Investor Presentation

Date: October 14, 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 Q2FY27 Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are attaching herewith a copy of Q2FY27 Investor Presentation of the Company for the quarter and half year ended September 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) Murugesh C Company Secretary and Compliance Officer EMMVEE PHOTOVOLTAIC POWER LTD Investor Presentation | Q2 and H1 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 Quarterly Growth Sustains Q2FY27 result snapshot Strong Balance Sheet* FY27 Target Annual Capacity Modules Total Revenues Net Debt / Equity 16.3 GW 15,789 INR mn 0.12x +37.4% YoY | +0.4% QoQ Cells EBITDA 8.9 GW 5,569 INR mn ROCE +39.4% YoY | +1.6% QoQ 35.1% Order Book EBITDA Margin 35.3% +1 bps YoY | +9 bps QoQ 10.4 GW 9.3 GW PAT ROE 3,820 INR mn 36.1% New Order inflow for Q2FY27: 1.5 GW +60.6% YoY | +0.5% QoQ *Net Debt and Equity as on 30 September 2026 ROCE and ROE are for Q2 FY27 and based on annualized profits Financial Overview Half-Year Momentum Builds Revenue from EBITDA & PAT & Highlights Operations EBITDA Margin PAT Margin ✓ Q2FY27 revenue was ₹15.8 bn, sustaining the 1.3% 39.4% 45.1% 1.6% 39.4% 47.4% 0.5% 60.6% 79.1% strong growth in Q1 ✓ Production remained robust, with module output at 952 MW and cell output rising to 513 11,800 35% 70% 11,600 1 11 1, ,4 20 000 ✓ 89% cell utilisation demonstrates strong ramp, 11,000 10,800 11 00 ,, 46 00 00 while 44% module utilisation provides 11 0 90 , ,, 0 82 00 00 0 0 60% headroom to support future volumes 9,600 9,400 9,200 9,000 8,800 8 8 8, , ,6 4 200 0 00 0 35% 50% ✓ EBITDA was ₹5.6 bn, while the 35% margin was 8,000 77 ,, 68 00 00 19% sustained, reflecting durable cost efficiencies 7,400 77 ,, 020 00 0 24% 24% and benefits from increasing integration. 66 ,, 68 00 00 40% 31,319 6 6, ,4 200 00 35% 35% 7,623 6,000 5 55 , ,, 6 48 0 00 0 00 11,050 ✓ PAT grew faster than operating profit to ₹3.8 bn, 4455 , ,, , 68020 0000 000 35% 30% 21% with margin expanding to 24%, helped by a 21,588 4,400 4 34 ,,, 8020 0 000 0 7,499 sharp decline in finance costs, highlighting 15,555 15,764 33 3,, ,46 2000 000 20% 3,803 3,820 4,255 improved earnings conversion and financial 3 22, ,,0 68 0000 00 5,481 5,569 efficiency 11,310 22 2 ,, , 04 20 00 0 00 3,994 2,379 11 ,, 68 00 00 10% 1 1, ,4 200 00 ✓ Strong cell utilisation and planned capacity 1,000 6 40 00 0 additions position the business to capture the 0 0% next phase of growth through deeper Q2 Q1 Q2 H1 H1 Q2 Q1 Q2 H1 H1 Q2 Q1 Q2 H1 H1 integration. Healthy new order inflow of 1.5 GW FY26 FY27 FY27 FY26 FY27 FY26 FY27 FY27 FY26 FY27 FY26 FY27 FY27 FY26 FY27 in Q2 further provides revenue visibility Q-o-Q Y-o-Y Operational Highlights Scaling with Efficiency 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 1,923 7,803 1,317 970 952 967 45% 44% 45% 2,943 2,943 2,943 682 679 42% 43% Q2FY26 Q1FY27 Q2FY27 Q2FY26 Q1FY27 Q2FY27 H1FY26 H1FY27 Q2FY26 Q1FY27 Q2FY27 H1FY26 H1FY27 *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 Expanding Capacity, Unlocking Growth 6 GW Integrated Wafer / Ingot Backward Industry Update (Cell + Module) Facility Integration • ALMM II Implementation • Progress in-line on the 6 GW integrated TOPCon cell • Plans in place to backward integrate into ingot and and module expansion, which will increase total wafer manufacturing with a 9 GW facility, aligned ➢ Mandate intact: List-II has applied since 1 capacity to approximately 16.3 GW of modules and with the future cell capacity Jun’26; there is no blanket extension 8.9 GW of cells by early FY28 • Rollout to be in 2 phases: 5 GW in FY29 and 4 GW in ➢ Transition relief: Net-metering / Open • Module line is expected to be commissioned by FY30, subject to final clarity on ALMM III timelines Access projects commissioned by 31 Dec’26 December 2026, with the cell line expected by and market conditions remain List-II exempt; List-I is still mandatory. March 2027. Commercial Sales to be aligned with Both lists apply thereafter the commissioning dates, with utilisations scaling • Estimated capex is ₹5,000-5,500 crore, broadly ➢ DCR unchanged: Domestic content rules steadily implying ₹600-650 crore per GW. To be funded under government programs stay intact, largely through internal accruals preserving a stable demand floor • The project cost is estimated at about ₹5,500 crore, with hard costs of about ₹4,600 crore. Debt of • A strategic margin-protection investment aiming • Emmvee position strengthened: ALMM List-II now approximately ₹3,300 crore. to reduce upstream supply risk and protect DCR includes G12R solar cells, widening the addressable economics by integrating further opportunity • Most of the orders for hard costs have already been • Complex tenders (FDRE, RTC and firm power) with placed mandated BESS - requiring up to 2× DC module capacity - to drive further module demand • Expansion timed to match the expected acceleration in domestic cell demand from ALMM II • Installations stay strong, with H1CY26 reporting 27 and improving internal cell sourcing GW (AC) across segments 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 [Showing first 8,000 characters — download PDF for full document]