Que: The technology is changing rapidly in the renewable sector. The aim is to achieve higher efficiency without significantly increasing cost or machinery-related changes. What technological advancements or product innovations are currently driving growth at

Ans: At Novasys Greenergy, we are driving growth in the renewable energy sector through a combination of advanced technologies and innovative product development. We focus on enhancing solar panel efficiency without significantly increasing costs or requiring major changes in machinery. Our high-efficiency Mono PERC and bifacial solar modules capture more energy even under low-light and high-temperature conditions, while product lines like the Alpha Plus and Rigel Plus series utilise Multi Busbar and half-cut cell technologies to deliver higher output and improved reliability.

We also operate a state-of-the-art 600 MW manufacturing facility in Nagpur, equipped with globally sourced machinery to ensure cost-effective production and adherence to international standards. Alongside technological innovation, we emphasise sustainability through eco-friendly manufacturing processes and energy-efficient operations. Extended performance warranties and insurance coverage for large-scale projects further reinforce the reliability of our products. Together, these advancements allow us to stay at the forefront of the solar industry, achieving higher efficiency and consistent growth without escalating costs or complexity.

Que: Novasys, in addition to its existing 600 MW Mono PERC line, has begun operation at a 600 MW TOPCon line and aims to scale it up to 2.6 GW by FY26 end. Can you elaborate on the company’s plan to ramp up module production capacity?

Ans: At Novasys Greenergy, we are undertaking a major expansion to significantly increase our solar module production capacity. In addition to our existing 600 MW Mono PERC line, we have begun operations at a 600 MW TOPCon line and aim to scale this TOPCon capacity to 2.6 GW by the end of FY26, with an additional 2 GW expected to come online within the next six months. As part of our broader strategy for backward integration, we are also planning to establish a 2 GW TOPCon solar cell manufacturing facility in Nagpur, which is expected to commence production between March 2027 and March 2028. To support these ambitious growth plans, we intend to launch an Initial Public Offering (IPO) in FY26, with the proceeds allocated toward expanding production and developing the new solar cell line. Through these strategic initiatives, we are positioning ourselves as a leading player in the Indian solar manufacturing sector, ready to meet rising domestic and global demand for high-efficiency solar modules.

Que: With the ALMM List-II for Solar Cells being effective from June 1, 2026, what are your plans w.r.t. DCR panels with domestic cells – especially for projects under PM Surya Ghar Yojana or PM-KUSUM Yojana?

Ans: With the implementation of ALMM List-II for Solar Cells effective from June 1, 2026, we are aligning our production and project strategies to comply with domestic content requirements (DCR). We plan to focus on manufacturing and supplying DCR-compliant solar modules using domestically produced cells, ensuring that projects under government initiatives like PM Surya Ghar Yojana and PM-KUSUM Yojana fully adhere to policy norms.

By leveraging our expanding TOPCon and Mono PERC manufacturing capabilities, we aim to cater to the growing demand for high-efficiency, locally sourced solar panels, supporting both residential and agricultural solar projects. This approach not only ensures regulatory compliance but also strengthens the domestic solar manufacturing ecosystem while promoting sustainable energy adoption across India.

Que: What are the company’s plans as far as backward integration into solar cells and further upstream components like wafers and ingots?

Ans: We have a clear roadmap for backward integration to strengthen our position in the solar manufacturing value chain. We are actively planning to enter solar cell production, with a 2 GW TOPCon cell manufacturing facility in Nagpur expected to become operational between 2027 and 2028. This move will reduce dependency on external suppliers and ensure a steady supply of high-quality cells for our module production.

Looking further upstream, we are exploring opportunities to manufacture wafers and ingots, aiming to achieve greater control over raw materials and enhance cost efficiency. By integrating these upstream components into our operations, we seek to offer end-to-end solutions, improve product reliability, and support large-scale domestic and international solar projects with locally sourced, high-performance modules.

Que: What were the company's primary objectives for participating in this year’s REI Expo? What new products or technologies have you showcased?

Ans: Our primary objective for participating in this year’s REI Expo was to showcase our latest advancements in solar technology and strengthen our presence in both domestic and international markets. We aimed to highlight our high-efficiency Mono PERC and TOPCon solar modules, including the Alpha Plus and Rigel Plus series, which incorporate innovative features like Multi Busbar and half-cut cell technology.

In addition, we presented our newly commissioned 600 MW TOPCon production line and discussed our roadmap for scaling module capacity to 2.6 GW by FY26. The Expo also provided a platform for us to engage with potential partners, investors, and project developers, while demonstrating our commitment to sustainability, backward integration, and the adoption of domestically sourced components in compliance with government policies. Through this participation, we aim to reinforce our position as a leading, technology-driven player in the solar energy sector.

Que: How do you see the Indian solar market evolving over the next 5 years, and what are your future plans?

Ans: Over the next five years, we expect the Indian solar market to witness substantial growth, driven by strong government support, technological advancements, and rising demand for clean energy. Installed solar capacity in India is projected to increase significantly, supported by initiatives like PM-KUSUM and PM Surya Ghar Yojana, which promote decentralised solar adoption. The market is anticipated to grow at a robust pace, creating opportunities for high-efficiency solar modules and advanced technologies. In response, we are strategically positioning ourselves to capitalise on this growth by scaling our module production capacity to 2.6 GW by FY26 and establishing a 2 GW TOPCon solar cell manufacturing facility in Nagpur. This backward integration will reduce dependency on external suppliers and ensure a consistent supply of high-quality cells.

Additionally, we are aligning our production with Domestic Content Requirement (DCR) policies to support projects under government schemes, contributing to the development of the domestic solar manufacturing ecosystem. Through these initiatives, we aim to strengthen our presence in the Indian solar market while supporting the country’s transition toward a sustainable energy future.