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Saatvik Green Energy Ltd

SAATVIKGL

NSE

₹387.40-2.36%19 Oct 2026

Reports

Electric Equipment General

Saatvik Green Energy Ltd

SAATVIKGL

NSE

₹387.40

-2.36%

19 Oct 2026

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Electric Equipment General

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Saatvik Green Energy is an Indian company that has moved from simply assembling solar panels to building an entire clean-energy manufacturing platform, making more of what goes inside a solar module itself. It started in 2016 with a small 125 MW production line and has since expanded by relentlessly pulling more of its supply chain in-house - first modules, then protective films, and now the solar cells and eventually the raw silicon wafers - while also branching into the electrical equipment that connects solar power to the grid. The recurring approach is vertical integration: owning more steps of the process to control costs, quality, and supply, rather than relying on outside vendors.

Business segments

A single integrated solar manufacturing and energy-infrastructure platform, built around one core engine - high-efficiency solar module production - that is steadily absorbing its own supply chain and spinning off adjacent product lines, from the cells inside the panel to the transformers and inverters that deliver its power.

1. Solar module manufacturing: the factory that funds everything else

A 4.8 GW single-location plant in Ambala produces high-efficiency solar panels at scale, with a confirmed order book larger than its installed capacity, providing the cash and customer relationships that the rest of the business is built on.

The anchor production engine - the Ambala facility spans 724,000 square feet and produced 3,162 MW of modules in FY26, roughly 2.2 times the previous year’s output, running at over 84% capacity utilization.
Technology that buyers want - the portfolio has moved from basic polycrystalline panels to advanced N-TOPCon bifacial modules that reach 23.5% efficiency, backed by product warranties of up to 12 years and performance warranties of up to 30 years.
Sold before it’s made - the confirmed order book stood at approximately 5.89 GW as of March 2026, about 123% of installed capacity, which means most of the coming year’s production is already spoken for.
A nationwide sales network - 64 selling partners across India - 19 resellers, 31 distributors, and 14 channel partners - push modules into utility-scale projects, commercial rooftops, and distributed solar installations.

2. Solar cell manufacturing: bringing the heart of the panel in-house

A 6 GW greenfield cell plant in Odisha is the company’s single biggest bet on margin control, turning imported silicon wafers into cells internally instead of buying finished cells from others.

Policy tailwind built in - India’s Domestic Content Requirement rules give extra margins to manufacturers who produce cells locally, so making cells in Odisha is not just a cost play but a regulatory advantage.
A dedicated subsidiary with fresh capital - the Odisha plant sits inside Saatvik Solar Industries Private Limited, which received a ₹251.60 crore investment from IPO proceeds through a rights issue to fund the build-out.

3. Encapsulant manufacturing: making the protective layer that holds the panel together

A 2 GW in-house film line already running at Ambala, expanding to 5 GW, produces the protective encapsulant sheets that sandwich the solar cells - a component that is 7-10% of module cost and now delivers 5-10% savings versus buying outside.

Co-located for speed - the encapsulant line sits inside the existing Ambala module complex, so the film moves straight from production into module assembly without freight or delay.
Chemistry tuned to its own panels - in-house R&D lets the company optimize encapsulant formulations specifically for its high-efficiency, bifacial, and large-format modules, rather than using an off-the-shelf product.
Sells to others too - the line serves both internal consumption and third-party customers, so it is a cost-saving tool and a standalone revenue stream at the same time.

4. Power infrastructure products: the equipment that connects solar to the grid

A collection of adjacent product lines - inverters, transformers, battery storage, and solar pumps - that turn the company from a panel maker into a one-stop energy-infrastructure supplier.

Inverters launched, more coming - the UDAY Series on-grid inverters began shipping in 2025, with hybrid and off-grid models planned for residential and light-commercial use.
Transformers bought, not built from scratch - an 80% stake in Melcon Transformers, acquired in April 2026, adds a factory in Alwar that makes power and distribution transformers up to 10 MVA and 33 kV, plugging Saatvik into the transmission piece of the value chain.
Battery storage as a new subsidiary - Saatvik Power Storage Solutions Limited was incorporated in March 2026 to target commercial and industrial battery energy storage systems, completing the generation-storage-transmission picture.
Solar pumps scaling fast - the pump business grew from ₹2 crore to ₹47 crore in revenue during FY26, riding government programs like PM-KUSUM that target 30.8 GW of solar capacity for farmers.

