SAATVIKGL
Saatvik Green Energy share price & financials
- Price
- ₹466.4
- Market cap
- ₹5.1k Cr
- Sector
- Capital Goods
- Calls analysed
- 5
Saatvik Green Energy Limited Q1 FY27
What went well
- Odisha Phase 1 project (2.4 GW cell, 4 GW module) progressing well and on track for ALMM-2 inspection in September 2026, with cell production expected by Q3 FY27 and 80% utilization by Q4 FY27.
- Strong confirmed order book of 6.35 GW, representing 132% of current operational module capacity, providing revenue visibility for 12-18 months.
- Secured new orders worth INR 538 crores (INR 138 crores in July, INR 400 crores in August) for domestic PV modules, reinforcing healthy underlying demand.
What to watch
- Q1 FY27 saw moderate financial and operational performance, with production at 408 MW and sales at 334 MW, significantly lower than previous quarters.
- Revenue from operations declined by 44.2% YoY to INR 5,110 million, and EBITDA decreased by 76.1% YoY to INR 425 million (8.33% margin).
What Saatvik Green Energy Limited does
Saatvik Green Energy manufactures solar photovoltaic modules (TOPCon and MonoPerc technology) in India and sells to utility-scale and commercial & industrial customers through EPC contracts and a network of resellers, distributors and channel partners. The company is backward-integrating into encapsulant, solar cells and (planned) ingots/wafers to control more of its supply chain. It has also diversified beyond modules by acquiring a majority stake in a transformer manufacturer, launching a battery energy storage systems subsidiary, and building a solar-pump business for rural/agricultural electrification. Manufacturing is based at its original Ambala (Haryana) facility, supplemented by a new integrated module-and-cell plant under construction in Odisha and a land bank secured in Madhya Pradesh for further expansion.
Segments
- Solar Modules (Manufacturing)
- EPC Services
- Solar Pumps
- Transformers
- Energy Storage (BESS)
- Solar module manufacturing capacity
- 4.8 GW
- Solar cell manufacturing capacity (under construction, Odisha)
- 2.4 GW
- EPE encapsulant manufacturing capacity
- 2 GW, expanding to 5 GW
- Ingot & wafer manufacturing capacity (planned)
- 6 GW
- Manufacturing sites
- Ambala (Haryana) plant plus new integrated Odisha facility (4 GW module line + 2.4 GW cell line) under construction
- Land bank secured for future expansion
- 185 acres, Mohasa-Babai Industrial Area, Madhya Pradesh (99-year lease)
Guidance record · Q1 FY27
what the last two calls moved 22 tracked 4 delivered 3 missed 15 open- Total Installed Capacity (Ambala) delivered said Q1 FY26 Promised: 4.8 gigawatt henceforth Q1 FY27: Maintained at 4.8 GW. No new updates this quarter as focus shifts to Odisha plant.
- Odisha 2.4 GW Solar Cell Capex missed said Q1 FY26 Promised: INR 1,300 crores Q1 FY27: The original target was missed in FY26. New capex plans for a larger Phase 1 (INR 1,850 cr for cell & module) have been announced, making the original specific promise obsolete but the 'missed' verdict stands.
- FY27 Capex revised down said Q4 FY26 Promised: INR 1,700 crores Q1 FY27: Original target of INR 1,700 cr has been revised. The plan is now part of a larger Phase 1 capex of INR 1,850 cr for cell and module manufacturing. This represents an increase in planned spend.
All 22 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 11.8%, net profit down 15.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 590 | 487 | 585 | 378 | 555 −6% | 717 +47% | 612 +5% | 333 −12% |
| EBITDA | 8 | 25 | 116 | 9 | -3 −145% | 25 −1% | -16 −114% | -3 −131% |
| Net profit | 17 | 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.
