Emmvee Plans 9 GW Ingot and Wafer Manufacturing Capacity by FY30
Emmvee Photovoltaic Power plans to set up 9 GW of ingot and wafer manufacturing capacity in two phases by FY30, with 5 GW targeted for FY29 and the remaining 4 GW in FY30, subject to ALMM List-III implementation and market conditions.
July 27, 2026. By Mrinmoy Dey
The company, during its Q1 FY27 earnings call, said that the investment will primarily be funded through internal accruals and will be implemented in phases, subject to regulatory clarity and market conditions.
The company said that the proposed facility will be developed in two phases, with the first 5 GW targeted for commissioning in FY29 and the remaining 4 GW in FY30. The timing of the investment will depend on the implementation of ALMM List-III and prevailing market conditions.
The planned expansion forms part of Emmvee's broader strategy to achieve complete vertical integration across the solar manufacturing value chain. According to the company, the ingot and wafer facilities are intended to protect manufacturing margins, reduce dependence on upstream suppliers, mitigate supply-chain volatility and strengthen the economics of its domestic cell and module manufacturing operations.
The company’s Chairman and Managing Director Manjunatha D.V. said that the company is already preparing for the next phase of backward integration alongside investments in automation, artificial intelligence and digital technologies. He noted that long-term competitiveness in the solar manufacturing industry will depend not only on installed capacity but also on technology, operational excellence, supply chain resilience and disciplined execution.
The company is currently focused on executing its ongoing 6 GW integrated TOPCon cell and module expansion, which remains on schedule. Once completed, Emmvee's manufacturing capacity will increase to approximately 16.3 GW of solar modules and 8.9 GW of solar cells, creating the foundation for the subsequent expansion into ingot and wafer production.
The Management of the company has indicated that while the ingot and wafer project has been identified as the next growth phase, its immediate priority remains commissioning the new cell and module facilities.
Responding to investor queries, President and CEO Suhas Donthi said that the company does not require immediate procedural approvals for the upstream expansion, as commissioning is planned around the middle of calendar year 2028. He added that Emmvee will initiate project-related actions in line with its implementation timeline while prioritising the ongoing cell and module expansion.
The company also said the implementation of ALMM List-II has strengthened the outlook for domestic solar manufacturing and discussions within the industry are increasingly shifting towards ALMM List-III, which is expected to support investments in upstream manufacturing, including ingots and wafers.
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