Saatvik green
Set up in 2015 by the promoters of the Shree Ganesh group, Saatvik Green manufactures solar PV modules for residential, commercial, and industrial off-grid/on-grid applications. The company has an installed capacity of 3.8 GW as on December 31, 2024, at its facilities in Ambala (Haryana), of which 3.2 GW capacities are under Saatvik Solar, a 100% subsidiary of Saatvik Green.
The Company has supplied over 2.00 GW of high-efficiency solar PV modules across both domestic and international markets. Beyond manufacturing, other capabilities extend to Engineering, Procurement and Construction (EPC) services, and Operations and Maintenance (O&M) services to support long-term projects.
The company also manufactures solar water pumps
product portfolio
Mono PERC soon will become obselete
N-TopCon modules, offered in mono-facial and bifacial configurations bifacial meaning the panel can generate some current from the reflected light under the solar panel currently the most advanced
These facilities are equipped with fully automated production lines, ensuring high precision, quality, and manufacturing efficiency.
The proposed Initial Public Offering (IPO)
The IPO comprised an offer for sale (OFS) of equity shares aggregating to Rs 200 crore and a fresh issue of equity shares aggregating to Rs 700 crore.
Of the net proceeds from the fresh issue, about Rs 10.819 crore had been used for payment/prepayment of certain outstanding borrowings; Rs 166.436 crore had been used for investment in Saatvik Solar Industries, a wholly owned subsidiary, for repayment and prepayment of certain borrowings availed by the subsidiary; Rs 477.227 crore had been used towards investment in Saatvik Solar Industries, a WOS of the company, for setting up a 4 GW solar PV module manufacturing facility at Gopalpur (Odisha); and the balance had been used for general corporate purposes.
The EPC vertical provides comprehensive solar solutions, managing projects from concept through to execution. The offerings of this vertical include ground-mounted solar installations and rooftop solar installations. It also provides O&M services to customers, primarily for EPC projects undertaken by the company.
Ahead of the IPO, Saatvik Green Energy on Thursday, 18 September 2025, raised Rs 269.39 crore from anchor investors.
Consolidated financial statement
Profit and loss
| Particulars | 2024-25 | 2023-24 |
|---|---|---|
| Total income | 21,924.65 | 10,971.81 |
| (2) Expenses | ||
| Total expenses | 19,120.42 | 9,653.08 |
| Total tax expense | 664.93 | 314.01 |
| (5) Profit for the year (3-4) | 2,139.30 | 1,004.72 |
| (6) Other comprehensive income (‘OCI’) | ||
| (7) Total comprehensive income for the year, net of tax (5+6) | 2,133.27 | 1,004.57 |
| (11) Earnings per equity share | ||
| (a) Basic EPS | 19.09 | 8.96 |
| (b) Diluted EPS | 19.07 | 8.96 |
Company seems to have significant related party transactions
the company revenue and profit has significantly increased because of scaling up of operations
.
Top 5 Subsidiary Balances and Total (Amounts in INR Crores)
| Subsidiary | Particulars | 2024-25 (Crores) | 2023-24 (Crores) | 2024-25 (% of Sales) | 2023-24 (% of Sales) |
|---|---|---|---|---|---|
| Saatvik Solar Industries Private Limited | Trade receivables | 291.93 | 10.23 | 14.79 | 0.52 |
| Saatvik Solar Industries Private Limited | Loan and advance given | 41.73 | 41.73 | 2.11 | 2.11 |
| Saatvik Cleantech EPC Private Limited | Advance to supplier | 26.36 | 5.47 | 1.34 | 0.28 |
| Saatvik Solar Industries Private Limited | Other receivables | 23.79 | 0.00 | 1.21 | - |
| Saatvik Cleantech EPC Private Limited | Provision for expenses | 6.98 | 3.68 | 0.35 | 0.19 |
| TOTAL (All Balances) | ALL | 398.42 | 65.30 | 20.18 | 3.31 |
Saatvik Green is undertaking a greenfield capacity expansion under its wholly owned subsidiary, Saatvik Solar Industries Pvt Ltd (Saatvik Solar; formerly, as S Cleantech Renewables Pvt Ltd), in Odisha and is expected to add 4 GW module capacity (by end of fiscal 2026) and 2.4 GW backward integrated cell line capacity (by end of fiscal 2027). This would entail a total cost of Rs 1,850 crore, funded through 70% debt and balance via internal accrual. With this, the company will have a total module capacity of 8.8 GW and cell manufacturing capacity of 2.4 GW. Despite this, the financial risk profile is expected to remain comfortable with adequate debt protection metrics. Interest coverage ratio is expected to be 5-6 times and debt to Ebitda 2-2.5 times over the medium term. Net cash accrual of Rs 350-550 crore expected over the medium term should suffice to fund the debt obligation of Rs 25-100 crore per fiscal in 2026 and 2027.to meet growing demand, they have added another one gigawatt capacity at Ambala, which should be operational henceforth, taking our total capacity to 4.8 gigawatt. Beyond this, we are expanding our capabilities further with a fully integrated cell and module manufacturing facility in Odisha, 4.8 gigawatt for cells and 4 gigawatt for modules, expected to be commissioned by quarter 3 FY27 and FY26, respectively. With our expanding manufacturing base, proven execution track record, and integrated business model, Saatvik Green Energy is a great place to capture these opportunities and play a meaningful role in advancing India’s renewable energy transition.
The order book as of June 30th stands at over 4 gigawatts. And the order book generally comprises of medium and long-term orders. Apart from that, there are spot orders as well as retail distributor orders, which you receive and these are in small quantities, but a large number of these orders are there every month and these get executed, which is also about 25% to 30% of our monthly sales.
