India, May 9 -- As India's solar manufacturing ecosystem moves toward deeper localisation, Emmvee Photovoltaic Power Limited is preparing for a much larger role than module production alone. After scaling module capacity to 10.3 GW, strengthening its balance sheet, and launching a 6 GW integrated expansion, the company has now outlined plans for a 9 GW ingot and wafer facility from FY29. Backed by TOPCon technology, alternative supply chains, and a growing order book, Emmvee appears to be building an increasingly integrated solar manufacturing platform.

With a market cap of Rs 18,624 crore, the shares of Emmvee Photovoltaic Power Ltd are trading at Rs 269 and are trading at a PE of 17 compared to their industry's PE of 31. The shares ha...