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.

Emmvee Photovoltaic Power Limited has announced a credit rating upgrade from ICRA Limited, effective January 23, 2026. The rating agency has upgraded the company's long-term fund-based term loan rating while reaffirming multiple other credit ratings for both the company and its wholly owned subsidiary.

Credit Rating Upgrades and Reaffirmations

ICRA Limited has upgraded Emmvee Photovoltaic Power Limited's long-term fund-based term loan rating from A-(Stable) to A(Stable). Additionally, the rating agency has reaffirmed several existing ratings across different facility types.

Subsidiary Rating Reaffirmations

Emmvee Energy Private Limited, the wholly owned subsidiary of Emmvee Photovoltaic Power Limited, has received rating reaffirmations across its credit facilities. The subsidiary's ratings demonstrate consistent creditworthiness across its operational framework.

Regulatory Compliance

The company has disclosed this information in compliance with Regulation 30(6) read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The announcement was made through proper channels to both BSE Limited and National Stock Exchange of India Limited on January 23, 2026.

Corporate Structure

The rating revision covers both Emmvee Photovoltaic Power Limited and its wholly owned subsidiary Emmvee Energy Private Limited. This comprehensive rating assessment reflects the consolidated financial strength and operational capabilities of the group's solar energy business operations.