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In an exclusive dialogue with Renewable Observer, Mr. Ratul Puri, Chairman of Hindustan Power, discusses the company’s evolution from pioneering India’s earliest solar projects to building a robust 5 GW diversified energy portfolio. He sheds light on the critical role of Battery Energy Storage Systems (BESS), the necessity of integrated power infrastructure, and the strategic importance of their recent 800 MW long-term agreement with Madhya Pradesh.

Q1. Hindustan Power has been a pioneer in India’s renewable energy sector. Can you take us through the company’s journey and some of the key milestones that have shaped its growth?

Ratul Puri: India’s energy landscape has witnessed a remarkable transformation over the past two decades, and Hindustan Power has been an integral part of that journey since its early stages. We entered the renewable energy sector when solar power was still an emerging technology, long before it became a central pillar of India’s energy transition.

Some of our defining early achievements include developing India’s first 5 MW solar power project in 2010 and Asia’s first 30 MW solar PV project in 2011. These projects were important not only because they broke new ground technologically, but because they practically demonstrated that large-scale renewable energy could be commercially viable and contribute meaningfully to the country’s energy mix.

As the sector evolved, so did our vision. We expanded our presence across renewable energy, transitional power generation, and supporting infrastructure—building capabilities that allow us to address both sustainability and energy security requirements. In recent times, we have strengthened our focus on battery energy storage and integrated energy solutions, recognizing that the future of the sector will be shaped by the reliable delivery of clean energy.

Today, as we work toward building a 5 GW energy portfolio, our focus remains steadfast on creating scalable, future-ready infrastructure that supports India’s economic growth while contributing to a more sustainable and resilient energy ecosystem.

Q2. The company developed India’s first 5 MW solar plant and Asia’s first 30 MW solar PV project. How have these early achievements influenced your long-term strategy in clean energy?

Ratul Puri: Those projects were highly significant in terms of their scale at the time, proving that renewable energy could transition from concept to commercial viability. They gave us firsthand experience in developing, financing, and operating large clean energy assets in a market that was still finding its footing.

More importantly, those early projects taught us that energy transitions are never static. Technologies evolve, customer expectations change, and grid requirements become significantly more complex. That understanding continues to shape our strategy today.

We are moving beyond a purely capacity-focused approach to renewables. We are focused on building energy systems that combine generation, storage, flexibility, and reliability.

The lessons from our early investments in solar energy taught us the value of staying ahead of technology cycles and anticipating future trends, rather than simply responding to where the market stands today. That perspective continues to guide our investments and strategic priorities as the energy landscape evolves.

Q3. As India accelerates its energy transition, what opportunities do you see for renewable energy developers in supporting the country’s sustainability and energy security goals?

Ratul Puri: India’s energy transition presents one of the most significant opportunities globally. As the country pursues rapid economic growth, industrial expansion, and digital transformation, the demand for reliable, affordable, and sustainable energy will continue to rise.

The opportunity today extends far beyond simply adding renewable energy capacity. Developers are increasingly becoming partners in strengthening national energy security by delivering integrated energy solutions that enhance reliability, support grid stability, and reduce dependence on imported fuels.

We are also witnessing new demand drivers emerge from manufacturing, digital infrastructure, and data centers. These sectors require massive volumes of clean electricity delivered consistently and competitively. Renewable energy developers that can successfully combine scale, technology, and execution excellence will play a critical role in supporting India’s sustainability goals while strengthening the country’s long-term energy resilience.

Q4. Hindustan Power is actively expanding into solar-plus-storage solutions. How do you see battery energy storage transforming the renewable energy landscape in India?

Ratul Puri: Battery energy storage is set to become one of the defining technologies of India’s energy transition. Over the past decade, the focus was largely on adding renewable generation capacity. The future of the energy transition, however, will be defined by aligning clean energy availability with consumer demand and usage patterns.

In many ways, storage is the bridge between renewable energy generation and grid reliability. As renewable penetration increases, storage will play a critical role in:

• Balancing supply and demand.
• Supporting grid stability.
• Enabling round-the-clock (RTC) clean power.
• Cutting down curtailment and managing peak demand.

At Hindustan Power, we see storage as a strategic growth area and a key enabler of the future electricity system. As of 2025, we had expanded our battery storage portfolio to more than 750 MWh across multiple states, including projects with SECI, SJVN, and BSPGCL. These investments reflect our core belief that solar-plus-storage will increasingly become the preferred model for delivering flexible and scalable clean energy in India.

