India’s solar cell capacity may not be as abundant as it appears, according to Emmvee Photovoltaic Power Limited. Speaking to investors on the company’s Q2 FY27 earnings call, Manjunatha D. V., Chairman and Managing Director, said India needs approximately 80 GW to 100 GW of cell capacity at a bare minimum to meet current and forecast installation growth. Of the roughly 41 GW of existing capacity, about 16 GW is Mono PERC technology that must be retired. Factoring in the industry-wide shift from M10R to G12R formats and a rising DC-to-AC ratio, the company believes a shortage is possible.
Manjunatha said: “We are seeing with all the announcement and with the people who are announced that are not even coming, we are not able to see more than that capacity.” Suhas Donthi Manjunatha, President and CEO, echoed the view, adding that companies with established customer bases may need to add further capacity in the next couple of years to meet growing demand. He said installations in the first half of the calendar year stood at 27 GW on an AC basis, equal to around 35 GW of DC demand, which puts domestic module demand on course for roughly 64% year-on-year growth for the full year if the trajectory continues.
H1 performance
The outlook follows the company’s strongest half-yearly financial performance to date. For H1 FY27, Emmvee reported revenue from operations of Rs 3,132 crore, up 45% year-on-year. EBITDA rose 47% to Rs 1,105 crore, while profit after tax grew 79% to Rs 762 crore.
Capacity expansion
Emmvee is progressing on its 6 GW integrated TOPCon cell and module manufacturing project. The module line is expected to be commissioned by December 2026 and the cell line by March 2027. Once complete, the company’s total installed capacity will reach approximately 16.3 GW for modules and 8.9 GW for cells.
The company is also planning backward integration into ingot and wafer manufacturing through a proposed 9 GW facility, to be developed in two phases of 5 GW and 4 GW, aligned with its future cell manufacturing requirements. The timing of the investment will depend on regulatory developments, particularly the Approved List of Models and Manufacturers (ALMM) List-III, as well as prevailing market conditions and long-term economic viability.
Policy outlook
On policy, management said a deferral of ALMM List-II for solar cells beyond December 2026 looks extremely unlikely, given the significant time the industry has had to realign.
The featured photograph is for representation only.
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