1. At a Glance
Saatvik Green Energy just walked into Dalal Street like a newly married groom with gold chains, swagger, and a fat IPO cheque. Listed in September 2025, the company today flaunts a ₹5,526 Cr market cap, a ₹435 stock price, and a trailing P/E of ~14x, which in solar-land is basically “discount rack with good lighting.”
Q3 FY26 numbers slapped the table hard: ₹1,257 Cr revenue, ₹98.7 Cr PAT, and YoY growth north of 140% on both sales and profit. ROCE is cruising at 52%, ROE is a jaw-dropping 94%, and capacity utilisation is a respectable 83.7%. Add a ₹5,077 Cr order book (3,522 MW) and suddenly everyone from mutual funds to Twitter solar experts wants a piece.
But pause. This is a newly listed, fast-scaling, capital-hungry solar module manufacturer in an industry famous for boom–bust cycles, China dumping, and policy mood swings. Is Saatvik a disciplined manufacturing story… or just running on IPO caffeine?
Let’s audit this beast. 🕵️♂️
2. Introduction – The Great Indian Solar Sprint
India’s solar story is no longer about “potential.” It’s about execution, scale, and who survives the next price war. In that chaos, Saatvik Green Energy Limited emerged from Haryana with a simple plan: manufacture modules, sell aggressively, integrate backwards, and ride government tailwinds without becoming a PSU.
Founded in 2015, Saatvik took the boring route—no flashy SPACs, no crypto pivots, no hydrogen buzzwords. Just panels, EPC orders, and relentless capacity ramp-ups. By FY25, it had supplied over 2.5 GW of modules, built 3.8 GW capacity, and quietly positioned itself among India’s top domestic module suppliers.
Then came the IPO in September 2025. ₹900 Cr raised. Balance sheet cleaned. Expansion plans accelerated. And suddenly, Saatvik was no longer “another module guy”—it was a capital markets darling with 94% ROE flashing on screener pages.
But solar manufacturing is a ruthless business. Margins are fragile, working capital is messy, and technology obsolescence doesn’t send a calendar invite. The real question: Is Saatvik building a durable manufacturing franchise or just sprinting while the sun is out?
Let’s break it down, layer by layer.
3. Business Model – WTF Do They Even Do?
At its core, Saatvik does three things:
- Manufactures solar PV modules
- Executes selective EPC projects
- Provides O&M support (small but useful)
Manufacturing – The Real Engine
About 70.5% of FY25 revenue came from manufactured solar PV modules. Not
traded junk. Not imported flip jobs. Actual in-house manufacturing at its Ambala mega facility, spread over 7.24 lakh sq. ft.
Products include:
- Mono PERC modules (up to 21.2% efficiency)
- N-TopCon modules (up to 22.84% efficiency)
- Bifacial modules (up to 679 Wp, 26%+ efficiency)
Translation for lazy investors: Saatvik isn’t stuck in yesterday’s tech. N-TopCon now accounts for 57% of FY25 product mix, which is crucial as utility-scale buyers shift away from plain vanilla PERC.
EPC – Side Dish, Not Main Course
EPC contributes just 3.4% of revenue, with 69.12 MW installed base. This is smart. EPC is low-margin, execution-heavy, and litigation-prone. Saatvik uses EPC mainly to:
- Secure module demand
- Deepen client relationships
- Avoid becoming a pure commodity seller
Would you rather sell razor blades or run the shaving salon too?
Customer Mix – Private Party Only
- Private sector: 99.88%
- Government: 0.12%
- Exports: 1.5% of FY25 revenue
Yes, exports are tiny for now. But the US subsidiary in Texas signals intent. The domestic market alone is massive enough—for now.
So the model is clear: manufacture at scale, sell domestically, integrate backwards, and avoid EPC headaches.
Simple. Brutal. Effective.
4. Financials Overview – Growth That Slaps
Quarterly Performance (Q3 FY26)
(₹ in Crores, consolidated)
| Metric | Latest Qtr (Dec’25) | YoY Qtr (Dec’24) | Prev Qtr (Sep’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 1,257 | 518 | 768 | +143% | +64% |
| EBITDA | 153 | 68 | 108 | +125% | +42% |
| PAT | 99 | 40 | 83 | +144% | +19% |
| EPS (₹) | 7.77 | 3.61 | 6.55 | +115% | +19% |
Now pause. This is not base-effect fluff alone. Sequential growth is strong too.
But since TTM EPS of ₹33.06 is already available, we’ll use that for valuation sanity.
Commentary:
Margins held up despite scale. Interest costs rose (debt-funded expansion), but operating leverage more than compensated. This is what a factory running
