Elara Capital has recently initiated coverage on Emmvee with a 'BUY' rating and a target price of Rs 320.Emmvee Photovoltaic Power Ltd on Wednesday issued a clarification after the United States government proposed preliminary duties of nearly 126 per cent on solar imports from India, stating that there would be no impact on its business operations.
"In light of recent reports regarding the US countervailing duties on solar imports from India, Emmvee Photovoltaic would like to clarify that there is no impact on its business operations," the company said in a release.
"Emmvee's integrated solar cell and module manufacturing is primarily aligned to domestic demand. With a strong focus on the Indian market and domestic consumption of its cell output, the company remains insulated from external trade developments of this nature," it added.
"India continues to present significant growth opportunities in renewable energy, and Emmvee remains focused on scaling high-efficiency manufacturing to serve this expanding domestic market," the company further stated.
Shares of Emmvee were last seen 2.56 per cent lower at Rs 207.65 amid broader selling in solar stocks after the US move.
According to data from the International Trade Administration (ITA), the US Department of Commerce, on February 24, 2026, announced its "preliminary affirmative determinations" in countervailing duty (CVD) investigations related to solar imports from India.
The development triggered a sharp reaction in domestic solar stocks, with some analysts flagging possible risks to exports and margins amid concerns over access to the key US market.
Ravi Singh, Chief Research Officer at Mastertrust, said solar stocks came under pressure after the US announced preliminary duties on solar imports from India. "The reaction was largely driven by fear of losing a key export market. Over the last two years, Indian solar exports to the US had grown sharply, touching $792.6 million in 2024 -- almost nine times the 2022 figure," he added.
Meanwhile, Elara Capital has recently initiated coverage on Emmvee with a 'BUY' rating and a target price of Rs 320. The brokerage said the counter appears attractive in terms of valuation, trading at substantial discounts to industry leaders.
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