Jefferies has initiated coverage on Emmvee with a buy rating and a target price of ₹320 per share, citing favourable industry tailwinds and company-specific advantages that position it well for rapid earnings growth.
The brokerage noted that India’s solar installations are expected to grow at a 24% CAGR over FY25–FY28E, creating a strong demand environment for domestic manufacturers. Emmvee’s early entry into TOPCon technology, combined with DCR-driven profitability, provides it with a meaningful competitive edge in a market increasingly focused on efficiency and localisation.
Jefferies highlighted that Emmvee’s balance sheet is adequately funded, allowing it to scale operations without undue financial strain. While industry profitability is expected to normalise from FY28E onwards, the brokerage expects Emmvee to sustain high-teens steady-state RoCE, supported by technology leadership and cost discipline.
The brokerage projects an aggressive 56% EBITDA CAGR over FY25–FY28E and values the company at 9x forward EV/EBITDA. Despite this strong growth outlook, Emmvee currently trades at a nearly 50% discount to peers, which Jefferies believes presents an attractive entry point.
Disclaimer: The views and recommendations above are those of Jefferies. Business Upturn does not endorse them. Please consult a financial advisor before making investment decisions.