Emmvee Photovoltaic Power
Stock Snapshot
Price Performance
Vista Outlook
View Technicals Analysis →Basis of our Recommendation
Emmvee Photovoltaic Power is strategically positioned for growth, driven by its aggressive capacity expansion and vertical integration plans. Management's focus on increasing module and cell capacities to 16.3 GW and 8.9 GW, respectively, by FY28, alongside a robust 9.9 GW order book, underscores a strong revenue outlook. The transition to high-margin TOPCon technology and the anticipated benefits from domestic manufacturing policies like ALMM II further enhance margin stability. However, challenges such as the execution of large-scale projects and potential supply chain constraints remain critical watchpoints. Vista's forecast reflects these developments, projecting improved profitability and fair valuation, with an expected upside of approximately 0.45%. The macro environment supports this outlook, with favorable manufacturing activity and stable inflation. Over the next 12-24 months, key opportunities include capturing domestic demand growth and enhancing supply chain resilience, while headwinds may arise from competitive pressures and regulatory dependencies
Why We Like This Stock
- Aggressive capacity expansion to 16.3 GW for modules and 8.9 GW for cells enhances revenue potential
- Strong order book of 9.9 GW provides significant revenue visibility and supports margin stability
- Favorable domestic manufacturing policies like ALMM II are expected to bolster market share and profitability
Things To Watch Out For
- Execution risks associated with large-scale capacity expansion could impact operational performance
- Potential supply chain constraints, particularly for TOPCon cells, may hinder meeting demand
- Intense market competition and pricing pressures could challenge margin sustainability
Key Parameters
Financial Snapshot
| Actuals | Forecast | ||||
|---|---|---|---|---|---|
| FY24 | FY25 | FY26 | FY27 | FY28 | |
| Revenue (Cr.) | 952 | 2,336 | 5,050 | 6,194 | 10,270 |
| Profit Before Tax (Cr.) | 48 | 483 | 1,338 | 1,886 | 2,771 |
| PBT Margin | 5.0% | 20.7% | 2649.5% | 30.4% | 27.0% |
| Net Profit (Cr.) | 29 | 411 | 1,139 | 1,608 | 2,363 |
| Earnings Per Share | 0.4 | 5.9 | 16.4 | 23.2 | 34.1 |
Analyst Recommendations
| Broker | Recommendation | Target Price | Date |
|---|---|---|---|
| Anand Rathi | ▲ Buy | 410 | 17-Jul-2026 |
| Elara Capital | ► Accumulate | 389 | 17-Jul-2026 |
| JMFinancials | ▲ Buy | 377 | 09-Jun-2026 |
| Jeffries | ▲ Buy | 400 | 16-Jul-2026 |
| Kotak Securities | ► Add | 310 | 06-Jul-2026 |
Company Overview
Show Company Profile
Emmvee Photovoltaic Power Limited manufactures and sales solar cells, photovoltaic modules, and photovoltaic systems across India and Europe. Its products include TopCon Photovoltaic Module and TopCon Photovoltaic cells. It also executes grid and off-grid photovoltaic power projects on a turnkey basis and operates solar power plants. The company serves independent power producers, entities operating in the commercial and industrial sector, and engineering, procurement and construction service providers in both public and private sectors. The company was incorporated in 2007 and is based in Bengaluru, India.