Electrovaya Future Growth
Future criteria checks 6/6
Electrovaya is forecast to grow earnings and revenue by 41.4% and 29.6% per annum respectively. EPS is expected to grow by 39.9% per annum. Return on equity is forecast to be 51.5% in 3 years.
Key information
41.4%
Earnings growth rate
39.87%
EPS growth rate
| Electrical earnings growth | 18.7% |
| Revenue growth rate | 29.6% |
| Future return on equity | 51.50% |
| Analyst coverage | Good |
| Last updated | 05 Jun 2026 |
Recent future growth updates
Recent updates
Narrative Update • May 26
ELVA: Forklift Battery Reliance Will Expose Weakness In Airport Equipment Demand
Narrative Update: Electrovaya Analyst Price Target Shift Analysts have nudged their fair value estimate for Electrovaya essentially flat at about CA$12.55, with recent price target moves to CA$12 and CA$15 framed around steady execution, stronger forklift battery demand, and ongoing product and market diversification efforts despite near term uncertainty in airport equipment orders. Analyst Commentary Recent research updates reflect a generally constructive tone on Electrovaya, with price targets lifted into a CA$12 to CA$15 range.Narrative Update • Apr 20
ELVA: Fortune 500 Orders And Data Center Projects Will Shape Balanced Outlook
Analysts have made a small upward adjustment to their price outlook on Electrovaya, lifting the fair value estimate from about CA$12.49 to roughly CA$12.55. This reflects updated assumptions on the discount rate and future P/E, while keeping revenue growth and profit margin expectations broadly consistent.Narrative Update • Apr 06
ELVA: Fortune 500 Orders And 2026 Guidance Will Shape Balanced Outlook
Analysts have modestly reduced their price target on Electrovaya to reflect a slightly lower assumed future P/E multiple, while keeping core assumptions such as revenue growth, profit margin, and fair value in CA$ terms essentially unchanged. What's in the News Received new purchase orders of about US$10.5 million through its OEM sales channel for Infinity battery systems used in material handling electric vehicles at multiple distribution centers for a Fortune 500 U.S. customer (Key Developments).Narrative Update • Mar 23
ELVA: Fortune 500 Orders And 2026 Outlook Will Support Upside
Analysts have maintained their CA$12.49 price target for Electrovaya, indicating that assumptions around revenue growth, profit margins and future P/E remain largely unchanged, with only minor updates to the discount rate inputs. What's in the News Electrovaya announced new purchase orders of about US$10.5 million through its OEM sales channel, tied to a Fortune 500 U.S. based customer.Narrative Update • Mar 08
ELVA: Fortune 500 Orders And 2026 Guidance Will Support Returns
Analysts have modestly adjusted their price target on Electrovaya, keeping fair value estimates effectively unchanged at CA$12.49, while fine tuning assumptions around the discount rate, revenue growth, profit margins, and future P/E to reflect updated modeling inputs. What's in the News Electrovaya received new purchase orders of about US$10.5 million through its OEM sales channel for Infinity battery systems used in material handling electric vehicles at multiple distribution centers for a Fortune 500 U.S. based customer (Key Developments).Narrative Update • Feb 22
ELVA: Fiscal 2026 Purchase Pipeline Will Drive Returns
Analysts have nudged their fair value price target for Electrovaya higher from CA$11.77 to CA$12.49, citing updated views on revenue growth, profit margins, and a slightly adjusted discount rate and future P/E assumption. What's in the News Electrovaya reaffirmed earnings guidance for fiscal 2026, pointing to estimated revenue growth above 30% over fiscal 2025, with expected revenue in excess of $83 million, supported by existing purchase orders and an anticipated customer pipeline (company guidance).Analysis Article • Feb 19
Electrovaya's (TSE:ELVA) Earnings Are Of Questionable Quality
Last week's profit announcement from Electrovaya Inc. ( TSE:ELVA ) was underwhelming for investors, despite headline...Narrative Update • Feb 07
ELVA: Fiscal 2026 Revenue Outlook And Order Timing Will Shape Returns