5. EPC and project delivery: building what the panels go on

A wholly owned subsidiary, Saatvik Cleantech EPC, provides end-to-end construction services for rooftop, ground-mounted, and floating solar installations - turning manufactured products into finished power plants.

Launched in 2022, now international - the EPC arm executes projects across residential, commercial, industrial, and utility-scale segments, with a stated push into export markets.
A stake in independent power production - in February 2026, the EPC subsidiary acquired a 49% stake in Intelligent Hydel Solutions, giving Saatvik a foothold in owning and operating generation assets.

Group structure and partners

The listed parent company sits above a constellation of wholly owned and majority-owned subsidiaries, each purpose-built for a specific piece of the energy value chain - manufacturing, project execution, storage, and transmission.

Saatvik Green Energy Limited is the listed entity on BSE and NSE, headquartered in Gurugram.
Saatvik Solar Industries Private Limited is the material wholly owned subsidiary housing the Odisha cell and module facility, and it has secured a 99-year lease on 185 acres in Madhya Pradesh for future expansion.
Saatvik Cleantech EPC Private Limited is the wholly owned EPC arm, which also holds the 49% stake in Intelligent Hydel Solutions for the 41 MW Maharashtra power project.
Saatvik Power Storage Solutions Limited is the newly incorporated wholly owned subsidiary for battery energy storage.
Melcon Transformers and Electricals Private Limited is the 80%-owned subsidiary agreed to be acquired in April 2026, adding transformer manufacturing in Alwar.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹4,925Cr

Close Price

₹387.50

Industry

Electric Equipment General

Price To Earnings

18.19

Price To Sales

1.19

Revenue

₹4,144Cr

Rev Gr TTM

Revenue Growth TTM

46.52%

PAT Gr TTM

PAT Growth TTM

-21.93%

Consolidated

Standalone

Numbers

Percentage

Quarter	Jun 2023	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	234	246	475	518	919	916	768	1,257	1,608	511
Growth YoY Revenue Growth YoY%		5.3				272.3	61.6	142.6	75.0	-44.2
Expenses ExpensesCr	213	214	407	450	762	739	660	1,106	1,500	477
Operating Profit Operating ProfitCr	21	32	68	68	157	177	108	151	108	34
OPM OPM%	9.0	13.2	14.3	13.2	17.1	19.3	14.1	12.0	6.7	6.6
Other Income Other IncomeCr	2	8	21	2	3	4	15	11	5	9
Interest Expense Interest ExpenseCr	3	7	9	12	16	19	14	23	16	22
Depreciation DepreciationCr	1	4	5	9	12	12	14	15	23	13
PBT PBTCr	19	30	75	48	132	150	96	125	74	7
Tax TaxCr	5	8	14	8	37	31	13	28	13	2
PAT PATCr	14	21	61	40	95	119	83	97	60	5
Growth YoY PAT Growth YoY%		52.0				459.1	36.4	139.6	-36.2	-95.5
NPM NPM%	6.0	8.6	12.8	7.8	10.3	13.0	10.8	7.7	3.8	1.1
EPS EPS₹	8.3	12.5	5.5	3.6	8.1	10.6	7.4	8.4	5.1	0.4

