Saatvik Green Energy has secured a confirmed work order valued at ₹1,041.63 crore from Solar Energy Corporation of India Limited (SECI) for the manufacturing, testing, packing, supply, and transportation of domestically manufactured solar PV modules using domestic solar cells for a 600 MWp capacity package. The company committed to executing this order by December 2027. This filing confirms a firm contract rather than a preliminary selection. The company's market capitalization currently stands at ₹5,238.63 crore.

Order in financial context

The ₹1,041.63 crore order represents approximately 99.5% of the company's average quarterly revenue of ₹1,047.00 crore. When combined with previous wins, the Total Disclosed Order Book stands at ₹3,160.69 crore across 11 orders. This backlog provides coverage of approximately 3.02 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 ₹2,675.29 crore across seven 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 ₹1,268.50 crore in Q3FY26 to ₹1,616.60 crore in Q4FY26. However, Operating Profit Margin (OPM) declined from 12.02% in Q3FY26 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 ₹1,041.63 crore order is for solar PV modules, to be executed by December 2027.
• Margin stress: OPM declined from 12.02% in Q3FY26 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 3.02x 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.

Saatvik Green Energy has secured a solar PV module supply order worth ₹1,041.63 crore from Solar Energy Corporation of India (SECI), with completion scheduled by December 2027.

Order details

The following table summarises the key parameters of the order:

SECI is a central public sector undertaking under the Ministry of New and Renewable Energy, and serves as a primary vehicle for large-scale renewable energy procurement in India. The order underscores Saatvik Green Energy's positioning as a supplier in the domestic solar manufacturing segment.