Energetica india Magazine

Whole Time Director, President & CEO Emmvee Photovoltaic Power Ltd. SUHAS DONTHI Q Could you walk us through the key milestones in Emmvee’s journey so far? What drove your evolution from early days into a large-scale integrated solar manufacturer? Suhas Donthi: Emmvee’s journey over the past three decades has been defined by steady scale, technology adoption, and a strong engineering-led founda- tion. We began in 1992 with a focus on solar water heating and early rooftop solutions, which helped us build deep technical expertise and credibility in the solar ecosystem. A major milestone was our entry into module manufacturing and the subse- quent expansion of high-throughput production lines in Karnataka. As de- mand grew from utility-scale developers and global buyers, we invested consis- tently in automation, quality engineer- ing, and process optimisation. The next turning point came when we ventured upstream into solar cell man- ufacturing, enabling us to integrate our value chain and strengthen product reli- ability. Today, with 10.3 GW of module capacity and 2.94 GW of cell capacity, we are positioned among India’s lead- ing integrated solar manufacturers. The launch of our IPO marks another strategic milestone, preparing us for the next phase of scale and technology transition. Q The decision to go public via an IPO comes at a time of rapid growth in India’s solar manufacturing ecosystem. What were the key strategic consider- ations behind this decision to list now? Suhas Donthi: The timing of our IPO is aligned with a pivotal moment for the Indian solar manufacturing landscape. Domestic demand is expanding rapid- ly, global supply chains are rebalanc- ing, and the industry is moving into a high-efficiency technology cycle. For Emmvee, going public strengthens our balance sheet and gives us the finan - cial headroom required to scale capac- ities and adopt advanced technologies. Market expectations are shifting, and competing at a global level now requires scale, integration, and sustained invest- ment in R&D. Listing also enhances governance, transparency, and institutional trust, all of which are essential as we increasingly work with global utilities and IPPs. Ul- timately, the IPO is a strategic enabler that supports our long-term ambition of becoming a world-class, export-ready solar manufacturer. Q EMMVEE Photovoltaic reported a 166 percent YoY surge in PAT in Q3 FY26. What were the key drivers behind this strong financial performance? A dvanced technology adoption is central to Emmvee’s growth strategy. It is transitioning towards high-ef- ficiency cell architectures, including TOPCon, and has se - cured a 4.5 GWp multi-year TOPCon cell supply agreement to ensure technology continuity, said Suhas Donthi, Whole Time Director, President & CEO, Emmvee Photovoltaic Pow- er Ltd. , in an interview with Energetica India. 26 energetica INDIA- February_2026 INTERVIEW