Jefferies raises price target on Emmvee Photovoltaic after valuation discount; stock gains 5%
Key Takeaways
- •Jefferies raised its price target on Emmvee on the back of a valuation discount, and the stock climbed 5% following the upgrade.
- •The brokerage cited Emmvee's early entry into TOPCon cells, strong order book, solar PV value chain presence and net-debt-free balance sheet as supporting backward integration into ingots and wafers and industry-leading profitability over the medium term.
- •TOPCon has overtaken PERC as the mainstream global solar cell technology, while ingots and wafers remain weak links in India's domestic supply chain, where imports largely from China fill the shortfall.
- •Emmvee, a Bengaluru-based module and cell maker that listed in 2024, is pursuing backward integration in line with India's localisation policies, including the PLI scheme, the ALMM list and the 500 GW non-fossil capacity goal for 2030.
Jefferies said Emmvee'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.
TOPCon, or tunnel oxide passivated contact, has become the mainstream cell technology in global solar manufacturing, displacing older PERC designs, while ingots and wafers remain among the weakest links in India's domestic supply chain, where module capacity far exceeds upstream production and imports — largely from China — continue to fill the gap.
The brokerage raised its price target on the renewable energy player after citing a valuation discount, according to the source article. Following the update, the stock jumped 5%.
Emmvee, a Bengaluru-based solar manufacturer that made its stock-market debut in 2024, is one of India's established module and cell makers. Its backward-integration ambitions align with New Delhi's policy push to localise the solar value chain, which includes the production-linked incentive scheme for high-efficiency modules, the ALMM list that steers government-backed projects toward domestically made equipment, and the national target of 500 GW of non-fossil-fuel capacity by 2030.
Tags
Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
