Emmvee Shifts Over 50% of Its Solar Cell Capacity to G12R Wafers, Plans Full Conversion

Bengaluru-based Emmvee Photovoltaic Power Limited has moved more than half of its TOPCon solar cell manufacturing capacity from the M10R format to the larger rectangular G12R (210R) wafer format. The company’s management disclosed the development during its Q2 FY27 earnings conference call on 15 October 2026, a day after the board approved results for the quarter ended 30 September 2026. The remaining M10R capacity will be converted once the company completes orders already booked in that format.

As of 30 September 2026, Emmvee had an installed annual capacity of about 10.3 GW for solar modules and 2.94 GW for TOPCon cells.

A Quick Changeover on Existing Lines

Emmvee began producing G12R-format TOPCon cells during FY26. In its Q4 FY26 investor presentation, the company said the format supports higher power-density module configurations and better alignment between cell and module capacity. According to management, the conversion is quick because its lines are already designed to handle the larger G12 cell size, allowing every line to switch formats as customer demand changes without a long transition period.

In its Q2 FY27 investor presentation, Emmvee noted that the inclusion of G12R solar cells in the Ministry of New and Renewable Energy’s (MNRE) ALMM List-II has widened its addressable market, as domestic cell demand rises under the mandate.

Lower Material Use, Higher Output per Cell

Management outlined the cost and performance benefits of the move on the call. Silver consumption per cell has fallen significantly, while power output per cell has risen from around 8 W in the earlier format to about 9.5 W with G12R. Further improvements are expected over the coming year.

Emmvee acknowledged that selling prices may ease slightly, but said it expects to protect margins through manufacturing cost efficiencies, with part of the savings passed on to customers. Its cell operations are already running close to full capacity: cell output rose to 513 MW in Q2 FY27 from 319 MW a year earlier, with effective utilisation of 89%.

The company does not anticipate a broad move to the full-size G12 format in the near term. Management said G12R remains the preferred choice in India and in most markets outside China, as it offers easier installation along with advantages in structural requirements and overall cost.

Format Demand Differs Across DCR and Non-DCR Segments

Emmvee said demand in the non-DCR segment is now entirely for G12R cells, while orders in the domestic content requirement (DCR) segment still include a mix of formats. DCR products accounted for more than half of its sales, and management expects the DCR share to remain higher in the second half of FY27. Roughly 30% of the order book comprises non-DCR orders, many of them scheduled for delivery next year.

The total order book stood at 10.4 GW at the end of Q2 FY27, supported by fresh inflows of about 1.5 GW during the quarter.

ALMM List-II Shapes the Market

The transition is taking place under MNRE’s ALMM List-II for solar cells, which has applied since 1 June 2026 with no blanket extension. Net-metering and open-access projects commissioned by 31 December 2026 remain exempt from the cell requirement, and utility-scale projects bid out up to August 2025 are also outside its scope. Asked about a possible further deferment, management said an extension beyond December 2026 appeared extremely unlikely, given the time the industry has already had to realign its supply chains.

Emmvee’s presentation also points to a supply gap at the cell stage. About 36.9 GW of nameplate cell capacity is enlisted under ALMM List-II, but actual output in 2026 is estimated at around 18.8 GW, implying utilisation of roughly 51%.

Financial Performance

For Q2 FY27, Emmvee reported consolidated revenue from operations of ₹1,576.4 crore, up 39.4% year on year. EBITDA rose 39.4% to ₹556.9 crore at a margin of 35.3%, while profit after tax grew 60.6% to ₹382.0 crore. For H1 FY27, revenue increased 45.1% to ₹3,131.9 crore and PAT rose 79.1% to ₹762.3 crore. Net debt to equity stood at 0.12x as of 30 September 2026.

Expansion and Backward Integration

Emmvee’s 6 GW integrated TOPCon cell and module facility at Devanahalli, Bengaluru, is progressing on schedule. The module line is expected to be commissioned by December 2026 and the cell line by March 2027, taking total capacity to about 16.3 GW of modules and 8.9 GW of cells. The project is estimated to cost about ₹5,500 crore, most hard-cost orders have already been placed, and IREDA has sanctioned a term loan of ₹3,306 crore for it.

The company also plans 9 GW of ingot and wafer manufacturing in two phases, 5 GW in FY29 and 4 GW in FY30, at an estimated capital cost of ₹5,000–5,500 crore to be funded largely through internal accruals. The plan remains subject to clarity on ALMM List-III, which is set to make domestically manufactured wafers mandatory from 1 June 2028.

Completing the G12R conversion will align Emmvee’s existing cell base with the format that drives all of its non-DCR demand, while the upcoming 6 GW cell line and planned wafer capacity position the company for the domestic cell market created by ALMM List-II.