Performance −10.2% 1Y
1Y: ₹440.7 on 26 Sept 2025 → ₹395.95. High ₹551.7 (9 Oct 2025), low ₹333.65 (9 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −3.2%
- 14 Aug
- Q4 FY26
- −4.5%
- 21 May
- Q3 FY26
- −1.5%
- 5 Feb
- Q2 FY26
- −2.7%
- 10 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 14.6% a year over 1 year, FY25 to FY26. Operating margin narrowed to 0.6%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹2.0k Cr | ₹2.3k Cr |
| Operating profit | ₹189 Cr | ₹14 Cr |
| Operating margin | 9.5% | 0.6% |
| Interest | ₹27 Cr | ₹25 Cr |
| Depreciation | ₹12 Cr | ₹17 Cr |
| Net profit | ₹155 Cr | ₹62 Cr |
| Net margin | 7.9% | 2.7% |
| Cash from operations | ₹88 Cr | ₹2 Cr |
| Free cash flow | ₹80 Cr | ₹-6 Cr |
| ROCE | 60.0% | 14.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹25 Cr | ₹25 Cr |
| Reserves | ₹14 Cr | ₹12 Cr | ₹17 Cr | ₹117 Cr | ₹1.2k Cr | ₹979 Cr |
| Borrowings | ₹44 Cr | ₹112 Cr | ₹153 Cr | ₹227 Cr | ₹628 Cr | ₹167 Cr |
| Other liabilities | ₹26 Cr | ₹100 Cr | ₹90 Cr | ₹257 Cr | ₹966 Cr | ₹317 Cr |
| Total liabilities | ₹87 Cr | ₹227 Cr | ₹263 Cr | ₹604 Cr | ₹2.8k Cr | ₹1.5k Cr |
| Fixed assets | ₹29 Cr | ₹32 Cr | ₹50 Cr | ₹53 Cr | ₹403 Cr | ₹43 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹33 Cr | ₹0 Cr |
| Investments | ₹3 Cr | ₹0 Cr | ₹0 Cr | ₹10 Cr | ₹0 Cr | ₹645 Cr |
| Other assets | ₹56 Cr | ₹195 Cr | ₹213 Cr | ₹539 Cr | ₹2.4k Cr | ₹801 Cr |
| Total assets | ₹87 Cr | ₹227 Cr | ₹263 Cr | ₹604 Cr | ₹2.8k Cr | ₹1.5k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Sep 2025, DIIs added +2.92 pp while the public trimmed −2.67 pp. The shareholder count shrank 60% to 69,254.
- Promoters
- 76.0%
- FIIs
- 0.2%
- DIIs
- 11.0%
- Public
- 12.8%
Since Sep 2025
- DIIs +2.92 pp
- Public −2.67 pp
- FIIs −0.27 pp
How it drifted, 4 quarters
Over this window DIIs went from 8.1% to 11.0% — +2.9 pp.
Ownership split by quarter, oldest first. Sep '25: Promoters 76.0%, FIIs 0.5%, DIIs 8.1%, Public 15.5%.Dec '25: Promoters 76.0%, FIIs 0.3%, DIIs 9.3%, Public 14.4%.Mar '26: Promoters 76.0%, FIIs 0.0%, DIIs 10.5%, Public 13.5%.Jun '26: Promoters 76.0%, FIIs 0.2%, DIIs 11.0%, Public 12.8%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Nippon Life India Trustee Ltd-A/C Nippon Power & I Mutual fund +0.44 pp 4.19% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Saatvik Green Energy Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Spg Trust | 38.29% | unchanged |
| Manik Garg | 13.33% | unchanged |
| Neelesh Garg | 12.54% | unchanged |
| Prashant Mathur | 8.78% | unchanged |
| Parmod Kumar | 6.15% | unchanged |
| Sunila Garg | 4.89% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon Power & I Mutual fund | 4.19% | +0.44 pp |
| Bandhan Small Cap Fund Mutual fund | 3.26% | −0.12 pp |
| HDFC Mutual Fund - HDFC Manufacturing Fund Mutual fund | 2.10% | unchanged |
| Manavika Garg | 0.80% | unchanged |
| Arbit Technologies Private Limited | 0.00% | unchanged |
| Uv Solar Energy Project One Private Limited | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in SAATVIKGL
Filings to Aug 2026
0 new, 2 added, 0 trimmed, 0 sold out — net +2.12 L shares (+2.8%).
- Held by funds
- ₹327 Cr
- 4 schemes
- Biggest holder
- HDFC Manufacturing Fund
- ₹92 Cr · 0.9% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Manufacturing Fund HDFC Mutual Fund | ₹92 Cr | held | Sep '25 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹88 Cr | held | Sep '25 |
| Nippon India Power & Infra Fund Nippon India Mutual Fund | ₹77 Cr | +0.96 L | Sep '25 |
| Nippon India Value Fund Nippon India Mutual Fund | ₹70 Cr | +1.17 L | Sep '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
2 added, 0 trimmed — net +2.12 L shares (+2.8%)
- Funds are sitting on
- +7%
- vs est. average cost
- Held by funds
- ₹327 Cr
- 4 schemes · ≈ 7.1% of the company
- Biggest holder
- HDFC Manufacturing Fund
- ₹92 Cr · 0.9% of that fund
- Longest holder
- Nippon India Small Cap Fund
- 1y · since Sep '25
Shares held by these funds +19%
Sep '25 75.33 L shares Jul '26
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse Saatvik Green Energy Limited
Guides on how to read this kind of business and the numbers that matter.