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Emmvee Shifts Over 50% Of Cell Capacity To G12R, Eyes Full Conversion Photograph: (AI)
Indian solar module and cell manufacturer, Emmvee Photovoltaic Power Limited, has converted more than 50% of its solar cell manufacturing capacity from M10R to G12R-based cells. Meanwhile, the Bengaluru-based company has plans to complete the transition after fulfilling its existing M10R orders. G12R is currently being built as a golden standard for developing solar capacity outside China, balancing cost, comfort, and installation. This comes at a time when the majority of the Indian solar module and cell makers are transitioning to the G12R-wafer-based cells.
Speaking during the company’s latest investor call, the management discussed the company’s manufacturing transition, cost efficiencies, market demand and the expected implementation of the ALMM requirements.
Emmvee said that the remaining M10R capacity would be converted to G12R once the company completes its existing orders.
“The remaining, we have some orders in hand to complete the M10R, after which we will convert everything,” the management said.
The company indicated that the transition would be relatively straightforward because its manufacturing lines are already designed to accommodate G12-format cells, referred to during the call as 220 mm. This manufacturing flexibility is expected to allow Emmvee to respond to changing customer demand without requiring a significant transition period.
“It’s a quick transition for us. So any line, every line can form a G12,” the management said.
The company added that incoming orders reflect a mix of cell formats in the domestic content requirement (DCR) segment, while demand in the non-DCR segment is entirely for G12R cells.
Emmvee also highlighted the cost benefits associated with the transition from M10R to G12R. According to the management, silver consumption has declined from approximately 220 mg to around 60–65 mg per cell. The company also highlighted an increase in cell power output, from approximately 8 W in the earlier format to around 9.5 W with the newer format.
The management expects further improvements in the coming year through value addition and other manufacturing enhancements. Although selling prices may decline slightly, the company believes it can maintain its margins through manufacturing cost efficiencies. Some of these cost benefits may be passed on to customers.
Emmvee does not expect a widespread transition to the larger G12 format in the immediate future. According to the management, G12R remains the preferred format in India and across much of the global market outside China, partly because it offers greater convenience during installation and can provide advantages in structural requirements and overall costs.
The management noted that improvements in cell efficiency and other technological developments are continuing, with further announcements expected from the company.
During the investor call, Emmvee said that DCR products accounted for more than 50% of its sales. The company also indicated that the DCR component would remain higher in the following half of the financial year.
The management’s comments on the mix of cell formats suggest that demand varies across the two segments. While non-DCR orders are currently for G12R cells, the DCR segment continues to include a mix of formats.
Addressing a question on the possibility of further deferment of the ALMM implementation beyond December 2026, Emmvee’s management said such an extension appeared extremely unlikely.
The management noted that the industry had already been given a significant amount of time to realign its manufacturing and supply chains. It also pointed to activity in the open-access segment and the government’s emphasis on implementing the relevant ALMM requirements.
The company added that module manufacturing capacity alone may not be the appropriate measure for assessing readiness for implementation. Instead, the phased nature of the requirements and the timelines applicable to different project categories need to be considered.
According to Emmvee, utility-scale projects bid out up to August 2025 still have time before the relevant requirements apply to them. This means some demand for non-DCR products is expected to continue during the transition period.
The company said approximately 30% of its order book comprised non-DCR orders, with many of these projects scheduled for delivery in the following year. This provides continued visibility for non-DCR products during the transition.
However, the management reiterated that a further extension of the implementation timeline beyond December 2026 was unlikely.
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