Saatvik Green Energy: Business Overview & Financial Analysis
Saatvik Green Energy is a leading Indian solar photovoltaic (PV) module manufacturing and green energy solutions enterprise headquartered in Ambala, Haryana. Promoted by Prashant Mathur and the Mathur family, the company manufactures high-efficiency solar modules, offers solar EPC services, and operates IPP (Independent Power Producer) solar projects. Operating state-of-the-art automated manufacturing facilities in Ambala, Haryana, and expanding into Gandhidham, Gujarat, the enterprise serves solar project developers, commercial and industrial (C&I) clients, and government infrastructure agencies across domestic and international markets.
Executable Order Book & Pipeline of Saatvik Green Energy (Q1 FY2027)
Saatvik Green Energy maintains a strong executable order book providing multi-year revenue visibility across solar module supply and EPC contracts.
- Total Executable Order Book Backlog – ~Rs 1,450.00 crore (as of June 30, 2026)
- Solar PV Module Supply Share – 82.0% of Total Order Book Backlog
- Solar EPC & IPP Services Share – 18.0% of Total Order Book Backlog
- Primary Client Roster – BHEL, NTPC, Coal India, L&T, and major private C&I developers
- Key Export Markets Reach – USA, Europe, Middle East, and Africa
An executable order book backlog crossing Rs 1,450.00 crore provides strong top-line execution visibility over upcoming financial quarters. Securing high-margin module supply contracts from BHEL, NTPC, and private C&I developers reinforces order book quality.
Business Segment Revenue Mix of Saatvik Green Energy (Q1 FY2027)
Saatvik Green Energy structures its operating turnover across solar PV module manufacturing, solar EPC project execution, and IPP power generation.
- Solar PV Module Manufacturing Share – 85.4% of Total Revenue (Rs 320.50 crore)
- Solar EPC Services Share – 12.8% of Total Revenue (Rs 48.00 crore)
- Independent Power Producer (IPP) & Others Share – 1.8% of Total Revenue (Rs 6.75 crore)
- Total Consolidated Revenue from Operations (Q1 FY2027) – Rs 375.25 crore (+38.2% YoY)
Solar module manufacturing serves as the primary revenue driver, supported by strong demand for TOPCon and Mono PERC solar panels. EPC and IPP power generation services provide vertical integration and recurring revenue streams.
Product Portfolio & Solar Technology Scale of Saatvik Green Energy (FY2026)
The company manufactures high-efficiency N-Type TOPCon and Mono PERC solar PV modules across various wattage configurations.
- Key Technology Platforms – N-Type TOPCon, Mono PERC, and Bifacial Dual Glass Solar Modules
- Solar Module Wattage Range – 540 Wp to 700+ Wp high-efficiency panels
- Product Certifications Held – ALMM (Approved List of Models and Manufacturers) listed, BIS, IEC, and UL certified
- Total Active C&I & Retail Customer Base – 200+ enterprise clients and a wide pan-India distributor network
Manufacturing high-wattage N-Type TOPCon and Mono PERC modules positions the enterprise to capture market share in utility-scale and C&I solar installations. ALMM listing and international UL/IEC certifications enable domestic government bidding and export dispatches.
Operational Manufacturing Capacity & Facilities of Saatvik Green Energy (Q1 FY2027)
Saatvik Green Energy operates advanced automated module manufacturing lines equipped with robotic stringers and EL testing stations.
- Operational Module Manufacturing Capacity – 3.80 Gigawatts (GW) per annum at Ambala, Haryana
- Under-Construction Cell & Module Capacity – 4.00 GW solar cell & module plant in Gandhidham, Gujarat
- Total Envisioned Capacity Target – 7.80+ GW integrated solar manufacturing capacity by FY2028
- Automated Manufacturing Lines Base – High-speed robotic stringers, lamination, and automated framing lines
Operating 3.80 GW of module capacity in Ambala gives the enterprise a strong manufacturing base to service North and Central Indian solar markets. Developing a 4.00 GW solar cell and module facility in Gandhidham, Gujarat, provides backward integration into cell manufacturing and proximity to export ports.
Latest Quarterly Financial Performance of Saatvik Green Energy (Q1 FY2027)
Saatvik Green Energy delivered double-digit top-line turnover growth and net profit expansion during the first quarter of FY2027.
- Consolidated Revenue from Operations – Rs 375.25 crore (+38.2% YoY vs Rs 271.50 crore in Q1 FY2026)
- Consolidated Operating EBITDA – Rs 48.20 crore (+42.5% YoY vs Rs 33.80 crore in Q1 FY2026)
- Consolidated Operating EBITDA Margin – 12.84% (+39 bps YoY vs 12.45%)
- Consolidated Net Profit After Tax (PAT) – Rs 28.40 crore (+48.2% YoY vs Rs 19.16 crore in Q1 FY2026)
- Consolidated Net PAT Margin Realisation – 7.57% (+52 bps YoY)
First-quarter consolidated operating revenue expanded 38.2% year-on-year to Rs 375.25 crore, supported by higher module dispatch volumes. Consolidated Net Profit After Tax reached Rs 28.40 crore, while operating EBITDA margins expanded to 12.84%.
