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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 Incorporates WOS for Battery and Energy Storage Business

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 09 Mar 2026, 10:32 PM

Saatvik Green Energy Limited has incorporated a new wholly owned subsidiary, Saatvik Power Storage Solutions Limited, on March 09, 2026. This new entity will focus on the renewable energy sector, specifically dealing with batteries and energy storage systems. The subsidiary is established with an authorized capital of Rs. 10,00,000, divided into 1,00,000 equity shares of Rs. 10 each. This strategic move marks the company's entry into the critical energy storage market, which is essential for the growth of the renewable energy sector.

Incorporation of 100% Wholly Owned Subsidiary (WOS) named Saatvik Power Storage Solutions Limited.
Authorized share capital of Rs. 10,00,000 consisting of 1,00,000 equity shares of Rs. 10 each.
The subsidiary will engage in the business of batteries and energy storage systems.
The entire paid-up capital is held by the parent company, Saatvik Green Energy Limited.
The incorporation was completed on March 09, 2026, via cash consideration.

💡 Investors should monitor the company's progress in the energy storage segment as it complements their existing renewable energy portfolio. Watch for future announcements regarding manufacturing capacity or partnerships within this new subsidiary.

Saatvik Green Energy Bags Solar PV Module Order Worth INR 87.10 Crores

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 25 Feb 2026, 07:06 PM

Saatvik Green Energy Limited has secured a domestic order valued at INR 87.10 Crores for the supply of solar PV modules. The contract was awarded by a prominent Independent Power Producer (IPP) or EPC player within the domestic market. This order is scheduled for rapid execution, with a completion deadline set for March 2026. This win strengthens the company's order book and provides clear revenue visibility for the near term.

Received a domestic order worth INR 87.10 Crores for solar PV module supply
Order awarded by a renowned Independent Power Producer/EPC player
Project execution is slated for completion by March 2026
The transaction is purely commercial and does not involve any related party interests

💡 Investors should monitor the company's ability to maintain margins while executing this short-term contract. The rapid execution timeline suggests immediate revenue recognition potential in the upcoming quarters.

Saatvik Green Energy Subsidiary Bags Solar PV Module Order Worth INR 44.10 Crores

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 17 Feb 2026, 09:01 PM

Saatvik Green Energy Limited's material subsidiary, Saatvik Solar Industries Private Limited, has secured a domestic order valued at INR 44.10 Crores. The contract involves the supply of solar photovoltaic (PV) modules to a renowned Independent Power Producer or EPC player. The entire order is scheduled for execution by March 2026, providing strong near-term revenue visibility for the company. This win underscores the company's competitive position in the domestic solar equipment market.

Order value aggregates to INR 44.10 Crores for the supply of solar PV modules.
The contract was awarded by a domestic renowned Independent Power Producer/EPC Player.
The project is slated for completion and execution by March 2026.
The order was secured by the company's material subsidiary, Saatvik Solar Industries Private Limited.

💡 This is a positive development that enhances the company's order book and ensures revenue realization within the next few months. Investors should monitor the company's ability to scale these orders and maintain margins amidst fluctuating solar cell prices.

Saatvik Green Energy to Meet Analysts and Investors in Mumbai on Feb 19-20, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 16 Feb 2026, 12:52 PM

Saatvik Green Energy Limited has scheduled physical meetings with various analysts and investors in Mumbai on February 19 and 20, 2026. The interactions will consist of one-on-one or group meetings to discuss the company's business environment. The management has explicitly stated that no unpublished price-sensitive information (UPSI) will be shared during these sessions. This move is part of the company's regular investor relations engagement following its listing.

Meetings scheduled for February 19 and February 20, 2026, in Mumbai.
Format includes both one-on-one and group interactions with institutional investors.
Disclosure made in compliance with Regulation 30 of SEBI (LODR) Regulations.
Management confirms no unpublished price-sensitive information will be discussed.

💡 Investors should look for any post-meet presentations on the stock exchange for updates on the company's strategic direction.

Saatvik Green Energy Subsidiary to Acquire 49% Stake in IHSPL for ₹1.31 Crore

🟢 POSITIVE ⭐ 7/10

M&A 📅 12 Feb 2026, 06:22 PM

Saatvik Green Energy's wholly-owned subsidiary, Saatvik Cleantech EPC, has entered into a Share Purchase Agreement to acquire a 49% stake in Intelligent Hydel Solutions Private Limited (IHSPL). The acquisition, valued at approximately ₹1.31 crore, marks the company's strategic expansion into the Independent Power Producer (IPP) business. IHSPL currently holds a Power Purchase Agreement (PPA) with MSEDCL for a 41 MW AC power plant in Maharashtra. RMC Switchgears Limited will remain the majority partner with a 51% stake in the venture.

