Emmvee Photovoltaic Power Limited Q1FY27 conference call, hosted by Raadhi Capital. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that anything said on this call that reflects the outlook towards the future, which can be construed as a forward-looking statement, must be reviewed in conjunction with the risks that the company faces. A copy of the disclosure is available on the investor relations section on the website as well as on the stock exchanges. Kindly also note that the audio of the earnings call is a corporate material of Emmvee Limited and cannot be copied, rebroadcasted, or attributed in the PR media without specific and written consent of the company. To give you an in-depth understanding of the company and answer all your queries, we have from the management side today, Mr. Manjunatha D.V, Chairman and Managing Director; Mr. Suhas Donthi Manjunatha, President and CEO, and Mr. Pawan Kumar Jain, Chief Financial Officer. I now hand the conference over to Mr. Manjunatha, sir. Thank you and over to you, sir. Manjunatha D.V: Thank you. Good evening, ladies and gentlemen. A warm welcome to all our shareholders, investors, analysts, and colleagues joining us today for Emmvee Q1 financial year '27 earning call. Thank you for your continued trust and confidence in Emmvee. Financial year '27 has begun on a strong note for our company. During the quarter, we delivered revenue from operations of INR 1,555 crores, EBITDA of INR 548 crores, and profit after tax is INR 380 crores, with an EBITDA margin of 35%. Our order book further strengthened to 9.9 gigawatt, supported by fresh order inflows and approximately 1.5 gigawatt. More importantly, these results reflect the strength of our business fundamental. They were driven by improved operational execution, higher manufacturing efficiencies, stronger integration benefits, disciplined cost management, and continued customer confidence. Operationally, this was our best quarter so far. We achieved record production across both solar module and solar cells, with higher cell utilization further strengthening the advantages of our integrated manufacturing platform. This quarter also marked another foundation day for Emmvee. Looking back over more than three decades, we have grown from small solar water heater manufacturing into one of the leading Indian integrated solar manufacturing companies. While our scale has changed significantly, our values remain the same quality, innovation, customer trust, integrity, and long-term thinking. I sincerely thank our employees, customers, suppliers, lenders, shareholders, and all our stakeholders for their continued support and confidence in our journey. Looking ahead, we believe India is entering a defining decade for renewable energy. Growing electricity demand, increasing energy security, domestic manufacturing initiative, electric mobility, energy storage, green hydrogen, and data centers are creating a significant long-term opportunity for the Indian solar industry. The implementation of ALMM List 2 is another important milestone in strengthening Indian domestic manufacturing ecosystem. Emmvee entered this transition from position of preparedness. Page 2 of 14 Emmvee Photovoltaic Power Limited July 16, 2026 Our operational TOPCon cell manufacturing facility and inclusion under ALMM List 2 position us well to benefit from the growing demand for domestically manufactured solar cell. At Emmvee, we firmly believe that long-term leadership will not be determined simply by installing capacity; it will be determined by technology, operational excellence, supply chain resilience, financial discipline, and consistent execution. Our ongoing 6 gigawatt integrated TOPCon cell and module expansion continue to progress according to plan. Upon completion, our installed capacity will increase to approximately 16.3 gigawatt of modules and 8.9 gigawatt of solar cells, significantly strengthen our integrated manufacturing platform. At the same time, we continue to prepare for the next phase of backward integration into ingot and wafer manufacturing. Together with our investment in digital technology, automation, and artificial intelligence, these initiatives will further strengthen our competitiveness and support sustainable long- term growth. As we move through financial year 27, our priority remains clear execute our expansion on schedule, increase utilization across our existing facility, strengthen technology leadership, maintain financial discipline, uphold the highest standard of governance, and continued creating sustainable long-term value for all our stakeholders. Ladies and gentlemen, the Indian solar manufacturing industry is on a important inflection point. The companies that will lead this industry will be those that combine technology, integration, operational excellence, customer trust, and disciplined execution. At Emmvee, we remain committed to building exactly the kind of institution. We have started financial year '27 with a strong momentum and we remain confident about the opportunity ahead. Thank you once again for your continued trust and support. I will now invite our President and CEO, Mr. Suhas Donthi, to take you through the operational and financial performance for the quarter in greater detail. Thank you. Suhas Manjunatha: Thank you, Mr. Manjunatha, for your opening remarks and good afternoon to everyone joining the earnings call for the first quarter of FY2027. We have started the financial year on a strong note with healthy growth in revenue and profitability, record quarterly production, improving capacity utilization, and continued momentum in our order book. Let me begin with the financial performance. Revenue from operations for Q1FY2027 stood at INR 1,555 crores, registering growth of 51% over Q1FY26. An EBITDA for the quarter stood at INR 548.1 crores, an increase of 56% year-on-year. An EBITDA margin improved to 35% compared to 34% in Q1FY26 and 33% in Q4 FY26. Despite the sequential decline in revenue, an EBITDA was lower by only 4% quarter-on-quarter, reflecting operating leverage, optimization of expenses, and benefits of increased internal cell consumption. Profit after tax stood at INR 380.3 crores, registering growth of 103% over Q1FY26. PAT margin improved to 24% compared to 18% in the corresponding quarter last year and 23% in the previous quarter, due to lower finance costs that reduced significantly to INR 11.1 [Showing first 8,000 characters — download PDF for full document]