Narrative Update on Electrovaya The analyst price target for Electrovaya has been refined to align with an updated fair value estimate of US$11.77 per share. Analysts attribute this adjustment to modest changes in discount rate assumptions and a slightly higher future P/E multiple.Narrative Update • Jan 23
ELVA: Equity Raise Will Limit Upside Despite Japan Subsidiary Expansion
Analysts have nudged their price target for Electrovaya higher to about US$11.77 from roughly US$11.75, citing modest adjustments to discount rate assumptions and future P/E expectations, while keeping revenue growth and profit margin views essentially unchanged. What's in the News Issued earnings guidance for fiscal 2026, targeting revenue growth of more than 30% over fiscal 2025, implying revenue above $83 million.Narrative Update • Jan 08
ELVA: Equity Raise And Japan Expansion Will Shape Measured Forward Return Profile
Analysts have lifted their price target on Electrovaya from about US$9.49 to roughly US$11.75, citing updated assumptions around discount rates, revenue growth, profit margins, and a higher future P/E multiple. What's in the News Electrovaya completed a follow on equity offering of 4,700,000 common shares at US$5.20 per share, raising about US$24.44m, with a stated discount of US$0.312 per share (Key Developments).Analysis Article • Dec 29
Improved Revenues Required Before Electrovaya Inc. (TSE:ELVA) Stock's 66% Jump Looks Justified
Electrovaya Inc. ( TSE:ELVA ) shareholders would be excited to see that the share price has had a great month, posting...Narrative Update • Dec 16
ELVA: Equity Raise And Japan Expansion Will Shape Balanced Return Outlook
Analysts have raised their price target on Electrovaya from approximately $6.01 to $9.49 per share, citing a richer expected valuation multiple and slightly stronger long term profitability, despite moderating top line growth assumptions. What's in the News Electrovaya Inc.Analysis Article • Nov 14
Little Excitement Around Electrovaya Inc.'s (TSE:ELVA) Revenues As Shares Take 32% Pounding
The Electrovaya Inc. ( TSE:ELVA ) share price has softened a substantial 32% over the previous 30 days, handing back...Analysis Article • Sep 14
There's No Escaping Electrovaya Inc.'s (TSE:ELVA) Muted Revenues Despite A 25% Share Price Rise
Electrovaya Inc. ( TSE:ELVA ) shares have continued their recent momentum with a 25% gain in the last month alone. The...Narrative Update • Aug 16
Jamestown Cell Manufacturing And Battery Insights Will Build Resilience
Driven by significant increases in both Electrovaya's future P/E ratio and net profit margin, analysts have notably raised the consensus price target from CA$4.50 to CA$6.01. What's in the News Launched battery systems for airport ground support equipment in partnership with a major OEM; first commercial shipment set for August and products to be showcased at the International GSE Expo.Analysis Article • Jul 28
Electrovaya Inc. (TSE:ELVA) Shares Fly 38% But Investors Aren't Buying For Growth
Electrovaya Inc. ( TSE:ELVA ) shares have continued their recent momentum with a 38% gain in the last month alone. The...Analysis Article • Jul 11
Electrovaya (TSE:ELVA) Takes On Some Risk With Its Use Of Debt
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...New Narrative • May 18
Jamestown Cell Manufacturing And Battery Insights Will Build Resilience
Electrovaya's strategic focus on diverse, recurring revenue streams and manufacturing expansion suggests potential for improved revenue growth and operational efficiency.Analysis Article • May 16
Why Investors Shouldn't Be Surprised By Electrovaya Inc.'s (TSE:ELVA) Low P/S
Electrovaya Inc.'s ( TSE:ELVA ) price-to-sales (or "P/S") ratio of 2.5x might make it look like a strong buy right now...Analysis Article • Mar 19
Is Electrovaya (TSE:ELVA) Using Too Much Debt?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...Analysis Article • Mar 05
There's Been No Shortage Of Growth Recently For Electrovaya's (TSE:ELVA) Returns On Capital
There are a few key trends to look for if we want to identify the next multi-bagger. Amongst other things, we'll want...Analysis Article • Nov 26
Electrovaya Inc. (TSE:ELVA) Stock Rockets 26% But Many Are Still Ignoring The Company
Electrovaya Inc. ( TSE:ELVA ) shares have continued their recent momentum with a 26% gain in the last month alone...Analysis Article • Sep 16
