Saatvik Green Energy Limited, a leading player in India's solar manufacturing sector, has reported robust financial results for the second quarter and first half of FY26, showcasing significant growth and operational progress.

Strong Financial Performance

The company demonstrated impressive financial growth in H1 FY26:

For Q2 FY26 alone, Saatvik Green Energy reported:

• Revenue: ₹7,680.00 million (up 62% year-on-year)
• PAT: ₹832.00 million (36% increase over the same period last year)

Operational Highlights

• The company's Ambala facility is now fully operational with an annual capacity of 4.8 gigawatts.
• Capacity utilization at the Ambala facility exceeded 83% during Q2.
• The order book remains healthy at approximately 4.68 gigawatts as of September 30, 2025.

Expansion and Future Outlook

Saatvik Green Energy is making significant progress on its expansion plans:

• The Greenfield integrated project in Odisha, comprising 4 gigawatt module and 4.8 gigawatt solar cell capacity, is progressing on schedule.
• First phase commissioning of the Odisha project is expected in Q4 FY26.
• Post-quarter closure, the company's subsidiary received new domestic orders worth approximately ₹2,994.00 million from three independent power producers and EPC players, for execution between December 2025 and March 2026.

Financial Position

The company's financial position has strengthened considerably:

• Debt-to-equity ratio improved to 0.44 from 1.36 in the previous year.
• Return on capital employed for FY26 stood at 21.85%.

Management Commentary

Prashant Mathur, CEO of Saatvik Green Energy, commented on the results: "Q2 and H1 FY '26 have been among the strongest periods in Saatvik's history, reflecting the company's solid execution, strong demand environment, and disciplined financial management."

He added, "Our consistent focus on high-efficiency modules, technological excellence, and dependable delivery timelines continues to differentiate Saatvik in an increasingly competitive market."

Industry Outlook

The management expressed optimism about the industry's future, citing supportive government policies and growing energy demand. They highlighted initiatives like the target of achieving 500 gigawatt of non-fossil fuel capacity by 2030 and schemes such as PM Surya Ghar Muft Bijli Yojana, PM KUSUM, and the CPSU Scheme Phase‐II as key drivers for the domestic solar manufacturing sector.

Saatvik Green Energy Limited appears well-positioned to capitalize on the growing opportunities in India's renewable energy landscape, with its expanding manufacturing capabilities and strong financial performance.

Saatvik Green Energy Limited, a player in the heavy electrical equipment sector, has reported no utilization of its Initial Public Offer (IPO) proceeds for the quarter ended September 30, 2025. This information comes from the company's first monitoring agency report following its recent listing.

IPO Details and Fund Allocation

Saatvik Green Energy raised Rs 7,000.00 million through its IPO, which was open for subscription from September 19-23, 2025. The company has earmarked these funds for several purposes:

Current Status of Funds

As of September 30, 2025, the entire IPO proceeds remain unutilized. The company has parked these funds in fixed deposits earning interest rates between 5.95% to 6.40%.

Fund Receipt and Deployment

The monitoring agency report, prepared by CRISIL Ratings Limited, indicates that Saatvik Green Energy received Rs 6,999.99 million by September 30, 2025. The remaining Rs 0.01 million was received in October due to a technical banking error, bringing the total receipts to the full Rs 7,000.00 million.

Compliance and Transparency

The report confirms that there have been no deviations from the disclosed objectives for fund utilization. This adherence to the stated plans aligns with regulatory requirements and demonstrates transparency in the company's post-IPO financial management.

Future Plans

While the company has not yet begun utilizing its IPO proceeds, the allocated funds suggest plans for debt reduction and expansion, particularly in solar PV module manufacturing. The investment in a 4GW manufacturing facility in Odisha indicates Saatvik Green Energy's intent to strengthen its position in the renewable energy sector.

Investors and market watchers will likely keep a close eye on future monitoring reports to track the progress of fund utilization and the execution of the company's growth strategies.