Q5. The company operates across both renewable and transitional energy businesses. How do you balance reliability, affordability, and sustainability while planning future projects?

Ratul Puri: The energy transition is often discussed purely in terms of sustainability, but long-term success will equally be defined by reliability and affordability. These three objectives are deeply interconnected and cannot be pursued in isolation.

Our planning approach is guided by a simple principle: every energy system must be able to provide dependable power at competitive costs while progressively reducing its environmental footprint. This requires a balanced portfolio approach that combines rapid renewable energy growth with the technologies and infrastructure capable of supporting grid stability.

As India’s power demand continues to grow, the transition must support economic development, industrial competitiveness, and energy security. We therefore view renewable energy, energy storage, and enabling infrastructure as complementary elements of an integrated ecosystem that can deliver power at scale.

Q6. Innovation and large-scale project execution have been central to Hindustan Power’s success. What recent technological advancements or project developments are you most excited about?

Ratul Puri: One of the most exciting developments in the sector today is the convergence of renewable energy, battery storage, and advanced power infrastructure. The industry is moving beyond standalone generation assets toward integrated systems that deliver cleaner and more flexible power.

From our perspective, the rapid scale-up of our battery energy storage portfolio is particularly encouraging. Storage is transforming the economics and operational capabilities of renewable energy by enabling firm and dispatchable power—which will become increasingly important as electricity demand continues to rise across industries, mobility, and digital infrastructure.

We are seeing growing acceptance of dispatchable renewable power models across utilities and state agencies, creating opportunities to build infrastructure that combines clean generation with grid support.

We are also encouraged by advancements in ultra-supercritical generation technology, digital asset optimization, and predictive operational systems that are improving efficiency across the power value chain. Competitive advantage moving forward will come from combining these diverse technologies.

Q7. Hindustan Power recently signed a 25-year Power Supply Agreement with MP Power Management Company for supplying 800 MW from its upcoming Anuppur project. How does this milestone align with your long-term vision?

Ratul Puri: The agreement is a significant achievement in our growth journey and reflects our long-term commitment to building large-scale power infrastructure that supports India’s development ambitions. The project will supply 800 MW of power to Madhya Pradesh under a 25-year agreement, providing long-term visibility while helping meet the state’s growing electricity requirements. It represents a major addition to our infrastructure portfolio and demonstrates our confidence in India’s rapidly evolving energy markets.

From a strategic perspective, the project reflects our belief that India’s energy transition will require both renewable energy expansion and dependable power infrastructure capable of supporting industrialization. Reliable baseload power will continue to play an important role as the country scales its renewable and storage capacities.

The Anuppur project also builds on our established presence in Madhya Pradesh and demonstrates confidence in our ability to develop and operate large, technologically advanced energy assets using ultra-supercritical technology. As India enters what I often describe as the next critical phase of its energy transition, our focus will remain entirely on delivering integrated, resilient, and scalable solutions for decades to come.

Emmvee Photovoltaic Power Limited (NSE: EMMVEE; BSE: 544608) has reported its strongest-ever first-quarter performance for the quarter ended June 30, 2026, driven by higher production volumes, increased internal solar cell manufacturing and improved operational efficiencies across its expanded manufacturing base.

The company’s revenue from operations increased 51% year-on-year to ₹1,555.5 crore in Q1 FY27, compared to ₹1,027.8 crore in the corresponding quarter of the previous fiscal year. EBITDA grew 56% to ₹548.1 crore, while EBITDA margin expanded to a record 35.2% from 34.1% in Q1 FY26 and 32.8% in Q4 FY26. Profit after tax (PAT) more than doubled, rising 103% to ₹380.3 crore, with PAT margin improving to an all-time high of 24.2%.

Despite Q1 traditionally being a seasonally softer period for module dispatches, Emmvee delivered strong financial growth supported by enhanced manufacturing integration and operating leverage.

The company achieved its highest-ever quarterly production volumes during the quarter. Solar module production increased 53% year-on-year to 970 MW, compared with 635 MW in Q1 FY26, while solar cell production rose 26% to 454 MW from 360 MW during the same period.

