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SAATVIKGL - Saatvik Green

📊 NSE: SAATVIKGL 🏢 Other Electrical Equipment 📅 Last Updated: 11/13/2025 15:25

📢 Recent Corporate Announcements

Saatvik Green Energy Authorizes KMPs for Materiality Disclosures under SEBI Regulations

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 23 Apr 2026, 06:04 PM

Saatvik Green Energy Limited has officially authorized five Key Managerial Personnel (KMP) to determine the materiality of events and information for stock exchange disclosures. This move is in compliance with Regulation 30(5) of the SEBI (LODR) Regulations, 2015. The authorized team includes the Chairman and Managing Director, Managing Director, CEO, Company Secretary, and the Interim CFO. This is a standard administrative procedure to ensure structured and transparent communication with the markets.

Authorized 5 Key Managerial Personnel (KMP) for determining event materiality and disclosures
KMPs include CMD Neelesh Garg, MD Manik Garg, and CEO Prashant Mathur
Compliance update under Regulation 30(5) of SEBI (LODR) Regulations, 2015
Designated contact point for disclosures established via investors@saatvikgroup.com

💡 No action is required as this is a routine regulatory filing. Investors should keep these contact details for future reference regarding material corporate developments.

Saatvik Green Energy to Acquire 80% Stake in Melcon Transformers for INR 24 Million

🟢 POSITIVE ⭐ 8/10

M&A 📅 23 Apr 2026, 05:54 PM

Saatvik Green Energy Limited has entered into a Share Purchase Agreement to acquire an 80% equity stake in Melcon Transformers and Electricals Private Limited for INR 24 million. This strategic move allows Saatvik to diversify from solar module manufacturing into the critical power transmission equipment segment. Melcon, a Jaipur-based manufacturer, reported a turnover of INR 4.17 crore in FY25, though it has seen a declining revenue trend from INR 8.32 crore in FY23. The acquisition is expected to close within 30 days and aims to provide Saatvik with greater control over its supply chain and execution efficiency.

Acquisition of 80% equity stake (8,000 shares) in Melcon Transformers for a cash consideration of INR 24 million
Melcon manufactures a wide range of transformers from 5 KVA to 12,500 KVA (up to 33 KV class)
Target company turnover has declined from INR 8.32 crore in FY23 to INR 4.17 crore in FY25
Strategic shift towards becoming an integrated energy solutions provider with control over transmission infrastructure
The acquisition is expected to be completed within a 30-day indicative timeline

💡 Investors should monitor the integration of this new segment and whether Saatvik can leverage its existing 4.8 GW module capacity to turn around Melcon's declining revenue. The move is a positive step toward vertical integration in the renewable energy ecosystem.

Saatvik Green Energy Appoints New CS & Interim CFO; COO Moves to Subsidiary

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 23 Apr 2026, 05:36 PM

Saatvik Green Energy Limited has announced a restructuring of its senior management team effective April 23, 2026. The company has appointed Ms. Jyoti Verma, a professional with over 20 years of experience, as the Company Secretary and Compliance Officer. Additionally, Mr. Rishabh Mehtta has been named the Interim Chief Financial Officer to oversee financial operations. The current COO, Mr. Vaibhav Bhardwaj, is transitioning to a leadership role within the company's wholly-owned subsidiary, Saatvik Solar Industries Private Limited, effective April 30, 2026.

Ms. Jyoti Verma appointed as CS and Compliance Officer, bringing 20+ years of experience in corporate law and governance.
Mr. Rishabh Mehtta, a CA and CFA with 10+ years of experience, appointed as Interim Chief Financial Officer.
COO Vaibhav Bhardwaj to cease role at the parent company on April 30, 2026, to join a wholly-owned subsidiary.
Management changes approved by the Board following recommendations from the NRC and Audit Committee.

💡 Investors should monitor the transition of the interim CFO to a permanent appointment and ensure that the management reshuffle does not disrupt the company's operational momentum.

