AGM 2026

Sep 25, 2026

Summary

FY2026 revenue reached ₹5,050 crore and PAT ₹1,082 crore, with strong production and order-book growth. Priorities include the Devanahalli expansion, operating efficiency, and phased ingot and wafer investment.

Dear shareholders, good evening and a warm welcome to the 19th Annual General Meeting of Emmvee Photovoltaic Power Limited being conducted through video conferencing or other audiovisual means. As a reminder, for the smooth conduct of the meeting, all members will remain in mute mode. Audio and video access will be enabled when a member is invited to speak at the AGM based on the pre-registration process. Please note that, as required, the proceedings of this annual general meeting will be recorded and made available on the company's website. I now hand over the proceedings to Mr. Manjunatha Donthi Venkatarathnaiah, Chairman of Emmvee Photovoltaic Power Limited. Over to you, sir. Thank you. Good afternoon, dear shareholders and other invitees. In accordance with Article 88 of the Articles of Association, as the Chairman of the Board, it is an honor for me to occupy the chair and conduct the proceedings of this annual general meeting. On behalf of the Board of Directors of the company, I extend a very warm welcome to all of you to this 19th annual general meeting of your company being held through video conference. The Ministry of Corporate Affairs and SEBI have permitted the companies to hold the annual general meeting through video conference or other audiovisual means. Accordingly, 19th AGM of your company is being held through video conference. I call the meeting to order as we have the requisite quorum present through video conferencing to conduct the proceedings of this meeting. Participation of members through video conferencing is being reckoned for the purpose of quorum as per the circular issued by MCA and as per Section 103 of the Companies Act 2013. This meeting is being held through video conference in accordance with the circular issued by the Ministry of Corporate Affairs and SEBI. Before we start the main proceedings of the meeting, I take this opportunity of announcing the names of my colleagues on the board of your company and other participants who have participated in this video conference. I, myself, Manjunatha Donthi Venkatarathnaiah, Chairman and Managing Director. Mr. Suhas Donthi Manjunatha, Whole-Time Director, President and Chief Executive Officer. Mrs. Shubha Manjunatha Donthi, Non-Executive Director. Mr. S.K. Mohanty, Independent Director and Chairman of Audit Committee. Mr. R.K. Tiwari, Independent Director and Chairman of Nomination and Remuneration Committee. Ms. S.C. Sharada, Independent Director and Chairman of Stakeholders Relationship Committee. Mr. Pawan Jain, Chief Financial Officer. Mr. Murugesh C, Company Secretary. I further acknowledge the participation of Mr. Deepak Khatri, representing M S K C & Associates LLP, statutory auditors. Ms. Kalaivani S, secretarial auditor, and Mr. Vijay K T, scrutinizer for this meeting. As the notice is already circulated to all the members, with your permission, I take the notice of the meeting is read. I now request Mr. Murugesh C, Company Secretary, to provide general instruction to the members regarding participation in this meeting. Thank you, sir. Good afternoon to everyone. The company has enabled the members to participate in the 19th Annual General Meeting through video conferencing facility provided by the National Securities Depository Limited in compliance with applicable circulars issued by the Ministry of Corporate Affairs and SEBI. Members have been provided with the facility to exercise their right to vote by electronic means, both through remote e-voting and e-voting at the annual general meeting in accordance with the provisions of the Companies Act 2013 and SEBI listing regulations. Members joining the meeting through video conferencing who have not already cast their vote by means of remote e-voting may cast through e-voting facility provided by National Securities Depository Limited. The company has appointed Mr. Vijay K T, practicing company secretary, as the scrutinizer who will collate the voting results of the remote e-voting and the e-voting for each item as per the notice. Representation under Section 113 of the Companies Act 2013 have been received in respect of the promoter and corporate shareholders. Members are requested to refer additional information provided in the notes to the annual general meeting notice. Register of directors and key managerial person, the register of contracts or arrangements have been available electronically for inspection by the members during the annual general meeting. Members