Saatvik Green Energy Limited has received and accepted a commercial order worth ₹171.45 crore for the supply of solar PV modules from a domestic independent power producer and EPC player. The order is scheduled for execution by October 2026, strengthening the company's order book in the renewable energy sector.

The company disclosed the development in a filing submitted to the stock exchanges on May 26, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The order was received from a renowned entity within the industry.

Order Details

Details regarding the transaction were provided in Annexure A of the filing. The order is domestic in nature and involves the supply of solar PV modules. The company confirmed that the promoter, promoter group, or group companies do not hold any interest in the entity that awarded the contract. Furthermore, the filing clarified that the order does not fall within the scope of related party transactions.

The key parameters of the order are summarised below:

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%.

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.