EMMVEE PHOTOVOLTAIC PWR L

Manufactures solar photovoltaic modules and cells for the Indian market, with Photovoltaics Modules making up 99.2% of FY26 segment revenue at ₹5,010.60 cr and the remainder from Others (0.8%). In Q1 FY27 the company produced 970 MW of modules and 454 MW of solar cells, ran cells at 83% utilization, and held an order book of 9.9 GW of which more than half was for DCR (Domestic Content Requirement) projects. Installed manufacturing capacity stands at 10.3 GW for modules and 2.94 GW for cells at its Bengaluru plant, with a 6 GW integrated TOPCon cell-and-module expansion targeting 16.3 GW of module and 8.9 GW of cell capacity by end FY27. The company also plans backward integration into 9 GW of ingot/wafer capacity in two phases — 5 GW by FY29 and 4 GW by FY30. Materials are the largest cost at 67.6% of revenue, and capex runs at 12.9% of revenue as the expansion is funded.