seeking to inspect such documents can send their request to investorrelations@emmvee.in. As the AGM is being held through video conferencing, the facility for appointment of proxies by the members was not applicable, and hence, the proxy register for the inspection is not available. The company has received the request from few members to register them as speakers at the meeting. Accordingly, the floor will be open for these members to ask questions or express their views. The moderator will facilitate the session once the Chairman opens the floor for question and answer. Thank you very much. I hand over to the Chairman to continue with the proceedings. Thank you, Mr. Murugesh. The company has taken all the efforts to enable members to participate and vote on the items being considered at the meeting. Dear shareholders, fellow members of the board, and everyone joining us today, good afternoon. Namaskara. It gives me a great pleasure to welcome you to the 19th Annual General Meeting of Emmvee Photovoltaic Power Limited and our first AGM as a listed company. For me, this occasion carries a very personal meaning, a journey that began with a belief in solar energy now carries the confidence of thousands of people who have chosen to become shareholders in our company. I thank you for that confidence. Your investment represents your savings, your aspiration, and your expectations of us. I take that responsibility personally. Coming from Chintamani, a small rural town in Karnataka, Kolar District, and having received my education in government schools, I began my entrepreneurial journey with the desire to build a useful business, create employment, and contribute to a cleaner environment. When I entered the solar industry in 1992, the opportunity was far less visible than it is today. Building a business required patience, learning, and the willingness to continue through uncertainty. Over the years, our employees, customers, and partners helped turn that early conviction into manufacturing capabilities. The most valuable lesson I have learned is that trust takes years to build and every commitment matters. A customer remembers whether we delivered. An employee remembers whether we stood by our values. A shareholder will judge whether we used capital responsibly. Those lessons will continue to guide Emmvee. Our listing on 18th November 2025 opened an important new chapter. It widened our shareholders' family and reinforced our responsibility to build an institution worthy of long-term trust. As promoters, we must begin commitment and patience. As a listed company leadership team, we must bring transparency, accountability, and respect for every shareholder. These responsibilities belong together. The year under review gives us an encouraging foundation. Consolidated revenue crossed INR 5,000 crore. Profit after tax exceeded INR 1,000 crore. Suhas will explain the performance and operating work behind it. I want to focus on what these results mean for our future. They give us greater capacity to invest, but they also raise the standard against which we must measure ourselves. A successful year should strengthen our discipline and our determination to improve. India's energy transition and its drive towards greater energy security are creating a significant opportunity for domestic manufacturing. Our focus is strengthening Emmvee's capabilities so that we can serve this growing market through technology, competitive manufacturing, and dependable execution. Our next major step is the 6-gigawatt integrated cell and module project at Devanahalli, which will further strengthen our scale and integrated manufacturing capabilities. As we expand, disciplined capital allocation will remain central to our approach. Every rupee we invest must have a clear purpose, strengthening our capabilities, serving our customer, and creating sustainable long-term value. The board has recommended a final dividend of ₹1 per equity share for your approval. Our approach to capital allocation must balance shareholder distribution, the need of the business, and the financial strength required for future growth. Dear shareholders, building an enduring company also requires leadership depth. As a founder, I have a responsibility not only to preserve the values that brought Emmvee here, but also to ensure that the organization continues to become stronger beyond any one individual. I remain actively committed to Emmvee's direction and progress, working closely with our board and management team. Suhas represents the next generation of leadership at Emmvee. Our CEO's responsibility is to translate our long-term direction into measurable performance and execution, supported by a