Emmvee photovoltaic power Limited has issued a regulatory disclosure confirming that recent US countervailing duties on solar imports from India will not affect its business operations. The company filed this clarification under Regulation 30 of SEBI listing requirements on February 25, 2026.

Regulatory Disclosure Details

The disclosure was submitted to both major Indian stock exchanges, addressing concerns about potential impacts from the US trade measures. Company Secretary Shailesha Barve signed the regulatory filing, emphasizing the company's insulated position from these external trade developments.

Business Operations Remain Unaffected

Emmvee's integrated solar cell and module manufacturing operations are strategically positioned to serve domestic demand primarily. The company maintains a strong focus on the Indian market, with domestic consumption of its cell output providing natural protection against international trade disruptions.

Market Position and Strategy

The company's business model centers on serving India's expanding renewable energy sector. Emmvee continues to focus on scaling high-efficiency manufacturing capabilities to meet growing domestic market opportunities. This domestic-centric approach has positioned the company to remain resilient against external trade policy changes.

Industry Context

The clarification comes amid broader discussions about US trade policies affecting solar imports from India. While such measures typically impact export-oriented manufacturers, Emmvee's domestic market focus provides operational stability. The company's strategic alignment with India's renewable energy growth trajectory supports its continued operations regardless of international trade developments.

Emmvee Photovoltaic Power Limited has submitted its monitoring agency report for the quarter ended December 31, 2025, in compliance with SEBI regulations. The report, prepared by CARE Ratings Limited, provides a comprehensive overview of the utilization of funds raised through the company's initial public offering.

IPO Fund Utilization Overview

The company's IPO raised Rs 2143.86 crore, and during Q3FY26, a total of Rs 1977.10 crore was utilized across the stated objectives. The monitoring agency confirmed that all utilization was in accordance with the disclosures made in the offer document, with no material deviations reported.

Debt Repayment Activities

The largest component of fund utilization was debt repayment, where the entire allocated amount of Rs 1621.29 crore was fully utilized during the quarter. This included Rs 28.98 crore towards HDFC term loan repayment by the company and Rs 1592.31 crore towards IREDA term loan repayment by its material subsidiary, Emmvee Energy Private Limited.

General Corporate Purpose Spending

For general corporate purposes, the company utilized Rs 336.14 crore during the quarter. The monitoring agency noted that Rs 11.14 crore was pre-utilized from the Rs 113.71 crore allocation that was originally planned for FY27. The detailed breakdown of general corporate purpose utilization includes:

Unutilized Fund Management

The remaining Rs 166.76 crore of unutilized funds has been strategically deployed to ensure optimal returns while maintaining liquidity. The funds are primarily invested in fixed deposits with scheduled commercial banks and maintained in monitoring and allotment accounts.

Regulatory Compliance and Monitoring

CARE Ratings Limited, serving as the monitoring agency, confirmed that there were no deviations from the objects stated in the offer document. The agency relied on management certificates, statutory auditor certificates, and bank statements for verification. The report indicates no unfavorable events affecting the viability of the stated objects and no material information that could impact investor decision-making.

The company's audit committee acknowledged the pre-utilization of funds, noting that it was conducted as per business requirements and was approved by the finance committee in line with board authorization and offer document disclosures.