Emmvee Photovoltaic Power Limited, established in 2007 and headquartered in Bengaluru, manufactures and sells solar cells, photovoltaic (PV) modules, and turnkey solar systems. It operates in solar manufacturing and EPC projects, generating revenue through the sale of PV modules and execution of grid/off-grid power projects. Its services span industrial, commercial, and residential renewable power solutions.

Key Clients & Facilities:
Major clients include government solar projects, commercial EPC developers, and export customers in Europe and Asia. Manufacturing facilities include a 1,500 MWp solar cell and module facility at Dabaspet and a 4,000 MWp advanced TopCon module unit at Hoskote, Bengaluru. These units are equipped with automated production lines and R&D support for high-efficiency modules.

Product Portfolio & Order Book:
The company’s portfolio covers mono-PERC and TopCon PV modules, solar power systems, EPC projects, and solar pumps. Its products form critical components in customers’ energy life cycles. The PV module segment contributed over ₹23,030 million in FY2025, with EPC adding ₹1,771 million. Order book execution remains strong, supported by expansion capacity for 5.5 GW modules..

Capex, Merger & Expansion:
EPPL’s capex plan includes ₹13,000 million from IREDA for integrated 1,500 MWp solar cell and module facilities and ₹4,350 million for a 4,000 MWp TopCon module line. Mergers with Emmvee Energy and ES subsidiaries consolidate operations and technology. Future expansion targets domestic and export markets under Make-in-India and PLI-linked solar incentives.

Employees, Exports & Bankers:
EPPL employs over 700 professionals and exports to Germany and other EU markets through Emmvee Energy GmbH. It has a presence in India, Germany, and the U.S. Key bankers include Axis Bank and IREDA, financing its capex and working capital.

Management & Vision

The company is led by Mr. Manjunatha Donthi Venkatarathnaiah (Managing Director) and Mr. Suhas Donthi (Whole-time Director). Management aims to position Emmvee as a global solar manufacturing leader with integrated cell-to-module capacity of over 5.5 GW by FY2027. Their vision focuses on sustainable growth, R&D innovation, and export expansion. Funding for capex will be met through IPO proceeds, term loans from IREDA, and internal accruals, maintaining a balanced leverage profile.

Industry Overview

India’s solar industry is among the fastest-growing globally, with a current installed capacity exceeding 85 GW and a target of 280 GW by 2030. The domestic PV module manufacturing market stood at ~30 GW in FY2025, growing at a CAGR of 20–25%. Globally, the solar PV market was valued at USD 170 billion in 2024, expected to reach USD 360 billion by 2030, growing at 10–12% CAGR. China remains the global leader, while India is emerging as a competitive export hub under the PLI scheme.

Key Risk Factors

1. High Dependence on Raw Materials: Fluctuations in prices or supply of silicon wafers and solar glass could affect margins and production schedules.

2. Execution Risks in Capex: Ongoing projects worth over ₹18,000 million could face delays or cost overruns affecting returns.

3. Policy and Regulatory Risks: Solar manufacturing relies on government incentives and customs duties; changes may impact competitiveness.

4. Technological Obsolescence: Rapid evolution in solar technology (e.g., shift to HJT or perovskite) may outdate current capacities.

5. Export Dependency: A significant portion of revenue comes from exports; currency volatility or trade restrictions could hurt profitability.

6. Client Concentration Risk: A few large EPC and government clients contribute major revenue share; loss of any could impact growth.

7. Environmental & Compliance Risks: Manufacturing solar cells involves hazardous materials requiring strict EHS compliance.

 Key Strengths & Opportunities

1. Integrated Solar Manufacturing Capability: End-to-end production of cells, modules, and EPC execution gives cost and quality control advantage.

2. Strong Financial Growth: Revenue grew from ₹6,181 million in FY2023 to ₹23,356 million in FY2025, reflecting robust scalability.

3. Global Presence & Export Network: Established subsidiaries in Germany and the U.S. open direct access to international customers.

4. Strategic Capex Expansion: The new 5.5 GW TopCon and cell lines will significantly expand output and improve technology efficiency.

5. Government Policy Tailwinds: Benefits from India’s PLI scheme, import duties on Chinese modules, and renewable targets support long-term demand.

6. Experienced Management Team: Decades of technical and operational expertise in solar power project execution ensure reliable growth momentum.