strong professional management team. For me, continuity does not mean doing things exactly as we have done them in the past. It means preserving the values that matter while giving the next generation and our professional leadership team the responsibility to build Emmvee for the opportunities ahead. The standard for all of us remains the same. Sound judgment, responsible decision, and consistent delivery. We want talent to grow throughout Emmvee. At the end of the financial year, our workforce comprised more than 3,800 people. Their skills, safety, and development are essential to our future. I thank them and their families for their contribution. I also value the independent judgment of our board. Constructive challenge improve decisions, strong governance helps us protect shareholders' interest and build a business that can endure behind any individual. Our roots in Karnataka remain a source of pride. As we grow, we want to contribute through skilled employment, responsible manufacturing, and meaningful engagement with the communities around us. To our shareholders, my commitment is straightforward. We will work to earn your confidence through how we operate, how we invest, and how we openly account for our progress. We have ambitions for Emmvee, and we understand the responsibility that comes with it. I want us to build a company that customers depend on, employees are proud of, and shareholders can access with confidence. Thank you to our customers, lenders, suppliers, technology partners, employees, and fellow directors for helping us reach this milestone. Your trust has brought us into this new chapter. Our action must earn its continuation. I now invite our Chief Executive Officer, Suhas Dhondimanjunatha, to take you through our performance and priorities that will guide our next phase. Thank you. Namaskara. Thank you, Chairman. Good afternoon to our shareholders, members of the board, and everyone joining us today. This is our first AGM as a listed company and also my first opportunity to address you at an AGM as shareholders of Emmvee. The Chairman has spoken about the conviction and values on which Emmvee has been built. Having grown up around the business and now having the responsibility of leading it as CEO, I am very conscious of the foundation built before me and the responsibility that comes with taking it forward. My role is to translate that foundation into performance through how we execute, how we serve our customers, how we allocate resources, and ultimately how we create value for our shareholders. I welcome being assessed on our decisions, our execution, and our results. Let me begin with our consolidated performance for the year ended March 31, 2026. Revenue from operations reached INR 5,050 crore, an increase of approximately 116% over the previous year. EBITDA increased by approximately 140% to INR 1,734 crore. Profit after tax rose by approximately 193% to INR 1,082 crore. These results were supported by higher production, new module capacity, and the first full year of contribution from our solar cell operations. They demonstrate what our integrated platform can deliver when manufacturing capability is supported by execution. During the year, we commissioned two new module lines at Sulibele. At year-end, our installed capacity stood at 10.3 gigawatts of modules and 2.94 gigawatts of cells. The scale at which Emmvee operates today is very different from even a few years ago, and that growth brings with it a corresponding responsibility to strengthen our systems, processes, and organization. Module production increased to 2,999 megawatts from 1,482 megawatts in the previous year. Cell production reached 1,520 megawatts. We also commenced production of our G12R format TOPCon cell, supporting higher power module configurations. Our order book stood at 9.4 gigawatts as of March 31, 2026, compared to 4.9 gigawatts at the beginning of the year. This reflects the confidence our customers place in Emmvee's manufacturing capabilities, product quality, and ability to deliver at scale, and gives us strong visibility as we enter the next phase of growth. Looking ahead, our first priority is to get more from our existing manufacturing operations. Our focus is on increasing utilization, yield, uptime, and throughput while maintaining the quality standards our customers expect. As our scale increases, improvements in productivity and material efficiency can translate into meaningful gains in cost per watt terms. Our second priority is to execute the Devanahalli expansion successfully. The planned addition of 6 gigawatts each of cell and module capacity would take our installed capacity to 16.3 gigawatts of module and 8.94 gigawatts of