Manufactures solar PV modules and is building a fully integrated clean-energy platform by backward-integrating into solar cells (scaling to 6 GW), wafers/ingots (6 GW planned) and encapsulant (5 GW capacity). Recent acquisitions extend the business into power transformers (80% stake in Melcon Transformers) and battery energy storage systems (Saatvik Power Storage Solutions). FY26 production was 3,162 MW and sales 3,138 MW at 84% capacity utilisation, with a confirmed order book of 5.89 GW (~₹8,000 crore) spanning an 18-month execution horizon from domestic IPPs and EPC players. Module capacity is targeted to reach 8.8 GW by FY27, while a 4 GW module and 2.4 GW cell line is being built in Odisha. The biggest cost is materials at 76.9% of revenue — silver, copper, aluminium and FX-sensitive imports — which compressed Q4 FY26 EBITDA to roughly 7% after a sharp silver, oil and rupee move; full-year EBITDA margin stood at 12.69%. Group structure also includes a solar EPC subsidiary (Saatvik Cleantech EPC). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Solar PV modules, Solar cell manufacturing, Encapsulant, Power transformers, Energy storage / BESS, Solar EPC. Capital-intensive, vertically integrating solar manufacturer expanding into cells, wafers, transformers and storage
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 4,548 |
| EBITDA (ex other income) | 538 |
| margin % | 11.8 |
| Owners' profit | 357 |
| EPS, as reported (₹) | 29.83 |
| ROE % · ROCE % | 26.2 · 30.8 |
| Debt / equity (x) | 0.65 |
| Cash from operations | (27) |
| Capex | (601) |
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 916 | 768 | 1,257 | 1,608 | 511 |
| Profit before tax | 150 | 96 | 127 | 74 | 7 |
| Net profit | 119 | 83 | 99 | 60 | 5 |
| EPS (₹) | 10.60 | 7.40 | 8.41 | 5.06 | 0.43 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 75,508 | 19.8 | 5.03 | 12.2 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 70,293 | 59.5 | 13.03 | 36.9 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 44,224 | 26.2 | 10.26 | 18.0 | 35.0 | 25.7 | — | 30.8 |
| EMMVEE PHOTOVOLTAIC PWR L | 23,872 | 17.9 | 6.46 | 13.3 | 29.3 | 31.2 | — | 36.3 |
| MTAR TECHNOLOGIES LIMITED | 22,531 | 168.8 | 27.39 | 120.2 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 19,448 | 98.9 | — |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · Subsidiary renamed to Saatvik Transvolt Solutions | general | low | — | — |
| 3 Sept 2026 · AGM notice and Annual Report 2025-26 weblinks shared with shareholders | board shareholder meetings | medium | — | — |
| 3 Sept 2026 · Subsidiary wins order worth INR 297.5 Cr for solar modules | business updates | medium | — | — |
| 3 Sept 2026 · Newspaper ad on dispatch of 11th AGM notice and e-voting info | compliance | minimal | — | — |
| 2 Sept 2026 · Notice of 11th AGM and Annual Report for FY 2025-26 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Saatvik Solar applies for ALMM List-II for 2.4 GW Odisha cell facility | compliance | low | — | — |
| 27 Aug 2026 · Saatvik Green Energy 11th AGM notice published in newspapers | compliance | minimal | — | — |
| 20 Aug 2026 · Subsidiary wins INR 190 Crore solar modules order | business updates | high | — | — |
| 18 Aug 2026 · Saatvik Green Energy Q1 FY27 earnings call transcript filed | investor communications | medium | — | — |
| 17 Aug 2026 · Saatvik Solar signs MoU with Odisha for 3.6 GW Phase II cell facility | compliance | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| 94.7 |
| (26.2) |
| 8.6 |
| — |
| 12.3 |
| AVALON TECHNOLOGIES LTD | 15,293 | 114.3 | 21.19 | 76.2 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 9,830 | 13.7 | 4.43 | 12.1 | 26.7 | 22.7 | 50.8 | 22.1 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.7 | 26.2 | 22 of 53 | 60% |
| P/B | 3.7 | 3.6 | 26 of 49 | 48% |
| ROCE | 26.5 | 12.3 | 9 of 56 | 86% |
| ROE | 26.2 | 11.5 | 11 of 53 | 81% |
| Debt / Equity | 0.7 | 0.2 | 37 of 53 | 31% |
| EBITDA margin | 8.3 | 12.6 | 38 of 51 | 26% |
| Revenue growth | (44.2) | 20.7 | 45 of 46 | 2% |
| Profit growth | (95.5) | 37.7 | 42 of 45 | 7% |
| Market cap | 5053 | 641 | 11 of 56 | 82% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
