Emmvee Photovoltaic Power Limited has accepted the resignation of Mr. N Devendiran from the position of Chief Manufacturing Officer, effective June 15, 2026. The resignation, submitted on April 15, 2026, cited personal reasons and was effective from the close of business hours on June 15, 2026. Consequently, Mr. Devendiran ceases to be a Senior Management Personnel of the company. Following this departure, Mr. Dinesh B Shenoy, General Manager – Solar Cells Manufacturing, has been appointed to take charge of the responsibilities of the Chief Manufacturing Officer with immediate effect, ensuring continuity in the company's manufacturing operations and oversight of solar cell production processes.

Profile of Successor

Mr. Dinesh B Shenoy brings extensive experience to his new role. He has been associated with Emmvee Photovoltaic Power since November 25, 2021. He holds a diploma in computer science and engineering from the Department of Technical Education, Government of Karnataka. With approximately 35 years of work experience, including over 17 years in the solar industry, Mr. Shenoy has been overseeing solar cell production processes and quality assurance operations.

The disclosure was made to the exchanges in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that the detailed reason for the resignation and the profiles of the officials were furnished as per the SEBI Master Circular dated January 30, 2026.

Management Change Details

Jefferies has reiterated its Buy rating on emmvee photovoltaic power , setting a target price of ₹360. The brokerage's conviction is anchored in a confluence of demand-side tailwinds and policy-driven structural advantages that are expected to benefit strong domestic players in the renewable energy space.

Key Drivers Behind the Buy Call

Jefferies highlights several factors supporting its positive outlook on Emmvee. The following table summarizes the primary rationale cited by the brokerage:

Power Demand and Climate Factors

Jefferies underscores that power-demand growth remains robust, with climate-related factors playing a significant role. Heatwaves, weak monsoon conditions, and risks associated with El Niño are identified as key contributors to elevated electricity consumption, which in turn supports the broader case for accelerated renewable energy capacity addition in India.

Renewable Energy Tendering Outlook

The brokerage anticipates a meaningful pickup in renewable-energy tendering activity during the second half of FY27. This expected acceleration is seen as a near-term catalyst that could drive order flows and improve visibility for domestic manufacturers operating in the solar value chain.

Domestic Mandate Benefits

Jefferies also points to domestic PV cell and ingot-wafer mandates as a structural positive for companies like Emmvee. These policy measures are designed to favor domestic manufacturers with strong balance sheets, creating a competitive moat for well-capitalized players and potentially limiting the market share of imports in the Indian solar market.