Emmvee expands manufacturing capacity amid solar-cell supply concerns

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Company advances ₹5,500-crore expansion as demand for domestic solar equipment grows

By BL Mumbai Bureau

Updated - October 28, 2026 at 10:35 AM. | Mumbai

Emmvee Photovoltaic Power CMD DV Manjunatha Donthi estimates that India needs around 100 GW of effectively usable solar-cell manufacturing capacity, significantly higher than the roughly 41 GW currently cited by the industry.

Demand from utility-scale, rooftop, commercial and industrial (C&I), and hybrid power projects could widen the gap between announced manufacturing capacity and actual domestic supply, Manjunatha said, highlighting the need for timely capacity expansion.

Emmvee’s ₹5,500-crore integrated manufacturing expansion is entering the equipment-installation phase, with most critical machinery orders placed and deliveries expected by November. The company targets commissioning a 6 GW module plant by December and an additional 6 GW of solar-cell capacity by next March. Once completed, its annual module and cell capacities are expected to reach 16.3 GW and 8.9 GW, respectively.

Emmvee also plans to invest ₹5,000-5,500 crore in phased backward integration into ingot and wafer manufacturing, with 5 GW targeted for FY29 and a further 4 GW in FY30. The project is expected to be funded largely through internal accruals, subject to regulatory clarity and market conditions.

D.V. Manjunatha Donthi, CMD, Emmvee Photovoltaic Power, said the company’s capex plans represent an important step in deepening backward integration, strengthening domestic sourcing and supply-chain resilience, and building a more competitive business for the long term.

The company’s order book stood at 10.4 GW at the end of Q2 FY27, supported by new order inflows of approximately 1.5 GW during the quarter. Around 70 per cent of the order book comprised Domestic Content Requirement (DCR)-linked orders, reflecting demand for domestically manufactured solar equipment.

Emmvee reported revenue from operations of ₹3,131.9 crore in H1 FY27, up 45 per cent year-on-year (y-o-y), while EBITDA increased 47 per cent to ₹1,105 crore and net profit rose 79 per cent to ₹762 crore.

Net debt-to-equity stood at 0.12 times as of September-end. Cash generated from operating activities during H1 FY27 reached ₹410 crore, compared with ₹121 crore in the year-earlier period.

With ALMM List-II already in effect, Emmvee expects a further extension of the December transition deadline for specified open-access and net-metering projects to be unlikely. The company has also secured inclusion of its G12R TOPCon cells in ALMM List-II.

Published on October 28, 2026

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