Saatvik Green Energy Appoints Interim CFO Rishabh Mehtta and CS Jyoti Verma

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 23 Apr 2026, 05:34 PM

Saatvik Green Energy Limited has announced a significant reshuffle in its leadership team, appointing Mr. Rishabh Mehtta as the Interim Chief Financial Officer and Ms. Jyoti Verma as Company Secretary, effective April 23, 2026. Ms. Verma brings over 20 years of experience, having previously served at EPACK Durable Limited, a company with a turnover exceeding ₹2,100 crore. Mr. Mehtta is a CA and CFA with over 10 years of experience in statutory audits and IPO executions. Additionally, the current COO, Mr. Vaibhav Bhardwaj, will transition to a role at the company's wholly-owned subsidiary, Saatvik Solar Industries, effective April 30, 2026.

Ms. Jyoti Verma appointed as CS and Compliance Officer with 20+ years of experience in corporate laws and governance.
Mr. Rishabh Mehtta, a CA and CFA with 10+ years of experience, appointed as Interim Chief Financial Officer.
COO Vaibhav Bhardwaj to cease being Senior Management Personnel as he moves to a wholly-owned subsidiary on April 30, 2026.
The new CS previously managed compliance for a listed entity (EPACK Durable) with over ₹2,100 crore in turnover.

💡 Investors should monitor the stability of the finance department under the interim CFO and look for the appointment of a permanent CFO. The high experience level of the new Compliance Officer is a positive sign for corporate governance.

Saatvik Green Energy Appoints New CS and Interim CFO; COO Transitions to Subsidiary

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 23 Apr 2026, 05:25 PM

Saatvik Green Energy has announced a leadership reshuffle, appointing Ms. Jyoti Verma as Company Secretary and Mr. Rishabh Mehtta as Interim CFO, effective April 23, 2026. Ms. Verma brings over 20 years of experience from large listed entities like EPACK Durable and Lemon Tree Hotels. Mr. Mehtta, a CA and CFA charter holder with 10 years of experience, will lead the finance function on an interim basis. Additionally, COO Vaibhav Bhardwaj is transitioning to the company's wholly-owned subsidiary, Saatvik Solar Industries, effective April 30, 2026.

Ms. Jyoti Verma (FCS) appointed as CS & Compliance Officer with 20+ years of experience in corporate governance.
Mr. Rishabh Mehtta (CA, CFA) appointed as Interim CFO with 10+ years of experience in audits and corporate affairs.
COO Vaibhav Bhardwaj to transition to wholly-owned subsidiary Saatvik Solar Industries on April 30, 2026.
Ms. Verma's previous role involved managing compliance for a listed entity with a turnover exceeding ₹2,100 crore.

💡 Investors should monitor the company's progress in appointing a permanent CFO to ensure long-term financial leadership stability. The transition of the COO to a subsidiary may indicate a strategic push to scale the subsidiary's operations.

Saatvik Green Energy Subsidiary Bags Solar PV Module Order Worth INR 71.25 Crores

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 21 Apr 2026, 12:40 PM

Saatvik Green Energy's material subsidiary, Saatvik Solar Industries Private Limited, has secured a domestic contract valued at INR 71.25 Crores. The order involves the supply of Solar Photovoltaic (PV) modules to a prominent Independent Power Producer or EPC player. The project features a very short execution cycle, with completion targeted by May 2026. This development highlights the company's growing footprint in the Indian renewable energy manufacturing sector.

Total order value stands at INR 71.25 Crores for Solar PV Module supply
Contract awarded by a domestic renowned Independent Power Producer/EPC Player
Project to be executed by the material subsidiary, Saatvik Solar Industries Private Limited
Tight execution timeline with completion expected by May 2026

💡 Investors should view this as a positive development for revenue visibility in the near term. Monitor the company's ability to meet the aggressive May 2026 delivery deadline.

Saatvik Green Energy Files SEBI Regulation 74(5) Compliance Certificate for Q4 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Apr 2026, 03:07 PM

Saatvik Green Energy Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited, confirms that all dematerialization and rematerialization requests for the quarter ended March 31, 2026, have been processed and reported to the stock exchanges. This is a standard administrative filing required to ensure the accuracy of shareholding records with NSDL and CDSL. It reflects the company's adherence to mandatory regulatory timelines.

Compliance certificate submitted for the quarter ended March 31, 2026
Issued by Registrar and Share Transfer Agent, KFin Technologies Limited
Confirms adherence to SEBI (Depositories and Participants) Regulations, 2018
Verification of dematerialized and rematerialized securities completed for the period

💡 No action is required as this is a routine regulatory filing. Investors should focus on upcoming financial results or significant business developments for investment decisions.