cells. Our execution program covers infrastructure readiness, equipment installation, process qualification, recruitment, training, and the ramp-up to stable production. Management attention is focused across each of these stages to ensure a disciplined and successful ramp-up. Our third priority is to continue strengthening our technology capabilities. Emmvee has been manufacturing solar modules for nearly two decades, giving us deep experience in module technology, quality, and manufacturing. Over the last few years, we have consciously worked to build the same depth of capability in solar cell manufacturing. Our collaborations with leading research institutes such as Fraunhofer ISE, ISC Konstanz, have supported us in developing process and technology capabilities, particularly in advanced TOPCon cell technology. Today, I'm glad to say that we have built a strong in-house technology team, including engineers and PhDs, focused on continuous process improvement, technology development, value engineering, and manufacturing efficiency. For us, building technology capability is not only about adopting the latest technology. It is about developing the knowledge within Emmvee to continuously improve it, achieving better efficiency, strong product performance, greater consistency, and better manufacturing economics. As we continue to scale, I believe this internal technology capability will be an increasingly important strength for Emmvee. Our fourth priority is to deepen our commercial position as we scale. Our relationship with leading IPPs, C&I customers, and other large renewable energy developers have been built on product quality, manufacturing credibility, and dependable execution. As the market grows, we intend to strengthen these relationships and expand our customer base. Our integrated manufacturing platform, technology capabilities, and growing scale position us well to serve customers across both domestic and international markets. Commercial discipline will remain important. We will continue to evaluate opportunities based on value creation, customer quality, and their fit with our manufacturing and execution capabilities. Our fifth priority is to build the organizations required for the scale. As the next generation of leadership, I see particular value in combining the founders' understanding of customers and manufacturing with stronger data, automation, and professional management systems. These capabilities will help our teams make faster, better-informed decisions and improve performance across the organization. I want clear accountability throughout the organization, strong collaboration across functions, and an environment in which capable people can grow. Safety and product quality must remain integral to everyday performance. Beyond our current expansion, the next step to our backward integration journey will be into ingot and wafer manufacture. Our intention to build this capacity is clear. We are planning approximately 9 gigawatts of capacity in phases, which will further strengthen Emmvee's integrated manufacturing platform. Importantly, our approach is to time this investment well. We intend to align the commissioning of this capacity with the evolving regulatory framework and the requirements of the markets, rather than commissioning the capacity significantly ahead of when it is required. For now, our immediate priority remains the successful execution and ramp-up of our ongoing cell and module expansion. We will progress the ingot and wafer project in line with the timelines we have communicated. Dear shareholders, the Chairman and the generations of employees who have built Emmvee have given us a valuable foundation. My responsibility is to strengthen it through a capable team and disciplined execution. You should judge our progress by how effectively we use our assets, how reliably we deliver to customers, how successfully we execute our expansion, and how responsibly we invest in the future. I thank our board for its guidance, our employees for their dedication, and our customers and partners for their confidence. I also extend my appreciation to our banking and financial partners and to the central and state governments for their continued support. To shareholders, thank you for joining us on this journey. We are committed to giving you clear reasons through our performance to retain your confidence in Emmvee. Thank you. I hand the proceedings back to the Chairman. Thank you, Mr. Suhas Dhondimanjunatha. As there are no qualifications or observation or comments in the independent audit report and in the secretarial audit report, with the consent of the members, I take the independent auditor's report and secretarial