Shares of Emmvee Photovoltaic Power Ltd. popped 8.2% to ₹354.8 on Monday, the biggest single‑day gain since 16 July 2026 when it hit 8.2% again. Jefferies kept its “buy” call, lifting its target to ₹440 – a 34% upside from the last close – and noted the stock sits at 7× forward EV/EBITDA, 25% below peer averages.
Jefferies flagged the firm’s 6 GW module push and a planned 9 GW ingot‑wafer capex by FY29‑30, projecting a 33% CAGR in EBITDAR through 2029‑2030. The brokerage also highlighted the company’s early entry into TOPCon cells, a robust order book of 9.9 GW, and a net‑debt‑free balance sheet that underpins its medium‑term profitability.
CEO Suhas Donthi told CNBC‑TV18 that the company is on track for FY EBITDA of ₹2,200–₹2,400 crore. The 1.48 GW fresh inflow this quarter marked the largest quarterly addition to the order book, which now stands at 9.9 GW, underscoring strong demand outpacing domestic supply.
Year‑to‑date, the stock has surged 80%, beating the sector average by roughly 15 points. All six analysts covering the stock maintain a “buy” stance, with Jefferies offering the highest target. The 7× EV/EBITDA valuation suggests a 25% discount to peer peers, positioning the shares for potential upside if guidance holds.
Looking ahead, Emmvee will report Q2 earnings on 28 October, with analysts eyeing the company’s continued expansion into ingot‑wafer integration and its potential to capture higher margins in the growing DC‑grid market. Investors will be watching whether the firm maintains its EBITDA trajectory and whether Jefferies revises its target post‑earnings.