Saatvik Green Energy Limited (SAATVIKGL)
₹396.75 +0.27% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Saatvik Green's revenue was ₹511 Cr (-44.2% year on year, -68.2% on the previous quarter), and net profit ₹5.4 Cr (-95.5% year on year); the operating margin was 6.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹511 | -44.2% | -68.2% |
| Operating profit | ₹33.8 | -80.9% | -68.6% |
| Net profit | ₹5.4 | -95.5% | -91.1% |
| EPS (₹) | 0.43 | -95.9% | -91.0% |
| Operating margin | 6.6% | — | — |
SAATVIKGL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 46.07% of the SAATVIKGL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 46.14%. That is close to its usual level. Turnover was only ₹52 lakh, so a handful of trades can move this figure. Volume was under a tenth of its average.
Delivery in the last 5 sessions: 18.8% · 50.1% · 45.8% · 59.9% · 46.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Saatvik Green Energy Limited has received a commercial order worth approximately Rs 100 Crores (exclusive of GST) from Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL). The project entails the design, manufacture, supply, transport, installation, testing, and commissioning of 5,000 Off-Grid DC Solar Photovoltaic Water Pumping Systems (3 HP, 5 HP, and 7.5 HP capacity). Execution must be completed within 60 days from the issuance of Notice to Proceed (NTP) or work order from the circle office, and includes 5 years of complete warranty, maintenance, and remote monitoring under the PM KUSUM B scheme.
- Order value of approximately Rs 100 Crores (exclusive of GST)
- Encompasses 5,000 Off-Grid DC Solar Photovoltaic Water Pumps
- Pump capacities covered: 3 HP, 5 HP, and 7.5 HP
- Strict execution timeline of within 60 days from NTP/work order issuance
- Includes 5 years of comprehensive warranty, repair, maintenance, and remote monitoring
Saatvik Green Energy Limited has declared the voting results of its 11th Annual General Meeting held on September 24, 2026. A total of 12,19,59,005 votes were polled out of 12,71,05,004 outstanding shares, representing a 95.95% turnout across 70,193 shareholders. All three ordinary resolutions, including the adoption of FY26 financial statements, the reappointment of Chairman & MD Neelesh Garg, and ratification of cost auditor remuneration, were passed with over 99.99% majority.
- Total voter participation stood at 95.9514% (12,19,59,005 votes polled out of 12,71,05,004 shares)
- Adoption of FY26 Audited Standalone and Consolidated Financial Statements passed with 99.9999% votes in favour
- Reappointment of Neelesh Garg as Director passed with 99.9998% votes in favour
- Company had 70,193 shareholders on record date, with 42 members attending via video conferencing
Saatvik Green Energy Limited announced the voting results and Scrutinizer's report for its 11th Annual General Meeting held on September 24, 2026. A total of 12.19 crore votes were polled representing 95.95% of the total 12.71 crore shares outstanding. All three resolutions were approved with over 99.99% majority, including the adoption of FY26 standalone and consolidated financial statements, the reappointment of Chairman & MD Neelesh Garg retiring by rotation, and ratification of the Cost Auditor's remuneration for FY27.
- Total voter turnout stood at 95.9514% with 12,19,59,005 votes polled out of 12,71,05,004 shares
- Adoption of FY26 financial statements passed with 99.9999% votes in favor (12,19,58,916 votes)
- Reappointment of Neelesh Garg as Director passed with 99.9998% approval
- Cost Auditor remuneration ratification for FY27 approved with 99.9997% votes in favor
- 42 shareholders attended the meeting via video conferencing across a base of 70,193 members
Saatvik Green Energy Limited announced the completion and voting results of its 11th Annual General Meeting held on September 24, 2026. A total of 12,19,59,005 votes were polled out of 12,71,05,004 outstanding shares, representing a 95.95% turnout. All ordinary resolutions—including the adoption of FY26 financial statements, the reappointment of Chairman and MD Neelesh Garg, and ratification of the Cost Auditor's remuneration—passed with over 99.99% approval. A total of 42 shareholders attended the AGM via video conferencing.
- Total voter turnout stood at 95.9514% with 12,19,59,005 votes polled out of 12,71,05,004 shares
- Adoption of FY26 Standalone and Consolidated Financial Statements approved with 99.9999% votes in favor
- Reappointment of Chairman and MD Neelesh Garg approved with 99.9998% votes in favor
- Ratification of Cost Auditor remuneration for FY 2026-27 approved with 99.9997% votes in favor
- Total of 42 members attended the AGM via VC/OAVM (6 promoter group, 36 public) out of 70,193 total shareholders
Saatvik Green Energy Limited has secured an order worth ₹1,041.63 crore from the Solar Energy Corporation of India (SECI). The contract is for manufacturing, testing, packing, supplying, and transporting 600 MWp of solar PV modules using domestic solar cells. The order is scheduled for completion by December 2027. This single win represents over double the company's Q1 FY27 (June 2026) revenue of ₹511.01 crore and adds significantly to its order book.
