Emmvee Photovoltaic Power

What Emmvee Photovoltaic Power does

Emmvee Photovoltaic Power Limited is an India-headquartered, publicly listed solar photovoltaic manufacturer (NSE: EMMVEE) that designs, produces, and supplies crystalline silicon solar cells and modules for utility-scale, commercial, industrial, and residential solar projects. Founded in 1992 by D.V. Manjunatha and headquartered in Bengaluru, the company operates four manufacturing units in Karnataka with module capacity of 10.3 GW and cell capacity of 2.94 GW as of December 2025, expanding toward 16.3 GW module and 8.9 GW cell capacity by FY28. Its core technology is N-type TOPCon (Tunnel Oxide Passivated Contact) cells, in which it is the second-largest operator in India with 3 GW operational since September 2024 and a new 1.4 GW line achieving 25.4% cell efficiency on M10 wafers in June 2026; the product portfolio spans TOPCon 580 Wp, G12R, and G12 modules in bifacial and mono-facial formats, plus Mono PERC and DCR modules. The company also provides EPC (Engineering, Procurement, and Construction) services for large-scale solar projects in India and Europe, with international offices in Germany and the USA.

The business is B2B-led through direct sales to project developers, EPC contractors, utilities, and DISCOMs under multi-year contracts, complemented by a smaller B2C channel for DCR-compliant rooftop modules. Major named customers include KPI Green Energy (Rs1,500 crore Gujarat order), Hero Future Energies (600 MWp), and an unnamed domestic customer with a 4.5 GWp cell supply agreement running 2025-2030. Emmvee's competitive position is anchored by ALMM regulatory enlistment (protective under List-II effective June 1, 2026), Kiwa PVEL 2024 top-performer status across all seven product qualification categories (only Indian manufacturer), ISO 9001:2015 and TÜV certifications, and German equipment partnerships with centrotherm, RENA Technologies, and halm. The company completed its Rs2,900 crore IPO on NSE/BSE on November 18, 2025, ended FY26 with a Rs5,049.9 crore revenue (up 116% YoY), Rs1,081.6 crore PAT (up 193% YoY), and a net cash position (-0.06x net debt-to-equity).

Name

Emmvee Photovoltaic Power

Legal name

Emmvee Photovoltaic Power Limited

Website

https://emmveepv.com

Company type

Public

Founded year

1992

Operating status

Operating

Headcount range

251–500 employees

Short description

Emmvee Photovoltaic Power is an India-listed, Bengaluru-based integrated solar PV cell and module manufacturer serving utilities, EPC contractors, and project developers domestically and in Europe with TOPCon and Mono PERC technology, holding 10.3 GW module and 2.94 GW cell capacity.

Ownership category

akta.pro rank

Product category

Solar PV Module and Cell Manufacturing

NAICS

Electrical Equipment Manufacturing (33531), Solar Electric Power Generation (221114)

SIC

Electronic & Other Electrical Equipment (No Computer Equip) (3600)

akta.pro primary industry

Solar PV Module Manufacturing (Cells, Modules, Thin-Film) (EUAMABAD)

akta.pro secondary industries

Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB), Utility-Scale PV EPC (Engineering, Procurement & Construction) (EUACAGAB), Solar Roofing & Roof-Mounted PV Systems (IMADAFAO)

Keywords

• Solar PV modules
• TOPCon solar cells
• Photovoltaic manufacturing
• Solar EPC services
• DCR solar modules

Headquarters

HQ city

Bengaluru

HQ country

India

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Technology or R&D, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Solar PV Module Sales: Emmvee manufactures and sells high-efficiency solar PV modules (TOPCon bifacial/mono-facial and Mono PERC) to utilities, DISCOMs, EPC contractors, C&I customers, and government projects. This is the primary revenue driver, with FY26 revenue of ₹5,049.9 crore (up 116% YoY). The company commissioned a 2.5 GW module line in December 2025 bringing total module capacity to 10.3 GW.
2. Solar Cell Sales: Emmvee manufactures and sells TOPCon crystalline silicon photovoltaic cells, including via its subsidiary Emmvee Energy which secured a 4.5 GWp TOPCon cell supply agreement over five years (December 2025–December 2030). Cell capacity stands at approximately 2.94 GW, with further expansion planned.
3. EPC Services: Emmvee provides Engineering, Procurement, and Construction (EPC) services for large-scale solar projects across India and Europe, complementing its module and cell manufacturing business.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels8 records

Core offering

Emmvee manufactures and sells high-efficiency solar PV modules and cells, primarily N-type TOPCon technology in multiple form factors (G12, G12R, 580 Wp) plus Mono PERC modules, at integrated manufacturing facilities in Karnataka, India. The company also provides Engineering, Procurement and Construction (EPC) services for large-scale solar projects across India and Europe, and supplies DCR (Domestic Content Requirement) modules to the B2C market for rooftop installations.

Product overview

Emmvee Photovoltaic Power is a solar PV manufacturer offering an integrated portfolio of photovoltaic products and services. The core product line consists of N-type TOPCon solar modules in multiple form factors (TOPCon 580 Wp, TOPCon G12R, TOPCon G12) and solar cells, available in both bifacial and mono-facial formats, alongside Mono PERC modules and DCR (Domestic Content Requirement) modules for the B2C market. The company also provides EPC (Engineering, Procurement, and Construction) services for large-scale solar projects across India and Europe. All modules are manufactured at the company's facilities in Karnataka, with production capacity of approximately 10.3 GW in modules and 2.94 GW in cells as of late 2025.