audit report as read. As per the secretarial standards, I would like Mr. Murugesh, Company Secretary of the company, to briefly explain the background of all four resolution proposals to be passed at this AGM for the benefit of all the members present. Thank you, sir. The resolution details are ordinary business to receive, consider, and adopt the audited financial statements, including consolidated financial statements of the company for the financial year ended 31st March 2026, and the reports of the directors and the auditors thereon. Declaration of dividend of INR 1 per share. Appointment of Mr. Suhas Dhondimanjunatha as a director liable to retire by rotation. Special business. Ratification of remuneration payable to Murthy & Co. LLP cost auditors for the financial year 2026-27. I hand over to Chairman to continue with the proceedings. Thank you, Murugesh. I now invite the shareholders who have pre-registered to raise their questions relating to the financial statements for the year ended March 31, 2026, the director report, the auditor report, and the business items set out in the notice of this meeting. Members are requested to keep their questions brief and specific. You may now ask your questions. We will take note of all the questions raised and will respond to them after all the registered speaker shareholders have completed their queries. The moderator, a representative from NSDL, will facilitate the questions on the video feature. Members are requested to mention their name and their client ID before asking their questions. Thank you, Chairman, sir. Ladies and gentlemen, we will now begin with the question and answer session. I now invite our first speaker shareholder, Lokesh Gupta, to accept the prompt on the screen, unmute your audio and video, and proceed with the question. नमस्कार Chairman sir। Chairman sir, आप मुझे सुन पा रहे हैं? Yes, sir. Audible. Sir, मैं दिल्ली से लोकेश गुप्ता, आपके सभी board members का स्वागत करता हूँ। Sir, शानदार Chairman speech हो रही थी जिसमें company के वर्तमान और भविष्य के बारे में आपने बताया। उसके बाद सवाल बचते नहीं हैं। सवाल विश्वास और भरोसे का है sir। हमें विश्वास है, भरोसा है आपका। जो भी निर्णय company के बारे में आपने पहले लिए, आगे लेंगे। Company के हित में पहले भी रहे हैं, आगे भी रहेंगे। Sir, मुझे दो या तीन चीजें जाननी हैं। Sir, input cost बहुत बढ़ रही है। इसको लेकर हमारे margin intact रहें। Margin बढ़ाने के लिए क्या कर रहे हैं? Second, हम अपना market share बनाने के लिए क्या कर रहे हैं? एक और चीज sir। Sir, हमारी dividend policy क्या रहेगी? थोड़ा इस बारे में बताइए। Sir, हमें एक बार आप से साल में मिलने का अवसर मिला है। लेकिन भविष्य की जानकारी के लिए company secretary की team के पास जाते हैं। वह टाइम में reply मिलता है। इसके लिए भी एक धन्यवाद दूंगा। Sir, एक request और है। जिस तरह आप अपने channel partners का ध्यान रखते हैं, बहुत लोगों का ध्यान रखते हैं, उसी तरह shareholder जो है, speaker से जुड़े हैं, उन्हें भी इसी तरह appreciate कीजिए sir। अंत में मैं company के सुगत भविष्य के लिए शुभकामनाएं देता हूँ। धन्यवाद sir। Thank you. We move on to our next speaker shareholder, विनय भिड़े. Kindly accept the prompt on your screen, unmute your line and proceed with the question. Mr. भिड़े, please unmute yourself please. Hello. Yes. Moderator, boardroom, are you able to hear me? Yes, sir. Audible. Fine. Thank you. Good evening to all of you. Chairman and Managing Director, Mr. Manjunatha, Whole-Time Director, Mr. Suhas Manjunatha, Independent Directors, company executives, fellow shareholders. As already announced, my name is Vinay Bhide and I am a shareholder speaking from Mumbai. At the outset, let me congratulate both the board as well as the entire Emmvee team for having performed exceedingly well in the concluded financial year, as also having documented that in a well-prepared annual report, both in terms of information as well as financials. I have gone through the performance in the past year, as well as the past 3 years that you have shown in the annual report. From the understanding that I have gathered, I have listed out a few questions. The direction of the questions are basically to understand both the present as well as the future. Let me start. First question is on the order book. Could you please give us an indicative figure of the pending order book that we have as on hand at this point of time? That is question number one. Question number two. In the initial parts of the annual report, we have shown figures for the performance in the year 2025-2026 on page 9. In pages 16 and 17, we have shown the progression figures over the past 3 years. While the performance of the past year as well as the earlier years has been really very good, can we safely assume that this scorching pace of growth will