Synopsis: The shares of the company gained 10 percent in value after the global investment bank initiated a buy target for an upside of more than 70 percent, as the industry booms and the company is well-positioned to ride it.
The shares of this company, which is an integrated solar PV player, focus on solar module manufacturing and also produce TOPCon solar cells, are in focus after Jefferies initiated a Buy call on it leading to an upside of upto 72 percent
With a market capitalization of Rs 14,075 crore, Emmvee Photovoltaic Power Ltd’s shares on Tuesday made a day high of Rs 203.30 per share, up by 10 percent from its previous day’s close price of Rs 184.85 per share. The share gave a negative return of 12.63 percent since its listing in November 2025.
Brokerage Rationale
Global brokerage Jefferies has turned positive on Emmvee, initiating coverage with a ‘Buy’ rating and assigning a target price of Rs 320 per share, indicating a potential upside of roughly 70 percent from the previous market level of Rs 185.
Strong Industry outlook: Jefferies stated that the Industry margins may normalise from FY28 onwards, but Emmvee is expected to sustain Return on Capital Employed (RoCE) in the range of 15 percent to 19 percent on a sustainable, long-term basis, once the business stabilises.
It also expects India’s Solar installation to grow at a CAGR of 24 percent over the financial year 2025-28 as more energy storage adoption is done, with falling tariffs and support from positive policies.
Company’s growth story: Jefferies believes Emmvee continues to stand out from its peers. According to the brokerage, the company’s early move into TOPCon technology, stronger (Domestic Content Requirement)DCR-led margins, and a well-capitalised balance sheet give it a clear competitive advantage.
Supported by healthy profitability in the DCR segment, Emmvee is expected to generate robust cash flows, enabling it to comfortably fund capacity expansion and pursue backward integration without straining its finances. In addition, the brokerage cited that the stock is valued at 9x forward EV/EBITDA, showcasing the demand for the stock and the share trading at a discount of 50 percent compared to its peers.
The company even has a high ROE of 105 percent and ROCE of 28 percent, representing its ability to create enormous shareholder value, accompanied by the company’s order book at 5.07 GW as of Q2 FY26, providing revenue visibility over the next 12-18 months.
About the company
Emmvee is a pioneer in intelligent solar products, driving the future of renewable energy with cutting-edge technology and smart implementations. Since 1992, the company have been in the solar development, delivering high-performance photovoltaic (PV) power systems for a sustainable future.
Financial highlights, revenue from operations grew by 181.3 percent to Rs. 1,131 crore, corresponding to the same quarter in the last financial year. Net profit growth of 580 percent YoY to Rs 238 crore in Q2 FY26.
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