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Suhas Donthi: The strong YoY growth in PAT during Q3 FY26 was driven by a combination of sharp revenue expan- sion, improved operating leverage, and strategic capacity additions. Revenue more than doubled YoY, supported by higher capacity utilisation following the commissioning of the 2.5 GW solar module line at the Sulibele facility, tak- ing total module capacity to 10.3 GW. This scale-up, coupled with a robust order book of 9.3 GW, ensured strong execution momentum and revenue vis- ibility. Profitability was further supported by operational efficiencies and back - ward integration, which helped expand EBITDA margins to 35.9 percent and PAT margins to 23 percent. Demand for high-efficiency products, particularly TOPCon technology, also played a key role, with the company securing a long- term 4.5 GW TOPCon cell supply order. A strong balance sheet with a net cash position enabled Emmvee to scale with- out margin pressure, translating topline growth into a 166 percent YoY increase in PAT. Q Could you share details about your upcoming manufacturing expan- sion plans? Suhas Donthi: We are in the midst of a significant capacity expansion phase that reflects both scale and technolog - ical ambition. In December 2025, our subsidiary Emmvee Energy commis- sioned a 2.5 GW solar module manu- facturing line at our Sulibele facility in Bengaluru, taking Emmvee’s aggregate solar module capacity to 10.3 GW from 7.8 GW earlier in the year. This line has stabilised as planned and is contributing meaningfully to volumes. A key pillar of our next growth phase is the development of a 6 GW fully in - tegrated solar manufacturing facility at ITIR Phase 2, Devanahalli, Bengaluru, where construction has commenced. This facility is designed to cover the entire value chain, including ingots, wafers, cells, and modules, representing a decisive step towards deep backward integration. The project is supported by an INR 3,306 crore funding com - mitment from IREDA, reflecting strong institutional confidence in Emmvee’s long-term manufacturing roadmap. This Devanahalli giga-factory under- pins our plan to scale up to 16.3 GW of module capacity and 8.9 GW of cell capacity by FY28, while enhancing cost efficiency, supply-chain resilience, and technology control. Alongside capaci- ty expansion, we continue to invest in automation, AI-led quality systems, and precision engineering to ensure that scale is matched with consistent perfor- mance and reliability. These initiatives position Emmvee as a strong domestic manufacturing champion with growing global relevance. Q What role will advanced technolo- gies play in your product roadmap? Are you exploring any new technologies? Suhas Donthi: Advanced technology adoption is central to Emmvee’s growth strategy. We are actively transitioning towards high-efficiency cell architec - tures, including TOPCon, and have se - cured a 4.5 GWp multi-year TOPCon cell supply agreement from 2025 to 2030 to ensure technology continuity during this transition. On the manufacturing side, we are in- creasing the use of automation, AI-driv- en inspection systems, smart process controls, and data-led quality monitor- ing to ensure consistency at scale. We are also investing in material science, module architecture, and reliability en- hancements to optimise performance under diverse climatic conditions, par- ticularly high-irradiance markets like India. These initiatives position Emmvee to compete effectively in a global solar market that is becoming increasingly technology-intensive. energetica INDIA- February_2026 27 INTERVIEW