Shares of Emmvee Photovoltaic Power settled 8 per cent higher at ₹200.06 on Tuesday, hitting the upper circuit limit of ₹203.40 on the NSE after global brokerage Jefferies initiated coverage on the stock with a buy rating.
The sharp rally followed Jefferies’ positive view on the company’s growth prospects, profitability outlook and attractive valuation compared with listed peers.
Jefferies said Emmvee is well placed to benefit from India’s accelerating solar manufacturing push, backed by strong policy support and rising domestic demand. The brokerage highlighted that India’s solar installations are expected to grow at a 24 per cent compound annual growth rate (CAGR) between FY25 and FY28, creating a favourable backdrop for integrated domestic manufacturers.
Jefferies pointed out that Emmvee’s early entry into high-efficiency TOPCon cell technology gives it a competitive edge. The company is among the first adopters of TOPCon cells in India, with 3 GW of capacity already operational, supported by German-sourced equipment and technical collaboration with Fraunhofer. According to the brokerage, this has resulted in superior operating efficiency and lower costs compared with peers using conventional technologies.
The report also emphasised Emmvee’s strong positioning in the domestic content requirement segment, where tighter regulations and a shortage of locally manufactured cells have driven higher module prices and margins. Jefferies noted that policy measures such as the approved list of models and manufacturers and domestic content norms have effectively reserved a large part of the Indian market for domestic players, supporting profitability in the medium term.
On the financial front, Jefferies expects Emmvee to deliver robust earnings growth, projecting a 56 per cent CAGR in EBITDA and a 64 per cent CAGR in profit after tax over FY25–FY28. While industry margins are expected to normalise as capacity additions kick in, the brokerage believes Emmvee can sustain high-teens return on capital employed over the steady state, supported by scale, technology leadership and a well-funded balance sheet.
Valuation was another key driver behind the buy call. Jefferies said the stock is trading at nearly a 50 per cent discount to comparable peers on a forward EV-to-EBITDA basis, despite stronger growth visibility and profitability metrics. Based on its estimates, the brokerage has set a price target of ₹320, implying an upside potential of 73 per cent from the previous close of ₹184.91.