Consolidated Annual Financial Performance of Saatvik Green Energy (FY2026)
The enterprise achieved full-year turnover expansion and bottom-line earnings growth during full financial year FY2026.
- Full Year Consolidated Revenue from Operations – Rs 1,280.50 crore (+45.2% YoY)
- Full Year Consolidated Operating EBITDA – Rs 162.40 crore (+48.0% YoY)
- Full Year Operating EBITDA Margin – 12.68%
- Full Year Consolidated Net Profit After Tax (PAT) – Rs 94.80 crore (+52.4% YoY)
- Return on Capital Employed (ROCE) Realisation – 24.50%
- Return on Equity (ROE) Realisation – 21.80%
Full-year operating turnover crossed Rs 1,280.00 crore in FY2026, as consolidated Net Profit After Tax expanded 52.4% to Rs 94.80 crore. Delivering a return on capital employed of 24.50% reflects capital efficiency across manufacturing facilities.
Balance Sheet Structure & Capital Health Ratios of Saatvik Green Energy (Q1 FY2027)
Saatvik Green Energy maintains a balanced capital structure supported by equity net worth, IPO proceeds, and managed borrowing leverage.
- Financial Debt Status – Controlled Leverage / Conservative Net Gearing Profile
- Consolidated Net Debt to Equity Ratio – 0.35x
- Total Consolidated Shareholder Equity Net Worth Base – ~Rs 580.00 crore
- Working Capital Conversion Cycle – 42 days
- Credit Rating Profile – Reaffirmed '[CRISIL] A- (Stable)' / 'CARE A- (Stable)'
Operating with a net debt-to-equity ratio of 0.35x provides balance sheet stability to execute ongoing capital expansion plans. A 42-day working capital cycle ensures efficient cash conversion across solar manufacturing cycles.
Capex Allocation & Gujarat Cell Expansion Roadmap of Saatvik Green Energy (FY2027–FY2028)
The enterprise executes a structured capital outlay plan to construct its greenfield solar cell and module manufacturing complex in Gujarat.
- Gandhidham (Gujarat) Greenfield Capex Outlay – Rs 1,200.00+ crore multi-year investment for 4 GW solar cell & module plant
- Primary Investment Allocation Focus – N-Type TOPCon cell manufacturing lines and ultra-modern module automation
- Gandhidham Commercialization Target – Phase 1 module capacity targeted for commissioning in H2 FY2027
- Target Return Hurdle Benchmark – Capital expenditure evaluated against an ~18.0% ROCE threshold
- Funding Strategy – Funded via IPO proceeds, term loans, and internal operational cash accruals
Capital expenditure outlays focus on commercializing Phase 1 of the Gandhidham solar cell and module complex in Gujarat. Backward integration into N-Type TOPCon cell manufacturing secures raw material supply and protects operating margins from cell price volatility.
Strategic Outlook & Management Commentary of Saatvik Green Energy (Q1 FY2027 Concall)
Management guidance outlines strategic priorities centered on capacity expansion, cell backward integration, and export market growth.
- Management targets maintaining a 30.0% to 35.0% annual top-line revenue CAGR over FY2027 and FY2028.
- Consolidated operating EBITDA margins are guided to expand toward the 13.5%–14.5% corridor post cell-line integration.
- Solar module export dispatches to North America and Europe are targeted to scale to 20% of total volume.
- PM Surya Ghar Muft Bijli Yojana and PM-KUSUM schemes are projected to drive strong C&I and rooftop solar module demand.
- Backward integration into cell manufacturing at Gandhidham will optimize supply chain security and boost margins.
- Capital allocation strategy will prioritize self-funded plant additions while maintaining a net debt-to-equity ratio below 0.50x.
Management anticipates strong domestic renewable energy targets and ALMM policy enforcement to drive demand for domestic solar modules. Operational focus centers on executing the Gandhidham expansion project, expanding export sales corridors, and preserving balance sheet health.
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Sources & References
- Saatvik Green Energy Q1 FY2027 Unaudited Financial Results Disclosures & Stock Exchange Filings
- Saatvik Green Energy Investor Presentation & Operational Updates
- Stock Exchange Outcomes & Corporate Announcements for Saatvik Green Energy
- BSE Limited & National Stock Exchange of India (NSE) Disclosures for Saatvik Green Energy
- Ticker Finology Saatvik Green Energy Page
Disclaimer
The information presented above on Saatvik Green Energy has been compiled from the company's Annual Reports, Investor Presentations, Earnings Call (Concall) Transcripts, official regulatory filings and the financial data available on Finology Ticker. Certain figures, classifications or comparisons may vary due to differences in accounting policies, reporting methodologies or subsequent restatements by the company. This content is intended solely for informational purposes and should not be considered as investment advice. Investors are advised to refer to the latest company filings and the updated financial data, ratios and disclosures available on this Finology Ticker Saatvik Green Energy page before making any investment decision. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.