India's Emmvee Photovoltaic jumps; Jefferies starts with 'buy'

Emmvee Photovoltaic Power

06/01/2026 05:01

** Emmvee Photovoltaic Power EMMV.NS jumps 10% to 203.40 rupees, highest since December 10

** Jefferies starts with "buy", PT of 320 rupees

** Cites co's early adoption of TOPCon solar cell tech, strong policy tailwinds from domestic content requirements, robust balance sheet as key drivers for growth

** Expects 65 GW annual solar installations by FY28, projecting 56% EBITDA CAGR and 64% PAT CAGR for co over FY25-FY28, even as margins normalise amid rising industry capacity

** Says stock trading at ~50% discount to peers, making valuations "too cheap to ignore"

** EMVV down 6.2% since listing on November 18, 2025

 (Reporting by Brijesh Patel in Bengaluru)

 ((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))