Here's why Emmvee Photovoltaic shares jumped over 8% on Monday

Shares of Emmvee Photovoltaic Power Ltd. gained over 8% on Monday, September 21, after brokerage firm Jefferies's positive commentary.

This is its biggest single-day gain for the stock since July 16, 2026 when it had risen 8.2% as well.

Brokerage firm Jefferies maintained its "buy" recommendation on the stock with a target price of ₹440 per share, indicating an upside of 34% from its previous close.

Jefferies, at its conference, interacted with the company's management, from which it shared some key takeaways in its note.

The company sees demand of 70 gigawatt direct current (GWdc) in the current fiscal with demand outstripping supply of domestic content requirement (DCR). According to Jefferies, the DCR economics remain attractive.

Emmvee's modules / cell capacity is expanding by 6 GW, with a 9 GW ingot-wafer integration targeted by financial year 2029-2030.

As a result, the company's Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) is likely to grow at a Compounded Annual Growth Rate (CAGR) of 33% between financial year 2026-2029, Jefferies projected in its note.

At the current market price, shares of Emmvee Photovoltaic is trading at 7x its forward enterprise value to EBITDA, which is a 25% discount to its other listed peers.

All six analysts who have coverage on the stock have "buy" recommendations and Jefferies has the highest target price among those six.



Jefferies had increased its price target on Emmvee Photovoltaic Power last month. It had said the company's early entry into TOPCon cells, strong order book, focus across the solar PV value chain and net-debt-free balance sheet, position the company well to pursue backward integration into ingots and wafers and sustain industry-leading profitability over the medium term.

The company's CEO and president Suhas Donthi told CNBC-TV18 after the firm's first quarter earnings that it remains on track to deliver EBITDA of ₹2,200 crore to ₹2,400 crore in the current fiscal year.

On the demand front, the company said its order book stands at 9.9 GW, with fresh order inflows of 1.48 GW during the quarter, its highest quarterly addition yet.

Shares of Emmvee Photovoltaic Power gained 8.2% to hit an intraday high of ₹354.8 apiece on Monday. The stock currently trades 3.5% higher, having cooled off from the day's high, at ₹339.6. The stock is up 80% so far this year.

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