The effective utilisation of solar cell capacity improved significantly to 83% in Q1 FY27, compared with 68% in Q1 FY26 and 79% in Q4 FY26. The improvement was driven by the continued ramp-up of integrated operations and higher consumption of internally manufactured cells, which contributed to margin expansion. Meanwhile, effective module capacity utilisation stood at 45%, providing sufficient capacity headroom for future volume growth.

As of the end of Q1 FY27, Emmvee had installed annual manufacturing capacity of approximately 10.3 GW for solar modules and 2.94 GW for TOPCon solar cells.

The company also witnessed strong demand momentum, securing order inflows of 1.48 GW during the quarter. This increased its order book to an all-time high of approximately 9.9 GW, providing strong revenue visibility for the coming quarters. The order book remains diversified across independent power producers, commercial and industrial customers, and other segments, with repeat customers accounting for 57% of the order base during the quarter.

Emmvee’s inclusion in the Approved List of Models and Manufacturers (ALMM) List II, implemented from June 2026, is expected to support demand growth as the framework mandates the use of domestically manufactured solar cells for applicable projects. The company expects this policy development to further accelerate its transition towards a fully DCR-compliant product portfolio.

Commenting on the performance, Mr. DV Manjunatha, Chairman & Managing Director, Emmvee Photovoltaic Power Ltd., said, “This is the strongest first quarter in Emmvee’s history, with both production volumes and margins at all-time-high. Our revenue, EBITDA and PAT growth reflects a clear improvement in the quality of our earnings, driven by deeper cell integration, operating leverage and disciplined execution.”

He added, “Our strong order book, the implementation of ALMM List II and our on-track 6 GW integrated expansion give us confidence as we enter the next phase of India’s solar manufacturing growth.”

The company’s 6 GW integrated TOPCon cell and module expansion project is progressing as planned. The module manufacturing line is expected to be commissioned by December 2026, while the cell line is targeted for commissioning by March 2027. Once completed, the expansion will increase Emmvee’s installed capacity to approximately 16.3 GW of modules and 8.9 GW of cells by early FY28.

The company has already placed equipment orders covering around 60% of the project’s total hard cost, with construction activities progressing as per schedule. Emmvee is also evaluating backward integration into ingot and wafer manufacturing through a proposed 9 GW facility planned in two phases.

With expanding manufacturing capacity, a strong order pipeline and increased focus on integrated solar production, Emmvee aims to strengthen its position in India’s growing domestic solar manufacturing ecosystem.

Emmvee Photovoltaic Power Limited (NSE: EMMVEE; BSE: 544608) has reported its strongest-ever first-quarter performance for the quarter ended June 30, 2026, driven by higher production volumes, increased internal solar cell manufacturing and improved operational efficiencies across its expanded manufacturing base.

The company’s revenue from operations increased 51% year-on-year to ₹1,555.5 crore in Q1 FY27, compared to ₹1,027.8 crore in the corresponding quarter of the previous fiscal year. EBITDA grew 56% to ₹548.1 crore, while EBITDA margin expanded to a record 35.2% from 34.1% in Q1 FY26 and 32.8% in Q4 FY26. Profit after tax (PAT) more than doubled, rising 103% to ₹380.3 crore, with PAT margin improving to an all-time high of 24.2%.

Despite Q1 traditionally being a seasonally softer period for module dispatches, Emmvee delivered strong financial growth supported by enhanced manufacturing integration and operating leverage.

The company achieved its highest-ever quarterly production volumes during the quarter. Solar module production increased 53% year-on-year to 970 MW, compared with 635 MW in Q1 FY26, while solar cell production rose 26% to 454 MW from 360 MW during the same period.

The effective utilisation of solar cell capacity improved significantly to 83% in Q1 FY27, compared with 68% in Q1 FY26 and 79% in Q4 FY26. The improvement was driven by the continued ramp-up of integrated operations and higher consumption of internally manufactured cells, which contributed to margin expansion. Meanwhile, effective module capacity utilisation stood at 45%, providing sufficient capacity headroom for future volume growth.

As of the end of Q1 FY27, Emmvee had installed annual manufacturing capacity of approximately 10.3 GW for solar modules and 2.94 GW for TOPCon solar cells.

The company also witnessed strong demand momentum, securing order inflows of 1.48 GW during the quarter. This increased its order book to an all-time high of approximately 9.9 GW, providing strong revenue visibility for the coming quarters. The order book remains diversified across independent power producers, commercial and industrial customers, and other segments, with repeat customers accounting for 57% of the order base during the quarter.

