Emmvee Photovoltaic Power appointed M/s. Murthy & Co. LLP as its cost auditor for FY27 and approved the re-appointment of director Mr. Suhas Donthi Manjunatha at a board meeting on August 26, 2026.

The Board of Directors concluded its meeting at 2:20 pm after considering these matters under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Cost Auditor Appointment

The company appointed M/s. Murthy & Co. LLP, based in Bengaluru, as the cost auditor for the financial year 2026-27. Established in 2012, the firm is registered as a Limited Liability Partnership and provides cost audit, compliance, and management advisory services managed by FCMA-qualified professionals.

Director Re-Appointment

Mr. Suhas Donthi Manjunatha (DIN: 09671635), who is liable to retire by rotation, has offered himself for re-appointment as a director. This requires approval from members at the ensuing Annual General Meeting for FY26.

Mr. Suhas holds a bachelor of science degree in business and engineering from Drexel University in Pennsylvania. He brings over seven years of experience in the renewable energy sector, overseeing comprehensive operations and strategic direction.

The disclosure confirms that Mr. Suhas is not debarred from holding the office of director by any order from SEBI or other authorities. He is the son of Mr. Manjunatha Donthi Venkatarathnaiah and Mrs. Shubha Manjunatha Donthi.

Emmvee Photovoltaic Power reported its strongest first-quarter performance to date for the period ended June 30, 2026, with profit after tax (PAT) more than doubling year-on-year. PAT increased 103% to ₹380.3 crore, while revenue from operations grew 51% to ₹1,555.5 crore. The company achieved record EBITDA and PAT margins of 35.24% and 24.2%, respectively, supported by higher production volumes and deeper integration of internally manufactured solar cells. The Board of Directors approved the unaudited financial results at a meeting held on July 15, 2026. Building on this performance, management has set an FY27 EBITDA target of INR2,400 crores, while expecting stable EBITDA per watt of approximately INR2.5 for modules and INR6.5 for cells.

Financial Performance

EBITDA for the quarter rose 56% to ₹548.1 crore, with the margin expanding from 34.10% in Q1 FY26 to 35.24% in Q1 FY27. Profit before tax grew 96% to ₹469.6 crore. Earnings per share (EPS) on a basic and diluted basis stood at ₹5.49. The paid-up equity share capital remained at ₹13,846.90 lakh.

The following table summarises the key consolidated financial metrics for the quarter:

Operational Highlights

Emmvee recorded its highest-ever quarterly production volumes during Q1 FY27. Solar module production increased 53% year-on-year to 970 MW, while solar cell production rose 26% to 454 MW. Effective solar cell capacity utilisation improved to a record 83%, compared to 68% in Q1 FY26, driving margin expansion through higher internal cell consumption. As of the end of Q1 FY27, the company had an installed annual manufacturing capacity of approximately 10.3 GW for solar modules and 2.94 GW for TOPCon solar cells.

Order Book, Expansion and Management Guidance

The company secured order inflows of 1.48 GW during the quarter, taking its order book to an all-time high of approximately 9.9 GW. The order book is diversified across independent power producers and commercial and industrial customers, with a repeat customer rate of 57%. On the capacity front, the 6 GW integrated TOPCon cell and module expansion is on schedule, with the module line expected to be commissioned by December 2026 and the cell line by March 2027. Upon completion of this expansion, total manufacturing capacity is projected to reach approximately 16.3 GW for modules and 8.9 GW for cells by the end of FY27. The total project cost for this expansion is estimated at INR5,500 crores, with INR3,300 crores in tied-up debt funding at less than 8% cost.

Additionally, the company has proposed a medium-term plan for 9 GW backward integration into ingot and wafer manufacturing in two phases — 5 GW by FY29 and 4 GW by FY30 — with timing subject to ALMM List III clarity and market conditions, and funding largely through internal accruals.

Analyst View: Jefferies Raises Target Price

Jefferies maintained its Buy rating on Emmvee Photovoltaic Power and raised its target price to ₹400, following the Q1 results that beat expectations. The brokerage noted that FY27 power demand recovery supports the renewables sector, and that the company's balance sheet is well-funded to triple its TOPCon cell capacity by FY28. As a result, Jefferies raised its FY27 and FY28 EBITDA estimates by 9% and 4%, respectively. The brokerage expects a 29% EBITDA CAGR over FY26–29, underpinned by the company's expanding manufacturing footprint and strong order pipeline.