Please find the attached transcript of Q4 & FY26 earnings conference call held on April 29, 2026.

Emmvee reported FY26 revenue of INR 5,049 crores (up 116% YoY), EBITDA of INR 1,734 crores (margin expanded to 34% from 31%), and PAT of INR 1,082 crores (up 193% YoY). Module production doubled to ~3 GW while cell production grew 3x to 1.5 GW, with cell capacity utilization improving from 43% to 70%. The company completed its IPO in November 2025, raising INR 2,900 crores, and used INR 1,621 crores to prepay term loans, achieving a net debt-to-equity of -0.06x. Order book expanded from 4.9 GW to 9.4 GW, with Q4 inflows of 1.27 GW. The company is commissioning a 6 GW integrated cell and module facility at Devanahalli (module by end-2026, cells by end-FY27), with IREDA term loan of INR 3,306 crores at 7.95% already sanctioned. Management confirmed plans for a 9 GW ingot-wafer backward integration (5 GW Phase 1, 4 GW Phase 2), targeting first facility by FY29 at ~INR 600-700 crores per GW. DCR module pricing is around INR 21-22/watt vs INR 14-15/watt for non-DCR, with DCR currently comprising 30-35% of sales.