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Undervalued player

Emmvee Photovoltaic Power (EMMVEE IN ), a top integrated solar PV module and cell ma ker in India, rank s among the largest by capacity . An early adopter of high -efficiency TOPCon technology , it serves B2G and B2B customers , tapping the domestic content requirement (DCR ) market via its ALMM -enlisted module s. T rading at a 34-40% discount to Waaree Energies (WAAREEEN IN ) and Premier Energies (PREMIERE IN ), w e initiate on EMMVEE with a Buy rating and a TP of INR 320 .

Second-largest, pure-play, integrated manufacturer: The company is the country’s second - largest , pure -play , integrated solar PV module and cell manufacturer, with 10.3GW of module capacity and ~ 2.94GW of cell capacity as on December 2026 . Its end -to-end integrated production model —from cell s to module s—delivers supply chain control, cost efficiency, quality assurance & traceability, and insulation from global price swings . This scale erects strong entry barriers for new comers, offering tech agility across Mono PERC & TOPCon . The ALMM List I e ligibility position s EMMVEE for government -backed demand, DCR access , and sectoral opportunities for sustained growt

Robust orderbook signals demand strength: A growing orderbook underscores demand visibility and reinforces a company’s competitive positioning in the domestic solar manufacturing landscape . As on December, 25 , orderbook stood at ~ 9.3GW, diversified across independent power producers (IPP ), commercial & industrial (C&I) firms , and engineering, procurement & construction (EPC ) contractors. TOPCon manufacturing capabilities have enabled participation in high -value public sector tenders, inc luding 795.4MW DCR - compliant module order for NTPC Renewable Energy’s Khavda project.

First-mover in advanced TOPCon technology: EMMVEE has built a strong technological advantage by being one of the earliest domestic manufacturers to adopt high -efficiency TOPCon solar cell technology. Its ~ 2.9GW cell facility at Dobbaspet, Bengaluru , is among India’s largest TOPCon plants in the country . Investments ahead of peers yielded expertise in complex processes , such as tunnel oxide formation, polysilicon deposition, and high - temperature annealing, bolstering efficiency and long -term performance , ahead of rivals

Initiate with Buy and a TP of INR 320: We expect a revenue CAGR of 7 7% and an EBITDA CAGR of 64% during FY25 -28E . We initiate on EMMVEE with a Buy rating and a TP of INR 320 based on 8x FY 28E EV/EBITDA after factor ing in robust growth prospects and tailwinds. It is trading at a 34% discount to peers, PREMIERE and WAAREE EN . Key risks include : 1) increased competition from large domestic firms could squeeze pricing & margin , and 2) heavy US market reliance amplifies sensitivity to policy, tariff, and geopolitical vulnerabilities

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