Que: 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?

Ans: Emmvee’s journey over the past three decades has been defined by steady scale, technology adoption, and a strong engineering-led foundation. 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 subsequent expansion of high-throughput production lines in Karnataka. As demand grew from utility-scale developers and global buyers, we invested consistently in automation, quality engineering, and process optimisation.

The next turning point came when we ventured upstream into solar cell manufacturing, enabling us to integrate our value chain and strengthen product reliability. Today, with 10.3 GW of module capacity and 2.94 GW of cell capacity, we are positioned among India’s leading integrated solar manufacturers. The launch of our IPO marks another strategic milestone, preparing us for the next phase of scale and technology transition.

Que: 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 considerations behind this decision to list now?

Ans: The timing of our IPO is aligned with a pivotal moment for the Indian solar manufacturing landscape. Domestic demand is expanding rapidly, global supply chains are rebalancing, and the industry is moving into a high-efficiency technology cycle.

For Emmvee, going public strengthens our balance sheet and gives us the financial headroom required to scale capacities and adopt advanced technologies. Market expectations are shifting, and competing at a global level now requires scale, integration, and sustained investment 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. Ultimately, the IPO is a strategic enabler that supports our long-term ambition of becoming a world-class, export-ready solar manufacturer.

Que: EMMVEE Photovoltaic reported a 166 percent YoY surge in PAT in Q3 FY26. What were the key drivers behind this strong financial performance?

Ans: The strong YoY growth in PAT during Q3 FY26 was driven by a combination of sharp revenue expansion, 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, taking 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 visibility.

Profitability was further supported by operational efficiencies and backward 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 without margin pressure, translating topline growth into a 166 percent YoY increase in PAT.

Que: Could you share details about your upcoming manufacturing expansion plans?

Ans: We are in the midst of a significant capacity expansion phase that reflects both scale and technological ambition. In December 2025, our subsidiary Emmvee Energy commissioned a 2.5 GW solar module manufacturing 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 integrated 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 commitment from IREDA, reflecting strong institutional confidence in Emmvee’s long-term manufacturing roadmap.

This Devanahalli giga-factory underpins 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 capacity expansion, we continue to invest in automation, AI-led quality systems, and precision engineering to ensure that scale is matched with consistent performance and reliability. These initiatives position Emmvee as a strong domestic manufacturing champion with growing global relevance.

Que: What role will advanced technologies play in your product roadmap? Are you exploring any new technologies?

Ans: Advanced technology adoption is central to Emmvee’s growth strategy. We are actively transitioning towards high-efficiency cell architectures, including TOPCon, and have secured 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 increasing the use of automation, AI-driven inspection systems, smart process controls, and data-led quality monitoring to ensure consistency at scale. We are also investing in material science, module architecture, and reliability enhancements to optimise performance under diverse climatic conditions, particularly high-irradiance markets like India.

These initiatives position Emmvee to compete effectively in a global solar market that is becoming increasingly technology-intensive.