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.

Emmvee Photovoltaic Power Limited has successfully resolved a significant GST matter with tax authorities, receiving a favorable order that concludes the case without any financial liability on the company. The development represents a positive outcome for the renewable energy company, which had previously disclosed potential GST-related concerns to investors.

GST Matter Resolution Details

The company received an order from the Deputy Commissioner of State Tax, Nagpur, dated February 06, 2026, which ruled in favor of Emmvee Photovoltaic Power Limited. The matter has been concluded without any demand from the tax authorities, effectively eliminating the financial exposure that was under review.

Background of the GST Issue

The GST matter originated from an intimation received by the company on October 27, 2025, from the Office of the Deputy Commissioner of State Tax, Nagpur. The intimation pertained to discrepancies aggregating to ₹121.32 million, including interest, in the GST returns filed by the company. This matter was transparently disclosed by Emmvee Photovoltaic Power Limited in its prospectus dated November 14, 2025, demonstrating the company's commitment to regulatory compliance and investor transparency.

Regulatory Compliance and Disclosure

The company has fulfilled its disclosure obligations under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, by promptly informing stock exchanges about the favorable resolution. The disclosure was made in accordance with Schedule III of the SEBI LODR Regulations, ensuring that investors and stakeholders are kept informed of material developments.

The intimation has been made available on the company's official website at https://www.emmvveepv.com/investors , providing easy access to investors and other stakeholders seeking detailed information about this development.

Impact on Company Operations

With the favorable resolution of this GST matter, Emmvee Photovoltaic Power Limited has eliminated a potential financial liability that could have impacted its operations and financial position. The conclusion of this matter without any demand from tax authorities provides clarity and removes uncertainty that may have been affecting the company's business planning and investor confidence.