Odisha project is well on time. So, the civil construction work is already going on. We should start our PEB erection very soon, probably by end of this month. And module and cell capacities should come around the same time, but module takes little less time to optimize and commercialize. They should start giving revenue from April of 2026. But installation should happen in the last quarter of this financial year. But it takes three, four months to really stabilize and get this fully commercialized. So April 26 is when it should start producing. And full production should take another three months. So, second quarter onwards we will get full production of that 4 gigawatt module. Along with this, cell capacities are also coming, but cell takes little more time to optimize because this is more complex process and gases and chemicals and lot of
They are backward integrating into cell manufacturing. We also have plans to get into wafer and ingot value chain. So, entire value chain from ingot to module is what we are targeting.
And additionally, we have taken land in Madhya Pradesh also, there is a solar manufacturing park which is being built in Narmadapuram near Bhopal, where we have initially have got 51 acre land, but we are trying to increase it to at least 200 acres, 300 acres is what we’ve asked. But even if we get 200 acres, we will be able to build 8 gigawatt of integrated ingot wafer cell module kind of a facility there.
They are going to invest about INR1,300 crores in two different financial years, in FY26 and FY27, in the ratio of maybe 60% this year and 40% next year. So, to fund that 60%, we have secured the debt from the leading government bank which will fund us 75% of the project cost and 25% of the project will be funded through equity and we have enough equity capital, equity available in our balance sheet and we are also generating profit. So, those internal accruals will be more than sufficient to fund our cell production, cell capacity.
Technology
from SC China and SC China has done similar projects for their peers also.
. Capital Expenditure (Capex) Details
- Average cost of commissioning 1 GW solar module plant:
₹75–100 crore (depending on land cost).
→ This is a general estimate for module manufacturing setup. - Odisha Project (Greenfield Expansion):
- Total investment: ₹1,850 crore
- Capacity:
- Modules: 4 GW
- Cells: 2.4 GW (Phase 1 of total planned 4.8 GW) financial year 27 phase 1 and financial year fy 28 phase 2
- Breakup of cost:
- Modules (4 GW): ~₹550 crore
- Cells (2.4 GW): ~₹1,300 crore
- Reason for higher cost: Greenfield project → includes full infrastructure creation.
(Earlier ₹75–100 crore/GW was for brownfield expansion, hence lower.)
Future Expansion Plan
- Total planned cell capacity: 4.8 GW (in two phases of 2.4 GW each).
- Current phase: 4 GW modules + 2.4 GW cells
Per mw realization will be 20 lacks
4% to 5% EBITDA benefit will come because of cell manufacturing at the company level, right?
These strengths are partially offset by susceptibility to the highly competitive nature of the industry, regulatory changes, volatility in raw material prices and timely execution and stabilisation of large upcoming projects.
Saatvik Green caters to reputed clients such as Larsen & Toubro, Enrich Energy Pvt Ltd, Shree Cement Ltd, among others. Steady focus on adding new customers has led to high growth in the order book. Top five customers formed less than 40% of revenue, depicting significant diversification in the customer base.
Favourable demand outlook for the solar industry: Amid growing emphasis for solar power in India, Saatvik is well-positioned to benefit from long-term plans of the government to increase generation from renewable sources. Introduction of protectionist measures, such as BCD of 40% and 25% on imported solar modules and solar cells, respectively, from April 2022; and reimposition of ALMM for government projects, along with incentivising domestic players under the production linked incentive (PLI) scheme, makes domestic modules more cost competitive vis-à-vis the imported ones. Government-approved schemes such as Kisan Urja Suraksha Utthan Mahabhiyan, Central Public Sector Undertaking and rooftop scheme should also drive up demand. Furthermore, the Ministry of Renewable Energy plans to introduce an approved list of models and manufacturers for solar PV cells (ALCM). Under ALCM, all modules approved under ALMM are required to use cells from the ALCM list. Furthermore, all projects where ALMM is applicable also need to use cells from the ALCM list. This will support the demand for domestic cells.
Risk
The company is exposed to increasing competition from domestic as well as imported modules. This is on account of large capacity additions planned in the domestic market to meet increasing demand.
Furthermore, Indian manufacturers face competition from Chinese imports. Prices of modules and cells have dipped significantly in China due to the supply glut, amid restrictions imposed by the US on Chinese imports. However, implementation of BCD and ALMM should enable the group to remain cost-competitive . Any further material reduction in prices of imports remains monitorable.
While implementation of BCD (40% and 25% BCD on imported solar modules and solar cells, respectively, from April 2022) makes Indian players cost-competitive, cost of inputs and ability to pass on changes in cost to customers will be monitorable, considering proposed ALCM for cell manufacturing from June 2026, which could make cells manufactured in India costlier.
Execution risk dilution risk and funding risk
Collapse of solar system prices and tightening of margins
Rapid growth in new and alternative energy sources or better technology in solar panels
Failure of quality standards and risk of reputational damage
Solar panels should perform for 25 years with acceptable degeneration per year roughly 1 percentage per year they should maintain that
Geopolitical and supply chain risk as raw materials are from china
Dumping by Chinese makers and lifting of protection by the government
Players like waree and adani are more integrated and more cash rich than this company
Adani group of companies can be its own customer for adani solar
The company seems to be trading at higher valuation of 25 times its earnings
Not invested in the company
Did not use AI to generate information processed with AI Sources Annual report 2025 and oct 2025 presentation
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