Quarter	Jun 2023	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	234	246	475	518	919	916	768	1,257	1,608	511
Growth YoY Revenue Growth YoY%		5.3				272.3	61.6	142.6	75.0	-44.2
Expenses ExpensesCr	213	214	407	450	762	739	660	1,106	1,500	477
Operating Profit Operating ProfitCr	21	32	68	68	157	177	108	151	108	34
OPM OPM%	9.0	13.2	14.3	13.2	17.1	19.3	14.1	12.0	6.7	6.6
Other Income Other IncomeCr	2	8	21	2	3	4	15	11	5	9
Interest Expense Interest ExpenseCr	3	7	9	12	16	19	14	23	16	22
Depreciation DepreciationCr	1	4	5	9	12	12	14	15	23	13
PBT PBTCr	19	30	75	48	132	150	96	125	74	7
Tax TaxCr	5	8	14	8	37	31	13	28	13	2
PAT PATCr	14	21	61	40	95	119	83	97	60	5
Growth YoY PAT Growth YoY%		52.0				459.1	36.4	139.6	-36.2	-95.5
NPM NPM%	6.0	8.6	12.8	7.8	10.3	13.0	10.8	7.7	3.8	1.1
EPS EPS₹	8.3	12.5	5.5	3.6	8.1	10.6	7.4	8.4	5.1	0.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	609	609	1,088	2,158	4,548	4,144
Growth Revenue Growth%		0.0	78.8	98.4	110.7	46.5
Expenses ExpensesCr	594	594	940	1,833	4,007	3,743
Operating Profit Operating ProfitCr	15	15	148	326	542	401
OPM OPM%	2.4	2.4	13.6	15.1	11.9	9.7
Other Income Other IncomeCr	9	9	9	34	36	40
Interest Expense Interest ExpenseCr	11	11	14	44	71	74
Depreciation DepreciationCr	7	7	11	31	64	65
PBT PBTCr	7	7	132	284	442	302
Tax TaxCr	2	2	31	67	85	56
PAT PATCr	5	5	100	217	357	246
Growth PAT Growth%		0.0	2,017.4	116.1	64.5	-21.9
NPM NPM%	0.8	0.8	9.2	10.1	7.8	5.9
EPS EPS₹	0.4	0.4	9.0	19.4	29.8	21.3

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	609	609	1,088	2,158	4,548	4,144
Growth Revenue Growth%		0.0	78.8	98.4	110.7	46.5
Expenses ExpensesCr	594	594	940	1,833	4,007	3,743
Operating Profit Operating ProfitCr	15	15	148	326	542	401
OPM OPM%	2.4	2.4	13.6	15.1	11.9	9.7
Other Income Other IncomeCr	9	9	9	34	36	40
Interest Expense Interest ExpenseCr	11	11	14	44	71	74
Depreciation DepreciationCr	7	7	11	31	64	65
PBT PBTCr	7	7	132	284	442	302
Tax TaxCr	2	2	31	67	85	56
PAT PATCr	5	5	100	217	357	246
Growth PAT Growth%		0.0	2,017.4	116.1	64.5	-21.9
NPM NPM%	0.8	0.8	9.2	10.1	7.8	5.9
EPS EPS₹	0.4	0.4	9.0	19.4	29.8	21.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	3	3	3	22	25
Reserves ReservesCr	17	17	117	318	1,336
Current Liabilities Current LiabilitiesCr	193	193	460	1,102	1,451
Non Current Liabilities Non Current LiabilitiesCr	49	49	107	196	303
Total Liabilities Total LiabilitiesCr	263	263	688	1,639	3,115
Current Assets Current AssetsCr	206	206	508	1,265	2,074
Non Current Assets Non Current AssetsCr	57	57	180	374	1,041
Total Assets Total AssetsCr	263	263	688	1,639	3,115

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	3	3	3	22	25
Reserves ReservesCr	17	17	117	318	1,336
Current Liabilities Current LiabilitiesCr	193	193	460	1,102	1,451
Non Current Liabilities Non Current LiabilitiesCr	49	49	107	196	303
Total Liabilities Total LiabilitiesCr	263	263	688	1,639	3,115
Current Assets Current AssetsCr	206	206	508	1,265	2,074
Non Current Assets Non Current AssetsCr	57	57	180	374	1,041
Total Assets Total AssetsCr	263	263	688	1,639	3,115

Consolidated

Standalone

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	5	5	44	43	-27
Investing Cash Flow Investing Cash FlowCr	-24	-24	-69	-198	-896
Financing Cash Flow Financing Cash FlowCr	32	32	25	149	946
Net Cash Flow Net Cash FlowCr	13	13	-1	-7	23
Free Cash Flow Free Cash FlowCr	-18	-18	-16	-126	-628
CFO To PAT CFO To PAT%	106.1	106.1	43.4	19.6	-7.5
CFO To EBITDA CFO To EBITDA%	34.0	34.0	29.5	13.1	-4.9

