Emmvee photovoltaic power Limited has announced its quarterly earnings conference call for Q3FY26, scheduled to take place on January 16, 2026. The company informed both BSE and NSE about this development under Regulation 30 of the SEBI (LODR) Regulations, 2015 on January 13, 2026.

Conference Call Details

The earnings call will be conducted virtually through Microsoft Teams platform, providing accessibility to investors and analysts. The session is scheduled for Friday, January 16, 2026 at 4:00 PM IST.

Management Participation

The conference call will feature key management representatives who will discuss the company's Q3FY26 financial performance and business developments.

Key Management Representatives

• Mr. Manjunatha D V - Chairman and Managing Director
• Mr. Suhas Donthi Manjunatha - President and CEO
• Mr. Pawan Kumar Jain - Chief Financial Officer

Participation Guidelines

The company has outlined specific guidelines for participation in the earnings call:

• All investors and analysts are eligible to attend the virtual session
• Participants need to register through the meeting link provided in the official invite
• The session will be conducted exclusively on Microsoft Teams platform
• No specific exclusions have been mentioned for audience participation

Additional Information

The company has indicated that the presentation materials for investors and analysts will be filed with stock exchanges and made available on the company's website following the declaration of financial results. For queries related to the conference call, participants can reach out to the investor relations team at investorrelations@emmvvee.in or emmvvee@raadhicapital.com .

The notification was signed by Shailesha Barve, Company Secretary and Compliance Officer (Membership Number: A50601), representing the solar energy company that has been operating since 1992.

Emmvee Photovoltaic Power shares extended their rally for a second consecutive session, gaining as much as 8.50% to hit an intraday high of ₹217.00 on January 7. The stock has surged 17% over the past two sessions, driven by positive analyst coverage and optimistic sector outlook.

Jefferies Initiates Coverage with Buy Rating

The rally gained momentum after global brokerage firm Jefferies initiated coverage on the stock with a Buy rating and a target price of ₹320.00, representing a 60% upside from current levels. The brokerage cited strong growth visibility, policy support, and attractive valuations as key factors supporting their bullish stance.

India's Solar Sector Growth Outlook

Jefferies analysts project robust growth for India's solar sector, expecting annual solar installations to grow at a 24% CAGR between FY25 and FY28. This growth is expected to be driven by falling solar tariffs, rising power demand, and increasing adoption of battery energy storage systems.

According to the brokerage, solar power tariffs have consistently remained below the cost of new thermal power over the past four years, making solar the preferred option for utilities and industrial consumers. The recent discovery of solar-plus-storage tariffs in the ₹3.00–₹3.50 per unit range has further strengthened the renewable energy proposition.

Emmvee's Competitive Positioning

Emmvee stands out in the sector due to its early adoption of high-efficiency TOPCon cell technology. The company is among the first in India to operationalise large-scale TOPCon cell capacity, with 3.00 GW already operational since September 2024. Its collaboration with Germany's Fraunhofer Institute and the use of German-sourced equipment are expected to help maintain competitive operating costs.

The company is expanding capacity aggressively, with Jefferies estimating significant growth in both cell and module capacities by FY27. Unlike some peers, Emmvee remains focused on the core solar value chain and does not plan to diversify into batteries or inverters.

Financial Projections and Valuation

Jefferies forecasts a 56% EBITDA CAGR over FY25–FY28, driven by strong volume growth despite some margin compression. The brokerage expects industry profitability to stabilise by FY28 as inefficient capacities shut down and stricter efficiency norms are implemented. Even after normalisation, Emmvee is expected to deliver high-teen returns on capital.

At current levels, the stock trades at approximately 50% discount to peers, leading Jefferies to value Emmvee at 9x forward EV/EBITDA. However, the brokerage cautions that domestic oversupply could pressure margins over the medium term.

Policy Support Drives Domestic Manufacturing

Policy support continues to be a key driver for domestic manufacturers, with measures such as the Approved List of Models and Manufacturers (ALMM) and domestic content requirements for public sector projects effectively reserving a significant portion of the market for Indian players. These supportive policies are expected to benefit companies like Emmvee that focus on domestic manufacturing capabilities.