Emmvee Photovoltaic Share Price Target 2026, 2027, 2028, 2029, 2030
- Market Cap
- ₹22,436 Cr
- Book Value
- ₹53.4
- Stock P/E
- 17.6
- Dividend Yield
- 0%
- ROE
- 51.1%
- ROCE
- 44.8%
- PEG Ratio
- 0.11
- EV/EBITDA
- 11.3
Fundamentals from Screener.in, as of 5 Aug 2026. Live price via Yahoo Finance.
Emmvee Photovoltaic share price today
Emmvee Photovoltaic (NSE: EMMVEE) is the same trade as Waaree Energies one size smaller: an Indian solar module and cell maker feeding a market where policy (ALMM domestic-content lists, import duties) reserves demand for local manufacturers while national capacity targets guarantee the order book. The numbers are cycle-peak spectacular: 51% ROE, 44.8% ROCE, 34.6% operating margins, 158% five-year profit CAGR — at 17.6× earnings with a PEG of 0.11.
Our universe tags it accumulate with both flags showing: listed November 2025 (short public history) and policy-cycle earnings — margins this fat exist because policy walls hold imports out, and policy is a variable, not a constant.
The protected build-out
India’s solar targets require domestic module capacity, and ALMM enrolment is the gate: projects seeking government-linked demand must buy from listed domestic makers. Emmvee’s integration into cells deepens the protection (cell-level domestic-content requirements are the next policy ratchet) and its Bengaluru-based manufacturing record predates the boom — this is a two-decade-old company whose market finally arrived, not a boom-born startup.
Watch-items: module/cell price spreads (global oversupply presses against the duty wall), ALMM/duty policy continuity, execution on capacity expansion, and receivables from project developers.
The numbers
From our research universe snapshot (5 Aug 2026):
| Metric | Value |
|---|---|
| Market cap | ₹22,436 Cr |
| P/E (TTM) | 17.6 |
| EV/EBITDA | 11.3 |
| Operating margin | 34.6% |
| ROE / ROCE | 51.1% / 44.8% |
| Debt to equity | 0.10 |
| Sales CAGR (5y) | 64.1% |
| Profit CAGR (5y) | 158.2% |
| Promoter holding | 80.0% |
| EPS (TTM) | ₹18.37 |
Emmvee Photovoltaic share price target 2026 to 2030
EPS base ₹18.37 (TTM — cycle-peak margins; scenarios haircut hard). Bear: policy walls thin and margins normalise violently — 5% growth, multiple at 10×. Base: the build-out sustains protected economics — 15% growth at 16×. Bull: cell integration and exports extend the supercycle — 25% growth at 22×.
| Year | Bear (10×, +5%) | Base (16×, +15%) | Bull (22×, +25%) |
|---|---|---|---|
| 2026 | ₹193 | ₹338 | ₹505 |
| 2027 | ₹203 | ₹389 | ₹631 |
| 2028 | ₹213 | ₹447 | ₹789 |
| 2029 | ₹223 | ₹514 | ₹987 |
| 2030 | ₹234 | ₹591 | ₹1,235 |
From ₹323.5, the base case is ≈ +83% over four and a half years; the bear is −28%. That spread is the policy trade in one line: the wall pays extraordinarily while it stands. Size accordingly — the range below prices entry, and our monthly reviews watch the wall.
Reasons to own Emmvee (at the right price)
- ALMM protection converts policy into pricing power — the moat is regulation.
- PEG 0.11: even savagely normalised growth is barely priced.
- Cell integration deepens the domestic-content advantage as rules ratchet.
- 80% promoter holding — maximum conviction, minimum float.
- Two decades of manufacturing history beneath a young listing.
The risks: policy is the moat and policies change, global module oversupply waits outside the wall, margins are cyclically extraordinary, and a 2025 listing has no downcycle record.
Should you buy at the current price?
The live buy range below is for members — protected-cycle exposure, disciplined entry.
FAQ
What is the Emmvee Photovoltaic share price target for 2030? Base case ≈ ₹591 (16× on 15% compounded growth), bear ≈ ₹234, bull ≈ ₹1,235. Arithmetic above.
What is ALMM? The Approved List of Models and Manufacturers — government-linked solar projects must source modules from enrolled domestic makers, effectively reserving that demand for Indian manufacturers like Emmvee.
How does Emmvee compare with Waaree? Same protected-market thesis at smaller scale and a cheaper multiple; Waaree brings scale and export depth, Emmvee brings the lower entry price. We treat them as one trade sized across two tickets.
When are Emmvee’s next results? Track the exact date on our results calendar.
This article is research and education, not personalised investment advice. We are not SEBI-registered advisers. Price targets are scenario arithmetic, not promises. Do your own research and consult a registered adviser before acting.