Saatvik Green Energy has scheduled its 11th Annual General Meeting for September 24, 2026. The event will be conducted through video conferencing or other audio-visual means.

The company notified shareholders of the meeting date and the availability of the Annual Report for FY26. Compliance with Regulation 36(1)(b) of the SEBI Listing Regulations was maintained by dispatching letters containing weblinks and QR codes.

Shareholders whose email addresses are not registered with their Depository Participants received physical letters. These documents provide access to the AGM notice and annual report on the company website.

Meeting Logistics

The AGM will take place at 11:30 am IST. Members can access the necessary documents via the company’s investor relations page. Physical copies of the annual report are available upon request.

E-Voting Schedule

Electronic voting will be open from September 21 to September 23, 2026. The cut-off date for determining e-voting entitlement is September 17, 2026. Shareholders must register as speakers between September 17 and September 21.

• E-voting starts: September 21, 2026, at 9:00 am
• E-voting ends: September 23, 2026, at 5:00 pm
• Speaker registration: September 17 to 21, 2026

Members with queries regarding the e-voting process may contact National Securities Depository Limited. The company urges shareholders to update their email addresses with their depository participants to ensure receipt of future communications.

Saatvik Green Energy has secured a confirmed work order valued at ₹297.5 crore from two renowned Independent Power Producers/EPC Players for the supply of Solar PV Modules. The company committed to executing this order by March 2027. This filing confirms a firm contract rather than a preliminary selection.

Order in financial context

The ₹297.5 crore order represents approximately 28.4% of the company's average quarterly revenue of ₹1,047 crore. When combined with previous wins, the Total Disclosed Order Book stands at ₹1,821.56 crore. This backlog provides coverage of approximately 1.74 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 ₹1,336.16 crore across five 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 ₹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

• Latest Order: The ₹297.5 crore order is for solar PV modules, to be executed by March 2027.
• 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.