Emmvee Expands Manufacturing Capacity to 16.3 GW Amid Solar-Cell Supply Concerns

Solar equipment manufacturer Emmvee Photovoltaic Power is moving ahead with its capital expenditure plans to scale up production and address potential supply-chain constraints in the domestic market. According to CMD DV Manjunatha Donthi, India requires approximately 100 GW of effectively usable solar-cell manufacturing capacity, which is notably higher than the roughly 41 GW currently recognized by the industry.

Demand stemming from utility-scale, rooftop, commercial and industrial (C&I), and hybrid power projects is expected to widen the gap between announced manufacturing capacities and actual domestic supply. To mitigate these concerns, Emmvee is currently in the equipment-installation phase of its ₹5,500-crore integrated manufacturing expansion. The company has placed most of its critical machinery orders, with deliveries anticipated by November.

Emmvee aims to commission a 6 GW module plant by December, followed by an additional 6 GW of solar-cell capacity by March. Upon completion, the firm's annual module and cell capacities are projected to reach 16.3 GW and 8.9 GW, respectively. Additionally, the company plans to invest between ₹5,000 crore and ₹5,500 crore in phased backward integration into ingot and wafer manufacturing, targeting 5 GW in FY29 and another 4 GW in FY30. This upcoming project is expected to be funded primarily through internal accruals, subject to regulatory clarity and market conditions.

Highlighting the strategic rationale behind these moves, Dv Manjunatha Donthi noted that the investments represent a critical step in deepening backward integration, strengthening domestic sourcing, and building supply-chain resilience for the long term.

Emmvee's operational momentum is reflected in its order book, which stood at 10.4 GW at the conclusion of Q2 FY27. The company secured new order inflows of about 1.5 GW during the quarter, with approximately 70 percent linked to Domestic Content Requirement (DCR) rules, indicating steady demand for locally manufactured components.

Financially, the company posted a strong performance in H1 FY27. Revenue from operations reached ₹3,131.9 crore, marking a 45 percent increase year-on-year. EBITDA grew 47 percent to ₹1,105 crore, while net profit rose 79 percent to ₹762 crore. The company maintained a conservative balance sheet, with a net debt-to-equity ratio of 0.12 times as of September-end. Cash generated from operating activities improved to ₹410 crore for the half-year, compared to ₹121 crore in the corresponding period of the previous year.

On the regulatory front, with ALMM List-II already in implementation, Emmvee does not anticipate further extensions of the December transition deadline for specified open-access and net-metering projects. The company has also successfully secured the inclusion of its G12R TOPCon cells in ALMM List-II.

"Emmvee's latest capacity expansion highlights the growing importance of backward integration and supply-chain resilience in India's renewable energy sector. As domestic demand accelerates under frameworks like DCR, companies that successfully scale manufacturing while maintaining strong balance sheets and healthy operating cash flows will be best positioned to capture long-term market share and navigate regulatory transitions effectively." — Dr. Shishir Gupta, Founder & CEO, StartupLanes