1. 795.4 MW DCR module order - NTPC Renewable Energy, Khavda solar park Pending - In the Q2 FY26 PPT, Emmvee disclosed winning an order of 795.4 MW of DCR cell-based TOPCon modules to be supplied to NTPC Renewable Energy for the Khavda solar park. No delivery or completion disclosure for this order is in our record.
2. 4.5 GW TOPCon cell order - execution December 2025 to 2030 On track - Via announcement, Emmvee won a 4.5 GW order for TOPCon crystalline silicon photovoltaic cells from a domestic customer, with execution spanning December 2025 to 2030. The advance for the full order has been received and supply has started; Q1 FY27 included the highest merchant cell sales in Emmvee's history.
3. IPO GCP utilization - ₹113.71 crore expected in FY27 Delivered - The offer document's General Corporate Purpose object expected ₹113.71 crore (of ₹438.71 crore GCP) to be utilized in FY27. ₹22.04 crore was pre-utilized in FY26, and Q1 FY27 GCP utilization was ₹92.68 crore, taking cumulative utilization to ₹439.72 crore plus ₹82.85 crore fresh issue expenses as of 30 June 2026 - fully utilized ahead of schedule.
4. IPO debt repayment object - ₹1,621.29 crore in FY2026 Delivered - The offer document targeted repayment/prepayment of borrowings of ₹1,621.29 crore in Fiscal 2026. The repayment was completed on 18 November 2025, within the Fiscal 2026 target.
5. Module utilization peak - \~65% target Pending - At the Q1 FY27 call, the CEO guided peak utilization of around 85-90% for cells and about 65% for modules, adding that the G12R transition raises effective capacity so volumes rise even at similar percentages. Q1 FY27 module utilization was 45%, unchanged from Q4 FY26 and Q1 FY26; no quarter has approached 65%.
6. FY27 EBITDA target - approximately ₹2,400 crore On track - At the Q1 FY27 call, the CEO set a target of approximately ₹2,400 crore of EBITDA by the close of FY27. Q1 FY27 EBITDA was ₹548.1 crore - annualizing to \~₹2,192 crore, below target, with only one quarter of FY27 reported.
7. Cell utilization maintenance - \~80%+ through G12R transition Delivered - At the Q4 FY26 call, management was confident of maintaining cell utilization around similar levels (\~80%+), with the G12R transition planned by end of Q4 FY26. Q4 FY26 cell utilization was 79% and Q1 FY27 improved to 83%; the G12R transition has started, with remaining conversion to be done sequentially.
8. Ingot and wafer backward integration - 9 GW facility, 5 GW in FY29, 4 GW in FY30 Pending - At the Q4 FY26 call, management announced an ingot and wafer facility of about 9 GW for full backward integration, phased as 5 GW in FY29 and 4 GW a year later; at Q1 FY27 this was firmed as 5 GW in FY2029 and 4 GW in FY2030, subject to ALMM List 3 clarity, funded largely through internal accruals, with commissioning planned by mid-calendar 2028. No construction or commissioning has occurred; capex is estimated at ₹5,000-5,500 crore (\~₹600-650 crore per GW).
9. DCR demand transition - essentially all capacity DCR by FY2030 On track - At the Q3 FY26 call, management guided that by FY2030 there would be essentially no non-DCR capacity/demand; at Q4 FY26 it saw a 30-35% DCR mix near term, with essentially all capacity sold DCR by the beginning of the next year. Q1 FY27 sales mix was over 50% DCR, ALMM List 2 implementation began June 2026, and DCR demand is expected to strengthen through FY27.
10. Silver paste consumption - further 40% reduction from current levels Pending - At the Q3 FY26 call, management aimed to reduce silver paste consumption by a further 40% from current levels, citing similar reductions in China. Consumption had already fallen from \~185-200 mg per cell to less than 9 mg per watt peak - more than 50-60% - in the prior 3-4 months; no further quantified reduction is disclosed in later quarters.
11. EBITDA margin maintenance - broadly around 30-35% band Delivered - At the Q2 FY26 call, management's goal was to maintain EBITDA margins broadly around the current 30-35% band as volumes ramp; it later declined to guide on percentage margin, preferring absolute EBITDA per watt. Margins were 35% in Q2 FY26, 35.9% in Q3 FY26, 32.84% in Q4 FY26 and 35.24% in Q1 FY27 - all within or above the band.
12. Order book discipline - 12-18 months delivery, additions tracking capacity growth On track - At the Q2 FY26 call, management stated the order book would grow only to the extent of capacity growth, maintaining a 12-18 months delivery period, reiterated at Q3 FY26 with the 6.3 GW module book executable in that window. The order book grew from 5.07 GW (Q2 FY26) to 9.9 GW (Q1 FY27), with Q1 FY27 inflow of 1,484 MW and approximately 7+ GW referenced as executable in the next 18 months.
13. 6 GW greenfield cell expansion - fully operational by end March/April 2027 On track - At the Q2 FY26 call, management guided the 6 GW greenfield cell expansion would be fully operational on a ramped-up basis by end of March 2027 or April 2027; this was revised to module line by end of calendar 2026 and cell line by end of FY27, then module line by December 2026 and cell line by March 2027. As of Q1 FY27 construction was on schedule, \~60% of total hard costs ordered, and \~₹3,300 crore of debt tied up at sub-8% cost; no commissioning has occurred as of 1 September 2026.
14. Cell utilization - to 85-90% by end of FY26 Partial - At the Q2 FY26 call, management expected cell utilization (then 59%) to rise to about 85% to 90% by the end of the year. Q4 FY26 cell utilization reached 79%, with March 2026 at 85%, FY26 full-year utilization was 69.9%, and Q1 FY27 improved to 83% - March hit the low end of the range but the full quarter averaged below it.
15. Interest cost reduction - \~35-40 crore quarterly saving Delivered - At the Q2 FY26 call, management guided interest outgo would reduce by around 35 to 40 crore quarterly following the \~1,621 crore debt repayment, reiterated for H2 FY26. Q3 FY26 finance cost was ₹33 crore, lower than the previous quarter, and Q1 FY27 finance costs fell to ₹11.1 crore vs ₹53.1 crore in Q1 FY26 - a quarterly saving of \~42 crore, above the guided range.
16. Long-term debt reduction - to \~50-55 crore by end of March 2026 Delivered - At the Q2 FY26 call, management guided that of the \~100 crore long-term debt remaining after IPO repayment, almost 45 crore would be repaid in the next two quarters, leaving around 50-55 crore by end of March 2026. IPO proceeds of \~₹1,621 crore prepaid term loans on 18 November 2025; net debt to equity was negative 0.06x as of 31 March 2026 and debt-to-equity fell to 0.05x by FY26, with no specific 50-55 crore figure disclosed.
17. Second 2.5 GW module line - online in FY2026 Delivered - At the Q2 FY26 call, management guided the second 2.5 GW module line would come online in FY2026. The 2.5 GW line at Sulibele (Unit VI) was commissioned on 20 December 2025, taking aggregate module capacity to 10.3 GW, with expansion completed as planned.