Renewable energy stocks: Vikram Solar, Emmvee Photo offer upto 53% gains, says Anand Rathi
Amidst the renewed interest in solar energy, Anand Rathi Institutional Equities has initiated coverage on two solar players- Emmvee Photovoltaic Power and Vikram Solar.
- Mar 13, 2026,
- Updated Mar 13, 2026 12:50 PM IST
The rising geopolitical turmoil in West Asia has increased the demand for renewable energy and the related stocks have turned into a favour. Amidst the renewed interest in solar energy, domestic brokerage firm Anand Rathi Institutional Equities has initiated coverage on two major Indian solar stocks, Emmvee Photovoltaic Power and Vikram Solar, outlining a divergent outlook.
The brokerage has rated Emmvee Photovoltaic Power Ltd as 'buy' with a target price of Rs 307, suggesting 53 per cent upside from Friday's lows. On the other hand, Vikram Solar Ltd has received a 'hold' rating and a target price of Rs 229, hinting at 27 per cent upside from its current levels. However, both recently-listed stocks have tumbled up to 55 per cent from their recent highs.
Emmvee has commissioned a 2.9GW TOPCon cell facility in September 2024, in collaboration with Fraunhofer, one of the first such facilities in India. The company plans to scale this up to 8.9GW by FY28, and its current 10.3GW module capacity is expected to increase to 16.3GW. Anand Rathi highlights that the use of German manufacturing equipment, though requiring higher upfront capex, also boosts operational efficiency and supports stronger margins.
Emmvee's order book of 9.3GW (4.8GW modules, 4.5GW cells) underpins multi-year revenue visibility. Growing exposure to domestic content requirement modules and third-party cell sales reduces vulnerability to volatile import-led pricing. Despite these positives, Emmvee trades at a 30% discount to industry leaders due to its smaller scale and limited exposure to key margin drivers such as wafers–ingots, BESS, and downstream services.
The brokerage values Emmvee at 8.4 times FY28 EV/EBITDA, citing advanced cell technology, higher module efficiencies, and improving capacity utilisation factors as key positives. Risks include delays in commissioning new facilities and high client concentration.
To recall, shares of Emmvee Photovoltaic Power were listed in November 2025, when the company raised a total of Rs 2,900 crore via IPO, selling its shares of Rs 217 apeice. The stock touched peak of Rs 248.35 on December 03, 2025 but fell over 19 per cent in the last three months. The stock has lost nearly 8 per cent from its IPO levels.
For Vikram Solar, Anand Rathi notes a transition from a pure-module manufacturer to an integrated player by 2030. The company has 9.5GW of module manufacturing capacity, with plans to reach 15.5GW by Q1FY27 and a 12GW cell facility enabling significant backward integration. Vikram Solar also aims to commission a 7.5GWh integrated BESS facility by H2FY29 and scale it post-FY30.
However, a substantial planned capital expenditure of Rs108bn through FY29, with about 65% to be funded by debt, leads to a projected debt-to-equity ratio of 1.4 by FY28. High finance costs and weak free cash flow generation, due to elevated working capital days, are seen as constraints on profitability and could intensify financial pressures.
Vikram Solar trades at a 45 per cent discount to industry leaders owing to its module-heavy business model. Although integration into cells and BESS is underway, valuation convergence may remain limited due to execution risks, higher leverage, and weaker cash conversion. The stock is valued at 6.6 times FY28E EV/EBITDA.
Key risks for Vikram Solar include potential equity dilution at the subsidiary level and the challenge of stabilising its cell facility.
Shares of Vikram Solar were listed in August 2025, when the company raised a total of Rs 2,079 crore via IPO, by selling its shares for Rs 332 apeice. The stock rose to Rs 407.85 on September 10, 2025 but it is currently 55 per cent below its all-time peak and down 45 per cent from its IPO price.
The rising geopolitical turmoil in West Asia has increased the demand for renewable energy and the related stocks have turned into a favour. Amidst the renewed interest in solar energy, domestic brokerage firm Anand Rathi Institutional Equities has initiated coverage on two major Indian solar stocks, Emmvee Photovoltaic Power and Vikram Solar, outlining a divergent outlook.
The brokerage has rated Emmvee Photovoltaic Power Ltd as 'buy' with a target price of Rs 307, suggesting 53 per cent upside from Friday's lows. On the other hand, Vikram Solar Ltd has received a 'hold' rating and a target price of Rs 229, hinting at 27 per cent upside from its current levels. However, both recently-listed stocks have tumbled up to 55 per cent from their recent highs.
Emmvee has commissioned a 2.9GW TOPCon cell facility in September 2024, in collaboration with Fraunhofer, one of the first such facilities in India. The company plans to scale this up to 8.9GW by FY28, and its current 10.3GW module capacity is expected to increase to 16.3GW. Anand Rathi highlights that the use of German manufacturing equipment, though requiring higher upfront capex, also boosts operational efficiency and supports stronger margins.
Emmvee's order book of 9.3GW (4.8GW modules, 4.5GW cells) underpins multi-year revenue visibility. Growing exposure to domestic content requirement modules and third-party cell sales reduces vulnerability to volatile import-led pricing. Despite these positives, Emmvee trades at a 30% discount to industry leaders due to its smaller scale and limited exposure to key margin drivers such as wafers–ingots, BESS, and downstream services.
The brokerage values Emmvee at 8.4 times FY28 EV/EBITDA, citing advanced cell technology, higher module efficiencies, and improving capacity utilisation factors as key positives. Risks include delays in commissioning new facilities and high client concentration.
To recall, shares of Emmvee Photovoltaic Power were listed in November 2025, when the company raised a total of Rs 2,900 crore via IPO, selling its shares of Rs 217 apeice. The stock touched peak of Rs 248.35 on December 03, 2025 but fell over 19 per cent in the last three months. The stock has lost nearly 8 per cent from its IPO levels.
For Vikram Solar, Anand Rathi notes a transition from a pure-module manufacturer to an integrated player by 2030. The company has 9.5GW of module manufacturing capacity, with plans to reach 15.5GW by Q1FY27 and a 12GW cell facility enabling significant backward integration. Vikram Solar also aims to commission a 7.5GWh integrated BESS facility by H2FY29 and scale it post-FY30.
However, a substantial planned capital expenditure of Rs108bn through FY29, with about 65% to be funded by debt, leads to a projected debt-to-equity ratio of 1.4 by FY28. High finance costs and weak free cash flow generation, due to elevated working capital days, are seen as constraints on profitability and could intensify financial pressures.
Vikram Solar trades at a 45 per cent discount to industry leaders owing to its module-heavy business model. Although integration into cells and BESS is underway, valuation convergence may remain limited due to execution risks, higher leverage, and weaker cash conversion. The stock is valued at 6.6 times FY28E EV/EBITDA.
Key risks for Vikram Solar include potential equity dilution at the subsidiary level and the challenge of stabilising its cell facility.
Shares of Vikram Solar were listed in August 2025, when the company raised a total of Rs 2,079 crore via IPO, by selling its shares for Rs 332 apeice. The stock rose to Rs 407.85 on September 10, 2025 but it is currently 55 per cent below its all-time peak and down 45 per cent from its IPO price.