Jefferies Initiates Coverage on Emmvee Photovoltaic Power

Shares of Emmvee Photovoltaic Power surged after Jefferies initiated coverage with a 'Buy' rating and a price target of ₹320, implying a 73% upside. Jefferies highlighted Emmvee Photovoltaic Power's strong growth prospects, profitability outlook, and attractive valuation, positioning it to benefit from India's accelerating solar manufacturing push. The company is an early adopter of high-efficiency TOPCon cell technology, with 3 GW of capacity operational, and is expanding its cell and module capacity. Policy measures in India, such as the Approved List of Models and Manufacturers (ALMM) and domestic content requirements, are creating a favorable market for domestic players. Jefferies projects a 56% CAGR in EBITDA and a 64% CAGR in profit after tax for Emmvee Photovoltaic Power over FY25–FY28.