NSE: SAATVIKGL · BSE: 544526
SAATVIK GREEN ENERGY LTD
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
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 65,440 | 17.1 | 4.36 | 10.6 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 60,809 | 51.5 | 11.27 | 32.0 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 39,130 | 23.2 | 9.08 | 16.0 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 20,676 | 154.9 | 25.14 | 110.5 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,654 | 89.8 | — | 87.0 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,571 | 12.4 | 4.48 | 9.2 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 14,460 | 108.1 | 20.04 | 72.0 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,156 | 11.4 | 3.68 | 10.4 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.6 | 22.6 | 20 of 52 | 63% |
| P/B | 3.3 | 3.3 | 25 of 49 | 50% |
| ROCE | 26.5 | 12.4 | 9 of 55 | 85% |
| ROE | 26.2 | 12.4 | 11 of 50 | 80% |
| Debt / Equity | 0.7 | 0.3 | 34 of 50 | 33% |
| 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 | 4497 | 576 | 12 of 56 | 80% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 22 Oct 2026 · Saatvik launches 745 W bifacial solar module with 30-year warranty | compliance | low | — | — |
| 10 Oct 2026 · Received Rs. 100 Crore order from MSEDCL for solar water pumps | business updates | high | — | — |
| 8 Oct 2026 · Filing of demat and remat certificate for July to September 2026 quarter | compliance | minimal | — | — |
| 28 Sept 2026 · Intimation regarding Conversion of Subsidiary Company from Private Limited to Public Company pursuant to Regulation 30 of SEBI ( Listing Obligation and Disclosure Requirements) Regulations , 2015 | strategic transactions | medium | — | — |
| 25 Sept 2026 · Trading window closure from Oct 1 for Q2 results | compliance | minimal | — | — |
| 24 Sept 2026 · All three AGM resolutions passed with overwhelming majority | board shareholder meetings | medium | — | — |
| 24 Sept 2026 · AGM 2026 voting results: All 3 resolutions passed with near-unanimous support | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Saatvik Green Energy: All resolutions passed at 11th AGM held on Sep 24, 2026 | board shareholder meetings | medium | — | — |
| 16 Sept 2026 · Saatvik Green Energy wins Rs 1,041.63 Cr SECI solar PV module order | business updates | high | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
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.