Emmvee Photovoltaic shares jump 8% after strong Q4; Jefferies sees further upside

Shares of Emmvee Photovoltaic Power Ltd., which ended the previous session about 4% higher, are trading over 8% higher today (April 29) after the company reported a stronger-than-expected March quarter performance.

Brokerage firm Jefferies has reiterated its 'buy' rating on the stock with a target price of ₹350, citing that both EBITDA and profit after tax came in ahead of its estimates by 13% and 17%, respectively.

While the order book remained largely stable sequentially, it continues to provide strong revenue and earnings visibility through FY27 and into the first half of FY28, the brokerage said.

It also flagged some expansion in working capital, but pointed out that the balance sheet remains net-debt free as the company steps up capacity expansion.

Jefferies has raised its FY27 EBITDA estimates by 4% and now expects a 26% CAGR over FY26-28. A recovery in power demand in FY27 is seen supporting the renewable energy segment, with valuations still at a roughly 35% discount to peers.

For the March quarter, revenue rose 62.3% year-on-year to ₹1,739 crore from ₹1,072 crore. Net profit surged 89.4% to ₹392.37 crore from ₹207.13 crore, while EBITDA climbed 58.4% to ₹571.09 crore from ₹360.65 crore.

Margins, however, softened slightly by 90 basis points to 32.8%.

FY26 growth was led by volumes, with module production nearly doubling and cell output rising around threefold.

The order book stood at 9.4 GW at the end of FY26, with fresh inflows of 1.27 GW during the quarter, offering visibility for the coming year.

Capacity utilisation improved for solar cells to 79% from 51% a year ago, while module utilisation remained steady at 44%.

As of March 2026, installed manufacturing capacity stood at 10.3 GW for modules and 2.94 GW for cells. Production during FY26 totalled 2,999 MW of modules and 1,520 MW of cells.

Looking ahead, the company is targeting capacity expansion to 16.3 GW for modules and 8.9 GW for cells by FY28. The business remains largely domestic-focused, with exports contributing a negligible share of the overall mix.

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