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	5	5	44	43	-27
Investing Cash Flow Investing Cash FlowCr	-24	-24	-69	-198	-896
Financing Cash Flow Financing Cash FlowCr	32	32	25	149	946
Net Cash Flow Net Cash FlowCr	13	13	-1	-7	23
Free Cash Flow Free Cash FlowCr	-18	-18	-16	-126	-628
CFO To PAT CFO To PAT%	106.1	106.1	43.4	19.6	-7.5
CFO To EBITDA CFO To EBITDA%	34.0	34.0	29.5	13.1	-4.9

Consolidated

Standalone

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					4,784	4,925
Price To Earnings Price To Earnings					13.4	18.2
Price To Sales Price To Sales					1.1	1.2
Price To Book Price To Book					3.5	3.6
EV To EBITDA EV To EBITDA					10.4	14.7
Profitability Ratios Profitability Ratios
GPM GPM%	8.6	8.6	21.8	22.9	18.9	18.9
OPM OPM%	2.4	2.4	13.6	15.1	11.9	9.7
NPM NPM%	0.8	0.8	9.2	10.1	7.8	5.9
ROCE ROCE%	10.0	10.0	36.5	38.9	22.3	22.3
ROE ROE%	23.4	23.4	83.3	63.7	26.2	26.2
ROA ROA%	1.8	1.8	14.6	13.3	11.5	11.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					4,784	4,925
Price To Earnings Price To Earnings					13.4	18.2
Price To Sales Price To Sales					1.1	1.2
Price To Book Price To Book					3.5	3.6
EV To EBITDA EV To EBITDA					10.4	14.7
Profitability Ratios Profitability Ratios
GPM GPM%	8.6	8.6	21.8	22.9	18.9	18.9
OPM OPM%	2.4	2.4	13.6	15.1	11.9	9.7
NPM NPM%	0.8	0.8	9.2	10.1	7.8	5.9
ROCE ROCE%	10.0	10.0	36.5	38.9	22.3	22.3
ROE ROE%	23.4	23.4	83.3	63.7	26.2	26.2
ROA ROA%	1.8	1.8	14.6	13.3	11.5	11.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	DHOOTTRANS	EMMVEE	UTLSOLAR	SAATVIKGL	YASHHV	VIDYAWIRES	HIIL
Market CapitalizationMkt CapCr	30,476	18,804	11,384	4,925	3,596	1,959	1,389
Close PriceClose₹	1,489.90	271.60	370.45	387.50	1,203.10	92.09	641.55
IndustryIndustry	Electric Equipment General	Electric Equipment General	Electric Equipment General	Electric Equipment General	Electric Equipment General	Electric Equipment General	Electric Equipment General
Price To EarningsPE	74.05	13.06	37.42	18.19	86.37	29.61	11.99
Price To SalesPS	6.74	3.12	4.29	1.19	15.29	0.99	2.82
RevenueRevenueCr	4,525	6,023	2,655	4,144	235	1,978	492
Revenue Growth TTMRev Gr TTM%		60.2%		46.5%	57.2%	31.7%	71.8%
PAT Growth TTMPAT Gr TTM%		93.8%		-21.9%	74.1%	43.5%	279.4%

	DHOOTTRANS	EMMVEE	UTLSOLAR	SAATVIKGL	YASHHV	VIDYAWIRES	HIIL
Market CapitalizationMkt CapCr	30,476	18,804	11,384	4,925	3,596	1,959	1,389
Close PriceClose₹	1,489.90	271.60	370.45	387.50	1,203.10	92.09	641.55
IndustryIndustry	Electric Equipment General	Electric Equipment General	Electric Equipment General	Electric Equipment General	Electric Equipment General	Electric Equipment General	Electric Equipment General
Price To EarningsPE	74.05	13.06	37.42	18.19	86.37	29.61	11.99
Price To SalesPS	6.74	3.12	4.29	1.19	15.29	0.99	2.82
RevenueRevenueCr	4,525	6,023	2,655	4,144	235	1,978	492
Revenue Growth TTMRev Gr TTM%		60.2%		46.5%	57.2%	31.7%	71.8%
PAT Growth TTMPAT Gr TTM%		93.8%		-21.9%	74.1%	43.5%	279.4%