Saatvik Green Energy Subsidiary Bags Solar PV Module Order Worth INR 108.75 Crores

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 09 Apr 2026, 06:41 PM

Saatvik Green Energy's material subsidiary, Saatvik Solar Industries Private Limited, has secured a significant domestic order valued at INR 108.75 Crores. The contract involves the supply of Solar Photovoltaic (PV) modules to prominent Independent Power Producers and EPC players within India. The project is slated for completion by September 2026, providing strong revenue visibility for the company over the next 18 months. This win underscores the company's growing footprint in the competitive renewable energy equipment sector.

Order value aggregates to INR 108.75 Crores for Solar PV module supply
Contract awarded to material subsidiary Saatvik Solar Industries Private Limited
Project execution is expected to be completed by September 2026
The order originates from domestic Independent Power Producers and EPC players

💡 Investors should view this as a positive development for the company's order book and revenue growth. Monitor the company's ability to maintain margins amidst fluctuating raw material costs for solar cells.

Saatvik Green Energy CFO Abani Kant Jha Resigns Effective April 7, 2026

🔵 WATCH ⭐ 6/10

MANAGEMENT 📅 09 Apr 2026, 04:00 PM

Mr. Abani Kant Jha has resigned from his position as the Chief Financial Officer (CFO) and Key Managerial Personnel of Saatvik Green Energy Limited. The resignation is effective from April 07, 2026, as he intends to pursue professional opportunities outside the Saatvik Group. The company provided this updated disclosure following a clarification request from the BSE regarding the specific reasons for his departure. Investors should now look for the company's announcement regarding a successor to ensure leadership continuity.

CFO Abani Kant Jha resigned from his role as Key Managerial Personnel effective April 07, 2026.
The reason for resignation is cited as exploring professional opportunities outside the group.
The disclosure was updated following a clarification sought by BSE Limited on April 09, 2026.
The company has complied with Regulation 30 of SEBI (LODR) Regulations, 2015 for this transition.

💡 Investors should monitor the company's next steps in appointing a new CFO to ensure a smooth transition in financial management. While the resignation appears routine for career growth, the quality of the replacement will be key for future financial stability.

Saatvik Green Energy CFO Abani Kant Jha Resigns Effective April 7, 2026

🔵 WATCH ⭐ 6/10

MANAGEMENT 📅 08 Apr 2026, 10:43 PM

Saatvik Green Energy Limited has announced the resignation of Mr. Abani Kant Jha from his position as Chief Financial Officer (CFO) and Key Managerial Personnel. The resignation was effective from the close of business hours on April 07, 2026. As the CFO is a critical leadership role, his departure marks a significant change in the company's top management. Investors should look for the company's announcement regarding a successor to ensure continuity in financial oversight and strategy.

Mr. Abani Kant Jha resigned as the Chief Financial Officer (CFO) and Key Managerial Personnel (KMP).
The resignation became effective from the close of business on April 07, 2026.
The company filed the intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The official communication was released to the exchanges on April 08, 2026.

💡 Investors should monitor the company's upcoming announcements for the appointment of a new CFO to assess leadership stability. No immediate portfolio changes are recommended based solely on this management transition.

Saatvik Green Energy CFO Abani Kant Jha Resigns Effective April 7, 2026

🔵 WATCH ⭐ 6/10

MANAGEMENT 📅 08 Apr 2026, 10:35 PM

Saatvik Green Energy Limited has announced the resignation of Mr. Abani Kant Jha from the position of Chief Financial Officer (CFO) and Key Managerial Personnel. The resignation is effective from the close of business hours on April 07, 2026. This transition in the finance leadership comes as the company continues its operations under the SEBI Listing Regulations. Investors should note that the company has not yet announced a successor for this critical role.

Mr. Abani Kant Jha has tendered his resignation as Chief Financial Officer
The effective date for the cessation of his role is April 07, 2026
The announcement was made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015
The company is listed on both BSE (544526) and NSE (SAATVIKGL)

💡 Investors should monitor future filings for the appointment of a new CFO to ensure a smooth leadership transition. While a CFO exit is a significant event, the advance notice provides the company time to find a suitable replacement.