Not Many Are Piling Into Electrovaya Inc. (TSE:ELVA) Just Yet
You may think that with a price-to-sales (or "P/S") ratio of 1.5x Electrovaya Inc. ( TSE:ELVA ) is definitely a stock...Analysis Article • Aug 15
Electrovaya Inc. (TSE:ELVA) Analysts Are Reducing Their Forecasts For Next Year
The latest analyst coverage could presage a bad day for Electrovaya Inc. ( TSE:ELVA ), with the analysts making...Analysis Article • Aug 03
Here's Why Electrovaya (TSE:ELVA) Has A Meaningful Debt Burden
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...Analysis Article • May 21
Market Cool On Electrovaya Inc.'s (TSE:ELVA) Revenues
Electrovaya Inc.'s ( TSE:ELVA ) price-to-sales (or "P/S") ratio of 2.1x might make it look like a strong buy right now...Analysis Article • Dec 05
These 4 Measures Indicate That Electrovaya (TSE:ELVA) Is Using Debt Extensively
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...Analysis Article • Aug 30
Is Electrovaya (TSE:ELVA) A Risky Investment?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...Earnings and Revenue Growth Forecasts
| Date | Revenue | Earnings | Free Cash Flow | Cash from Op | Avg. No. Analysts |
|---|---|---|---|---|---|
| 9/30/2028 | 164 | 20 | 10 | 14 | 2 |
| 9/30/2027 | 123 | 15 | 21 | 22 | 6 |
| 9/30/2026 | 83 | 7 | -17 | 4 | 6 |
| 3/31/2026 | 71 | 5 | -5 | 1 | N/A |
| 12/31/2025 | 69 | 5 | -6 | -1 | N/A |
| 9/30/2025 | 64 | 3 | -3 | 2 | N/A |
| 6/30/2025 | 55 | 1 | -9 | -7 | N/A |
| 3/31/2025 | 48 | 0 | -5 | -4 | N/A |
| 12/31/2024 | 44 | -2 | 0 | 0 | N/A |
| 9/30/2024 | 45 | -1 | 1 | 1 | N/A |
| 6/30/2024 | 49 | 1 | -1 | -1 | N/A |
| 3/31/2024 | 50 | 0 | 0 | 0 | N/A |
| 12/31/2023 | 48 | 1 | -1 | -1 | N/A |
| 9/30/2023 | 44 | -1 | -6 | -5 | N/A |
| 6/30/2023 | 34 | -7 | -3 | -2 | N/A |
| 3/31/2023 | 28 | -8 | -6 | -6 | N/A |
| 12/31/2022 | 24 | -10 | -9 | -9 | N/A |
| 9/30/2022 | 16 | -9 | -9 | -9 | N/A |
| 6/30/2022 | 14 | -8 | -11 | -11 | N/A |
| 3/31/2022 | 12 | -8 | -11 | -10 | N/A |
| 12/31/2021 | 10 | -8 | -10 | -9 | N/A |
| 9/30/2021 | 12 | -8 | -9 | -8 | N/A |
| 6/30/2021 | 14 | -6 | -12 | -11 | N/A |
| 3/31/2021 | 17 | 0 | -6 | -5 | N/A |
| 12/31/2020 | 16 | 1 | -5 | -5 | N/A |
| 9/30/2020 | 15 | 1 | -4 | -4 | N/A |
| 6/30/2020 | 8 | -1 | -2 | -2 | N/A |
| 3/31/2020 | 4 | -7 | -6 | -6 | N/A |
| 12/31/2019 | 4 | -8 | N/A | -4 | N/A |
| 9/30/2019 | 5 | -3 | N/A | -3 | N/A |
| 6/30/2019 | 6 | -3 | N/A | -4 | N/A |
| 3/31/2019 | 5 | -4 | N/A | -6 | N/A |
| 12/31/2018 | 7 | -5 | N/A | -4 | N/A |
| 9/30/2018 | 6 | -10 | N/A | -7 | N/A |
| 6/30/2018 | 5 | -9 | N/A | -8 | N/A |
| 3/31/2018 | 5 | -9 | N/A | -12 | N/A |
| 12/31/2017 | 2 | -7 | N/A | -19 | N/A |
| 9/30/2017 | 2 | -5 | N/A | -19 | N/A |
| 6/30/2017 | 6 | -9 | N/A | -19 | N/A |
| 3/31/2017 | 8 | -10 | N/A | -17 | N/A |
| 12/31/2016 | 12 | -13 | N/A | -9 | N/A |
| 9/30/2016 | 20 | -9 | N/A | -8 | N/A |
| 6/30/2016 | 25 | -2 | N/A | 0 | N/A |
| 3/31/2016 | 28 | 0 | N/A | 2 | N/A |
| 12/31/2015 | 25 | 2 | N/A | -1 | N/A |
| 9/30/2015 | 17 | -3 | N/A | 0 | N/A |
| 6/30/2015 | 8 | -5 | N/A | -6 | N/A |
Analyst Future Growth Forecasts
Earnings vs Savings Rate: ELVA's forecast earnings growth (41.4% per year) is above the savings rate (3%).
Earnings vs Market: ELVA's earnings (41.4% per year) are forecast to grow faster than the Canadian market (10.7% per year).
High Growth Earnings: ELVA's earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: ELVA's revenue (29.6% per year) is forecast to grow faster than the Canadian market (4.6% per year).
High Growth Revenue: ELVA's revenue (29.6% per year) is forecast to grow faster than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: ELVA's Return on Equity is forecast to be very high in 3 years time (51.5%).
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/07 11:10 |
| End of Day Share Price | 2026/06/05 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/09/30 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Electrovaya Inc. is covered by 13 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| null null | ATB Cormark Historical (Cormark Securities) |
| Carter Driscoll | B. Riley Securities, Inc. |
| Michael Willemse | CIBC Capital Markets |