Key Financial Performance (₹ Million)

Quarterly Performance:

  • Revenue from Operations: ₹5,110 Mn in Q1 FY27 vs ₹9,157 Mn in Q1 FY26 (44% decline YoY)
  • EBITDA: ₹425 Mn in Q1 FY27 vs ₹1,777 Mn in Q1 FY26
  • EBITDA Margin: 8.33% in Q1 FY27 vs 19.40% in Q1 FY26
  • Profit After Tax: ₹54 Mn in Q1 FY27 vs ₹1,166 Mn in Q1 FY26
  • PAT Margin: 1.05% in Q1 FY27 vs 12.73% in Q1 FY26

Annual Comparison:

  • FY26 Revenue: ₹45,484 Mn vs FY25 Revenue: ₹21,584 Mn (111% growth)
  • FY26 EBITDA: ₹5,811 Mn vs FY25 EBITDA: ₹3,596 Mn (62% growth)
  • FY26 PAT: ₹3,571 Mn vs FY25 PAT: ₹2,171 Mn

Operational Highlights

Order Book Visibility:

  • Confirmed order book stands at 6.35 GW
  • Equivalent to approximately 132% of installed module capacity (4.8 GW)
  • Provides strong medium-term business visibility
  • Additional orders secured subsequently have further strengthened visibility

Manufacturing Expansion - Odisha Facility:

  • Integrated manufacturing facility in Gopalpur, Odisha progressing
  • 2.4 GW cell manufacturing line ramp up to start shortly
  • ALMM-II inspection planned for September 2026
  • 4 GW module manufacturing line ramp up to start by August end 2026

Backward Integration Roadmap:

  • Phase-II: 3.6 GW additional cell manufacturing capacity (total 6 GW)
  • Site activities targeted to commence by end of Q2 FY27
  • Completion targeted by FY28
  • Phase-III: 6 GW ingot and wafer manufacturing capacity planning initiated
  • Targeted completion by FY29, aligned with anticipated ALMM-III transition

Portfolio Diversification:

  • Launched Saatvik SuryaConnect Solar Kit (residential and commercial solar solution)
  • Launched Saatvik UDAY Plus Hybrid Inverter (solar power with battery backup)
  • Continued expansion across EPC, transformers, BESS, and distributed solar solutions

Financial Position

  • Debt-to-equity ratio improved to 0.99x as of June 2026
  • Compared with 1.28x in Q1 FY26
  • Reflects continued focus on financial discipline during expansion

Industry Recognition

  • Recognized as 'Brand of the Year' at India Power & Renewable Leadership Awards 2026
  • Received Golden Peacock Occupational Health & Safety Award 2026 in Power (Renewable) Sector
  • Maintained zero Lost Time Injuries for two consecutive years

Management Commentary

Mr. Prashant Mathur, Chief Executive Officer, emphasized strategic progress with focus on:

  • Advancing Gopalpur integrated manufacturing facility ramp-up
  • Strong fundamentals with 6.35 GW confirmed order book
  • Commitment to disciplined, capital-efficient growth with improved debt-to-equity ratio
  • Focus on accelerating execution, scaling manufacturing, and strengthening integrated clean energy portfolio

Outlook for FY27

Strategic focus areas include:

  • Manufacturing scale-up and order execution
  • Portfolio diversification and deeper value-chain integration
  • Advancing Gopalpur integrated manufacturing facility
  • Strengthening presence across distributed solar, inverters, transformers, Solar Pumps, BESS
  • Building on strong order book and expanding customer base across domestic and international markets
  • Improving capacity utilization, operational efficiency, and execution
  • Maintaining disciplined capital allocation

Company Background

Saatvik Green Energy Limited is one of India's leading solar photovoltaic module manufacturers with:

  • Current 4.8 GW module manufacturing facility in Ambala, Haryana
  • Developing Greenfield integrated manufacturing facility in Odisha with 4 GW module capacity and 6 GW solar cell capacity
  • Focus on utility-scale, commercial & industrial, EPC, and distributed solar segments