What we do Emmvee Photovoltaic Power Ltd manufactures and sells solar cells, photovoltaic modules, and turnkey solar power projects, serving IPPs, commercial, industrial, and EPC sectors. |
Founded in 2,007 |
Market share Second-largest pure-play integrated solar module and cell manufacturer in India with a 5.1% market share. |
Problem solved Addresses clean energy demand by providing integrated, high-efficiency solar power solutions and strengthening domestic manufacturing. |
Top clients or who we serve Serves independent power producers, commercial, industrial sectors, and EPC providers in public and private markets (B2B focus). |
Key management Manjunatha Donthi Venkatarathnaiah (Chairman & MD), Suhas Donthi Manjunatha (CEO), supported by experienced senior professionals. |
Our journey and innovations Established in 2007, scaled capacity to 10.3 GW modules and 2.94 GW cells; partnered with Fraunhofer ISE for TOPCon tech; continuous expansions underway. |
Where we operate Primarily India with export presence in USA and Germany; manufacturing concentrated in Karnataka with growing international market reach. |
Top products or what we offer Manufactures bifacial and monofacial TOPCon and Mono PERC solar modules and cells with turnkey solar power project execution. |
Top brands Emmvee's flagship products include advanced TOPCon solar PV modules and cells; known for high efficiency, durability, and export quality. |
Raw materials needed Key materials include silicon wafers, polysilicon, aluminum frames, glass, and encapsulants for solar cell and module production. |
Raw materials supplier Sources from multiple suppliers; specifics not disclosed but aligned with industry standards for photovoltaic materials. |
Recurring vs cyclical contribution Revenue mainly from cyclical sales but supported by multi-year supply contracts ensuring recurring order visibility. |
Our industry position Among top Indian integrated module and cell manufacturers; early mover in TOPCon technology; benefits from government DCR policies. |
Financial highlights FY25 revenue of INR 23,356 million with 16% PAT margin; Q3 FY26 revenue INR 11,523 million and PAT INR 2,636 million demonstrating strong growth. |
Geographical revenue split Revenue predominantly domestic (INR 2,315 Cr), with minor exports to USA and Germany contributing modestly. |
Order book Order book includes 16.3 GW modules and 8.9 GW cells, including a 4.5 GW multi-year TOPCon cell supply contract. |
Whats driving growth Growth fueled by capacity expansions, government incentives for domestic manufacturing, DCR policies, and rising solar adoption. |
Our future plans Plans to ramp cell capacity to 8.94 GW, module capacity to 16.3 GW by FY28, plus building a 6 GW integrated cell-module facility. |
Our green promise Sustainable manufacturing with 63.4% renewable energy use, zero liquid discharge, lead-free materials, and active CSR programs via Emmvee Foundation. |
Our people and values Employs 2,040+ personnel including 494 engineers; emphasizes safety, innovation, ethics, and diversity in a collaborative work environment. |
Key challenges ahead Managing supply chain risks, technological competition, regulatory changes, and scaling efficiently amid global solar market volatility. |
Interesting facts Only Indian company passing 7 PVEL tests for product reliability; one of the few with integrated TOPCon cell and module manufacturing. |
Risks and strategy Mitigates market, technology, and financial risks through diversified orders, strategic partnerships, backward integration, and capital investment. |