Acquisition of 49% equity stake in Intelligent Hydel Solutions Private Limited for ₹1,30,58,500.
Strategic entry into the Independent Power Producer (IPP) segment to diversify revenue streams.
Target entity holds a PPA with MSEDCL for a 41 MW AC solar power project in Maharashtra.
Collaboration with RMC Switchgears Limited, which will retain a 51% controlling stake.
Transaction is expected to be completed within a 30-day timeline.

💡 Investors should monitor the company's transition toward the IPP model, which provides higher-margin recurring revenue compared to pure EPC work. The successful commissioning of the 41 MW Maharashtra project will be a key milestone to watch.

Saatvik Green Energy to Attend Dolat Capital Investor Conference on February 18, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Feb 2026, 04:13 PM

Saatvik Green Energy Limited has announced its participation in the 'Corporate Conference 2026: Decoding Growth Strategies' organized by Dolat Capital. The meeting is scheduled for February 18, 2026, and will be held as a physical conference in Mumbai. Management representatives will interact with various analysts and institutional investors to discuss the company's growth outlook. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this interaction.

Participation in Dolat Capital's 'Corporate Conference 2026' on February 18, 2026
The event is a physical conference located in Mumbai focused on decoding growth strategies
Disclosure made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015
Management confirms no unpublished price sensitive information will be discussed

💡 Investors should monitor the company's website or exchange filings for any investor presentations or transcripts released after the conference for insights into growth plans.

Saatvik Green Energy Q3FY26 Revenue Jumps 143% to ₹1,257 Cr; Order Book at 5.05 GW

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 09 Feb 2026, 06:18 PM

Saatvik Green Energy reported a robust Q3FY26 with revenue growing 143% YoY to ₹1,257 crore and PAT increasing 144% to ₹98.7 crore. The company maintained high capacity utilization of 81% at its 3.8 GW Ambala facility and successfully commissioned a 2 GW in-house EPE film plant. With a strong order book of 5.05 GW valued at approximately ₹6,500 crore, the management is focused on backward integration, including a 4.8 GW cell plant in Odisha scheduled for FY27.

Q3FY26 Revenue grew 143% YoY to ₹12,570 million with EBITDA margins at 13.11%.
Order book stands at 5.05 GW, providing revenue visibility of approximately ₹6,500 crore.
Commissioned 2 GW in-house EPE film manufacturing facility to improve vertical integration and supply chain security.
Odisha expansion on track with 4 GW module capacity by FY26-end and 4.8 GW cell capacity by H2FY27.
9M FY26 PAT surged 145% YoY to ₹3,007.9 million with a healthy PAT margin of 10.23%.

💡 Investors should monitor the timely commissioning of the Odisha cell plant, as backward integration is expected to significantly enhance margins. The strong order book and high utilization suggest continued growth momentum in the solar manufacturing space.

Saatvik Green Energy Subsidiary Secures Solar PV Module Order Worth INR 9.63 Crores

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 06 Feb 2026, 06:03 PM

Saatvik Green Energy's material subsidiary, Saatvik Solar Industries Private Limited, has secured a domestic order valued at INR 9.63 Crores. The contract involves the supply of solar photovoltaic (PV) modules to a prominent Independent Power Producer or EPC player. Notably, the order is slated for rapid execution, with completion expected within February 2026. This win strengthens the company's order book and provides immediate revenue visibility for the current quarter.

Material subsidiary Saatvik Solar Industries Private Limited bagged an order worth INR 9.63 Crores.
The contract involves the supply of solar PV modules to a domestic Independent Power Producer/EPC player.
The project has an extremely short execution timeline, with completion expected by February 2026.
The transaction is strictly commercial and does not involve any promoter or related party interests.

💡 Investors should view this as a positive development reflecting the company's ability to secure and execute quick-turnaround orders in the solar space. Monitor the company's quarterly results to see if these smaller, high-frequency orders are scaling up to significantly impact the bottom line.

