Analysts/Institutional Investor Meet/Con. Call Updates

Date: October 21, 2026 BSE Limited National Stock Exchange of India Limited BSE Scrip Code: 544608 NSE Scrip Symbol: EMMVEE Dear Sir/Ma’am, Sub: Transcript of Q2FY27 Earnings Conference Call held on October 15, 2026. Further to our communication dated October 7, 2026 and October 15, 2026, please find enclosed the transcript of the Q2FY27 Earnings Conference Call held on Thursday, October 15, 2026, at 04:00 p.m. to discuss the Unaudited Financial Results for the quarter and half year ended September 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) Murugesh C Company Secretary and Compliance Officer “Emmvee Photovoltaic Power Limited Q2 FY27 Earnings Conference Call” October 15, 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 October 15, 2026 Moderator: Ladies and gentlemen, good day and welcome to Emmvee Photovoltaic Power Limited Q2 FY27 Earnings 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 touch-tone phone. Please note that this conference is being recorded. 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 viewed in conjunction with the risk that the company faces. A copy of the disclosure is available on the Investor Relations section of 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 answers to 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; Mr. Pawan Kumar Jain, Chief Financial Officer. I now hand the conference over to Mr. Manjunatha. Thank you, and over to you, sir. Manjunatha D. V: Thank you. Good evening, everyone. I extend a warm welcome to all our investors, analysts, and shareholders joining us on Emmvee's Q2 and H1 financial year '27 earnings conference call. I am pleased to share that Emmvee has delivered its strongest half-yearly financial performance to date. For the first half of financial year '27, our revenue from operation grew by 45% year-on-year to INR3,132 crores. EBITDA increased by 47% to INR1,105 crores. The profit after tax grew by 79% to INR762 crores. We have maintained EBITDA margins of approximately 35%, demonstrating the strength and consistency of our operating performance. These results reflect the manufacturing capabilities we have developed over nearly two decades, our continued focus on technology and product reliability, and the trust we have built with our customers. Importantly, our performance has remained consistent with the guidance we provided, even as the industry transitioned through changes in the implementation of ALMM regulations and geopolitical issues. Our focus has remained on executing our business plans, strengthening our manufacturing capabilities, and delivering sustainable growth. Let me now share our perspective on the Indian solar industry. Indian solar sector continue to experience significant growth, supported by increasing electricity demand, renewable energy commitment, and the continued development of solar projects across multiple segments. The first half of calendar year 2027 has witnessed India's highest-ever solar installation for a 6-month period. Based on the current installation trajectory, domestic module demand is running a pace that could translate into approximately 64% year-on-year growth for this year. This is a significant development for the domestic manufacturing industry. We are seeing demand across utility-scale projects, commercial, industrial installations, rooftop solar, and government-supported programs. In addition, the growing adoption of hybrid, round-the-clock, and firm renewable energy projects is creating more module demand as the AC-DC ratios increase in these solar deployments. As India's energy requirements grow, we expect solar to continue playing an increasingly important role in the Page 2 of 18 Emmvee Photovoltaic Power Limited October 15, 2026 country's electricity generation mix. At the same time, the domestic manufacturing ecosystem is evolving. The implementation of ALMM- II for solar cell is an important step towards strengthening India's domestic manufacturing capabilities. While certain transitional provisions have been introduced, the broader direction of the policy continued to support greater domestic value addition and deeper integration across solar manufacturing supply chain. Emmvee is well-positioned to participate in the transition, supported by our existing TOPCon cell manufacturing capabilities, established module manufacturing operations, and continued investment in integration. Our inclusion in G12R TOPCon cells under ALMM List-II further strengthened our ability to serve evolving customer requirements. Coming to our ongoing expansion, our 6 gigawatt integrated TOPCon cell and module manufacturing project remain on track. We expect the commissioning of the module manufacturing facility by December, followed by cell manufacturing facility by March 2027. Upon completion, our total installed manufacturing capacity will increase to approximately 16.3 gigawatt of modules and 8.9 gigawatt of cells. An important aspect of our manufacturing strategy is how these capacities have been designed to operate together. Cell and module manufacturing have different operating characteristics. Cell manufacturing can achieve significantly higher utilization level, whereas module manufacturing requires greater flexibility to accommodate different product configurations, customer specifications, and production schedules. When we consider the maximum achievable production for both operations, our 16.3 gigawatt of module capacity and 8.9 gigawatt of cell capacity are designed to deliver broadly equivalent annual output. This is central to our integrated manufacturing strategy. Our objective is to optimize the utilization of our manufacturing and strengthening our cost competitiveness. We believe that manufacturing integration must be evaluated not simply by installing capacity, but by the ability of different stages of production to operate efficiently together. Beyond our ongoing expansion, we are also progressing with our plans for backward integration into ingot and wafer manufacturing. Our current plan envisages a 9 gigawatt of facility developed in two phases of 5 gigawatt and 4 gigawatt, aligned with our future cell manufacturing requirements. The timing of this investment will be guided by the regulatory development, particularly ALMM List-III, prevailing market condition, and long-term economic viability. Our approach to expansion remained disciplined. We believe the next phase of growth in Indian solar manufacturing will increasingly depend on technological capabilities, manufacturing efficiency, product reliability, and supply chain integration. These are areas in which Emmvee has consistently invested over the years. Our collaboration with leading research institutions, [Showing first 8,000 characters — download PDF for full document]