continue in the coming few years also? That is the second question. The third question is on the capacity utilization. On page 85, we have given the details of the plants that we have. So could you please give us the present capacity utilization of our manufacturing plants? We are extremely happy about the dividend of INR 1 per share that we have started with. Also the awards that the company has won and that has been shown in the annual report. I have already supported all the resolutions and I wish the directors and the employees all the best. Suhas also given an opportunity to speak. [Foreign language] Thank you. We move on to our next speaker shareholder, Sarvajit Singh. Accept the prompt on your screen, unmute your line and proceed with the question. Chairman sir, can you hear my voice? Yes, sir. Audible. Chairman sir, first of all, good evening to you all, the board of directors, all the staff of Emmvee Photovoltaic Power Limited and fellow shareholders. Sir, जिस तरीके से आपने और sir ने meeting की शुरुआत में company के बारे में बताया। Sir, अभी तो हम मैदान में उतरे हैं। Sir, IPO के बाद अभी तो हमारी पहली AGM है। Sir, कोई सवाल-जवाब तो इसलिए भी आपसे बनता ही नहीं है क्योंकि मैदान में उतरने के बाद अच्छे से अच्छा return और हमारे IPO को अच्छा सा मिला और उसका बहुत अच्छे से return भी दिया गया। Sir, आगे हमारे future plan वगैरह क्या रहेंगे? Sir, थोड़ा सा इस बारे में बताइएगा। बाकी sir, जिस तरीके से आपने अपने opening remarks में company के बारे में काफी कुछ बताया। और sir, जिस तरीके मैंने अभी देखा, हमारी promoter holding भी around 80% है। तो sir, जहां promoters का विश्वास पूरा होता है और एकजुटता होती है, तो sir, वहां bright future होता है। Sir, अपनी company में foreign investor की investment भी है around 3%। Sir, यह भी एक अच्छी चीज है कि foreign investor की भी जहां पर investment आती है, तो sir, वहां पर जो आने वाला time होता है, वह sir अच्छा होता है। बाकी sir, आगे हमारे future growth plan और next 24 months का roadmap वगैरह क्या रहेंगे? Sir, थोड़ा सा इस बारे में बताइएगा। बाकी sir, जिस तरीके से आज की AGM आपने start की और शुरुआत में हंसते-मुस्कुराते हुए आपने meeting की शुरुआत की और अभी तक एक-एक shareholder को जो आपके CS सब और उनकी पूरी team मेहनत करके बुलवा रही है। यह sir, इन लोगों की मेहनत को clear दर्शाती है sir। और हालांकि मैंने एक balance sheet की copy के लिए एक mail की और वह sir मुझे on time provide कराई गई और sir एक very informative balance sheet बनाई गई है हमारी। Sir, आपसे एक छोटी सी चीज की request जरूर रहेगी sir। साल में दिन हैं 365। और sir, 365 दिन में से 364 दिन तो sir हमारी company के हैं और sir एक दिन है जहाँ पर speaker shareholder आपसे जुड़ पाता है। तो sir 364 दिन के अंदर जितने भी हमारे, चाहे वो postal ballot हों, चाहे वो कोई भी e-voting आए, sir आप लोगों की sitting fees हो, चाहे sir कुछ भी हो, हमें sir कोई ऐतराज़ नहीं है। क्यों? क्योंकि sir आप लोग अगर मेहनत कर रहे हैं तो sir वो सब चीजें आप deserve भी करते हैं और वो सब चीजें अगर मिलेंगी तो sir आपको अंदर से और energy मिलती है। नहीं, मैंने और मेहनत करनी है और अपनी company को और आगे से आगे ले जाना है। तो sir हमें कोई दिक्कत नहीं है। पर आज speaker shareholder हमारी company में जो जुड़े हैं, sir इन लोगों की भी थोड़ी बहुत take care ज़रूर की जाए। Thank you, sir. Thank you so much for giving me a chance. Thank you. I now invite our next speaker, Manjit Singh to accept the prompt on the screen, unmute your audio and video and proceed with the question. Am I audible? Yes, sir, you're audible. Company की management team, secretarial team और my co-shareholder, मैं सभी का स्वागत करता हूँ। घड़ी की सुइयाँ इजाजत दे रही हैं कि आपसे good evening कर लिया जाए। IPO के बाद आपका पहला AGM है। Good evening, sir. हम जिस sector में हैं, वहाँ पर जो है वह बड़ा अच्छा है। IPO से पहले जो था, हमारा जो 22 acre land Karnataka के अंदर acquire था, उससे हमने कुछ expansion किया है। 22.44 acre में हम चार manufacturing units जो हमने चलाई थी, तो IPO के बाद कुछ उसमें expansion आया है। थोड़ा आप इस बारे में अगर हमें बताएंगे तो हमें company के बारे में और जानकारी मिलेगी। जो anchor investor से हमने IPO से पहले पैसा जुटाया, उसका lock-in period किस तरह से है? और अगर वहाँ selling आती है तो कुछ impact रहेगा। हमारा इस बारे में अगर आप बताएंगे तो हमें company के बारे में और जानकारी मिलेगी। जो capacity हमारी पहले मई तक थी, जो पिछले साल 2025 में, उसके बाद हमारी capacity कैसे बढ़ी है? पहले हम 7.80 gigawatt और solar cell क्षमता 2.94 gigawatt पर थी। तो IPO के बाद उसमें किस तरह का इजाफा हुआ है? और जिस sector में हम हैं, वहाँ पर हमारी rank क्या है? थोड़ा आप इस बारे में बताइए। 