Saatvik Green Energy Limited held its 11th Annual General Meeting (AGM) on September 24, 2026, with shareholders approving all proposed resolutions by requisite majority. The virtual meeting saw the adoption of audited financial statements for FY26 and the re-appointment of Chairman and Managing Director Neelesh Garg.

The meeting commenced at 11:30 am and concluded at 12:21 pm. A total of 42 members representing 10,77,49,243 equity shares attended via Video Conferencing/Other Audio Visual Means (VC/OAVM), satisfying the quorum requirements under the Companies Act, 2013.

Key resolutions approved

Shareholders voted on three primary agenda items, all of which were passed as ordinary resolutions. The detailed voting results, submitted to stock exchanges under Regulation 44(3) of SEBI Listing Regulations, show overwhelming support for management proposals.

Voting breakdown by shareholder category

The scrutiny report revealed distinct voting patterns across promoter and public categories. Promoters and promoter group members voted 100% in favour of all three resolutions. Public institutions also recorded zero dissenting votes across all items.

Minor dissent was observed only among public non-institutional shareholders:

• Item 1 (Financials): 89 votes against out of 1.14 crore votes polled.
• Item 2 (Director Re-appointment): 248 votes against.
• Item 3 (Cost Auditor): 352 votes against.

Despite these minor objections, the total votes in favour remained above 99.99% for every resolution, ensuring passage with the requisite majority.

Governance and attendance

The meeting was chaired by Neelesh Garg. Key management personnel, including Chief Executive Officer Prashant Mathur and Interim Chief Financial Officer Rishabh Mehta, addressed shareholders regarding operational performance and strategic developments during FY26. All directors, including committee chairpersons for Audit, Nomination and Remuneration, Stakeholders' Relationship, Risk Management, and Corporate Social Responsibility, attended virtually.

Suresh Surana & Associates LLP (Statutory Auditors) and SGGS & Associates (Secretarial Auditors) were also present through VC. Sunny Gogiya from SGGS & Associates served as the scrutinizer for the e-voting process. The total number of shareholders on the record date was 70,193, with 12,71,05,004 shares outstanding.

Voting process

Remote e-voting facilities were available from September 21, 2026, to September 23, 2026. Members who did not vote remotely cast their votes during the live session. The voting window remained open for 15 minutes post-proceedings to ensure full participation. The scrutinizer's report confirmed no invalid votes were cast.

Saatvik Green Energy has secured a confirmed work order valued at ₹1,041.63 crore from Solar Energy Corporation of India Limited (SECI) for the manufacturing, testing, packing, supply, and transportation of domestically manufactured solar PV modules using domestic solar cells for a 600 MWp capacity package. The company committed to executing this order by December 2027. This filing confirms a firm contract rather than a preliminary selection. The company's market capitalization currently stands at ₹5,238.63 crore.

Order in financial context

The ₹1,041.63 crore order represents approximately 99.5% of the company's average quarterly revenue of ₹1,047.00 crore. When combined with previous wins, the Total Disclosed Order Book stands at ₹3,160.69 crore across 11 orders. This backlog provides coverage of approximately 3.02 quarters of average quarterly revenue.

Company order track record

Order inflow velocity has remained consistent in the most recent period with the addition of this new domestic order. In Q2FY27, the company reports total inflows of ₹2,675.29 crore across seven orders. Q1FY27 saw inflows of ₹485.40 crore across four orders. The company continues to secure contracts from both named entities like Vikran Engineering Limited and unnamed Independent Power Producers/EPC Players.

Execution and revenue quality

The company has demonstrated strong top-line growth but faces margin compression in recent quarters. Revenue rose from ₹1,268.50 crore in Q3FY26 to ₹1,616.60 crore in Q4FY26. However, Operating Profit Margin (OPM) declined from 12.02% in Q3FY26 to 6.45% in Q4FY26, despite net profit remaining positive. This signals potential pricing pressure or higher input costs as the company scales operations.

Revenue growth: order wins translating to revenue

As Saatvik Green Energy has accelerated order wins, with significant inflows in early 2026, its annual revenue has grown from ₹2,192.50 crore in FY25 to ₹4,548.44 crore in FY26, representing a YoY growth of +107.5% based on the latest annual data. This historical trend confirms that past order wins have successfully translated into substantial revenue expansion.

Working capital and execution capacity

The balance sheet indicates adequate short-term liquidity with a Current Ratio of 1.43x. Total Liabilities/Equity stands at 1.29x, reflecting a moderate leverage position that includes trade payables and other non-debt liabilities. However, cash conversion remains a concern; Operating Cash Flow was ₹42.60 crore in FY25 against capex of -₹187.10 crore, resulting in negative Free Cash Flow of -₹144.50 crore. This suggests that while the company is generating operating profits, heavy capital expenditure is consuming available cash, requiring careful working capital management to fund further expansion.

Key observations

• Latest Order: The ₹1,041.63 crore order is for solar PV modules, to be executed by December 2027.
• Margin stress: OPM declined from 12.02% in Q3FY26 to 6.45% in Q4FY26; execution efficiency or pricing power may be under pressure during rapid scaling.
• Cash conversion: Free Cash Flow of -₹144.50 crore in FY25; backlog is not converting to surplus cash efficiently due to high capital expenditure requirements.
• Backlog signal: Book-to-bill improved to 3.02x following the new disclosure. While better than the previous position, the company still relies on frequent large orders to maintain visibility given its high revenue scale.