Saatvik Green Energy Ltd(SAATVIKGL)

NSE: SAATVIKGLBSE: 544526

₹ 350-3.71%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 4,449 crWebsite: www.saatvikgroup.comUpdated: 24 Oct 2026

About

Saatvik Green Energy Ltd, incorporated in 2015, is one of India's leading solar PV module manufacturers. Its integrated model covers module manufacturing, EPC, O&M and power electronics including solar inverters. It runs 4.8 GW of annual module capacity at Ambala, Haryana, and reported FY26 revenue of Rs 4548.44 Cr. Wood Mackenzie's Global Assessment 2026 placed it among the top 25 global solar PV module manufacturers.^[1][2][3]

Business segments

Module manufacturing is the core business. As of Q1 FY27, utility-scale customers made up ~70% of the order book and C&I/open access ~30%.^[4]
Non-module revenue (EPC, solar pumps, inverters and, after Melcon, transformers) is targeted at 7 - 10% of topline in FY27 and 15% by FY28.^[4]
EPC is to be kept selective at 3 - 4% of topline in FY27. Solar pump revenue grew from INR 2 Cr to INR 47 Cr in FY26 under PM-KUSUM.^[3]
The EPC division has executed more than 500 MW of projects (as of FY26).^[1]

Products and brands

Module brands are TEJ and TEJ Plus (N-TOPCon), and VEGA and VEGA Plus (Mono PERC and bifacial Mono PERC), as of FY26.^[1]
In FY26 the company launched the UDAY Series of on-grid solar inverters, from 1.1 kW to 50 kW.^[1]
In Q1 FY27 it launched the B2C SuryaConnect Solar Kit and the UDAY Plus Hybrid Inverter, entering residential distributed solar.^[4]

Manufacturing capacity and utilisation

The Ambala module plant reached 4.8 GW of annual capacity in Q2 FY26. Capacity utilisation for full-year FY26 was 84.07%.^[5][1]
A 2 GW EPE encapsulant facility was commissioned at Ambala in FY26, with expansion to 5 GW planned. The company says it is one of the few Indian manufacturers making its own encapsulant.^[1][6]
Odisha 4 GW module line: equipment installation substantially complete and trial runs under way as of Q1 FY27. Ramp-up is targeted by end-August 2026, which would take total module capacity to 8.8 GW.^[4]
Odisha cell Phase 1 (2.4 GW): tool move-in had begun as of Q1 FY27, with the ALMM-2 inspection targeted for September 2026 and ramp-up from end-August/early-September 2026.^[4]
Imported solar cells are currently the main cost input (FY26). The Odisha cell plant is intended to reduce this dependence, and ALMM List-II becomes mandatory in June 2026.^[1]
Saatvik Solar Industries Pvt Ltd is the material subsidiary and manufacturing backbone of the group, and it is carrying out the Gopalpur expansion.^[1]

Key operating numbers

Production was 408 MW in Q1 FY27, vs 685 MW in Q1 FY26 and 935 MW in Q4 FY26, reflecting customer deferrals, cost volatility and selective order execution.^[4]
Sales volume was 334 MW in Q1 FY27, vs 579 MW in Q1 FY26.^[4]
Module realisation was $0.145 - $0.16 per watt in Q2 FY26.^[5]
About 30% of the 6.35 GW order book was DCR domestic-cell orders as of Q1 FY27.^[4]
Full-year FY27 sales guidance is 3.5 - 4 GW.^[4]

Order book

The confirmed order book was 6.35 GW (~INR 8,200 crores) as of Q1 FY27, vs about 5.89 GW at March 31, 2026, spanning utility-scale, C&I and government projects.^[4][1]
After the quarter, orders of INR 138 crores (July 2026) and INR 400 crores (August 2026) were added.^[4]

Customers and distribution

Customers include utilities, C&I customers, EPC companies, retail customers and international buyers. The company has a pan-India presence through 81+ channel partners (FY26).^[1]
Revenue mix in Q2 FY26: utility ~70%, retail/C&I ~25%, EPC ~3%, exports ~0.4%.^[5]
Exports were 0.78% of turnover in FY26. Since inception the company has supplied over 6 GW of modules to customers in India and more than 20 countries.^[1]
Saatvik Green Energy USA Inc., based in Houston, distributes modules in the US. Management is evaluating US re-entry after tariffs were cut from 50% to 18% (Q3 FY26).^[1][6]

Expansion and capex

Odisha Phase 1 (2.4 GW cell + 4 GW module) capex is ~INR 1,850 crores, and Phase 2 is ~INR 1,600 - 1,700 crores. The combined ~INR 3,500 crores had INR 1,000 crores spent as of Q1 FY27.^[4]
Cell Phase 2 (3.6 GW): site work is to start by end of Q2 FY27, with completion by end of FY28, taking cell capacity to 6 GW.^[4]
Phase 3, 6 GW of ingot and wafer manufacturing, is targeted for FY29, in line with the ALMM-3 transition.^[4][1]
185 acres secured in Mohasa-Babai Industrial Area, Madhya Pradesh, on a 99-year lease for future expansion.^[3]
The company is entering battery energy storage through a newly incorporated subsidiary, Saatvik Power Storage Solutions Limited.^[1]

Recent developments

Oct 10, 2026: won a Rs. 100 crore MSEDCL order to supply, install and commission 5,000 off-grid DC solar water pumping systems within 60 days of NTP.^[7]
April 2026: acquired an 80% stake in Melcon Transformers and Electricals, entering transmission equipment. It targets INR 1,000 - 1,500 crores of revenue from this business in 3 - 4 years.^[4][1]
Sept 2025: the IPO raised INR 7,000 mn.^[1]

Market Cap

₹4,449 Cr

High / Low

₹552 / 330

Stock P/E

19.9

Price / Book

3.6

Book Value

₹107

EPS

₹28.1

No. of Shares

12.71 Cr

ROCE

22.5%

ROE

26.3%

OPM

11.3%

Debt / Equity

0.65

Sales

₹4,548 Cr

Net Profit

₹357 Cr

Promoter holding

76.0%

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