Emmvee Photovoltaic Power Limited has announced plans to evaluate a 9 GW ingot and wafer manufacturing facility as part of its strategy to strengthen backward integration, following a record-breaking first quarter of FY27 that saw revenue, profitability and production reach all-time highs.
According to the company’s Q1 FY27 press release filed with the stock exchanges, the proposed upstream manufacturing facility is planned in two phases and is expected to further strengthen Emmvee’s integrated solar manufacturing capabilities. During the company’s post-results earnings call, management indicated that the project is targeted for phased implementation by FY30, subject to the rollout of ALMM List III and prevailing market conditions.
The proposed expansion comes as Emmvee continues to scale its manufacturing footprint amid growing demand for domestically manufactured solar equipment and India’s push towards a self-reliant renewable energy supply chain.
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Key Highlights
- Emmvee is evaluating a proposed 9 GW ingot and wafer manufacturing facility;
- The expansion is planned in two phases;
- Q1 FY27 revenue from operations increased 51% YoY to ₹1,555.5 crores;
- EBITDA rose 56% YoY to ₹548.1 crores;
- Profit after tax more than doubled to ₹380.3 crores;
- Order book reached an all-time high of 9.9 GW;
- Operational renewable energy manufacturing capacity stands at 10.3 GW for modules and 2.94 GW for TOPCon solar cells.
Proposed Upstream Expansion Supports Integrated Manufacturing Strategy
Emmvee said it is evaluating backward integration into ingot and wafer manufacturing through a proposed 9 GW facility, reflecting its long-term strategy to expand across the solar manufacturing value chain. While the company has confirmed that the project is planned in two phases, management stated during the Q1 FY27 earnings call that implementation will depend on the rollout of ALMM List III and prevailing market conditions. The phased approach is intended to align future investments with domestic demand and policy developments while enhancing supply chain resilience. The proposed facility would complement Emmvee’s existing module and solar cell manufacturing operations and strengthen its position in India’s rapidly expanding domestic solar manufacturing ecosystem.
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Record Quarterly Performance Drives Growth Momentum
Emmvee delivered its strongest quarterly financial performance to date during the quarter ended June 30, 2026. Revenue from operations increased 51% year-on-year to ₹1,555.5 crores, while EBITDA rose 56% to ₹548.1 crores, resulting in an EBITDA margin of 35.2%, the highest in the company’s history. Profit after tax surged 103% year-on-year to ₹380.3 crores with PAT margin reaching 24.2%, reflecting improved operating leverage and higher integration of internally manufactured solar cells. The company also reported record production during the quarter, manufacturing 970 MW of solar modules and 454 MW of solar cells, supported by higher capacity utilization across its facilities.
Order Book Reaches All-Time High
Emmvee secured 1.48 GW of fresh orders during the first quarter, taking its total order book to approximately 9.9 GW. The company said the order pipeline remains diversified across independent power producers, commercial and industrial customers, and other market segments, providing healthy revenue visibility for the coming quarters.
The implementation of ALMM List II, which requires the use of domestically manufactured solar cells for eligible projects is also expected to support demand for the company’s products as India continues to promote local manufacturing under its clean energy initiatives.
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Expansion of Integrated Manufacturing Capacity Continues
Alongside the proposed ingot and wafer facility, Emmvee confirmed that construction of its 6 GW integrated TOPCon solar cell and module manufacturing facility is progressing according to schedule. The module manufacturing line is expected to be commissioned by December 2026, followed by the solar cell production line by March 2027. Once operational, the expansion is expected to increase the company’s installed manufacturing capacity to approximately 16.3 GW of solar modules and 8.9 GW of solar cells by early FY28. The company also noted that equipment orders covering around 60% of the project’s total hard cost have already been placed, with construction progressing as planned.
Strengthening India’s Solar Manufacturing Ecosystem
Emmvee’s proposed upstream manufacturing expansion reflects the broader trend of Indian solar manufacturers investing across the value chain to reduce import dependence and strengthen domestic production capabilities. If implemented, the ingot and wafer project would further deepen the company’s integrated manufacturing operations while supporting India’s long-term objective of building a resilient and globally competitive solar manufacturing ecosystem.
