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    Saatvik Green Energy Limited

    SAATVIKGLGood
    Capital Goods·5 Feb 2026
    Management Summary

    Saatvik Green Energy Limited reported a strong Q3 FY26, with significant year-on-year growth across revenue, EBITDA, and PAT, driven by normalized execution momentum and robust demand. The company is on track with its greenfield integrated manufacturing project in Odisha, aiming for substantial capacity additions in modules and cells by FY27. Management expressed confidence in sustained growth, leveraging vertical integration and a diversified business strategy, despite raw material price volatility.

    Highlights

    8

    • Q3 FY26 Revenue stood at ₹1,257 crores, marking a 143% YoY growth.

    • EBITDA for Q3 FY26 was ₹164.76 crores, up 134% YoY, with a margin of 13.11%.

    • Profit After Tax (PAT) for Q3 FY26 increased by 144% YoY to ₹98.72 crores.

    • 9MFY26 Revenue reached ₹2,940.78 crores, a 137% YoY growth, with EBITDA at ₹469.34 crores (135% YoY growth) and PAT at ₹300.79 crores (145% YoY growth).

    • Total production in Q3 FY26 was 759 MW, with capacity utilization remaining robust at 81%.

    • The company's order book remains healthy at approximately 5.05 GW, translating to ₹6,500 crores.

    • 4 GW module capacity is scheduled for commissioning by end of FY26, and 4.8 GW cell capacity by FY27.

    • Net debt as of 9MFY26 was ₹749 crores.

    What Changed2

    vs Q4 FY26

    Guidance items8 → 9 (+1)Q&A highlights8 → 3 (-5)

    Key financials

    Single quarter

    06 metrics
    1. 01Revenue₹1,257 Cr+143%YoY
    2. 02EBITDA₹164.76 Cr+134%YoY
    3. 03EBITDA Margin13.1%
    4. 04PAT₹98.72 Cr+144%YoY
    5. 05Order Book₹6,500 Cr

    Guidance & targets

    9
    CategoryTargetPriority
    Capacity
    Module Capacity Commissioning
    4 GW
    		High
    Capacity
    Cell Capacity Commissioning
    4.8 GW
    		High
    Commercial Production
    Module Plant Commercial Production
    Q1 FY27
    		High
    Commercial Production
    Cell Plant Commercial Production
    H2 FY27 (around October)
    		High
    Business Mix
    Solar Pump, EPC, Inverter Business Share
    15%
    		Medium
    Capex
    Cell + Module Capex
    ₹1,850 crores
    		High
    Capex
    Cell Part Capex
    ₹1,350 crores
    		High
    Growth
    Revenue, EBITDA, PAT Growth
    over 100%
    		Medium
    Market Demand
    Indian Made Cell Demand (ALMM)
    60-70 GW
    		Medium

    Risks & concerns

    5
    RiskSeverity

    Raw material price volatility (silver, aluminum, copper)

    Fluctuations in commodity prices, especially silver (15-25% of module prices), can impact input costs and module prices, leading to marginal short-term effects on margins. — Management acknowledged

    medium

    Temporary increase in interest cost

    Short-term borrowing to secure inventory amidst fluctuating raw material prices led to a temporary rise in interest costs, expected to normalize by March. — Management acknowledged

    low

    Competition and potential overcapacity in solar manufacturing

    Management believes competition expands the market and that actual operational cell capacity is lower than announced, with older technologies becoming obsolete. They also highlighted the India-US trade deal addressing export market risks. — Analyst downplayed

    low

    Areas of Evasion(2)

    • Specific module and cell price realization figures (Rupees per watt)
    • Market prices for DCR and non-DCR modules

    Q&A highlights

    3

    “So the module plant commissioning will happen in the last around March of '26. The equipment installation will start and then there is a ramp up which happens. So in the first quarter we will start the commercial production from the module plant... So we expect the commercial production from the second half of next financial year. So assuming around October is the timeline which we are planning for commercial production of our cell line.”

    Clarifies the phased operationalization of new module and cell capacities, crucial for future revenue streams and vertical integration.

    asked by Raman KV from Sequent Investments

    2 min read5 chapters

    Detailed Narrative

    01

    Robust Q3 FY26 Financial Performance

    Saatvik Green Energy Limited delivered a strong Q3 FY26, with revenue reaching ₹1,257 crores, a substantial 143% year-on-year growth. EBITDA for the quarter stood at ₹164.76 crores, up 134% YoY, translating to an EBITDA margin of 13.11%. Profit After Tax (PAT) also saw a significant increase of 144% YoY, amounting to ₹98.72 crores. For the nine-month period (9MFY26), the company reported revenue of ₹2,940.78 crores (137% YoY growth), EBITDA of ₹469.34 crores (135% YoY growth), and PAT of ₹300.79 crores (145% YoY growth), demonstrating sustained operating efficiency with a 9MFY26 EBITDA margin of 15.96%.

    02

    Strategic Capacity Expansion and Vertical Integration

    The company is making significant strides in its greenfield integrated manufacturing project in Odisha. It is on track to commission 4 GW of module capacity by the end of FY26, with commercial production expected to commence in Q1 FY27. Furthermore, 4.8 GW of solar cell capacity is scheduled for commissioning by FY27, with commercial production anticipated in the second half of FY27, around October. This expansion, supported by a capex of ₹1,850 crores for cell and module facilities (with ₹1,350 crores specifically for the cell part), is a critical step towards backward integration, aiming to enhance cost competitiveness and margin sustainability.

    03

    Operational Highlights and Order Book Strength

    Operational execution remained strong in Q3 FY26, with total production reaching 759 MW. The Ambala manufacturing facility maintained robust capacity utilization at 81% in Q3 and an average of 82% for 9MFY26. The company's order book stands at a healthy 5.05 GW, providing clear revenue visibility of approximately ₹6,500 crores for the coming quarters. This reflects continued strong demand across utility-scale, C&I, EPC, and distributed segments, with module sales constituting around 95% of current revenue.

    04

    Managing Raw Material Volatility and Margin Performance

    Saatvik navigated raw material price volatility, particularly in silver, which can constitute 15-25% of module prices. Management indicated that while prices dipped in the previous quarter, they have returned to original levels due to rising commodity prices. The company employs a mixed strategy for pricing, utilizing long-term contracts with pass-through clauses for dollar fluctuations and input costs, alongside short-term fixed-price orders. A temporary increase in interest costs was noted due to short-term borrowing to secure inventory amidst price fluctuations, expected to normalize📎 by March.

    05

    Outlook on Market Dynamics and DCR Demand

    Management expressed a bullish outlook on India's renewable energy sector, citing government initiatives and the national target of 500 GW non-fossil fuel capacity by 2030. They anticipate significant demand for Indian-made cells, projecting 60-70 GW once the ALMM (Approved List of Models and Manufacturers) policy is fully implemented, mandating domestic cell and module manufacturing. The company views competition as healthy, believing it expands the market, and highlighted that actual operational cell capacity in India is lower than announced, with older technologies becoming obsolete.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.