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Emmvee Targets Commissioning of New Solar Cell Line by FY27-End, Plans 9 GW Ingot-Wafer Expansion Photograph: (Archive)
Indian solar module and solar cell manufacturer Emmvee Photovoltaic Power Ltd has said it expects to commission its new solar cell manufacturing line by the end of FY27 as part of its upcoming 6 GW integrated solar cell and module manufacturing facility at Devanahalli, Bengaluru.
Speaking during the company’s Q4 & FY26 earnings call, management stated that the module manufacturing line is expected to be commissioned by the end of calendar year 2026, while the solar cell line is targeted for commissioning by the end of FY27.
“We expect to see the module line getting commissioned by the end of this calendar year and the cell line getting commissioned at the end of this financial year,” the management said during the call.
Following the expansion, Emmvee’s total installed manufacturing capacity is expected to increase to 16.3 GW for modules and 8.9 GW for solar cells by the end of FY27.
The company said the expansion aligns with India’s evolving domestic manufacturing regulations, particularly ALMM List-2 for solar cells and the upcoming ALMM List-3 for wafers and ingots. Management noted that the policy direction is “aligned with our strategy.”
Beyond cells and modules, Emmvee has also outlined plans for deeper backward integration into ingot and wafer manufacturing. The company plans to establish 9 GW of ingot and wafer capacity in two phases, including 5 GW in Phase-1 and 4 GW in Phase-2, with the first facility targeted for FY29.
Management said the estimated capex for ingot and wafer manufacturing could range between ₹600 crore and ₹700 crore per GW.
On the demand side, the company remained optimistic about opportunities emerging from IPP, C&I, PM Surya Ghar and PM-KUSUM segments. It also stated that the implementation of ALMM List-2 is expected to strengthen Emmvee’s market positioning due to its existing solar cell manufacturing capacity.
The company further indicated that almost all module sales are expected to become DCR-linked by early next year as domestic sourcing norms tighten further. Emmvee reported that its order book increased to 9.4 GW in FY26 from 4.9 GW in the previous year, while Q4 FY26 order inflow stood at 1.27 GW. Average order size among the company’s top-10 customers also increased to 221 MW from 121 MW in FY25.
Management repeatedly emphasized deeper value-chain integration, TOPCon technology leadership, supply-chain resilience and balance sheet discipline as core elements of its long-term growth strategy.
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