Differentiator

Problem solved

Functional benefit

Products and services

• TOPCon 580 Wp PV Module High-efficiency N-type TOPCon photovoltaic module rated at 580 Wp power output, suitable for large-scale solar projects and commercial/industrial applications.
• TOPCon G12R PV Module High-efficiency N-type TOPCon photovoltaic module using G12R (half-cut) cell technology, optimized for large-scale solar installations.
• TOPCon G12 PV Module High-efficiency N-type TOPCon photovoltaic module using G12 (full-square) cell technology for maximum power output in utility-scale solar projects.
• TOPCon Cell N-type TOPCon crystalline silicon photovoltaic cells with efficiencies up to 25.4% on M10 wafers, available for supply agreements (e.g., 4.5 GWp multi-year contract Dec 2025–Dec 2030) and internal module manufacturing.
• Bifacial TOPCon Modules Bifacial TOPCon solar modules that capture sunlight on both front and rear surfaces, maximizing energy yield in suitable installation environments.
• Mono-facial TOPCon Modules Mono-facial TOPCon solar modules with high conversion efficiency for standard solar installations.
• Mono PERC Modules Mono PERC (Passivated Emitter and Rear Cell) solar modules offering cost-effective high-efficiency performance as a complementary technology to TOPCon.
• DCR Modules Domestic Content Requirement (DCR) solar modules compliant with India's government procurement specifications, serving the B2C market segment for rooftop and small-scale installations.
• EPC Services Engineering, Procurement, and Construction services for large-scale solar projects across India and Europe, offered alongside module and cell manufacturing as an integrated solution.

Quantifiable outcome

• TOPCon cell efficiency of up to 25.4% on M10 wafers
• +5 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• centrothermcoreTechnology or Integration · 1 June 2026German equipment supplier centrotherm provided TOPCon solar cell production line technology for the 1.4 GW line at Emmvee's Bengaluru facility. Follow-up orders secured after successful ramp-up.
• RENA TechnologiescoreTechnology or Integration · 1 June 2026German equipment supplier RENA Technologies provided TOPCon solar cell production line technology for the 1.4 GW line at Emmvee's Bengaluru facility. Follow-up orders secured after successful ramp-up.
• halm (German equipment supplier)coreTechnology or Integration · 1 June 2026German equipment supplier halm provided TOPCon solar cell production line technology for the 1.4 GW line at Emmvee's Bengaluru facility. Follow-up orders secured after successful ramp-up.
• KPI Green Energy LtdcoreStrategic or Co-development Partner · 1 July 2025Emmvee secured a ₹1,500 crore order from KPI Green Energy Ltd (part of KP Group) to supply high-efficiency TOPCon bifacial solar modules for a Gujarat solar project. Modules manufactured at Dabaspet and Sulibele, Karnataka. Building on collaboration since 2021.
• Hero Future EnergiescoreStrategic or Co-development Partner · 1 May 2024Emmvee partnered with Hero Future Energies in May 2024 to supply up to 600 MWp of high-efficiency solar modules over a two-year period, supporting India's renewable energy capacity expansion.
• Bangalore NethralayaminorOthersEmmvee Foundation donated a cutting-edge Mobile Eye Clinic to Bangalore Nethralaya, bringing eye care to underserved rural areas with on-the-spot testing, diagnosis, and prescription glasses.
• National Highways Authority of India (NHAI) and Karnataka Police DepartmentminorOthersCollaborated with NHAI and Karnataka Police Department on the Dobbaspet Junction Initiative in Bengaluru to improve road safety, cleanliness, and traffic management, including solar lighting and adaptive traffic control.

Scale indicators12 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Vikram Solar: Indian solar PV module manufacturer with EPC capabilities. Comparable in product portfolio (modules for utility-scale, rooftop, and DCR) and B2B sales motion to EPC developers and DISCOMs.
• Adani Solar: Subsidiary of the Adani Group and a leading Indian integrated solar manufacturer. Competes head-to-head in large-scale utility tenders, ALMM-listed domestic content, and cell-to-module integration.
• Waaree Renewable Technologies: India's largest solar PV module manufacturer with integrated cell capacity. Most directly comparable to Emmvee as a domestic integrated player serving utilities, EPC contractors, and DCR projects. Cited alongside Emmvee as a top-three niche solar equipment stock (112% 3-yr sales CAGR).
• Premier Energies: Indian integrated solar cell and module manufacturer. Direct competitor in TOPCon/PERC technology with overlapping customer base in utility-scale and DCR segments. Third of the top-three niche Indian solar manufacturers (76% 3-yr CAGR).
• Tata Power Solar: Indian solar EPC and module manufacturer with strong utility-scale and rooftop exposure. Overlaps with Emmvee in EPC services, ALMM-listed modules, and C&I rooftop segments.

Broad incumbents

• Jinko Solar: World's largest solar module manufacturer and a TOPCon technology leader. Competes with Emmvee in global utility-scale tenders and sets efficiency benchmarks in the n-type segment.
• LONGi Green Energy Technology: Global leader in silicon wafers, cells (including TOPCon), and modules. Sets the technology and cost benchmark across the PV value chain that Emmvee must compete with on efficiency and price.
• Trina Solar: Global TOPCon and n-type module leader with vertically integrated cell-to-system offering. Sets the technology and pricing benchmark Emmvee competes against in international tenders.
• JA Solar Technology: Top-tier global solar cell and module manufacturer with strong TOPCon and PERC portfolios. Competes in international utility-scale and rooftop segments where Emmvee seeks to expand.

Emerging players

• First Solar: US-based thin-film (CdTe) module manufacturer dominant in utility-scale projects. Competes with Emmvee's TOPCon in large utility tenders but uses a fundamentally different technology platform with different cost and efficiency profile.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/emmveegroups
• LinkedInlinkedin.com/company/emmvee
• Instagraminstagram.com/emmvee_group?igsh=NjA0ejYweXkxMXQ3

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Emmvee Photovoltaic Power