Synopsis: Emmvee posted strong Q4 growth led by capacity expansion, better utilisation, and solid orders. Brokerage remains positive, supported by improving margins, expansion plans, and steady demand outlook in the solar sector.
The solar equipment sector in India is seeing steady growth as demand for clean energy rises. Companies are expanding capacity and improving technology to meet this demand. Emmvee’s latest performance reflects this trend, with strong execution and order inflows. Brokerages believe such momentum may continue as the sector remains supported by long-term energy needs.
With the market capitalization of Rs. 18,164 Crores, the shares of Emmvee Photovoltaic Power Ltd were trading at around Rs. 262 per share which is x percent discount from its 52 weeks high of Rs. 300 per share and is trading at a P/E of 16.8 whereas industry P/E stands at 30.1
Q4 FY24 Result:
Year-on-Year analysis: Revenue from operations has increased from Rs. 1072 Crores to Rs. 1739 Crores, up 62 percent. Operating profit has increased from Rs. 361 Crores to Rs. 571 Crores, up 58 percent and net profit has increased from Rs. 207 Crores to Rs. 392 Crores, up 89 percent
Quarter-on-quarter analysis: Revenue from operations has increased from Rs. 1152 Crores to Rs. 1739 Crores, up 51 per cent. Operating profit has increased from Rs. 413 Crores to Rs. 571 Crores, up 38 percent and net profit has increased from Rs. 264 Crores to Rs. 392 Crores, up 48 percent.
Brokerage View
JM Financial has maintained a BUY rating on Emmvee with a revised target price of Rs. 341 (earlier Rs. 291), implying an upside of about 25.4 percent from the price of Rs. 272. The upgrade is driven by improved earnings estimates and better operating performance. The brokerage has increased EBITDA/W projections to Rs. 5.04 for FY27E and Rs. 4.24 for FY28E, from earlier estimates of Rs. 4.05 and Rs. 3.75. The valuation is based on 7.5x FY28E EV/EBITDA, supported by the company’s scale-up and technology shift.
Operational Performance
The company commissioned a 2.5GW solar module manufacturing line in May 2025 and another 2.5GW line in December 2025 at Sulibele, Hoskote Taluk, Bengaluru. Module manufacturing capacity increased from 6GW to 10.3 GW, while solar cell capacity stood at 2.94 GW. During Q4FY26, production was 952MW for modules and 428MW for solar cells. For the full year FY26, production reached 2.9 GW of modules and 1.5 GW of cells.
Utilisation and Efficiency
Solar cell utilisation improved to 79 percent in Q4FY26 compared to 51 percent in Q4FY25 and 75 percent in Q3FY26. Module utilisation stood at 44 percent compared to 50 percent last year and 43 percent in the previous quarter. Blended EBITDA per watt improved from Rs. 4.87 in FY25 to Rs. 5.78 in FY26, reflecting better efficiency and operating leverage.
Order Book
The company booked 1.27GW of new orders during the period, taking the total order book to 9.4GW compared to 9.3GW in December 2025. Out of this, 4.5GW relates to TOPCon cell orders, providing strong visibility for future production and revenues.
Growth and Expansion Plans
Emmvee has initiated plans to set up a new 6GW integrated solar cell and module manufacturing facility. Following this expansion, total installed capacity is expected to reach 16.3GW for modules and 8.94GW for solar cells by FY28E. IREDA has sanctioned a term loan of Rs. 33bn for the project. The company has also completed payment for land allotment at Devanahalli, Bengaluru, and has taken possession of the land.
Earnings Outlook
Revenue is projected to grow from Rs. 50,499mn in FY26 to Rs. 90,671mn in FY27E and Rs. 131,580mn in FY28E. EBITDA is expected to increase to Rs. 25,110mn in FY27E and Rs. 33,296mn in FY28E. Profit after tax is estimated at Rs. 15,504mn for FY27E and Rs. 18,729mn for FY28E, reflecting continued scale-up in operations.
Conclusion:
Emmvee’s Q4FY26 performance shows strong growth driven by higher volumes, better utilisation, and capacity expansion. A 9.4GW order book provides clear visibility, while the planned 6GW facility supports future scale-up. Despite slight margin moderation, lower finance costs and improved efficiency support profitability. With rising earnings estimates and expansion in place, the company remains well positioned to benefit from steady solar sector demand.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
The post Emmvee Photovoltaic Stock to Buy After Robust Q4 Results and Strong Future Outlook appeared first on Trade Brains.