2007 से इस company को आप बिल्कुल पौधे की तरह बड़ा कर रहे हैं और यह जब बच्चा 18 साल का हो गया है, तो इन्होंने आपने से share बाजार में भी list कराया है। तो जितनी मेहनत आप 2007 से इस company के साथ कर रहे हैं, बिल्कुल जब वह जवान होकर खड़ी हुई, तो तब आपने share बाजार के अंदर list कराया और एक अच्छी value आपने पाई। तो जिस sector के हम अंदर हैं, उसमें हमारा क्या rank है, इस बारे में थोड़ा अगर आप बताएंगे तो हमें company के बारे में जानकारी मिलेगी। अजब गजब है दुनिया, गजब है हमारे शौक। हमारा भी शौक है कि अगर आप management team कोई autograph provide करा सके, तो हम भी किसी को कभी ज़िक्र कर सकते हैं कि यह company हमारी energy sector के अंदर list हुई थी 2026 में और हमारी जो first AGM हुई थी, listing के बाद वह हमने attend करी थी। यह उनके CEO साहब, Chairman साहब, Director साहब के signature हैं, autograph हैं। यह एक संभाल है जी, क्योंकि हम इसमें थोड़ा रुचि रखते हैं। अगर आप इस रुचि को पूरा करने के लिए कोई contribution अपना इस तरह से करेंगे, autograph अपना भेजेंगे तो हम अपना जो है सिर माथे रखेंगे उसे और संभाल कर रखेंगे। बाकी company आने वाले time में और तरक्की करे। यह जो शाम का समय हमने आपके साथ साझा करा है, यह आने वाले time में हमारी investment को मजबूत करेगा, इसकी हम आपसे आशा करते हैं और भगवान से prayer करते हैं। हमारे secretarial department ने जो है balance sheet बनाई और हमें आपके साथ रूबरू करा। यह पहला मौका था AGM के बाद। आने वाले time में हम चाहेंगे कि आप शायद जुलाई या अगस्त में भी AGM कर सकते हैं। वह आपका निर्णय है। जैसे आपके हाथ में है, वैसे करें आप। आप चढ़ती कला में रहें और इसी तरह तरक्की करें। Thank you, sir. Thank you. Thank you. We move on to our next speaker, shareholder Rajni Gupta. Kindly accept the prompt on your screen, unmute your line and proceed with the question. Ms. Rajni, we cannot see a connection. Kindly unmute your line, please. Hello. Yes, ma'am, you are audible. नमस्कार sir, मैं दिल्ली से रजनी गुप्ता। आप सबका स्वागत करती हूँ। Sir, मेरे जो question थे, वो पहले shareholder ने पूछे, मैं repeat नहीं करूंगी। Sir, company के साथ हम पहले भी थे, अब भी हैं। हमारी company अब list हुई है। पहले भी थे, अब भी हैं, आगे भी रहेंगे। company की उन्नति के लिए मैं भगवान से प्रार्थना करती हूँ और साथ में company secretary department का भी धन्यवाद करती हूँ, जिन्होंने आपके सामने मुझे बोलने का मौका दिया। धन्यवाद sir. Thank you. That was the last speaker shareholder. Over to you, Chairman sir. Thank you. We will answer the good questions and thanks to all the speakers for the good wishes and support to the company. We all together grow together as shareholders, we will continue to grow together. The first question was three questions. Impact, input cost is increasing, what to do? Market share and shareholders' meeting personally. Input cost increases as well as decreases. It is not in a steady time. If you see, you can see very clearly the module price of earlier to now, it has come down drastically. That can come down only because of the prices also will come down. The value engineering, especially we do a lot of value engineering to accommodate the price with fluctuation. Like simple example, if I want to tell you, for a cell, what we have used the silver paste. Earlier, we used to use more than 100 milligrams of the silver to produce one cell. Now we reached less than 70, and our aim to reach 60-55 milligrams in the coming days. Whatever price is increasing, we try to adjust that in value engineering. That is why today Suhas already said in his speech, we have started the new G12R. What is happening in G12R? Earlier in the cell, we used 88% of what we are producing the cell. Now we are producing around 9.7 in the same pattern of cell. In that also, we get cost benefit. That is the advantages of how we manage the input cost variation in the market. Market share, Emmvee's philosophy is we normally not look into the market share. We always wanted first preference of my customers to be choice of Emmvee. Our capacity, whatever we have a capacity that need to be at least reach into the top level. That is the major motto of Emmvee. Accordingly, we are following up. The market share is only a number, but our intention is what we invest, we need to get back with a good profitable to our shareholders. You have both information. What you say for the next meeting, we will think about it. Second answer. Thank you for your questions again, very valuable questions. The second speaker shareholder's questions were around order book and can the growth continue and also on the capacity utilization. When you look at the order book, as on March 2026, we had a closing order book of 9.4 gigawatts. As of June 30th, we had a closing order book of 9.9 gigawatts. The order book, and also we have given in our disclosures the order inflows also. In fact, last quarter, our order inflows were at the highest of 1.5 gigawatts. Order book has been strong and it is going to go strong. Can the growth continue is also a very important question. As you have seen our expansion plans, whether adding 6 gigawatts of cell and module, or the way that Emmvee is growing in terms of order