Emmvee Photovoltaic jumps 8% as Jefferies lifts TP

Stock rallies after Q4FY26 earnings beat

Shares of Emmvee Photovoltaic Power moved sharply higher in Wednesday’s trade after the company reported a strong March 2026 quarter (Q4FY26). The stock rose about 7% to ₹292 during the session, with reports also noting gains of around 8% to ₹294.42. The upmove took the stock close to its 52-week high of ₹299.50 on the NSE. The rally followed better-than-expected operating performance and fresh brokerage support.

A key trigger was a post-results note from Jefferies, which reiterated a ‘Buy’ call and raised its price target. Separately, JM Financial also maintained a positive view and lifted its target price. The combined upgrades helped reinforce the market’s focus on execution and visibility for FY27 and early FY28.

Jefferies reiterates ‘Buy’, raises target to ₹350

Jefferies reiterated its ‘Buy’ rating on Emmvee Photovoltaic Power and revised its target price to ₹350. In its March 2026 review, the brokerage flagged a “robust earnings beat” and stronger growth visibility. Jefferies said EBITDA and profit after tax (PAT) were 13% and 17% ahead of its estimates, respectively.

The brokerage also highlighted a healthy order book and improving revenue visibility through FY27 and the first half of FY28. On balance sheet expectations, Jefferies said it sees the net debt-to-equity ratio staying around 0.5x over FY27 to FY28.

On valuation, Jefferies said the stock trades at an attractive discount of about 35% to peers. It valued the company at 10x FY28 estimated EV/EBITDA while setting the revised target price.

Q4FY26 numbers: revenue, EBITDA, PAT rise sharply

Emmvee reported strong year-on-year growth across key profit lines in Q4FY26. Revenue rose 62% YoY to ₹1,740 crore, which was stated as 6% above expectations in the report. EBITDA increased 58% YoY to ₹570 crore, while PAT surged 89% YoY to ₹390 crore.

The sharp jump in profitability was a central reason behind the upgrades. Brokerages also pointed to visibility from the order book, which helps support throughput planning and near-term revenue conversion.

Where the stock traded: near highs, strong recent run

The stock was reported trading around ₹294.42 at about 11:20 AM, up 8.2% from the prior close of ₹272.28 on NSE. It also hit ₹299.50 during the session, marking a fresh 52-week high level cited in the report.

Over the past three months, Emmvee Photovoltaic Power shares have surged 55%. Another data point in the coverage highlighted that the stock has recovered about 74% from its 52-week low of ₹171.51 recorded on December 18, 2025.

The company’s market capitalisation was cited at ₹18,851 crore.

JM Financial: target raised to ₹341, capacity and utilisation data

JM Financial said Emmvee’s revenue and EBITDA came above consensus estimates. It also shared operating data for the manufacturing base: module and cell manufacturing capacities stood at 10.3 GW and 2.9 GW, respectively. Utilisation levels were cited at 44% for modules and 79% for cells.

JM Financial highlighted improvement in blended EBITDA per watt, which rose to ₹5.78 in FY26 from ₹4.87 in FY25. It also referred to Emmvee’s 9.4 GW order book and stated that cells contribute 50%.

Based on this, JM Financial raised FY27E and FY28E EBITDA per watt estimates to ₹5.04 and ₹4.24, from ₹4.05 and ₹3.75 earlier. It maintained a ‘Buy’ rating and revised its target price to ₹341 from ₹291, valuing the stock at 7.5x FY28E EV/EBITDA.

What brokerages are watching: growth, margins, leverage

Jefferies projected a 26% EBITDA CAGR over FY26 to FY28, driven by volume growth from the existing order book, while also factoring in some compression in EBITDA per watt. The note also linked the renewable energy sector’s broader outlook to rising global demand for energy security.

On leverage, Jefferies expects net debt-to-equity to remain around 0.5x through FY27 to FY28. A separate Hindi-language excerpt in the provided text also mentioned a “strong balance sheet” and said there was “no debt,” but the Jefferies net debt-to-equity expectation remains the quantified guidance available in the same set of inputs.

Key numbers at a glance

Brokerage views and targets

Market impact: what changed after the results

The immediate market response reflected two factors moving in tandem: a Q4 earnings beat and higher targets from brokerages. The re-rating discussion in the notes was anchored in reported profit growth, order book visibility into FY27 and H1FY28, and operating metrics such as utilisation and EBITDA per watt.

The share move also underscored how closely the stock is trading to key technical reference points mentioned in the coverage, including the 52-week high of ₹299.50 and a sharp recovery from the December 2025 low.

Why the update matters for investors

For investors tracking listed solar manufacturing and renewable-linked names, the Emmvee update brought together near-term execution (Q4FY26 outperformance) and medium-term visibility (order book and FY27 to FY28 indicators). Jefferies’ 26% EBITDA CAGR projection over FY26 to FY28, alongside its expectation of some EBITDA-per-watt compression, frames the core debate as one of volumes versus unit economics.

At the same time, the targets show meaningful differences in valuation multiples, with Jefferies using 10x FY28E EV/EBITDA and JM Financial using 7.5x FY28E EV/EBITDA, even as both retain a ‘Buy’ view.

Conclusion

Emmvee Photovoltaic Power’s shares climbed close to a 52-week high after Q4FY26 earnings rose sharply year-on-year and brokerages raised target prices. Investors will likely track order book conversion and how EBITDA per watt trends alongside capacity utilisation through FY27 and into FY28, as cited in brokerage notes.