Saatvik Green Energy Subsidiary Bags Solar PV Module Order Worth INR 57.03 Crores

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 30 Mar 2026, 08:05 PM

Saatvik Green Energy's material subsidiary, Saatvik Solar Industries Private Limited, has secured a domestic order valued at INR 57.03 Crores. The contract involves the supply of Solar PV Modules to prominent Independent Power Producers and EPC players. The entire order is scheduled for execution by March 2026, indicating a quick turnaround and immediate revenue recognition potential. This win strengthens the company's position in the domestic solar energy equipment market.

Order value totals INR 57.03 Crores for the supply of Solar PV Modules
Contract awarded to material subsidiary Saatvik Solar Industries Private Limited
Execution timeline is short, with completion targeted by March 2026
Clients include renowned domestic Independent Power Producers and EPC players

💡 Investors should monitor the company's execution efficiency and order book growth. The quick turnaround of this contract is a positive sign for near-term revenue visibility in the renewable energy sector.

Saatvik Green Energy Subsidiary Secures Solar PV Module Order Worth INR 14.48 Crores

🟢 POSITIVE ⭐ 6/10

OTHER 📅 27 Mar 2026, 08:33 PM

Saatvik Green Energy Limited's material subsidiary, Saatvik Solar Industries Private Limited, has bagged a domestic contract for the supply of Solar PV Modules. The order, valued at INR 14.48 Crores, was awarded by prominent Independent Power Producers and EPC players. The project is slated for execution by March 2026, contributing to the company's revenue visibility in the renewable energy equipment segment. This win reinforces the company's position as a supplier to major domestic power infrastructure players.

Order value aggregates to INR 14.48 Crores for the supply of Solar PV Modules.
Contract awarded to material subsidiary Saatvik Solar Industries Private Limited.
The order is from renowned domestic Independent Power Producers (IPPs) and EPC players.
Execution of the entire order is scheduled to be completed by March 2026.
The transaction is confirmed to be at arm's length with no promoter interest.

💡 Investors should track the company's order book growth and execution efficiency, as consistent wins in the solar module space are key to scaling in the green energy sector.

Saatvik Green Energy Subsidiary Bags Solar PV Module Order Worth INR 14 Crores

🟢 POSITIVE ⭐ 6/10

OTHER 📅 27 Mar 2026, 04:58 PM

Saatvik Green Energy's material subsidiary, Saatvik Solar Industries Private Limited, has secured a domestic order for the supply of Solar PV Modules. The contract is valued at INR 14 Crores and was awarded by a prominent Independent Power Producer/EPC player. The entire order is expected to be executed by March 2026, indicating a very short turnaround time. This win highlights the company's growing footprint and reliability in the Indian solar manufacturing space.

Order value of INR 14 Crores for the supply of Solar Photovoltaic Modules.
Contract awarded to material subsidiary Saatvik Solar Industries Private Limited.
Execution timeline is immediate with completion targeted by March 2026.
The order comes from a domestic Independent Power Producer/EPC player.

💡 Investors should view this as a positive development for order book growth and track the company's ability to scale production. Monitor the impact on upcoming quarterly earnings for margin consistency in the solar module segment.

Saatvik Green Energy Subsidiary Secures INR 638.26 Crore Order for Solar Cells

🟢 POSITIVE ⭐ 8/10

OTHER 📅 27 Mar 2026, 03:18 PM

Saatvik Green Energy Limited's material subsidiary, Saatvik Solar Industries Private Limited, has bagged a significant domestic order worth INR 638.26 Crores. The contract involves the supply of Solar Cell G12 R Type to a renowned solar modules manufacturer. The order is scheduled for execution by March 2027, providing strong revenue visibility for the company over the next fiscal year. This development underscores the company's growing presence in the solar component supply chain.

Total order value aggregates to INR 638.26 Crores.
Order awarded to material subsidiary Saatvik Solar Industries Private Limited.
Scope includes the supply of Solar Cell G12 R Type to a domestic manufacturer.
Execution timeline is set for completion by March 2027.

💡 Investors should view this as a significant growth catalyst that enhances revenue visibility; watch for execution efficiency and impact on quarterly margins.

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💰 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%.