Electrovaya Inc. (ELVA) AI Stock Analysis

Electrovaya Inc. is a Mississauga, Canada-based designer, developer, and manufacturer of advanced lithium-ion batteries and battery systems across North America. Founded in 1996 and formerly named Electrofuel Inc., the company provides lithium-ion batteries tailored for materials handling electric vehicles, such as warehouse forklifts and automated guided vehicles, along with dedicated battery chargers. Electrovaya also offers electromotive power products for electric trucks, buses, and transportation, alongside industrial products for energy storage and building system power solutions.

Revenue expanded at a 5-year CAGR of 36.0% from FY2020 to FY2025, rising from $9.9M in FY2021 to $63.6M in FY2025. Gross margin expanded from 22.8% in FY2021 to 30.6% in FY2025, while operating margin shifted from -73.4% to 8.7%. Net income improved from -$7.5M in FY2021 to $3.4M in FY2025, delivering an EPS of $0.07. Over the trailing twelve months, revenue reached $71.8M with an operating margin of 4.5% and EPS of $0.10. In the latest quarter ended June 30, 2026, quarterly revenue grew 3.4% year-over-year, while quarterly earnings declined 69.3%.

As of June 30, 2026, Electrovaya held $13.1M in cash and short-term investments against total debt of $41.1M, yielding net debt of $28.0M and a debt-to-equity ratio of 0.61. Total assets were $118.5M alongside shareholders' equity of $67.2M, with a current ratio of 7.53. In FY2025, operating cash flow stood at $1.7M, but capital expenditures of $11.2M led to free cash flow of -$9.5M. Additionally, the company's share count increased 79.7% over 5 years.

At $5.07 per share, Electrovaya trades at a trailing P/E of 50.7x and a forward P/E of 26.2x, compared to the median of its US-listed Industrials peers at 24.8x trailing and 17.2x forward. Its price-to-sales multiple is 3.5x and EV/EBITDA is 57.0x, above peer medians of 1.5x and 13.9x, respectively. The stock fell 25.3% over the past year and 7.0% over five years, trailing the S&P 500 (SPY), which gained 16.8% and 83.0% over the respective periods.

Consensus coverage shows 6 Strong Buy ratings, with zero Buy, Hold, Sell, or Strong Sell recommendations. The mean price target is $14.60, representing a 188.0% upside over the last close of $5.07. For the fiscal year ending September 30, 2026, analysts estimate revenue of $71.0M and EPS of $0.08. For the next fiscal year, 5 analysts project revenue of $104.7M and EPS of $0.27. Electrovaya has beaten EPS estimates in 2 of the past 4 quarters, with next earnings scheduled for December 9, 2026.

This page is an AI-written research summary of Electrovaya Inc. (ELVA). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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