Emmvee Photovoltaic Power Ltd

- The company has secured an INR 3,306 crore term loan from IREDA for the new 6 GW integrated cell and module manufacturing facility. - So far, no amount from this sanctioned loan has been drawn; the first installment drawdown is planned in the next month or so. - By March 31, around 75% to 80% of this loan is expected to be drawn, with the remaining 15% to 20% spilling over into FY28. - For further expansions, including ingot-wafer capacity, the company intends to keep its debt-equity ratio healthy and is mindful about any additional debt or equity funding. - There is no explicit mention of plans for raising fresh equity in the immediate term. - Overall, the focus appears to be on utilizing existing sanctioned debt prudently while maintaining balance sheet strength.

- Emmvee is executing a new 6 GW integrated cell and module manufacturing facility expected to commission the module line by end of 2026 and the cell line by end of the financial year 2027. - This expansion will increase total installed capacity to 16.3 GW for modules and 8.9 GW for cells by FY2027. - IREDA has sanctioned a term loan of INR 3,306 crores for this facility; land at Devanahalli, Bengaluru, has been acquired. - Plans are underway for a 9 GW ingot and wafer facility to achieve full backward integration, with the first facility targeted for FY2029. - Capex for ingot-wafer units is estimated at INR 600-700 crores per GW. - FY26 capex included around INR 650 crores spent on new module lines and INR 311 crores on land acquisition for expansion. - Emmvee continues to focus on incremental technology investments, such as TOTPCON and G12R format modules for higher power density.

- Emmvee has a strong demand outlook driven by C&I (commercial & industrial) and IPP (independent power producer) segments. - Order book has grown from 4.9 GW in FY25 to 9.4 GW in FY26, indicating significant volume growth. - Module production nearly doubled (1,482 MW in FY25 to 2,999 MW in FY26); solar cell production almost tripled (534 MW to 1,520 MW). - The company expects continued ramp-up of existing capacity and execution of the large order book. - A 6 GW integrated cell and module manufacturing facility is under construction, expected to be commissioned by end of calendar/FY 2027, which will further scale capacity. - Plans for 9 GW ingot and wafer capacity by FY29 to enable deeper integration and support future growth. - Supported by new policies (ALMM lists and domestic content-linked programs) creating a stable demand environment. - The focus for FY27 is on executing expansion and sustaining profitable growth.

- FY2026 saw strong financial performance with revenue up 116% YoY to INR 5,049 crores and EBITDA up 140% YoY to INR 1,734 crores. - Profit after tax (PAT) grew 193% YoY to INR 1,082 crores with PAT margin improving to 21%. - Higher module and cell production, capacity expansions, and improved utilization underpin growth. - FY2027 is expected to be a year of execution focused on ramping up utilization of existing and new capacities. - Integrated 6 GW cell and module manufacturing facility to be commissioned by end of calendar year (modules) and end of financial year (cells), aiding scale and profitability. - Backward integration into 9 GW ingot and wafer planned by FY29, supporting margins. - ALMM policies and growing domestic market demand support stable and growing order book, enhancing long-term earnings visibility. - The company remains focused on profitable growth, balance sheet strength, and operational efficiency to sustain improved earnings and EPS growth.

- Order book increased from 4.9 GW in FY2025 to 9.4 GW in FY2026. - Q4 FY2026 order inflow was 1.27 GW. - Average order size among top 10 customers rose to 221 MW in FY2026 from 121 MW in FY2025. - Orders include a 4.5 GW cell order to be executed over the next 3-4 years, with advance received and supply started. - Current order book includes a significant mix of DCR and non-DCR segments, with DCR mix expected to increase going forward. - No major impact seen on order mix or capacity utilization due to shifts/delays in ALMM deadlines. - The company is well-positioned for phased demand transitions under ALMM policies.