Torrent's analysts said this:
Electrovaya remains a core holding within Torrent’s investment portfolio.
The Company is a standout performer in the cleantech space and has a clear value proposition; its lithium-ion batteries offer superior economics in the MHEV segment when compared to combustible engines and lead acid batteries.
EFL has sector leading revenue growth, proven technology, barriers to entry, Fortune 500 clients, is approaching profitability and carries a greatly improved balance sheet. The Company is in the early stages of a period of accelerated growth and as it scales across its existing clients (i.e. Walmart), benefits from its strategic relationship with Raymond (Toyota) and expands into other battery verticals such as e-buses and e-trucks.
Despite these superior fundamentals, the stock trades at a discounted multiple in relation to other cleantech investments. We look for the stock price to trend higher once short-term weakness in the green trade abates, as EFL continues to post sector leading growth and as the Nasdaq listing brings a new set of eyes on the Electrovaya story.