Saatvik Green Energy

Solar PV manufacturer

Saatvik Green Energy is among the leading module manufacturers in India in terms of operational solar photovoltaic (PV) module manufacturing capacity, with an operational capacity of about 3.80 gigawatt (?GW?) modules as of March 31, 2025. It is recognized as one of the few companies with capabilities in module manufacturing as well as engineering, procurement and construction (EPC) and operations and maintenance (O&M) services.

The company offer EPC services in India. It had an installed EPC base of 69.12 MW as of March 31, 2025. The EPC verticalprovides comprehensive solar solutions, managing projects from concept through to execution. The offerings of this vertical include ground-mounted solar installations and rooftop solar installations. It also provides O&M services to customers, primarily for EPC projects undertaken by the company. The company is currently providing solar pumps under its EPC solutions to agricultural farms under the PM-KUSUM scheme.

The company offers a comprehensive portfolio of solar module products manufactured using technologies that help reduce energy loss and enhance overall efficiency. The solar energy products include: (i) monocrystalline passive emitter and rear cell (Mono PERC) modules; and (ii) N-TopCon solar modules. Both types are offered in mono-facial and bifacial options, suitable for various applications, including residential, commercial and utility scale solar projects.

Of FY25 revenue from operation sales of products manufactured inhouse accounted for 70.50%, traded goods 26.08%, and EPC 3.30%.

The company is one of the largest module manufacturers in North India, a lucrative market having high solar incidence areas and proximity to states such as Rajasthan and Madhya Pradesh.

Of the FY25 revenue from operations, about 38.72% is from sale of mono PERC modules, 56.74% from sales of N-TopCon solar modules; and 0.47% from sale of poly modules.

Over the years, the company has developed a large and diverse customer base. It possesses a diversified client base with presence in various segments (namely large utility, commercial and industrial, open access, residential rooftop and solar pump) and across geographies (selling in all parts of India, North America, Africa and South Asia).

The company counts utility scale solar developers, independent power producers (IPPs), commercial and industrial clients, EPC contractors and public sector undertakings (PSUs), and distributors in the renewable energy sector as its customers.

Certain of its key customers include Solarcraft Power India 21, Enrich Energy, Shree Cement, Solarcraft Power India 9, Kiana Energy Solutions LLP, SJVN Green Energy, Prozeal Green Energy, Amplus KN One Power, JSW Neo Energy, Stockwell Solar Services and Megha Engineering and Infrastructure.

The company sells its solar PV modules through a combination of direct sales to large-scale solar project developers and via distribution networks to smaller customers, including residential and commercial users. It has established a network of resellers, distributors and channel partners across India. As of June 30, 2025, its network comprises 53 selling partners, who include 23 resellers, 19 distributors and 11 channel partners across various states in India.

Of the FY25 revenue from operations, about 98.61% came from operations in India[Gujarat 26.51%, Rajasthan 17.98%, Maharashtra 11.71%, Bihar 9.97%, Telangana 9.08%,and others 23.36%] and exports about 1.39%.

The company operates three module manufacturing facilities in Ambala (Haryana), spread across a total land area of 724,225 square feet. Further, it is in the process of adding a capacity of 1.00 GW in one of its module manufacturing facilities in Ambala that is expected to be operational in the second quarter of Fiscal 2026, thereby increasing overall installed capacity at Ambala facilities to a cumulative 4.80 GW.

The company is setting up an integrated cell and module manufacturing facility in Odisha. The new facility will have a cell line manufacturing capacity of 4.80 GW, expected to be operational in Fiscal 2027, and a module production capacity of 4.00 GW, expected to be operational in Fiscal 2026. In addition, the company intends to establish a manufacturing facility for production of ingots, cells and wafers in Mohasa: Babai, Madhya Pradesh.

The Issue

The IPO comprises offer for sale (OFS) of equity shares aggregating to Rs 200 crore and fresh issue of equity shares, aggregating to Rs 700 crore.

Of the OFS, the entire lot is by promoter shareholders,i.e., Parmod Kumar [Rs 112 crore] and Sunila Garg [Rs 88 crore].

Object of the Issue

Of the net proceeds from the fresh issue, about Rs 10.819 crore will be used for payment/pre-payment of certain outstanding borrowings; Rs 166.436 crore for investment in Saatvik Solar Industries, a wholly owned subsidiary, for repayment and prepayment of certain borrowings availed by the subsidiary; Rs 477.227 crore towards investment in Saatvik Solar Industries, a WOS of the company for setting up of a 4 GW solar PV module manufacturing facility at Gopalpur (Odisha); and balance for general corporate purposes.

Strengths

One of leading module manufacturing companies in India offering integrated solutions to IPPs.

Established player in Indian solar power industry, having supplied more than 2.50 GW high efficiency solar PF modules domestically and internationally since its inception.

