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.

Saatvik Green Energy 's co-material subsidiary, Saatvik Solar Industries, has secured a confirmed work order valued at ₹190 crore from a renowned Independent Power Producer/EPC Player for the supply of Solar PV Modules. The company has committed to executing this order by March 2027. This filing confirms a firm contract rather than a preliminary selection or mobilisation notice.

Order in financial context

The ₹190 crore order represents approximately 18.15% of the company's average quarterly revenue of ₹1,047 crore. When combined with previous wins, the Total Disclosed Order Book (sum of the orders disclosed across the last 3 fiscal quarters shown in the table below) stands at ₹1,821.56 crore. This backlog provides coverage of approximately 1.74 quarters of average quarterly revenue. The improved book-to-bill ratio offers forward visibility compared to the previous position, though continuous order inflows remain necessary to sustain the high revenue run-rate.

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 ₹1,336.16 crore across five orders, up from the previously reported ₹1,146.16 crore. 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 ₹783.20 crore in Q2FY26 to ₹1,616.60 crore in Q4FY26. However, Operating Profit Margin (OPM) declined from 14.11% in Q2FY26 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

• Subsidiary execution: The ₹190 crore order is received by Saatvik Solar Industries, the co-material subsidiary of Saatvik Green Energy, underscoring its role as the primary contracting entity.
• Margin stress: OPM declined from 14.11% in Q2FY26 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 1.74x 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.