Financial Performance (₹ Mn)

Quarterly Performance (Q2 FY27 vs Q2 FY26):

  • Revenue from Operations: ₹9,026 Mn (up 17.53% from ₹7,680 Mn)
  • EBITDA: ₹696 Mn (down 44.89% from ₹1,263 Mn)
  • EBITDA Margin: 7.71% (down 874 bps from 16.45%)
  • Profit After Tax: ₹202 Mn (down 76.15% from ₹847 Mn)
  • PAT Margin: 2.24% (down 879 bps from 11.03%)

Half-Yearly Performance (H1 FY27 vs H1 FY26):

  • Revenue from Operations: ₹14,136 Mn (down 16.05% from ₹16,838 Mn)
  • EBITDA: ₹1,121 Mn (down 63.13% from ₹3,040 Mn)
  • EBITDA Margin: 7.93% (down 1,012 bps from 18.05%)
  • Profit After Tax: ₹256 Mn (down 87.28% from ₹2,013 Mn)
  • PAT Margin: 1.81% (down 1,014 bps from 11.96%)

Operational Highlights

  • Module Production: 658 MW in Q2 FY27 (vs 792 MW in Q2 FY26)
  • Module Sales: 640 MW in Q2 FY27 (vs 538 MW in Q2 FY26)
  • H1 FY27 Production: 1,066 MW (vs 1,477 MW in H1 FY26)
  • H1 FY27 Sales: 973 MW (vs 1,137 MW in H1 FY26)
  • Capacity Utilization: ~58.5% in Q2 FY27 (vs 83.1% in Q2 FY26)
  • Debt-to-Equity Ratio: 1.37x as of September 2026 (vs 0.99x as of June 2026)
  • Confirmed Order Book: 6.68 GW (₹8,800 crore) as of September 2026, equivalent to ~110% of installed module capacity of 6.1 GW
  • H1 FY27 Order Additions: 1.76 GW
  • H1 FY27 Order Execution: 0.97 GW

Order Book Updates

  • August 2026: Secured ₹476 crore order from Vikran Engineering Limited for solar PV modules
  • September 2026: Secured ₹1,041.63 crore order from SECI for 600 MWp of domestically manufactured solar modules using domestic solar cells, to be executed by December 2027
  • August/September 2026: Secured orders of ₹297.5 crore and ₹190 crore from Independent Power Producers/EPC players for solar PV modules, to be executed by March 2027
  • July 2026: Secured ₹138 crore order for domestic solar PV modules
  • October 2026 (post-quarter): Received ~₹100 crore (excl. GST) order from MSEDCL for 5,000 offgrid DC solar water pumping systems under Magel Tyala Saur Krushi Pump Yojana / PM-KUSUM B scheme

Business & Strategic Updates

Odisha Manufacturing Facility:

  • Phase I comprises 4 GW module and 2.4 GW cell manufacturing capacity
  • Major construction and infrastructure works completed
  • Dedicated 220 kV substation ready for charging
  • Equipment installation, testing and validation underway
  • On November 2, 2026, Saatvik Solar Industries Private Limited (wholly owned material subsidiary) commenced commercial production of solar PV modules
  • Approximately 1.3 GW of Phase I module capacity operational, full 4 GW expected by December 2026
  • Trial runs on 2.4 GW cell line commenced, production ramp-up targeted for December 2026

Cell Manufacturing and Backward Integration:

  • Saatvik Solar Industries applied for ALMM List-II enlistment of 2.4 GW Odisha cell facility in September 2026
  • ALMM List-II inspection called for and expected in November 2026
  • Enlistment subject to MNRE approval
  • Signed MoU with IPICOL, Government of Odisha for additional 3.6 GW solar cell facility at Gopalpur on 27-acre parcel adjacent to Phase I
  • Targeted completion by start of FY28, groundwork commenced

Product and Manufacturing Expansion:

  • Launched Quad-Cut TOPCon 3.0 Dual Glass Bifacial module at REI Expo 2026 with output up to 670 Wp and module efficiency up to 24.8%
  • Bifacial output up to 745 W under specified bifacial rating conditions
  • Encapsulant manufacturing capacity scaling from 2 GW to 5 GW by FY28
  • Long-term roadmap includes 6 GW ingot and wafer manufacturing capacity by FY29

Expansion into Complementary Businesses:

  • Entered hybrid inverter segment
  • Expanded into lithium battery solutions (51.2V, 100Ah, 5.12 kWh, 4,000+ life cycles)
  • Commenced ecommerce sales on Amazon.in
  • Developed on-grid Solar Kit for residential and small commercial customers

Management Commentary

Mr. Prashant Mathur, Chief Executive Officer, stated that H1 FY27 represents a period of investment ahead of the curve, with reported numbers reflecting the transition phase. He emphasized the quality of demand with repeat and large-scale orders from government, utility and C&I segments, providing clear visibility beyond FY27. The industry is shifting from module-led to cell-led market where access to domestic cells determines competitiveness. The Odisha integration moves Saatvik from assembling modules to controlling its supply chain with better cost, quality and delivery certainty.

Priorities for H2 FY27

  • Execute scheduled customer deliveries and strengthen repeat business
  • Improve manufacturing utilization and operating efficiency
  • Advance Odisha commissioning and stabilization against approved milestones
  • Ramp up 2.4 GW cell line and complete ALMM List-II enlistment
  • Develop complementary businesses in line with customer demand
  • Maintain discipline on working capital, expenditure and capital allocation