Saatvik Green Energy

Saatvik Green Energy's subsidiary Saatvik Solar Industries received orders worth ₹177.50 crore from an Independent Power producer for solar PV module supply, with execution scheduled from November to December 2025. The domestic repeat orders strengthen the company's position as a leading solar module manufacturer with 3.80 GW operational capacity, though shares declined 3.07% to ₹466.30.

Saatvik Green Energy Limited reported strong financial performance for the second quarter and first half of FY26. Revenue from operations for H1 FY26 reached INR 16,838 million, representing 133% year-on-year growth compared to INR 7,213 million in H1 FY25. EBITDA grew 135% to INR 3,046 million with margins at 18.09%. Profit after tax increased 146% to INR 2,021 million from INR 823 million in the previous year. For Q2 alone, revenue stood at INR 7,680 million, up 62% year-on-year, with PAT of INR 832 million. The company's Ambala facility is now fully operational at 4.8 gigawatts annual capacity with over 83% capacity utilization. The order book remains healthy at approximately 4.68 gigawatts as of September 30, 2025. The company's Greenfield integrated project in Odisha comprising 4 gigawatt module and 4.8 gigawatt solar cell capacity is progressing on schedule, with first phase commissioning expected in Q4 FY26. The debt-to-equity ratio improved significantly to 0.44 from 1.36 in the previous year. Post-quarter closure, the subsidiary received new domestic orders worth approximately INR 2,994 million from three independent power producers and EPC players for execution between December 2025 and March 2026.

Saatvik Green Energy Limited submitted its monitoring agency report for the quarter ended September 30, 2025, showing no utilization of its Rs 7,000 million IPO proceeds. The company raised funds through an IPO from September 19-23, 2025, with intended uses including debt repayment (Rs 1,081.9 million), investment in subsidiary Saatvik Solar Industries for debt repayment (Rs 4,964.36 million), investment for setting up a 4GW solar PV module manufacturing facility in Odisha (Rs 4,772.27 million), and general corporate purposes. All proceeds remain deployed in fixed deposits earning interest rates between 5.95% to 6.40%. CRISIL Ratings Limited, serving as the monitoring agency, reported no deviations from disclosed objectives and confirmed all unutilized proceeds are parked in deposits. The company received Rs 6,999.99 million by September 30, 2025, with the remaining Rs 0.01 million received in October due to a technical banking error.