Saatvik Green Energy Limited will hold its 11th Annual General Meeting on September 24, 2026. The meeting is scheduled for 11:30 am and will be conducted through Video Conferencing or Other Audio-Visual Means.

The company published a pre-dispatch public notice in Business Standard on August 27, 2026, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The notice informs shareholders about the upcoming meeting and the dissemination of the Annual Report for the financial year ended March 31, 2026.

Meeting Details

The AGM will be held without the physical presence of members at a common venue. Members participating through the VC/OAVM facility will be counted for the purpose of reckoning quorum under Section 103 of the Companies Act, 2013. The deemed venue of the meeting is the registered office of the company.

Shareholder Communication

The Notice convening the AGM, along with the Annual Report, will be sent electronically to members who have registered their email addresses with the company, Registrar and Share Transfer Agent, or Depository Participants. For members who have not registered their email addresses, the company will send a letter containing a web link to access these documents.

Shareholders are requested to register or update their email addresses with their respective Depository Participants to receive communications in electronic form. The documents will also be available on the company's website and the stock exchanges' platforms once disseminated.

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 and operating margins compared to the prior year period, citing lower execution volumes, customer-led delays, and volatile commodity and logistics costs as primary drivers. Management highlighted that the company remained selective in order execution to preserve commercial economics, resulting in subdued sales but maintaining a strong forward order visibility of 6.35 gigawatts.

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.

EBITDA for the quarter was ₹338.0 million, down significantly from ₹1,800.0 million in Q1FY25. The EBITDA margin compressed to 6.61% from 19.34% in the corresponding period last year. Management noted that EBITDA on a pro-forma basis or adjusted for specific items stood at ₹425 million with an 8.33% margin, reflecting the impact of selective order execution and high input costs.

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.

Operational Updates and Order Book

Production for the quarter stood at 408 megawatt, compared to 935 megawatt in Q4FY26 and 685 megawatt in Q1FY26. Sales stood at 334 megawatt, compared with 1,050 megawatt in Q4FY26 and 579 megawatt in Q1FY26. The moderation in volumes was attributed to customers adopting a wait-and-watch approach due to regulatory uncertainties surrounding ALMM-2 compliance and geopolitical tensions affecting input costs.

Despite the near-term slowdown, the company’s confirmed order book stands at approximately 6.35 gigawatts, valued at roughly ₹8,200 crores. This represents around 132% of the current operational module capacity of 4.8 gigawatt. Recent additions include a ₹138 crore domestic solar PV module order secured in July 2026 and an additional ₹400 crore order accepted by a subsidiary in August 2026. The order mix comprises approximately 70% utility-scale projects and 30% commercial and industrial (C&I) projects, with about 30% being Domestic Content Requirement (DCR) compliant orders.

Strategic Developments

The Odisha integrated manufacturing project remains on track for ramp-up. Phase 1, comprising 2.4 gigawatt of cell manufacturing and 4 gigawatt of module manufacturing capacity, has completed key utility and infrastructure milestones. Tool move-in and assembly activities are underway, with the ALMM-2 inspection planned for September 2026. Management expects full ramp-up to achieve 80% utilization by Q4FY27.

Phase 2, envisaging an additional 3.6 gigawatt of cell manufacturing capacity, is targeted to commence site activities by end-Q2FY27 and complete by end-FY28. Phase 3, focusing on 6 gigawatt of ingot and wafer manufacturing, is planned for completion in FY29. Additionally, the company acquired an 80% stake in Melcon Transformers and Electricals Private Limited for ₹24.0 million during the quarter, aiming to expand its ancillary business which currently contributes 4-5% of revenue, with a target to reach 15% in the coming years.

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. The sharp contraction in EBITDA margin from 19.34% to 6.61% underscores the pressure on operational efficiency amid declining revenues and selective order execution.

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.