- Secured an order worth ₹1,041.63 crore from SECI.
- Awarded a 600 MWp capacity package for solar PV modules.
- Requires supply using domestically manufactured solar cells.
- Scheduled execution timeline extends through December 2027.
Saatvik Green Energy Limited has received and accepted an order worth ₹1,041.63 crores from the Solar Energy Corporation of India Limited (SECI). The contract entails the supply of Solar PV Modules to be executed by December 2027. This single domestic order represents more than double the company's Q1 FY27 revenue of ₹511.01 crores, significantly enhancing long-term revenue visibility.
- Secured domestic supply contract valued at ₹1,041.63 crores from SECI
- Contract requires the supply of commercial Solar PV Modules
- Execution timeline set through December 2027
- No promoter interest or related-party transaction involved
Saatvik Green Energy Limited announced that its subsidiary has officially changed its name from Melcon Transformers and Electricals Private Limited to Saatvik Transvolt Solutions Private Limited. The change took effect on September 07, 2026, following the receipt of approval from the Ministry of Corporate Affairs (MCA). This is an administrative rebranding exercise aligning the subsidiary under the parent's brand identity. There is no direct financial impact or capital outlay disclosed in the filing.
- Subsidiary name changed from Melcon Transformers and Electricals Private Limited to Saatvik Transvolt Solutions Private Limited
- Effective date of name change is September 07, 2026
- Approval received from the Ministry of Corporate Affairs (MCA)
- Filing submitted under Regulation 30 of SEBI LODR on September 08, 2026
Saatvik Green Energy Limited has dispatched letters containing weblinks to the Annual Report FY 2025-26 and the Notice for its 11th Annual General Meeting (AGM). The AGM is scheduled for Thursday, September 24, 2026, at 11:30 AM IST via Video Conferencing. The cut-off date to determine e-voting eligibility is Thursday, September 17, 2026. Remote e-voting will run from September 21, 2026 (9:00 AM IST) to September 23, 2026 (5:00 PM IST).
- 11th Annual General Meeting scheduled for September 24, 2026, at 11:30 AM IST via Video Conferencing
- Cut-off date for e-voting entitlement set as September 17, 2026
- Remote e-voting window opens September 21, 2026 (9:00 AM IST) and closes September 23, 2026 (5:00 PM IST)
- Speaker registration window open from September 17, 2026 to September 21, 2026
Saatvik Green Energy Limited's material subsidiary, Saatvik Solar Industries Private Limited, has secured orders aggregating to Rs 297.5 crore for the supply of Solar PV Modules. The contracts are awarded by two domestic Independent Power Producers (IPPs) and EPC players. The entire order is slated for execution by March 2027. This order represents approximately 58.2% of the company's reported revenue of Rs 511.01 crore for the quarter ended June 2026, offering solid near-term revenue visibility.
- Order size aggregating to INR 297.5 Crores for Solar PV Module supplies
- Awarded by two domestic Independent Power Producers (IPPs) and EPC players
- Order execution scheduled to be completed by March 2027
- Order value equates to ~58.2% of Q1 FY27 (Jun 2026) revenue of Rs 511.01 crore
Saatvik Green Energy has released its FY 2025-26 Annual Report and issued notice for its 11th Annual General Meeting on September 24, 2026. The report highlights record FY26 revenue of INR 45,484 Mn (up 64% YoY) and net profit of INR 3,571 Mn (up 126% YoY), driven by 3,138 MW of solar sales. The company reiterated its strategic roadmap to scale module capacity to 8.8 GW and solar cell capacity to 6 GW, supported by backward integration into encapsulants and ingots/wafers.
- FY26 revenue reached INR 45,484 Mn (64% YoY growth) with PAT expanding 126% YoY to INR 3,571 Mn.
- Total sales volume hit 3,138 MW (up 111% YoY) and production stood at 3,162 MW (up 2.2x).
- Debt-to-equity ratio improved to 0.65 from 1.34 in FY 2024-25.
- Expanded planned solar cell capacity roadmap to 6 GW, with Phase I (2.4 GW) ALMM-II inspection slated for September 2026.
- 11th AGM scheduled to be held virtually on September 24, 2026.
Saatvik Green Energy's material subsidiary, Saatvik Solar Industries Private Limited, has submitted an application for ALMM List-II enlistment for its 2,400 MW (2.4 GW) solar cell manufacturing facility at Ganjam, Odisha. The facility is set up to produce Monocrystalline Bifacial N-TOPCon G12R solar cells under the Domestic Content Requirement (DCR) category. Enlistment by MNRE is a critical regulatory prerequisite to supply cells to government-mandated and domestic tender solar projects.
