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Saatvik Green Energy Results: Latest Quarterly Results & Analysis

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Saatvik Green Energy Ltd. 14 Aug 2026 16:52 PM
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Q1FY27 Quarterly Result Announced for Saatvik Green Energy Ltd.

Electrical Equipment & Products company Saatvik Green Energy announced Q1FY27 results

Consolidated Financial Highlights:

  • Total Income: Consolidated total income reached Rs 5,197.30 million in Q1FY27, down 67.85% QoQ from Rs 16,166.18 million in Q4FY26 and down 43.49% YoY from Rs 9,197.34 million in Q1FY26. For the full year ended FY26, consolidated total income was Rs 45,879.97 million.
  • Revenue from Operations: The Group reported revenue of Rs 5,110.10 million in Q1FY27, representing a 68.21% QoQ decline from Rs 16,076.57 million in Q4FY26 and a 44.20% YoY decline from Rs 9,157.28 million in Q1FY26.
  • Net Profit for the Period: Consolidated net profit for Q1FY27 was Rs 53.63 million, marking a decline of 91.12% QoQ from Rs 604.20 million in Q4FY26 and a 95.40% decline YoY from Rs 1,166.01 million in Q1FY26.
  • Total Comprehensive Income: This stood at Rs 60.16 million for Q1FY27, compared to Rs 589.61 million in Q4FY26 and Rs 1,157.34 million in Q1FY26.
  • Earnings Per Share (EPS): Basic and Diluted EPS for Q1FY27 were both Rs 0.43, significantly lower than Rs 5.06 (Basic) and Rs 5.05 (Diluted) in Q4FY26, and Rs 10.41 (Basic) and Rs 10.38 (Diluted) in Q1FY26.

Standalone Financial Highlights:

  • