Saatvik Green Energy Limited has announced a major business win with the securing of a ₹87.10 crores order for solar photovoltaic (PV) modules from a renowned Independent Power Producer (IPP) and Engineering, Procurement, and Construction (EPC) company. The company disclosed this development through a regulatory filing under Regulation 30 of SEBI Listing Regulations, highlighting the commercial nature of this domestic contract.

Order Specifications and Timeline

The contract encompasses the supply of solar PV modules to one of India's leading IPP/EPC firms, with execution scheduled to be completed by March 2026. This timeline provides clear visibility on the revenue recognition period for this substantial order.

Regulatory Compliance and Transparency

Saatvik Green Energy Limited has ensured full regulatory compliance by filing the mandatory disclosure under SEBI Listing Regulations. The company confirmed that this transaction does not involve any related party dealings and maintains arm's length commercial terms. Additionally, the promoter group has no interest in the entity that awarded the contract, ensuring transaction independence.

Market Positioning and Business Impact

This order win significantly strengthens Saatvik Green Energy's position in India's rapidly expanding renewable energy sector. The company's ability to secure contracts from established IPP and EPC players demonstrates its competitive capabilities in the solar module manufacturing and supply chain. The ₹87.10 crores contract represents a notable addition to the company's order book and provides clear revenue visibility through March 2026.

The solar energy sector continues to witness robust growth in India, driven by government initiatives and increasing corporate adoption of renewable energy solutions. Saatvik Green Energy's success in winning this substantial order reflects the company's potential to capitalize on these market opportunities and enhance its credibility in the competitive solar energy equipment sector.

Saatvik Green Energy Limited has released its monitoring agency report for the quarter ended December 31, 2025, providing detailed insights into the utilization of proceeds from its Initial Public Offer (IPO). The report, prepared by Crisil Ratings Limited and dated February 13, 2026, demonstrates the company's systematic deployment of funds across various strategic objectives.

IPO Proceeds Utilization Overview

The company successfully utilized Rs 3,169.58 million out of the total gross proceeds of Rs 7,000.00 million during Q3FY26. This represents significant progress in implementing the stated objectives outlined in the offer document.

Detailed Fund Deployment

The proceeds were allocated across four primary categories as per the original offer document. The largest deployment was towards the subsidiary's debt repayment, followed by capital expenditure for the solar manufacturing facility.

Strategic Investments and Infrastructure Development

The company made substantial progress in establishing its 4 GW solar PV module manufacturing facility at Gopalpur Industrial Park, Odisha. During the quarter, Rs 1,020.31 million was deployed towards civil work, utilities, and other infrastructure requirements for this project. The facility represents a significant expansion of the company's manufacturing capabilities in the renewable energy sector.

For debt management, the company completed the full repayment of borrowings at its wholly owned subsidiary, Saatvik Solar Industries Private Limited, utilizing Rs 1,664.36 million. Additionally, Rs 100.07 million was used for repaying the company's own term loans, demonstrating effective debt optimization strategies.

Unutilized Proceeds Management

The company has deployed the unutilized proceeds of Rs 3,697.80 million across various fixed deposits with Axis Bank and HDFC Bank, earning returns ranging from 4.50% to 6.40%. The total market value of these investments, including accrued interest of Rs 42.68 million, stands at Rs 3,740.48 million as of December 31, 2025.

Compliance and Monitoring

Crisil Ratings Limited confirmed that all utilizations align with the disclosures in the offer document, with no deviations observed. The monitoring agency noted that the company maintained proper documentation and obtained necessary statutory auditor certifications from M/s Suresh Surana & Associates LLP. The report indicates no unfavorable events affecting the viability of the stated objects and confirms that general corporate purpose utilization remains within the prescribed 25% limit of gross proceeds.