Saatvik Green Energy Limited is launching its Initial Public Offering (IPO) to raise funds for business expansion and reduce debts. The ipo size aggregates up to Rs. 900 crore, comprising a fresh issue of 1.51 crore equity shares totaling Rs. 700 crore and an offer for sale of 0.43 crore shares worth Rs. 200 crore.
The IPO opens for subscription on September 19, 2025, and closes on September 23, 2025. The shares will be listed on NSE and BSE on Friday, September 26, 2025. Here’s everything you need to know.
GMP of Saatvik Green Energy Limited IPO
As of September 18th, 2025, the shares of Saatvik Green Energy Limited in the grey market were trading at a 16.77 percent premium. The shares in the Grey Market traded at Rs. 543. This gives it a premium of Rs. 78 per share over the cap price of Rs. 465.
Overview of Saatvik Green Energy Limited
Saatvik Green Energy Limited was incorporated in 2015 and is a solar module manufacturer and provider of engineering, procurement, and construction (EPC) services. The company started manufacturing in 2016 and has rapidly scaled its operations since then.
Over the years, its production capacity grew from 125 MW in 2017 to 3.80 GW by June 2025. It operates two large manufacturing facilities in Ambala, Haryana, covering more than 724,000 square feet of land.
Saatvik offers a wide range of solar modules, including Mono PERC and N-TopCon types, in both mono-facial and bifacial options. These modules serve residential, commercial, and utility-scale projects. The company employed 618 people as of June 30, 2025, highlighting its strong workforce.
Promoters of Saatvik Green Energy Limited
The promoters of Saatvik Green Energy Limited include Neelesh Garg, Manik Garg, Manavika Garg, and SPG Trust. They collectively bring strategic direction and industry expertise to the company.
Saatvik Green Energy Limited Selling Shareholders
The IPO of Saatvik Green Energy Limited includes an Offer for Sale by promoter group members. Promoter group member Parmod Kumar is offering shares worth Rs. 112 crore, while Sunila Garg is offloading shares valued at Rs. 88 crore.
Lead Managers of Saatvik Green Energy Limited IPO
DAM Capital Advisors Limited, Ambit Private Limited, and Motilal Oswal Investment Advisors Limited are the book-running lead managers for the IPO. KFin Technologies Limited is the registrar handling the offer process.
Objectives of the IPO Offer
Saatvik Green Energy Limited plans to utilize the IPO proceeds across multiple key purposes. The company will allocate Rs. 10.82 crore towards prepayment or repayment of certain outstanding borrowings to strengthen its financial position.
Additionally, Rs. 166.44 crore will be invested in its wholly owned subsidiary, Saatvik Solar Industries Private Limited, for repayment or prepayment of borrowings. A significant allocation of Rs. 477.23 crore will fund the development of a new 4 GW solar PV module manufacturing facility at Gopalpur Industrial Park in Odisha. The remaining funds will be used for general corporate purposes, supporting operational requirements, working capital, and long-term growth initiatives.
Financial Analysis of Saatvik Green Energy Limited
Saatvik Green Energy Limited’s revenue from operations has increased from Rs. 1,087.97 crore in FY24 to Rs. 2,158.39 crore in FY25, which represents a growth of 98.39 percent. The net profit has increased by 112.93 percent, from Rs. 100.47 crore in FY24 to Rs. 213.93 crore in FY25.
Saatvik Green Energy Limited’s revenue from operations and net profit have grown at a CAGR of 88.32 percent and 571.46 percent over the last two years. The basic earnings per share increased by 113.06 percent and stood at Rs. 19.09 in FY25 as against Rs. 8.96 recorded in FY24.
In terms of return ratios, the company’s ROCE and ROE stand at 63.41 percent and 60.45 percent, respectively. Saatvik Green Energy Limited’s debt-to-equity ratio is 1.36x.
Saatvik Green Energy Vs Peers
Saatvik Green Energy Limited reported a standalone revenue of Rs. 2,158.39 crore and a RoNW of 63.41 percent. In comparison, Waaree Energies Limited has a standalone revenue of Rs. 14,444.50 crore and a RoNW of 19.48 percent. Premier Energies Limited reported Rs. 6,518.75 crore in revenue and a RoNW of 33.14 percent.
Saatvik Green Energy Limited’s net asset value per share is Rs. 30.14, compared to Rs. 158.13 for Waaree Energies Limited and Rs. 15.33 for Premier Energies Limited.
Strengths of Saatvik Green Energy Limited
- Strong manufacturing capacity enables high-volume solar module production consistently.
- Diversified product portfolio addresses utility, commercial, and residential customer requirements.
- Promoters’ deep industry knowledge strengthens leadership and growth strategy.
- Strong government policy support enhances renewable energy opportunities.
- Robust EPC services expand beyond product sales into full project solutions.
Weaknesses of Saatvik Green Energy Limited
- High dependence on solar industry policies increases external risks.
- Large capital expenditure requirements strain near-term profitability and liquidity.
- Intense competition from domestic and global solar manufacturers impacts margins.
- Dependence on select government schemes increases revenue concentration risk.
- The company carries high debt, increasing financial risk, and pressure on cash flow repayment.
- Volatility in raw material costs affects manufacturing economics significantly.
Conclusion
Saatvik Green Energy Limited IPO offers investors exposure to India’s growing renewable energy sector. The company’s strategic plans and government-driven opportunities highlight its potential. Investors should review their financial performance, sector dynamics, and risks before subscribing.
Written By – Nikhil Naik
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
