Emmvee has secured KIADB land in Devanahalli, Karnataka, for its planned 6 GW integrated PV cell and module facility
Supported by an IREDA loan of INR 33.06 billion and INR 29 billion raised through its market listing, work on the site has already begun
The manufacturer aims to grow capacity to 16.3 GW modules and 8.94 GW cells by H1 FY28, focusing on TOPCon
Emmvee Photovoltaic Power Limited is advancing its expansion plans to add 6 GW of integrated solar PV cell and module manufacturing, having secured land for the factory in Karnataka’s Bengaluru.
Karnataka Industrial Areas Development Board (KIADB) has allocated the land in Devanahalli to Emmvee. It had earlier announced plans to bring it online in H1 2028 (see Emmvee To Raise INR 30 Billion Via Initial Public Offering).
Emmvee recently listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), raising INR 29 billion.
Sharing the company’s financial results for the first time after its listing, Emmvee said that work has already commenced on the site. This fab is also backed by a INR 33.06 billion loan from the Indian Renewable Energy Development Agency (IREDA).
As of June 30, 2025, Emmvee’s total installed capacity was 7.8 GW of modules and 2.94 GW of cells. By H1 FY28, it targets to expand to 16.30 GW for modules and 8.94 GW for cells, focusing on TOPCon solar cells.
Emmvee management stated that it has a confirmed order book of over 5 GW, which gives it visibility for the next 12 to 18 months.
Emmvee’s revenues in Q2 FY26 (period ending September 30, 2025) grew to INR 11.31 billion, increasing 181% year-on-year (YoY) and 10% quarter-on-quarter (QoQ), thanks to new capacity coming online in FY25. Its EBITDA margin improved from 23% in Q2 FY25 to 35% in Q2 FY26, owing to increased capacity utilization and the use of in-house manufactured solar cells.
Its EBITDA of INR 3.99 billion rose 331.3% YoY, while profit after tax (PAT) of INR 2.37 billion was 577.8% higher than last year.
Recently, speaking with TaiyangNews Head of Technology at the Renewable Energy India Expo 2025 (REI 2025), Emmvee Group’s President and CEO, Suhas Donthi, shared plans to venture into wafer manufacturing (see TaiyangNews Leadership Talks: Emmvee Group At REI 2025).