book, you can see that the growth is positive. When it comes to capacity utilization, our capacity utilizations for cell especially, it has only been two years since we started. We were at around 85% of cell utilization, 83% as of June 30th, 2026. Module was around 45%. This is considering that the module capacity can reach a maximum of 60%. The utilization is also growing stronger as we considering our capacity additions that are going on. The third question, which is about the future plans and the other things. It is in a positive manner of the 80% holding by the promoters and foreign investment of 30%. The future plan and roadmap and speaker also has to be taken care of. Taken the shareholders, yeah. Future plans is already told in one of the things, which is ongoing of 6 gigawatt of cell and module integrated one, which is going in a right manner, which is likely to complete by March 2027, which I already told, and it is in a right manner as of today. With that, our capacity is going to be reach about 9 gigawatt of cell and 16 gigawatt of module. Apart from that, we also mentioned very clearly that our expansion in 2029 is going to be for the ingot and wafer manufacturing, which is about 9 gigawatt within 2 phases of 5 gigawatt and 4 gigawatt in 2 phases based on this demand in the market. This is on the expansion of manufacturing, but we continue to do about our order book or the financial top line or under the EBITDA level, our profits also is going to be reasonably better on year-on-year, which you can see that last year to this year also, we have grown well. This year also, we are confidently we are in the same level, and it is going to be better results in this year also. This is on the future plan clearly. We are also showing the other ancillary products, which is going to be value addition and which is going to give our shareholders some confidence, and also shareholders can get some good returns. Which is also parallel, we are looking to be right manner. This is on the feature plans and the roadmap. And definitely as a shareholder, we will take care of all these things, and we will continue to be with you for a long time. Next question by Subhas Sreekant. So thank you, Manjit, for your questions. We like to answer your question on the expansion plan for the expansion status for the earlier last year purchased land. That was an existing facility where our cell and module manufacturing is going on. So in that facility, we have close to about 4.5 gigawatts of module facility and 3 gigawatts of cell facility, which is located in Dabaspet, in Bengaluru. About the lock-in period for our IPO investor, my company secretary team can correct me, but I do not think there is any lock-in that is there. All the lock-in that was there is completed. It is over. Regarding the May capacity, yes, you are absolutely right. There was May 25, our capacity was 7.25 gigawatts of module and 2.94 gigawatts of cell. While the cell capacity remains the same module capacity, we have added 5 gigawatts of capacity. So our capacity today is 10.3 gigawatts of module capacity and 2.94 gigawatts of cell capacity. As you already know that our expansion in the next phase is going on. On the ranking of the sector, I would like to repeat the Chairman's comments about market share or ranking. Here, the outlook of the business is not about ranking, but rather what is the capacity we have, how much we are utilizing, what is the capability we have, and how much we are delivering. So our efforts are always put in terms of how to increase our credibility, capability, and how to maximize our utilization and ensure the best returns possible for our shareholders ultimately. So this is how we have looked at it. Thank you. Thank you for all our speakers. Yes, sir. We can proceed with the rest of the events. Okay. Members may note that the voting on the platform facilitated by NSDL will continue to be available for the next 30 minutes. Therefore, members who have not yet cast their votes are requested to do so. The board of directors has appointed Mr. Vijay K T, practicing company secretary, as a scrutinizer to supervise the e-voting process. Further, I hereby authorize Mr. Murugesh, Company Secretary, to declare the results of the voting and place the results on the website of the company, NSDL, and stock exchange. The resolution, as set forth in the notice, shall be deemed to be passed today, subject to receipt of requisite members of votes. With this, the 19th annual general meeting of the company stands concluded. I would like to thank all the shareholders for their participation, valuable time, and continued support. I now declare the proceedings of the meeting closed. Thank you.