- Applied for ALMM List-II enlistment for 2.4 GW (2,400 MW) solar cell facility in Ganjam, Odisha
- Facility manufactures Monocrystalline Bifacial N-TOPCon G12R solar cells under DCR category
- Enables backward integration from current 4.86 GW module manufacturing base in Ambala
- Deployment in domestic sourcing compliance projects is subject to final MNRE approval and enlistment
Saatvik Green Energy Limited's material subsidiary, Saatvik Solar Industries Private Limited, has secured a domestic commercial order worth ₹190 crore. The order involves the supply of Solar Photovoltaic (PV) modules to a renowned Independent Power Producer (IPP)/EPC player. The contract is scheduled to be executed by March 2027. This order value represents approximately 37.2% of the company's standalone/reported revenue of ₹511.01 crore for the quarter ended June 2026, boosting revenue visibility for FY27.
- Order value of ₹190 Crores awarded to material subsidiary Saatvik Solar Industries Pvt Ltd
- Scope entails supply of commercial Solar PV Modules to a domestic IPP/EPC player
- Execution timeline set for completion by March 2027
- Commercial transaction with no promoter interest or related-party exposure
In its Q1 FY27 earnings call, Saatvik Green Energy reported an active order book of 6.35 GW valued at ₹8,200 crore with a 12 to 18-month execution timeline. The company's Odisha Phase 1 integrated project (2.4 GW cell and 4 GW module capacity) is moving to production ramp-up, with ALMM-2 inspection scheduled for September 2026. Further backward integration is planned via Phase 2 (3.6 GW cell capacity by FY28) and Phase 3 (6 GW ingot/wafer capacity by FY29). Management indicated target margins of 18% to 20% on internally manufactured DCR cells.
- Order book stands at 6.35 GW, valued at approximately ₹8,200 crore with an execution period of 12-18 months.
- Odisha Phase 1 (2.4 GW cell and 4 GW module) is reaching operational readiness, with ALMM-2 inspection set for September 2026.
- Odisha Phase 2 to add 3.6 GW cell capacity by FY28, taking total cell capacity to 6 GW; Phase 3 plans 6 GW ingot/wafer capacity by FY29.
- Expected operating margins on internally manufactured DCR cells guided at 18% to 20%.
Saatvik Solar Industries, a material subsidiary of Saatvik Green Energy, has signed an MoU with the Government of Odisha (IPICOL) to establish a 3.6 GW solar cell manufacturing facility (Phase II) at Gopalpur, targeted for commercial production by FY28. Meanwhile, its Phase I greenfield project at Gopalpur—comprising 2.4 GW of cell and 4 GW of module capacity—is moving towards commissioning with equipment testing underway and dedicated 220 kV substation ready. ALMM-II inspection for the Phase I cell line is slated for September, representing a critical step toward commercial cell operations.
- Signed MoU with Odisha Government for a 3.6 GW Phase II solar cell manufacturing facility at Gopalpur.
- Phase I capacity of 2.4 GW cell and 4 GW module is advancing to commissioning, with ALMM-II inspection scheduled for September.
- Phase II cell plant has a targeted commercial production timeline of FY28.
- Combined Odisha development will expand company footprint by 4 GW modules and 6 GW solar cells on top of existing 4.8 GW Ambala module capacity.
Saatvik Green Energy Limited has disclosed the audio recording link for its Earnings Call held on August 14, 2026, at 05:30 PM IST. The conference call discussed the company's unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. For the June 2026 quarter, the company reported revenue of Rs 511.01 crore and net profit of Rs 5.36 crore. The disclosure is made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
- Earnings call conducted on August 14, 2026, at 05:30 PM IST regarding Q1 financial results.
- Audio recording made publicly available via the company website as per SEBI LODR Regulation 30.
- Pertains to financial performance for the quarter ended June 30, 2026, where revenue stood at Rs 511.01 crore.
Financial Performance
Revenue Growth by Segment
Total revenue for H1 FY26 reached INR 1,683.8 Cr, representing a 133% YoY growth from INR 721.3 Cr. Revenue for FY24 was INR 1,097 Cr (+77.5% YoY) and is estimated to exceed INR 2,000 Cr for FY25 (+82% YoY). Growth is driven by module manufacturing and high-margin EPC contracts.
Geographic Revenue Split
The company operates through Saatvik Green Energy USA Inc for international presence, though specific % split by region is not disclosed. Domestic demand is the primary driver supported by ALMM and BCD policies.
Profitability Margins
PAT margin improved significantly to 9.2% in FY24 from 0.8% in FY23. H1 FY26 PAT stood at INR 202.1 Cr, a 146% YoY increase from INR 82.3 Cr. Q2 FY26 PAT was INR 83.2 Cr, up 36% YoY.