Emmvee’s inclusion in the Approved List of Models and Manufacturers (ALMM) List II, implemented from June 2026, is expected to support demand growth as the framework mandates the use of domestically manufactured solar cells for applicable projects. The company expects this policy development to further accelerate its transition towards a fully DCR-compliant product portfolio.

Commenting on the performance, Mr. DV Manjunatha, Chairman & Managing Director, Emmvee Photovoltaic Power Ltd., said, “This is the strongest first quarter in Emmvee’s history, with both production volumes and margins at all-time-high. Our revenue, EBITDA and PAT growth reflects a clear improvement in the quality of our earnings, driven by deeper cell integration, operating leverage and disciplined execution.”

He added, “Our strong order book, the implementation of ALMM List II and our on-track 6 GW integrated expansion give us confidence as we enter the next phase of India’s solar manufacturing growth.”

The company’s 6 GW integrated TOPCon cell and module expansion project is progressing as planned. The module manufacturing line is expected to be commissioned by December 2026, while the cell line is targeted for commissioning by March 2027. Once completed, the expansion will increase Emmvee’s installed capacity to approximately 16.3 GW of modules and 8.9 GW of cells by early FY28.

The company has already placed equipment orders covering around 60% of the project’s total hard cost, with construction activities progressing as per schedule. Emmvee is also evaluating backward integration into ingot and wafer manufacturing through a proposed 9 GW facility planned in two phases.

With expanding manufacturing capacity, a strong order pipeline and increased focus on integrated solar production, Emmvee aims to strengthen its position in India’s growing domestic solar manufacturing ecosystem.

Diamond Power Infrastructure (DPIL), an integrated manufacturer of power transmission and distribution equipment under the DICABS brand, has announced that it has received a Contract Confirmation / Letter of Award from Adani Energy Solutions (AESL) for the supply of AL59 aluminium alloy conductors for two of AESL’s transmission projects.

The award encompasses the design, engineering, manufacturing, testing, packing, dispatch and transportation, on a Delivery-at-Place (DAP) basis, of 1,050 km of AL59 Moose conductor for the Tuticorin Project and 3,770 km of AL59 Zebra conductor for the Pune-III Project.

The order is valued at INR 1,85,16,45,098/- (approximately INR 185.16 Crore) inclusive of packing, forwarding, freight and transit insurance and exclusive of GST aggregating to approximately INR 218.49 Crore including GST. The contract is on a variable-price basis linked to aluminium LME and USD/INR movements through an agreed price variation formula, and the realised value may therefore differ. Deliveries are scheduled between July 2026 and February 2027.

Commenting on the award, Kavish Shah, Vice President Corporate Strategy of Diamond Power Infrastructure, said, “continued confidence of a marquee customer in DPIL’s conductor manufacturing capability; the order builds on the Company’s existing relationship with AESL; supports visibility for FY27; and reflects the growth in India’s transmission capex cycle.”

Diamond Power Infrastructure (DPIL), an integrated manufacturer of power transmission and distribution equipment under the DICABS brand, has announced that it has received a Contract Confirmation / Letter of Award from Adani Energy Solutions (AESL) for the supply of AL59 aluminium alloy conductors for two of AESL’s transmission projects.

The award encompasses the design, engineering, manufacturing, testing, packing, dispatch and transportation, on a Delivery-at-Place (DAP) basis, of 1,050 km of AL59 Moose conductor for the Tuticorin Project and 3,770 km of AL59 Zebra conductor for the Pune-III Project.

The order is valued at INR 1,85,16,45,098/- (approximately INR 185.16 Crore) inclusive of packing, forwarding, freight and transit insurance and exclusive of GST aggregating to approximately INR 218.49 Crore including GST. The contract is on a variable-price basis linked to aluminium LME and USD/INR movements through an agreed price variation formula, and the realised value may therefore differ. Deliveries are scheduled between July 2026 and February 2027.

Commenting on the award, Kavish Shah, Vice President Corporate Strategy of Diamond Power Infrastructure, said, “continued confidence of a marquee customer in DPIL’s conductor manufacturing capability; the order builds on the Company’s existing relationship with AESL; supports visibility for FY27; and reflects the growth in India’s transmission capex cycle.”