Solar module and cell manufacturer Emmvee Photovoltaic Power has announced that its subsidiary, Emmvee Energy, has begun operations of a 2.5 GW solar module manufacturing line at its facility in Sulibele, Hoskote Taluk, Bengaluru, Karnataka.
In a regulatory filing, the company stated that the commissioning is part of its planned capacity expansion outlined in the offer documents filed during its initial public offering (IPO) and has been completed in line with the projected timeline.
With the latest commissioning, Emmvee’s total solar module manufacturing capacity has increased to 10.3 GW. The company currently operates a solar cell manufacturing capacity of 2.94 GW and has additional facilities under development. A 6 GW integrated solar cell and module manufacturing plant is scheduled to commence operations in the first half of FY28. Emmvee also recently confirmed the receipt of a possession certificate from the Karnataka Industrial Areas Development Board (KIADB) for 100 acres of land earmarked for expansion.
In a separate regulatory disclosure, Emmvee informed that under the Group Captive and Open Access Power Purchase framework, Emmvee Energy has agreed to invest up to INR 8.544 crore in the equity shares of Clean Renewable Energy KK 1C, a project special purpose vehicle associated with a 175 MW hybrid power project in Karnataka.
The company completed its IPO last month, raising a total of INR 2,900 crore, including a fresh issue of INR 2,143.9 crore. According to the filing, a significant portion of the proceeds approximately INR 1,621 crore has been utilised to repay long-term debt, strengthening the company’s balance sheet and reducing interest costs. The remaining funds are being allocated toward general corporate purposes, including optimising working capital requirements to further lower financing expenses.
For the first half of FY26, Emmvee reported revenue from operations of INR 2,158.8 crore, marking a 193.5 percent increase compared to INR 735.6 crore recorded in H1 FY25. During the same period, profit after tax rose by 578.6 percent to INR 425.5 crore, up from INR 62.7 crore in the corresponding period of the previous fiscal year.
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