EBITDA Margin
EBITDA margin for H1 FY26 was 18.09% (INR 304.6 Cr), up 135% YoY. Q2 FY26 EBITDA margin was 16.08% (INR 123.5 Cr). Operating margins for FY25 are estimated at 14-15% compared to 4.5% in FY23.
Capital Expenditure
The company is undertaking a greenfield expansion in Odisha to add 4 GW module and 4.8 GW solar cell capacity. Total debt is expected to increase to INR 350-400 Cr by March 2025 to fund this capex, up from INR 121 Cr in March 2024.
Credit Rating & Borrowing
Credit rating upgraded to 'Crisil A-/Stable/Crisil A2+' from 'Crisil BBB+/Stable'. Interest coverage ratio was 10.2x in FY24 and is expected to remain healthy at 5-6x during the capex phase.
Operational Drivers
Raw Materials
Polysilicon and solar cells represent 75-80% of the total operating income/cost structure.
Import Sources
Sourced from global markets; prices are influenced by global overcapacities, particularly in solar cells which saw a >50% price decline in FY25.
Key Suppliers
Not specifically disclosed in the documents, though the company relies on global upstream component manufacturers.
Capacity Expansion
Current installed capacity is 4.8 GW at the Ambala facility (scaled from 3.8 GW). Planned expansion includes a total module capacity of 8.8 GW by the end of FY26 and 2.4 GW to 4.8 GW cell manufacturing capacity by FY27.
Raw Material Costs
Raw material costs constitute 75-80% of revenue. Solar cell prices dropped by over 50% YoY in FY25, which helped expand operating margins from 4.5% to ~14.4%.
Manufacturing Efficiency
Capacity utilization for Q2 FY26 was over 83%. Return on Capital Employed (ROCE) is estimated to remain healthy at 25-30% over the medium term.
Strategic Growth
Expected Growth Rate
100%
Growth Strategy
Growth will be achieved through doubling module capacity to 8.8 GW by FY26, backward integration into solar cell manufacturing (4.8 GW), and executing a robust order book of INR 4,657 Cr (as of Feb 2025). The company is also focusing on high-margin EPC orders and technological transition to high-efficiency modules.
Products & Services
Solar PV modules (residential, commercial, industrial), solar inverters, and Engineering, Procurement, and Construction (EPC) services.
Brand Portfolio
Saatvik, Saatvik Green Energy, Saatvik Solar.
New Products/Services
High-efficiency modules and B2C solar services; backward integration into solar cells is expected to contribute significantly to future revenue.
Market Expansion
Expansion into Odisha for greenfield integrated projects and established presence in the USA market via Saatvik Green Energy USA Inc.
Market Share & Ranking
Not disclosed as a specific %; however, the company is a leading domestic module manufacturer with a 4.8 GW current capacity.
Strategic Alliances
The company operates as part of the Shree Ganesh Group, receiving need-based financial support from promoters and group entities like M.K. Proteins Limited.
External Factors
Industry Trends
The industry is undergoing a technology transition where Mono PERC is becoming obsolete. Future growth is driven by the government's long-term plan to increase renewable energy generation.
Competitive Landscape
Intense competition from both domestic players and global manufacturers, though domestic players are protected by BCD and ALMM policies.
Competitive Moat
Moat is built on 'bankability' (Munich Re audits), 3-4 years of established market credibility, and technological excellence in high-efficiency modules which acts as a barrier to new entrants.
Macro Economic Sensitivity
Highly sensitive to government renewable energy policies and the reimposition of the Approved List of Models and Manufacturers (ALMM) from April 1, 2024.
Consumer Behavior
Increased demand for residential and industrial off-grid/on-grid solar applications driven by favorable government incentives.
Geopolitical Risks
Trade barriers such as Basic Customs Duty (BCD) of 40% on modules and 25% on cells protect domestic players from global competition.
Regulatory & Governance
Industry Regulations
Compliance with ALMM (Approved List of Models and Manufacturers) and BCD (Basic Customs Duty) regulations is critical for maintaining market position.
Taxation Policy Impact
Saatvik Solar Industries (subsidiary) enjoys a preferred income tax rate of 15%, while the parent company Saatvik Green Energy is taxed at 25%.
Risk Analysis
Key Uncertainties
Volatility in raw material prices (75-80% of costs) and potential delays in the 4 GW Odisha greenfield project execution could impact margins by 5-10%.
Geographic Concentration Risk
Manufacturing is currently concentrated in Ambala, Haryana, with expansion planned in Odisha.
Third Party Dependencies
High dependency on upstream suppliers for polysilicon and solar cells.
Technology Obsolescence Risk
High risk as Mono PERC technology is expected to become obsolete within 12 months, requiring rapid transition to newer technologies.
Credit & Counterparty Risk
Diversified customer base with top 5 clients <40% of revenue reduces counterparty risk.
