Electrovaya Inc.

NasdaqCM:ELVA Stock Report

Market Cap: US$473.9m

Electrovaya Future Growth

Future criteria checks 6/6

Electrovaya is forecast to grow earnings and revenue by 42.1% and 29.7% per annum respectively. EPS is expected to grow by 40.1% per annum. Return on equity is forecast to be 51.5% in 3 years.

Key information

42.1%

Earnings growth rate

40.14%

EPS growth rate

Electrical earnings growth18.3%
Revenue growth rate29.7%
Future return on equity51.50%
Analyst coverage

Good

Last updated15 May 2026

Recent future growth updates

Recent updates

Seeking Alpha • Dec 18

Electrovaya: Real Traction In Forklifts But The Story Is More Fragile Than It Looks

Summary Electrovaya shows strong revenue growth and a pivot to profitability but faces contradictions that warrant investor caution. ELVA's narrow market acceptance, reliance on a few customers, and lumpy sales history raise concerns about sustainable growth. Management is cutting sales and marketing expenses while expanding into new verticals and increasing overhead by running two underutilized facilities. Despite targeting a promising niche in electric forklifts, ELVA's debt, equity dilution, and elusive economies of scale limit its appeal to aggressive, diversified portfolios. Read the full article on Seeking Alpha
Seeking Alpha • Jan 22

Electrovaya: Decent Growth Prospects But Too Many Red Flags

Summary Following years of overpromising and underdelivering, Electrovaya's growth in FY2023 largely hit management's ambitious projections. The company expects to grow revenues by up to 70% this year, with positive adjusted EBITDA and cash flow from operations. However, the company's planned expansion into the U.S. is behind plan as required financing has not yet been secured. The issue in combination with Electrovaya's weak financial condition required a going concern warning in the company's annual report. While the company's growth prospects look decent, Electrovaya's weak financial condition, poor corporate governance, and a history of less-than-stellar execution are keeping me sidelined at this point. Read the full article on Seeking Alpha

Earnings and Revenue Growth Forecasts

NasdaqCM:ELVA - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
9/30/20281642010142
9/30/20271231621226
9/30/2026837-1745
3/31/2026715-51N/A
9/30/2025643-32N/A
6/30/2025551-9-7N/A
3/31/2025480-5-4N/A
12/31/202444-200N/A
9/30/202445-111N/A
6/30/2024491-1-1N/A
3/31/202450000N/A
12/31/2023481-1-1N/A
9/30/202344-1-6-5N/A
6/30/202334-7-3-2N/A
3/31/202328-8-6-6N/A
12/31/202224-10-9-9N/A
9/30/202216-9-9-9N/A
6/30/202214-8-11-11N/A
3/31/202212-8-11-10N/A
12/31/202110-8-10-9N/A
9/30/202112-8-9-8N/A
6/30/202114-6-12-11N/A
3/31/2021170-6-5N/A
12/31/2020161-5-5N/A
9/30/2020151-4-4N/A
6/30/20208-1-2-2N/A
3/31/20204-7-6-6N/A
12/31/20194-8N/A-4N/A
9/30/20195-3N/A-3N/A
6/30/20196-3N/A-4N/A
3/31/20195-4N/A-6N/A
12/31/20187-5N/A-4N/A
9/30/20186-10N/A-7N/A
6/30/20185-9N/A-8N/A
3/31/20185-9N/A-12N/A
12/31/20172-7N/A-19N/A
9/30/20172-5N/A-19N/A
6/30/20176-9N/A-19N/A
3/31/20178-10N/A-17N/A
12/31/201612-13N/A-9N/A
9/30/201620-9N/A-8N/A
6/30/201625-2N/A0N/A
3/31/2016280N/A2N/A
12/31/2015252N/A-1N/A
9/30/201517-3N/A0N/A
6/30/20158-5N/A-6N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: ELVA's forecast earnings growth (42.1% per year) is above the savings rate (3.5%).

Earnings vs Market: ELVA's earnings (42.1% per year) are forecast to grow faster than the US market (16.8% per year).

High Growth Earnings: ELVA's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: ELVA's revenue (29.7% per year) is forecast to grow faster than the US market (11.7% per year).

High Growth Revenue: ELVA's revenue (29.7% 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%).

Discover growth companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/18 18:02
End of Day Share Price 2026/05/15 00:00
Earnings2026/03/31
Annual Earnings2025/09/30

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.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* 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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

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.

AnalystInstitution
null nullATB Cormark Historical (Cormark Securities)
Carter DriscollB. Riley Securities, Inc.
Michael WillemseCIBC Capital Markets