Saatvik Green Energy Limited is a premier Indian integrated solar energy provider, transitioning from a pure-play module manufacturer into a comprehensive energy ecosystem player. The company specializes in high-efficiency solar photovoltaic (PV) modules, turnkey Engineering, Procurement, and Construction (EPC) services, and power infrastructure. With a strategic focus on vertical integration, Saatvik is securing its supply chain through in-house cell and encapsulant manufacturing to drive long-term margin sustainability. --- ### **Manufacturing Footprint & Aggressive Capacity Expansion** The company is executing a multi-location manufacturing strategy to scale its domestic footprint and comply with the **Approved List of Models and Manufacturers (ALMM)** mandates. | Facility Location | Component | Current Capacity | Planned Capacity | Timeline | | :--- | :--- | :--- | :--- | :--- | | **Ambala, Haryana** | Solar PV Modules | **4.8 GW** | - | Operational | | **Ambala, Haryana** | **EPE (Encapsulant) Film** | **2 GW** | - | Operational (Dec 2025) | | **Gopalpur, Odisha** | Solar PV Modules | - | **4.0 GW** | **Q4 FY26** | | **Gopalpur, Odisha** | **Solar Cells** | - | **4.8 GW** | **FY27** | * **Strategic Site Selection:** The **Odisha** facility is situated within the **Tata Steel SEZ**, providing "plug-and-play" infrastructure (electricity and water) and proximity to **Gopalpur, Vizag, and Paradip ports**. This mitigates the execution risks often associated with remote greenfield sites. * **Future Integration:** Management is evaluating further backward integration into **Ingots and Wafers**, with a target alignment for **June 2028**. * **Land Bank:** The company has secured **185 acres** on a **99-year lease** in **Madhya Pradesh** for a future manufacturing zone dedicated to power and renewable energy equipment. --- ### **Core Business Verticals & Product Portfolio** Saatvik operates across utility-scale, commercial & industrial (C&I), and distributed solar segments. * **Advanced Solar PV Modules:** Produces high-efficiency modules utilizing **Mono-PERC**, **Bifacial**, and **N-TOPCon G12R** technologies. High-wattage formats include **M10** and **G12**. * **UDAY Series On-Grid Inverters:** A specialized B2C range featuring **>99% MPPT efficiency** and **IP65** protection. * **Single-Phase:** **1.1 kW to 6 kW** for residential use. * **Three-Phase:** **6 kW to 50 kW** for C&I applications. * **EPC & O&M Services:** End-to-end solutions for **Rooftop**, **Ground-Mounted**, and specialized **Floating Solar** installations. * **Agri-Solar Solutions:** Designs solar PV water pumping systems (**SPWPS**) under the **PM-KUSUM** scheme. * **Power Infrastructure:** Following the acquisition of an **80% stake** in **Melcon Transformers** (April 2026), the company now manufactures power and distribution transformers up to **12,500 KVA (33 kV)**. --- ### **Financial Performance & Capital Structure** Following its **September 2025 IPO**, which raised **₹8,999.99 million** (Fresh Issue: **₹7,000 million**), the company has significantly deleveraged its balance sheet. | Metric (Consolidated) | H1 FY26 (Sept 2025) | H1 FY25 (Sept 2024) | YoY Growth | | :--- | :--- | :--- | :--- | | **Revenue from Operations** | **₹16,838 million** | **₹7,213 million** | **133%** | | **EBITDA** | **₹3,046 million** | **₹1,295 million** | **135%** | | **EBITDA Margin** | **18.09%** | **17.95%** | **+14 bps** | | **Profit After Tax (PAT)** | **₹2,021 million** | **₹823 million** | **146%** | | **Debt-to-Equity Ratio** | **0.44** | **1.36** | **-67.6%** | * **Revenue Visibility:** The order book stood at **5.05 GW** as of December 31, 2025, representing nearly **100%** of current installed capacity. * **Profitability Metrics:** **Return on Capital Employed (ROCE)** is tracking at **21.85%** for **FY26**. * **Utilization:** Maintained high operational efficiency with a utilization rate of **81-83%**. * **Market Share:** Targeted capture of **7-10%** of the Indian solar module market by the end of **2026**. --- ### **Strategic Diversification & Vertical Integration** Saatvik is evolving into a holistic energy player through targeted acquisitions and new subsidiaries: * **Energy Storage:** Established **Saatvik Power Storage Solutions Limited** (March 2026) to enter the battery storage market. * **Hydro Energy:** Acquired a **49% stake** in **Intelligent Hydel Solutions Private Limited**. * **Supply Chain Resilience:** The **2 GW captive EPE film facility** makes Saatvik one of the few Indian players with in-house encapsulant production, reducing import reliance and boosting gross margins. * **Bankability:** Rated **CRISIL A-** (April 2025) and holds a **CC+ rating** in the **PV Module Tech Bankability Ratings** by PV Tech Research. --- ### **Sustainability, Compliance & Governance** The company integrates Environmental, Social, and Governance (ESG) principles into its core operations: * **ESG Recognition:** Awarded a **Bronze Medal** by **EcoVadis** with a score of **69/100** (79th percentile globally). * **Environmental Targets:** Commitment to **Zero Liquid Discharge (ZLD)** by **FY 2028** and a **10% reduction** in energy intensity per Wp by **FY 2027**. * **Circular Economy:** Operates a **take-back program** for end-of-life products and maintains **RoHS** compliance. * **Certifications:** Holds **ISO 9001, 14001, and 45001**; targeting **ISO 27001 (Cybersecurity)** by **2027**. --- ### **Risk Landscape & Mitigation** * **Infrastructure Execution:** To avoid the utility delays (power/water) seen in remote greenfield projects, Saatvik has shifted expansion to **SEZ-based land** with guaranteed connectivity. * **Raw Material Volatility:** Exposure to **Polysilicon** and **Aluminum** price swings is mitigated by increasing scale to improve vendor bargaining power and backward integration into cell manufacturing. * **Policy & Regulatory:** The company remains sensitive to **Basic Customs Duty (BCD)** and **ALMM** changes; however, its "Make in India" alignment positions it as a primary beneficiary of domestic content requirements. * **Logistics:** Proximity to the **Calcutta-Chennai highway** and major ports hedges against transit bottlenecks and supports export ambitions.