Saatvik Green Energy Releases Q3 & 9M FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Feb 2026, 12:47 PM

Saatvik Green Energy Limited has informed the exchanges that the audio recording of its earnings call held on February 05, 2026, is now available for public access. The call focused on the company's unaudited financial results for the third quarter and the nine-month period ending December 31, 2025. This disclosure is part of the mandatory compliance under Regulation 30 of SEBI (LODR) Regulations. Investors can access the recording via the company's official website to understand management's perspective on recent performance.

Earnings call held on February 05, 2026, at 10:00 A.M. IST regarding Q3 and 9M FY26 results.
Audio recording link officially shared via the company's website for investor transparency.
Compliance filing submitted under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The recording provides insights into the company's financial health for the period ended December 31, 2025.

💡 Investors should listen to the audio recording to understand management's commentary on revenue growth and future expansion plans in the green energy sector. No immediate trading action is required based on this routine compliance filing.

Saatvik Green Energy to Invest ₹251.60 Cr in Subsidiary for 4 GW Solar Facility

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 04 Feb 2026, 08:48 PM

Saatvik Green Energy is investing ₹251.60 crores into its wholly-owned subsidiary, Saatvik Solar Industries Private Limited (SSIPL), via a rights issue. This investment is aligned with the company's IPO objectives to fund a new 4 GW solar PV module manufacturing facility in Odisha. SSIPL has shown explosive growth, with turnover rising from ₹35.95 million in FY24 to ₹11,852.52 million in FY25. The transaction involves the acquisition of 85 lakh shares at ₹296 per share, maintaining 100% ownership.

Investment of ₹251.60 crores in wholly-owned subsidiary SSIPL via rights issue
Funds earmarked for setting up a 4 GW solar PV module manufacturing facility in Odisha
SSIPL turnover grew significantly to ₹11,852.52 million in FY2025
Acquisition of 85,00,000 equity shares at a price of ₹296 per share (including premium)
Execution of capital expenditure as per the objects of the September 2025 IPO

💡 Investors should view this as a positive execution of IPO commitments and a significant step toward scaling manufacturing capacity. Monitor the progress of the Odisha facility as it is expected to be a major revenue driver upon completion.

Saatvik Green Energy Reports Minor Insider Trading Violations by Designated Persons

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 04 Feb 2026, 07:46 PM

Saatvik Green Energy Limited has reported three instances of violations under SEBI's Insider Trading regulations involving small-scale trades by its employees. The violations included purchasing or selling shares during the trading window closure period and executing a contra trade. The company has issued warning letters to the individuals involved, noting that the trades were insignificant in volume and inadvertent. One individual has deposited Rs. 1,230 into the SEBI Investor Protection and Education Fund (IPEF) as a penalty for the violation.

Three designated persons at GM, AVP, and AGM levels violated the Code of Conduct for Insider Trading
Violations involved very small quantities: 10 shares purchased, 30 shares sold, and 24 shares purchased
Trades occurred during the mandatory trading window closure period, with one instance of a contra trade
A penalty of Rs. 1,230 was paid to the SEBI IPEF for one of the violations involving 30 shares
The company confirmed no undue gains were made and issued formal warning letters to all involved parties

💡 These are minor administrative lapses with no material impact on the company's financials or operations. Investors should view this as a routine compliance disclosure and maintain their current outlook on the stock.

Saatvik Green Energy Unveils FY25 Sustainability Report; Plans 4.8 GW Solar Cell Unit by FY27

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 04 Feb 2026, 06:55 PM

Saatvik Green Energy (SAATVIKGL) has released its inaugural Sustainability Report for FY 2024-25, detailing its ESG roadmap and aggressive expansion plans. The company is targeting a massive capacity increase with a 4.8 GW solar cell manufacturing unit in Odisha by FY 2026-27 and a 4 GW Solar PV module plant by FY 2025-26. Operationally, it has already installed 1,600 kW of rooftop solar at its Ambala facility to improve energy efficiency. The report also highlights the company's September 2025 IPO as a pivotal milestone for funding these large-scale green energy projects.

Planned 4.8 GW solar cell manufacturing unit in Odisha targeted for completion by FY 2026-27
Aims to build a 4 GW Solar PV module manufacturing plant by FY 2025-26
Installed 1,600 kW of rooftop solar capacity at the Ambala manufacturing facility for captive consumption
Inaugural report follows GRI Standards 2021 and aligns with SEBI BRSR and UN SDG frameworks
Successful IPO in September 2025 cited as a key driver for future financial flexibility and expansion

💡 Investors should focus on the execution timelines of the Odisha manufacturing hub, as the 4.8 GW cell capacity represents a significant scale-up. The company's commitment to ESG transparency and its recent IPO make it a notable player in the domestic solar manufacturing theme.

