Synopsis:
This solar stock is a fast-growing Indian solar module manufacturer with a 4.05 GW order book, strong Q1FY26 financials, and aggressive capacity expansion is well-positioned to benefit from India’s booming renewable energy sector.
Saatvik Green Energy Ltd has quickly emerged as one of India’s largest and fastest-growing solar module manufacturers, known for its integrated solutions to Independent Power Producers and broad expansion plans across the clean energy sector. The company is fronted by Kartik Aaryan, a popular Bollywood actor, as the brand ambassador, helping raise the company’s profile and appeal with both institutional and retail clients.
With a market capitalization of Rs. 6,923 cr, the shares of Saatvik Green Energy Ltd closed at Rs. 544 per share, gaining 5% in today’s market session making a high of Rs. 548.80, from its previous close of Rs. 521.85 per share.
IPO Listing and Financial Performance
The company’s IPO debuted on September 26, 2025, was oversubscribed and its issue price was Rs. 465 per share on NSE, which has delivered a 22% from its listing price to a high of Rs. 567, underscoring robust investor interest in India’s booming green energy sector.
In Q1FY26, the company reported Revenue from Operations of Rs. 915.7 crore, marking a 272.28% year-on-year growth. EBITDA stood at Rs. 181.1 crore, up 346.04% year-on-year, with a margin of 25.98%.
Profit After Tax was Rs. 118.8 crore, reflecting a 459.30% year-on-year increase. The company posted a Return on Equity (ROE) and Return on Capital Employed (ROCE) of 94.1% and 52.3% respectively.
Manufacturing Capacity and Expansion
Saatvik started with a modest 125 MW capacity in 2016–19, which has expanded to nearly 3,742 MW as of June 2025. In Q2FY26, the company added a new 1 GW module facility in Ambala, Haryana, and plans to further add 4 GW in Odisha by FY26. By 2027, a significant expansion is planned with a 4.8 GW cell manufacturing facility in Odisha, cementing Saatvik’s leadership among domestic module producers.
Growth Drivers and Sector Outlook
India’s renewable energy sector is primed for robust growth, with up to 200 GW of new capacity anticipated between FY25-30 at a CAGR of 16–17%. Key growth drivers for India’s solar sector, emphasizing government initiatives. The PM KUSUM scheme provides 30–50% subsidies for standalone solar pumps and solarizing existing grid-connected pumps. For FY26, the company aims to sell 4,000–5,000 pumps with expected revenue of ₹50–80 crore, while the FY27 target is approximately 15,000 pumps.
The PM Surya Ghar Muft Bijli Yojna proposes an outlay of Rs. 750 billion to supply up to 300 units of free electricity per month to 10 million households. Additionally, the CPSU Scheme Phase-II (12GW) offers Viability Gap Funding of up to Rs. 7 million per MW to support project participation and address cost viability concerns. The company has a strong current order book of 4.05 GW for solar PV modules, supporting its growth momentum.
Management Commentary
On margins: “We expect margins to be decent, broadly in line with historical levels,” though they did not commit to maintaining Q1’s 19.8%. Actionable Implication: High-teen EBITDA is likely sustainable in the near term with disciplined utilization. However, management is not guaranteeing Q1 levels, so modeling mid-to-high teens margins is prudent until the benefits from cell integration materialize.
Conclusion
Saatvik Green Energy is well-positioned to capture a sizable share of India’s solar manufacturing expansion with a robust financial profile and aggressive capacity building.
In summary, Saatvik Green Energy Ltd stands out for rapid growth, aggressive capacity scale-up, strong financials post-IPO listing, and positive sector tailwinds, making it a key beneficiary of India’s clean energy transition.
Written by Manideep Appana
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