Emmvee Photovoltaic Power Limited shareholders voted in favour of all four resolutions proposed at the company's 19th Annual General Meeting (AGM), held on September 25, 2026. The meeting, conducted via video conferencing, saw a total of 62,89,53,055 votes polled out of 69,23,45,033 outstanding shares.

The resolutions covered the adoption of financial statements, declaration of dividend, appointment of a director, and ratification of cost auditor remuneration. The scrutinizer’s report confirmed that each resolution was passed with the requisite majority under the Companies Act, 2013 and SEBI Listing Regulations.

Voting participation details

The record date for the meeting was September 18, 2026, with 1,64,652 shareholders on the register. Voting was conducted through remote e-voting and electronic voting at the AGM, facilitated by National Securities Depository Limited (NSDL).

Resolution outcomes

All four items on the agenda were classified as ordinary business or special business requiring ordinary resolution status. Promoter and promoter group members voted in favour of all resolutions without dissent.

Adoption of financial statements

The adoption of financial statements received overwhelming support. Out of 62,89,53,055 total votes polled, 62,89,21,656 were in favour and 31,399 were against. Public institutions held 87.25% of their shares in vote, while public non-institutions participated with only 0.24% of their holding.

Declaration of dividend

The resolution regarding the declaration of dividend was also approved. A total of 62,89,52,949 votes were polled, with 62,89,52,871 in favour and just 78 against. The margin of support was near-unanimous across all shareholder categories.

Appointment of director

Mr. Suhas Donthi Manjunatha was appointed as a director liable to retire by rotation. This resolution saw the highest dissent among the four items. Of the 62,89,52,919 votes polled, 62,47,97,739 were in favour and 41,55,180 were against. Public institutions recorded 5.56% dissent, while public non-institutions recorded 0.99% dissent.

Ratification of cost auditor remuneration

The ratification of remuneration payable to cost auditors for FY27 was approved with 62,89,52,518 votes in favour and 401 against. The low number of dissenting votes indicates strong shareholder alignment on governance costs.

What the numbers show

A comparison of voting patterns reveals a distinct divergence in shareholder engagement based on institutional status. While public institutions participated actively, casting 87.25% of their eligible votes on most resolutions, public non-institutional shareholders demonstrated significantly lower engagement, casting only 0.24% of their eligible votes. This suggests that retail or individual investors had minimal impact on the outcome compared to institutional holders. Furthermore, the appointment of Mr. Suhas Donthi Manjunatha attracted notably higher dissent from public institutions (5.56%) compared to other routine administrative resolutions, which saw negligible opposition (<0.1%).

Emmvee Photovoltaic Power Limited reported consolidated revenue from operations of ₹5,050 crore for FY26, marking a 116% increase over the previous year. The company’s profit after tax (PAT) surged 193% to ₹1,082 crore, driven by higher production volumes and the first full year of contribution from solar cell operations.

The figures were disclosed during the company’s 19th Annual General Meeting (AGM), held on September 25, 2026. This marked Emmvee’s first AGM as a listed company following its listing on November 18, 2025. EBITDA for the year increased approximately 140% to ₹1,734 crore.

Operational performance and capacity expansion

The growth in financial metrics was supported by significant expansion in manufacturing capabilities. Module production rose to 2,999 MW from 1,482 MW in the prior year, while cell production reached 1,520 MW. The company also commenced production of G12R-format TOPCon cells to support higher-power module configurations.

Note: FY25 absolute values for Revenue, EBITDA, and Cell Production were not explicitly stated in the source text; percentage changes are reported as provided.

At the end of FY26, installed capacity stood at 10.3 GW for modules and 2.94 GW for cells. The order book expanded to 9.4 GW as of March 31, 2026, compared to 4.9 GW at the beginning of the year, providing strong visibility for future execution.

Strategic priorities and future outlook

Management outlined five key priorities for the next phase of growth:

1. Maximising utilisation and yield from existing manufacturing platforms.
2. Executing the Devanahalli expansion, which plans to add 6 GW each of module and cell capacity, taking total installed capacities to 16.3 GW and 8.94 GW respectively.
3. Strengthening technology capabilities through collaborations with institutions like Fraunhofer ISE and ISC Konstanz.
4. Deepening commercial relationships with Independent Power Producers (IPPs) and Commercial & Industrial (C&I) customers.
5. Building organisational depth with professional management systems and data-driven decision-making.

Beyond current expansions, the company intends to move into ingot and wafer manufacturing with a planned capacity of approximately 9 GW in phases. Management stated that commissioning will be timed to align with regulatory frameworks and market requirements rather than being executed significantly ahead of demand.

Dividend and governance

The Board recommended a final dividend of ₹1 per equity share for shareholder approval. This payout reflects a balance between distributing returns to shareholders and retaining capital for the ongoing capital-intensive expansion projects.

The AGM was chaired by Manjunatha Donthi Venkatarathnaiah, Chairman and Managing Director. Suhas Donthi Manjunatha, Whole-time Director, President and CEO, addressed members on operational performance. The meeting was conducted via Video Conferencing/Other Audio Visual Means (VC/OAVM) in compliance with SEBI regulations.

What the numbers show

The divergence between revenue growth (116%) and profit growth (193%) indicates significant operating leverage. As fixed costs are spread over a larger production base (module output more than doubled), margins expand disproportionately. Furthermore, the order book nearly doubling to 9.4 GW while installed capacity grew to 10.3 GW suggests that demand is outpacing immediate supply constraints, supporting sustained high utilisation rates in the near term.