Saatvik Green Energy reports record revenue in FY26
Saatvik Green Energy Limited announced its audited financial results for FY26, achieving record revenue of ₹45,484 million and a PAT of ₹3,571 million. The earnings call transcript highlighted significant progress in backward integration, including scaling solar cell manufacturing to 6 gigawatt and expanding encapsulant capacity. The company maintains a strong order book of 5.89 gigawatt, providing visibility for future growth.
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Saatvik Green Energy Limited has released the transcript of its earnings conference call for the quarter and financial year ended March 31, 2026. The company reported its highest-ever annual revenue of ₹45,484 million for FY26, registering a growth of 111% year-on-year. Profit after tax increased to ₹3,571 million, a growth of 64% year-on-year, while the debt-equity ratio improved to 0.65 from 1.34 in the previous year. The disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Financial Performance
The company achieved record production and sales volumes during the year. Total production stood at 3,162 megawatt, compared to 1,459 megawatt in FY25. Total sales volumes increased to 3,138 megawatt from 1,389 megawatt in the previous year. Capacity utilization remained healthy at over 84%.
| Metric | FY26 Value | YoY Growth |
|---|---|---|
| Revenue from Operations | ₹45,484 million | 111% |
| EBITDA | ₹5,811 million | 62% |
| EBITDA Margin | 12.78% | - |
| Profit After Tax | ₹3,571 million | 64% |
| PAT Margin | 7.85% | - |
For Q4FY26, revenue from operations stood at ₹16,077 million, with EBITDA at ₹1,166 million and profit after tax at ₹604 million.
Strategic Developments
Saatvik Green Energy is progressing with its backward integration strategy. The company has scaled its solar cell manufacturing ambition to 6 gigawatt from the previously envisaged 4.8 gigawatt. The Odisha integrated manufacturing project is on track, with equipment mobilization starting from June and July 2026. The company expects to start cell production in the second half of the year and reach 6 gigawatt capacity by mid-2027.
Additionally, the company has expanded its encapsulant manufacturing roadmap from 2 gigawatt to 5 gigawatt following the commissioning of its 2-gigawatt facility in Ambala. Saatvik is also moving towards entry into ingot and wafer manufacturing with a planned capacity of 6 gigawatt.
Order Book and Outlook
The confirmed order book stands at approximately 5.89 gigawatt as of March 2026, valued at around ₹8,000 crores. The execution timeline for these orders is generally 18 months. Management noted that while margins faced pressure in Q4 due to commodity price inflation and currency fluctuations, they expect margins to stabilize and improve in the second half of FY27 driven by the commencement of cell production.
How will the planned entry into ingot and wafer manufacturing impact the company's cost structure and gross margins by FY28?
What capital expenditure requirements are anticipated to fund the expansion to 6 GW of solar cell capacity, and how will the improved debt-equity ratio support this?
With margins currently under pressure from commodity inflation, what specific hedging strategies are in place to mitigate volatility during the ramp-up of backward integration?
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