Quality customer base.

Substantially large solar PV modules order book (including export orders) of 4.05 GW as of June 30, 2025.

Consistently advanced its offerings with innovative technology solutions for the solar industry,enabling it to capitalize on the favorable industry tailwinds for the sector.

Enlisted under the ALMM (Approved List of Models and Manufacturers) of the MNRE,enabling it to offer its products to marquee customers.

Multiple sales and revenue channels.

Availability of subsidy from Government of Odisha for setting up manufacturing plant in Odisha including 30% capital investment subsidy for investment in plant and machinery.

Weaknesses

The solar industry in India is heavily influenced by government policies and regulatory frameworks. Any changes in these policies, such as reductions in subsidies, incentives or alterations in tariffs, import duties and tax benefits, could adversely affect the demand for solar modules and cells.

Manufacturing operations of the company significantly depend on imports of certain materials and equipments. About 42.24% of the materials used in the production of modules, particularly solar cells and solar aluminum frames, are sourced from China in Fiscals 2025.

Bidding through a competitive bidding process for EPC projects with government entities and PSUs. So, any delay/slowdown in floating/award of tenders could impact the growth of the business.

Significant customer concentration, with about 57.77% of FY2025 revenue coming from top 10 customers and 44.43% from top 5 customers,and 16.92% from the largest customer account.

Changes in the price of solar PV cells and other raw materials could adversely affectmanufacturing of solar PV modules.

Contingent liability as of end of March 2025 stood at Rs 626.806 crore.

Intense competition in domestic market from other Indian solar cell and module manufacturers as well as solar cell and module manufacturers from China and Southeast Asia.

Any unfavorable changes in exim policies of exporting countries could adversely affect the business.

Availability of wafers (used in manufacture of solar cells) at fair prices is crucial. Any volatility in the prices of wafers could affect profitability.

Continued decrease in prices of renewable energy products such as solar cells and solar modules. The global solar module and cell prices have seen fluctuations, primarily due to dynamics in polysilicon pricing, overproduction and excess supply across the value chain.

Exchange rate fluctuations may adversely affect results of operations.

Valuation

Consolidated re-stated revenue stood higher by 98% to Rs 2158.39 crore in FY 2025. But with the OPM contracting 120 bps to 14.8%, OP was up by 117% to Rs 319.86 crore.Eventually, Pat after MI was higher by 113% to Rs 213.93 crore.

On expanded equity (at the upper price band), the EPS for FY2025 was Rs 16.8. The P/E at the upper price band works out to 27.7 times of its FY25 EPS. The company quotes at a P/BV of 5.7 times. The company quotes at EV/sales of 3 times.

Waaree Energies, Premier Energies, Vikram Solar and Websol Energy Systems quote at a PE of 55.7 times, 52.3 times, 90.2 times and 36 times, respectively, and at P/BV of 5.7 times, 10.9 times, 9.8 times and 21.2 times. Waaree Energies, Premier Energies, Vikram Solar and Websol Energy Systems quote at EV/sales 6.7 times, 7.4 times, 3.7 times and 9.8 times of their FY25 sales, respectively.

Saatvik Green Energy: Issue Highlights
Fresh Issue (Rs crore)	700
Offer for sale (Rs crore)	200
Price band (Rs.) **
Upper	465
Lower	442
Post-issue equity (Rs crore)
in Upper price band	25.42
in Lower Price Band	25.58
Post-issue promoter (including promoter group) stake (%)	76.00
Minimum Bid (in nos.)	32
Issue Open Date	19-09-2025
Issue Close Date	23-09-2025
Listing	BSE, NSE
Rating	45 /100

Saatvik Green Energy : Re-stated Consolidated Financials
	2303 (12)	2403 (12)	2503 (12)
Sales	608.59	1087.97	2158.39
OPM (%)	2.4	13.6	14.8
OP	14.83	147.63	319.86
Other income	9.04	9.22	34.07
PBIDT	23.87	156.84	353.93
Interest	10.59	14.23	42.35
PBDT	13.28	142.61	311.58
Depreciation	6.62	10.74	31.16
PBT	6.66	131.87	280.42
EO Exp	0.00	0.00	0.00
PBT after EO	6.66	131.87	280.42
Tax	1.92	31.40	66.49
PAT	4.75	100.47	213.93
Share of Profit from Associates	0.00	0.00	0.00
Minority Interest	0.00	0.06	-0.19
Net profit after MI	4.75	100.42	214.12
EPS (Rs)*	0.4	7.9	16.8
* on post IPO fully dilluted equity (on upper price band) of Rs 25.42 crore. Face Value: Rs 2
EPS is calculated after excluding EO and relevant tax
Figures in Rs crore
Source: Capitaline Corporate database

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