Emmvee Photovoltaic Power Limited Submits Q3FY26 Monitoring Agency Report for IPO Fund Utilization

Emmvee Photovoltaic Power Limited has submitted its monitoring agency report for the quarter ended December 31, 2025, in compliance with SEBI regulations. The report, prepared by CARE Ratings Limited, provides a comprehensive overview of the utilization of funds raised through the company's initial public offering. IPO Fund Utilization Overview The company's IPO raised Rs 2143.86 crore, and during Q3FY26, a total of Rs 1977.10 crore was utilized across the stated objectives. The monitoring agency confirmed that all utilization was in accordance with the disclosures made in the offer document, with no material deviations reported. Utilization Category Amount Utilized (Rs Crore) Total Allocation (Rs Crore) Remaining (Rs Crore) Debt Repayment 1621.29 1621.29 - General Corporate Purpose 336.14 438.71 102.57 Issue Expenses 19.67 83.86 64.19 Total 1977.10 2143.86 166.76 Debt Repayment Activities The largest component of fund utilization was debt repayment, where the entire allocated amount of Rs 1621.29 crore was fully utilized during the quarter. This included Rs 28.98 crore towards HDFC term loan repayment by the company and Rs 1592.31 crore towards IREDA term loan repayment by its material subsidiary, Emmvee Energy Private Limited. General Corporate Purpose Spending For general corporate purposes, the company utilized Rs 336.14 crore during the quarter. The monitoring agency noted that Rs 11.14 crore was pre-utilized from the Rs 113.71 crore allocation that was originally planned for FY27. The detailed breakdown of general corporate purpose utilization includes: Purpose Amount (Rs Crore) Growth Opportunities 211.58 Advance Tax Payment 44.17 Vendor Payments and Salaries 80.39 Total 336.14 Unutilized Fund Management The remaining Rs 166.76 crore of unutilized funds has been strategically deployed to ensure optimal returns while maintaining liquidity. The funds are primarily invested in fixed deposits with scheduled commercial banks and maintained in monitoring and allotment accounts. Investment Type Amount (Rs Crore) Maturity Return (%) Fixed Deposits 103.00 April 17, 2026 2.34 Monitoring Account Balance 0.30 - - Allotment Account Balance 64.19 - - Total Unutilized 166.76 - - Regulatory Compliance and Monitoring CARE Ratings Limited, serving as the monitoring agency, confirmed that there were no deviations from the objects stated in the offer document. The agency relied on management certificates, statutory auditor certificates, and bank statements for verification. The report indicates no unfavorable events affecting the viability of the stated objects and no material information that could impact investor decision-making. The company's audit committee acknowledged the pre-utilization of funds, noting that it was conducted as per business requirements and was approved by the finance committee in line with board authorization and offer document disclosures. 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. Parameter: Details Order Date: February 06, 2026 Issuing Authority: Deputy Commissioner of State Tax, Nagpur Original Discrepancy Amount: ₹121.32 million (including interest) Final Outcome: No demand, matter concluded favorably Financial Liability: Nil 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. We’re building Scanx - to help you express your trading & investing idea, to help you analyse the markets better. Stock Markets are the true indicator of the growth of any country's economy. We are bullish on India, we are bullish on India's prospects to be one of largest economies of the world. We believe that Stock Markets provide an unique opportunity for all Indians to participate in the growth story of India. We are enabling the same for Indians. As financial services are becoming more accessible, there is now a large set of Indians today who are financially aware and literate. They value time and seek high quality products & services. Most screening, trading, investing platforms available today are more or less similar to each other, and they have not evolved with time. 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