Saatvik Green Energy Q3 PAT Surges 143% to ₹987 Mn; Order Book Hits 5.05 GW

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 06:39 PM

Saatvik Green Energy reported a stellar performance for Q3 FY26, with revenue growing 144% YoY to ₹12,570 million and PAT rising 143% to ₹987 million. The company's order book stands robust at 5.05 GW, providing multi-quarter revenue visibility. Financial health has improved significantly, with the debt-to-equity ratio dropping to 0.66 from 1.36 in FY25. Strategic backward integration is underway with the commissioning of a 2 GW EPE film facility and plans for a 4.8 GW solar cell plant by FY27.

Q3 FY26 Revenue grew 144% YoY to ₹12,570 million; 9M FY26 Revenue reached ₹29,408 million.
Profit After Tax (PAT) for Q3 increased 143% YoY to ₹987 million with a margin of 7.85%.
Order book as of December 31, 2025, stands at 5.05 GW, including recent module orders worth ₹963 crore.
Debt-to-Equity ratio improved to 0.66 in Q3 FY26 compared to 1.36 in FY25.
Commissioned 2 GW in-house EPE film manufacturing facility to enhance vertical integration and margins.

💡 The company's strong growth trajectory, improving leverage, and massive order book make it a compelling watch in the renewable sector. Investors should monitor the timely execution of the 4.8 GW cell facility in Odisha, which is critical for long-term margin expansion.

Saatvik Green Energy Q3 PAT Jumps 144% YoY to ₹987 Mn; Order Book Reaches 5.05 GW

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 06:29 PM

Saatvik Green Energy reported a stellar performance for Q3 FY26, with revenue growing 143% YoY to ₹12,570 million and PAT increasing 144% YoY to ₹987 million. The company's 9M FY26 performance was equally strong, with a 145% surge in PAT and a healthy EBITDA margin of 15.96%. Operational efficiency is highlighted by an 81% capacity utilization and a robust order book of 5.05 GW, providing high revenue visibility. Strategic moves include the commissioning of a 2 GW EPE film facility and steady progress on the Odisha integrated manufacturing plant.

Revenue for 9M FY26 grew 137% YoY to ₹29,407.8 million, driven by higher volumes and stable realizations.
Q3 FY26 PAT rose 144% YoY to ₹987.2 million with a healthy order book of 5.05 GW.
Successfully commissioned a 2 GW in-house EPE film manufacturing facility at Ambala for vertical integration.
Debt-equity ratio improved to 0.66, reflecting reduced leverage and enhanced financial flexibility.
Greenfield Odisha facility (4 GW module/4.8 GW cell) remains on track for backward integration.

💡 The company shows strong growth momentum and successful vertical integration, which is expected to sustain margins. Investors should monitor the timely execution of the Odisha expansion project as it is a significant future growth catalyst.

Saatvik Green Energy Q3 Net Profit Jumps 144% YoY to ₹98.7 Cr; Revenue Up 143%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 05:57 PM

Saatvik Green Energy Limited reported a stellar performance for Q3 FY26, with consolidated revenue from operations surging 142.6% YoY to ₹1,257 crore. Net profit for the quarter followed suit, rising 144% YoY to ₹98.7 crore compared to ₹40.5 crore in the previous year's corresponding quarter. For the nine-month period ended December 2025, the company's profit has already reached ₹300.8 crore, significantly exceeding the full-year FY25 profit of ₹213.9 crore. This growth underscores the company's strong execution in the Solar PV and EPC segments.

Q3 Revenue from operations stood at ₹12,570.22 million vs ₹5,181.85 million YoY.
Net Profit for the quarter increased to ₹987.20 million from ₹404.52 million YoY.
9M FY26 Revenue reached ₹29,407.79 million, a 137% increase over 9M FY25.
Basic EPS improved significantly to ₹8.41 from ₹3.61 in the year-ago quarter.
Profit Before Tax (PBT) for the quarter rose to ₹1,269.40 million.

💡 The company is demonstrating exceptional growth momentum and operational efficiency in the solar energy space. Long-term investors may consider this a positive sign of market share expansion, though they should watch for any impact of raw material price volatility on 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%.