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Home > Mergers & Acquisition > Jefferies sees 70% upside in Emmvee Photovoltaic Power stock
Jefferies pointed to Emmvee’s early move into high-efficiency TOPCon cell technology as a major advantage.
Jefferies has initiated coverage on Emmvee Photovoltaic Power with a Buy rating, calling the stock “too cheap to ignore”. With India’s solar installations set to grow 24 per cent annually to FY28, can Emmvee’s technology edge and policy support deliver a 70 per cent upside?
Jefferies believes India’s solar manufacturing is entering a rapid scale-up phase, favouring well-placed domestic players. Following the coverage initiation, Emmvee shares jumped 8 per cent to Rs 200.06, hitting the upper circuit of Rs 203.40 on the NSE. The rally reflected confidence in the company’s growth outlook, profitability and valuation versus listed peers.
The brokerage highlighted strong policy support and rising domestic demand as key drivers. India’s solar installations are expected to grow at a 24 per cent CAGR between FY25 and FY28, creating a supportive environment for integrated manufacturers like Emmvee.
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Jefferies pointed to Emmvee’s early move into high-efficiency TOPCon cell technology as a major advantage. The company is among the first in India to adopt TOPCon, with 3 GW of capacity already operational. This is backed by German-sourced equipment and technical collaboration with Fraunhofer, resulting in better operating efficiency and lower costs than conventional technologies.
The report also underlined Emmvee’s strong position in the domestic content requirement segment. Policies such as the approved list of models and manufacturers and domestic content norms have limited imports, lifted module prices and supported margins for local manufacturers.
Jefferies expects robust financial performance, projecting a 56 per cent CAGR in EBITDA and a 64 per cent CAGR in profit after tax between FY25 and FY28. While industry margins may normalise as new capacity comes online, Emmvee is expected to sustain high-teens returns on capital, supported by scale, technology leadership and a strong balance sheet.
On valuation, Jefferies noted the stock trades at nearly a 50 per cent discount to peers on forward EV-to-EBITDA. It has set a target price of Rs 320, implying around 70 per cent upside from current levels.
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