Jefferies Lifts Price Target on Emmvee Photovoltaic Power Amid Strong Market Position

Emmvee Photovoltaic Power Ltd., a solar photovoltaic module and cell manufacturer, saw its stock rise by as much as 5% on Thursday, August 20, after Jefferies raised its price target to ₹440 per share. The brokerage firm retained its 'Buy' rating on the company due to Emmvee's strong position in the market.

Jefferies highlighted Emmvee's early entry into TOPCon cells, a strong order book, and focus across the solar PV value chain as key factors that will enable the company to pursue backward integration into ingots and wafers. This move is expected to sustain industry-leading profitability over the medium term.

The brokerage firm increased its FY27 and FY28 EBITDA estimates by 2% and 7%, respectively, with Emmvee's current order book providing revenue visibility of around ₹12,000-13,000 crore over the next 12-18 months. Suhas Donthi, CEO and President of Emmvee Photovoltaic Power, mentioned that the company remains on track to deliver EBITDA of ₹2,200-2,400 crore in FY27.