Saatvik Green Energy Limited — Q3 FY26 earnings call

Call held 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

  • 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.

Key financials

  1. Revenue ₹1,257 Cr +143%YoY
  2. EBITDA ₹164.76 Cr +134%YoY
  3. EBITDA Margin 13.1%
  4. PAT ₹98.72 Cr +144%YoY
  5. Order Book ₹6,500 Cr
  6. Net Debt ₹749 Cr

What they filed

Q1 FY27: revenue down 11.8%, net profit down 15.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue590 487 585 378 555 −6%717 +47%612 +5%333 −12%
EBITDA8 25 116 9 -3 −145%25 −1%-16 −114%-3 −131%
Net profit17 12 96 8 3 −80%39 +228%11 −88%7 −16%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Guidance & targets

Capacity

  • Module Capacity Commissioning Capacity · end of FY26 · High confidence 4 GW
    Our greenfield integrated project in Odisha remains on track with 4 GW of module capacity scheduled for commissioning by the end of FY26 and 4.8GW of cell capacity scheduled for FY27.

    — Abani Jha, CFO

  • Cell Capacity Commissioning Capacity · FY27 · High confidence 4.8 GW

    — Abani Jha, CFO

Commercial Production

  • Module Plant Commercial Production Commercial Production · Q1 FY27 · High confidence Q1 FY27
    So in the first quarter we will start the commercial production from the module plant and this is in one stroke it is 4GW of module.

    — Prashant Mathur, CEO

  • Cell Plant Commercial Production Commercial Production · H2 FY27 · High confidence H2 FY27 (around October)
    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.

    — Prashant Mathur, CEO

Business Mix

  • Solar Pump, EPC, Inverter Business Share Business Mix · next couple of years · Medium confidence 15%

    From 5% today

    So our solar module versus the rest of the business this year expected to be 95% and 5%. But as we are expanding into EPC business, pump, inverter, this year the target for going forward is to make it to 15%, which we are trying to achieve in the next couple of years.

    — Prashant Mathur, CEO

Capex

  • Cell + Module Capex Capex · by end of FY27 · High confidence ₹1,850 crores
    So the capex for cell plus module is about INR1,850 crores. And for cell part is INR1,500 crores. Sorry INR1,350 crores.

    — Prashant Mathur, CEO

  • Cell Part Capex Capex · by end of FY27 · High confidence ₹1,350 crores

    — Prashant Mathur, CEO

Growth

  • Revenue, EBITDA, PAT Growth Growth · next year · Medium confidence over 100%
    This year, we have also grown over 100% in all, be it revenue, EBITDA, or PAT. So this number should, we will try to defend these numbers for the year, and this is the kind of growth which we are also expected to grow for the next year as well.

    — Prashant Mathur, CEO

Market Demand

  • Indian Made Cell Demand (ALMM) Market Demand · once ALMM fully implemented · Medium confidence 60-70 GW
    So when the market will be 60-70 GW then that kind of a demand is expected for Indian made cells because once ALMM comes in fully then the mandatory requirement will be that the cell and module have to be made in India.

    — Prashant Mathur, CEO

Risks & concerns

  • Raw material price volatility (silver, aluminum, copper)

    medium

    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

  • Temporary increase in interest cost

    low

    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

  • Competition and potential overcapacity in solar manufacturing

    low

    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

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

2 direct
Capacity expansion timeline for module and cell plants Direct
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

Impact of raw material price volatility (silver, copper) on module/cell price realization and pricing mechanism Partial
Absolute number we cannot tell, but what we can say is that prices dipped a little bit in the last quarter, but it has gone back to the original level again in this quarter because of the rising prices... Now some of the orders which are long term are devised in a way which takes care of the change in the dollar fluctuation, change in the input cost... And these long-term contracts, I'm talking of are between 6 and 12 months cycle. But, then there are other orders also which are short term which needs to be executed in a month or till four, five months period and those could be fixed as well. So it's a mix.

Reveals the company's strategy for managing raw material price volatility through a mix of long-term contracts with pass-through clauses and short-term fixed-price orders, impacting margin stability.

Asked by Pinank from IDBI Capital

Competition in module and cell manufacturing and the impact of ALMM on DCR demand Direct
So competition is always welcome because that also expands the market... So we don't see market flooded with that. In cell manufacturing also there is a difference between the cup and the lip. So these are announcements, the reality is today only 26 GW of cell manufacturing is there out of which about 12 GW is Mono PERC which as more cell capacities will come will become obsolete because that's an outdated technology... So when the market will be 60-70 GW then that kind of a demand is expected for Indian made cells because once ALMM comes in fully then the mandatory requirement will be that the cell and module have to be made in India.

Provides management's perspective on the competitive landscape, the actual operational capacity vs. announced capacity, and the significant demand potential for DCR cells driven by ALMM.

Asked by Sarang from Vimana Capital / Abhi Sehgal from Singularity AMC

2 min read 5 chapters

Detailed narrative

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%.

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.

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.

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.

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.
View original transcript

More Capital Goods earnings calls