JEFFERIES ON EMMVEE PHOTO ; BUY | TP ₹430 | EARLIER TP ₹440

• Q2 was broadly in line, with strong volume growth. • Order book rose 5% QoQ, providing strong revenue and EBITDA visibility over H2FY27–FY28. • Working capital increased and borrowings rose as cell-capacity expansion remains underway. • Jefferies broadly maintains estimates. • EBITDA expected to grow at ~33% CAGR over FY26–29.

EMMVEE PHOTOVOLTAIC PWR L

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