Synopsis:- Through its material subsidiary Saatvik Solar Industries Private Limited, Saatvik Green Energy Limited has received and accepted a solar PV module supply order aggregating to Rs. 71.25 crore from a domestic Independent Power Producer or EPC player with execution due by May 2026.
Shares of one of India’s largest solar PV module manufacturers came into focus after the company disclosed on April 21, 2026 that its material subsidiary, Saatvik Solar Industries Private Limited, had received and accepted a module supply order worth Rs. 71.25 crore from a domestic IPP or EPC player. The client’s identity has not been disclosed in the filing, which is standard practice for commercially sensitive order announcements at this stage. The order is to be executed by May 2026.
With a market capitalisation of Rs. 5,960.59 crore, the shares of Saatvik Green Energy Limited were last quoted at Rs. 468.9 per share, up 1.05 percent from its previous close of 464.05.
The Rs. 71.25 crore order has been placed at the subsidiary level Saatvik Solar Industries Private Limited, the manufacturing arm through which the group’s 3.80 GW solar module production capacity operates. The order scope covers supply of solar photovoltaic modules, with no EPC or O&M component disclosed.
At the company’s current quarterly revenue run-rate of Rs. 768 to Rs. 1,257 crore, this order represents roughly six to nine percent of a single quarter’s revenue, a regular-course addition rather than a headline-scale contract, but one with a tight execution timeline that contributes to near-term revenue certainty for Q1 FY27.
The compressed May 2026 deadline also signals that module inventory or production scheduling is already aligned, which is operationally relevant given that short-cycle orders placed with under-six-week delivery windows typically imply the buyer is filling a gap in their project supply chain on a near-committed timeline.
Saatvik Green’s consolidated financial trajectory over the past two years has been among the more compelling growth stories in the listed solar manufacturing space. Revenue expanded from Rs. 1,088 crore in FY24 to Rs. 2,158 crore in FY25, with TTM revenue now at Rs. 3,860 crore, a 98 percent year-on-year growth rate.
Operating margins have stabilised in the 12 to 19 percent range after a near-breakeven FY23, with TTM operating profit of Rs. 590 crore and TTM net profit of Rs. 392 crore. The three-year average ROE of approximately 100 percent reflects the capital-light, high-throughput nature of module manufacturing when capacity utilisation is high.
Two balance sheet trends warrant monitoring. Interest costs have risen from Rs. 7 crore per quarter in Q1 FY25 to Rs. 23 crore in Q3 FY26, reflecting debt taken on to fund capacity expansion and working capital. Debtor days have also increased from 46.5 to 67.6, a concern common across solar manufacturers given the payment cycle of large utility-scale IPPs, but one that adds liquidity risk if collections slip further.
Business Overview
Incorporated in 2015, Saatvik Green Energy Limited is one of India’s leading solar PV module manufacturers with a manufacturing capacity of 3.80 GW and a cumulative supply of over 2.50 GW to domestic and international markets since inception.
The company also undertakes EPC and O&M services, with an installed EPC base of 69.12 MW as of March 2025. For FY25, consolidated revenue stood at Rs. 2,158 crore with net profit of Rs. 214 crore; the nine-month FY26 PAT through December 2025 was Rs. 301 crore, already 41 percent ahead of the full-year FY25 figure.
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