Saatvik Green Energy Limited's board of directors, at its meeting held on August 14, 2026, approved the appointment of two audit firms for FY2026-27. The appointments, made on the recommendation of the Audit Committee, cover internal audit and cost audit functions in accordance with the Companies Act, 2013.

Auditor appointments at a glance

The following table summarises the two appointments approved by the board:

Profiles of the appointed firms

Protiviti India Member Private Limited is a member of Protiviti, a global consulting firm. Protiviti and its independent and locally owned member firms provide clients with consulting and managed solutions in finance, technology, operations, data, digital, legal, HR, risk and internal audit through a network of more than 90 offices in over 25 countries.

M/s K. K. Sinha & Associates, Cost Accountants, is described as a well-established name in income tax consultancy, goods and service tax consultancy, product pricing and cost estimates, cost audit and compliance reports, cost accounting records, tax deduction at source returns, cases in appeals, liaison with departments, and central excise and service tax consultancy, among other services.

Regulatory compliance

The intimation was made pursuant to Regulation 30 and other applicable regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Details were disclosed in accordance with the SEBI Master Circular dated January 30, 2026, as amended from time to time. The disclosure was signed by Jyoti Verma, Company Secretary and Compliance Officer, on August 14, 2026.

The Board of Directors of Saatvik Green Energy approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, in a meeting held on August 14, 2026. The company reported a significant contraction in profitability compared to the prior year period.

Consolidated Financial Performance

Consolidated revenue from operations stood at ₹5,110.1 million for the quarter, a decline of 44% from ₹9,157.3 million in the corresponding quarter of FY25. Total income was ₹5,197.3 million, including other income of ₹87.2 million.

Total expenses amounted to ₹5,123.2 million. Cost of materials and services consumed was ₹5,267.4 million, exceeding revenue from operations. This was partially offset by a decrease in inventories of finished goods and work-in-progress of ₹1,287.5 million. Employee benefits expense was ₹258.6 million, while finance costs rose to ₹217.4 million from ₹190.4 million in the prior year quarter.

Profit before tax was ₹74.1 million, compared to ₹1,461.8 million in Q1FY25. After tax expense of ₹20.4 million, the net profit for the period was ₹53.6 million, down from ₹1,166.0 million in the previous year. Basic earnings per share (EPS) were ₹0.43, compared to ₹10.41 in the same quarter last year.

Standalone Results

On a standalone basis, revenue from operations was ₹3,332.4 million, down from ₹3,778.0 million in Q1FY25. Standalone net profit fell 22% year-on-year to ₹68.6 million from ₹87.8 million. Standalone basic EPS was ₹0.54.

What the Numbers Show

The divergence between standalone and consolidated performance highlights the impact of subsidiaries on overall margins. While the standalone entity maintained a profit margin of approximately 2%, the consolidated group’s margin compressed significantly due to higher material costs in the broader group structure. Additionally, finance costs at the consolidated level increased 14% year-on-year to ₹217.4 million, suggesting rising interest burdens despite debt repayment initiatives funded by IPO proceeds.

Strategic Developments

During the quarter, the company acquired an 80% stake in Melcon Transformers and Electricals Private Limited for ₹24.0 million, making it a subsidiary. The remaining 20% stake, valued at ₹20.0 million, will be paid as deferred consideration over the next two years.

The company also disclosed the utilization of its initial public offer (IPO) proceeds. Of the ₹7,000.0 million raised through the fresh issue, ₹5,111.5 million had been utilized as of June 30, 2026. Key utilizations included ₹1,664.4 million for repaying borrowings of subsidiary Saatvik Solar Industries Private Limited and ₹2,957.9 million towards setting up a 4 GW solar PV module manufacturing facility in Odisha.

Accounting Policy Changes

The Group changed its accounting policy for inventory valuation from First In First Out (FIFO) to the moving weighted average cost method with effect from March 31, 2026. Comparative figures for the quarter ended June 30, 2025, have been restated accordingly. The change resulted in a decrease in profit before tax of ₹33.7 million for the restated prior year quarter.

Suresh Surana & Associates LLP served as the independent auditors for the review of the interim financial information.