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Saatvik Green Energy Ltd
Capital Goods - Electrical EquipmentIPO
₹465 - 465
We are a solar photovoltaic module manufacturer with an operational capacity of about 3.80 GW as of June 30, 2025. Our solar energy products include Mono PERC modules and N-TopCon solar modules, each offered in mono-facial and bifacial options, suitable for various applications and sectors, including residential, commercial and utility scale solar projects. We also provide end-to-end engineering, procurement and construction services for solar projects, which include ground-mounted solar installations and rooftop solar installations, and we provide operations and maintenance services to customers in relation to such projects undertaken by us.
Lot32Min Invest₹14,880Face Value₹2Issue Size₹900 CrFresh Issue₹700 CrOffer for Sale₹200 CrListing Price₹460CMP₹352
Timeline
19 Sept
Bidding opens
23 Sept
Bidding closes
24 Sept
Allotment
25 Sept
Refund & demat credit
26 Sept
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹900 Cr1.94 Cr shares
Fresh Issue₹700 Cr
Offer for Sale₹200 Cr
Face Value₹2
Lot Size32 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,8801-13 lots
sNII₹2,08,320from 14 lots
bNII₹10,11,840from 68 lots
Managers & Registrar
Lead ManagerDAM Capital Advisors Ltd
Co-ManagerAmbit Pvt Ltd, Motilal Oswal Investment Advisors Ltd
RegistrarKFin Techologies Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrParmod KumarPRMTR24,08,602112.00Sunila GargPRMTR18,92,47388.00Total43,01,075200.00
Shareholding
CategoryPre IPOPost IPOPromoter Group90.05%76%Public9.95%24%
Objects of the Issue
- Prepayment or scheduled re-payment in full or in part of all or a portion of certain outstanding borrowings availed by the company
- Investment in its wholly owned subsidiary Saatvik Solar Industries Pvt Ltd in the form of debt or equity for repayment/prepayment of borrowings in full or in part of all or a portion of certain outstanding borrowings availed by such subsidiary
- Investment in its wholly owned subsidiary Saatvik Solar Industries Pvt Ltd for setting up of 4 GW solar PV mould MFG facility at NH-16 Chamakhandi Gopalpur Ind.Park
- General corporate purposes
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 609 | 1,088 | 2,158 | 4,548 | 4,144 |
| Operating ProfitCr | 15 | 148 | 326 | 542 | 401 |
| OPM% | 2.4 | 13.6 | 15.1 | 11.9 | 9.7 |
| PBTCr | 7 | 132 | 284 | 442 | 302 |
| PATCr | 5 | 100 | 217 | 357 | 246 |
| EPS | 0 | 9 | 19 | 30 | 21 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 3 | 3 | 22 | 25 | - |
| ReservesCr | 17 | 117 | 318 | 1,336 | - |
| BorrowingsCr | 153 | 280 | 503 | 939 | - |
| Fixed AssetsCr | - | - | 320 | 451 | - |
| Total AssetsCr | 263 | 688 | 1,639 | 3,115 | - |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 5 | 44 | 43 | -27 | - |
| Investing Cash FlowCr | -24 | -69 | -198 | -896 | - |
| Financing Cash FlowCr | 32 | 25 | 149 | 946 | - |
| Net Cash FlowCr | 13 | -1 | -7 | 23 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- Quality Customer Base and Large Order Book.
- Among the Leading Module Manufacturing Companies in India Offering Integrated Solutions to Independent Power Producers.
- Innovative Technology Solutions for the Solar Industry.
- Multiple Sales and Revenue Channels.
- Well-Positioned to Capture Favourable Industry Tailwinds.
- Experienced Promoters and Management Team with a Committed Employee Base.
Strategies · as stated in the DRHP
- Backward Integration into Cell Manufacturing.
- Maintain Our Position in the Solar Industry and Focus on Growing Share of Export Sales and EPC Services Internationally while expanding Customer Base in India and Internationally.
- Continue to Develop and Reinforce Technology to Manufacture Quality Modules.
- Expand Distribution Network across India and Create Retail Brand for Solar Panels.
Risks · as stated in the DRHP
- There are risks associated with solar module manufacturing. If such risks materialize, our business, financial condition and results of operations, among others, could be adversely affected.
- Our business is dependent on certain key customers, and our top 10 customers contributed 57.77%, 63.86% and 79.38% of our revenue from operations in Fiscals 2025, 2024 and 2023, respectively. The loss of revenue from any of these customers could have a material adverse effect on our business, financial condition, results of operations and cash flows.
- Changes in the price of solar PV cells and other raw materials could adversely affect our manufacturing of solar PV modules.
- We intend to utilise a major portion of the Net Proceeds for funding our capital expenditure requirements. This includes investment in our wholly owned Subsidiary, Saatvik Solar Industries Private Limited, for setting up of a 4.00 GW solar PV module manufacturing facility at National Highway - 16, Chamakhandi, Gopalpur Industrial Park, Gopalpur, Ganjam, Odisha 761 020 ("Project Site"), which may be subject to the risk of unanticipated delays in implementation, cost overruns and other risks.
- We intend to utilise a major portion of the Net Proceeds for funding our capital expenditure requirements by way of investment in our wholly owned Material Subsidiary, Saatvik Solar Industries Private Limited, which has limited operational experience in the renewable energy business and in operating a manufacturing facility.
- We will avail subsidy from the Industries Department, Government of Odisha for investment in our wholly owned Subsidiary, Saatvik Solar Industries Private Limited, for setting up of the Project Site, and usage of which is subject to monitoring by our Audit Committee on a quarterly basis, which our Company may not receive on time or at all.