Earnings Call Transcript
SAATVIKGL · price
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Saatvik Green Energy reported record FY26 performance with revenue of Rs 45,484 million (up 111% YoY), EBITDA of Rs 5,811 million (up 62% YoY) at 12.78% margin, and PAT of Rs 3,571 million (up 64% YoY). Production reached 3,162 MW with 84%+ capacity utilization. The company scaled its solar cell manufacturing target from 4.8 GW to 6 GW, expanded encapsulant capacity from 2 GW to 5 GW, and is progressing toward ingot/wafer manufacturing. Management cited Q4 margin compression due to commodity price spikes (silver, aluminum, copper), rupee depreciation (from Rs 88 to Rs 94 per dollar), and global geopolitical disruptions. Management guided margins will remain "softer" in Q1 FY27 due to extraordinary volatility but expects significant improvement in H2 FY27 as cell manufacturing ramps up. FY27 capex guidance is Rs 1,700 crore with debt-equity expected to rise to 1.0-1.5x range.
The near-term margin pressure from geopolitical disruptions and commodity inflation is a concern, but the strong order book of 5.89 GW (Rs 8,000 crore, 18-month execution timeline) and upcoming cell manufacturing provide revenue visibility. The strategic backward integration into cells and ingots positions Saatvik for improved margins and market share longer-term.