Solar module maker Emmvee Photovoltaic Power ‘s Q3FY26 net profit tripled to ₹263.6 crore and revenues more than doubled to ₹1,152.3 crore. In an interview , DV Manjunatha , chairman & managing director of the company tells Raghavendra Kamath about the company’s plans and issues in solar energy sector.
You posted good numbers in Q3. What is your outlook for Q4?
Though we can not share numbers, we are expecting better than Q4FY25 and better than Q3FY26.
What are your capacity expansion plans?
We have 10.3 GW module and 2.94 cell capacity and adding 6 GW cell and module capacity which is going to be operational in 12 to 18 months. We will set up a 6 GW wafer manufacturing plant by FY28 or FY29 depending on market conditions . It requires investment of Rs 3500 crore . Also we want to produce ancillary products such as junction box and encapsulate material .
Cell prices have seen a sharp jump in the last couple of weeks which could inflate costs in solar projects. How do you look at it?
It is not a new phenomenon. We have seen it in the last two decades .Prices go up and down .I don’t think it will have an impact on demand (for cells and modules). In fact, during the same period last year, prices were higher than this.
Vertical Integration Strategy
Analysts said Emmvee’s EBITDA would grow 50-55% in the next three years . Isn’t it very ambitious?
We have grown more than 100% last year and this year. This is for a couple of reasons .We have done revenues of Rs 2300 crore last year and this year we would do nearly Rs 5000 crore. So that will definitely help our margins and we have added our own manufacturing. We have also done backward integration.
You need to deliver 6.3 GW in the next 12 to 18 months. How confident are you of delivering it ?
We normally take orders which we can deliver..We don’t take orders just for the sake of some MoUs or other things. Whatever orders we take comes with some advances and LCs.
Shifting Market Dynamics
How do you look at the US pulling out of the International Solar Alliance?
A small percentage of our products are exported to US. Imports have come down significantly and domestic demand has increased drastically because of many reasons. We as a country are adding BESS, green hydrogen and ammo nia, PM Kusuma Yojana, C&I and so on. Domestic demand is increasing and we are expanding capacities.
PHDCC has sought a dedicated Green Bank to fund renewable projects. What do you think about it?
Considering that our power demand is growing fast, huge growth in data centres and Net Zero goals we need a separate green bank. Normal banks have many focus areas .Hence a bank with 100% green energy focus will be better.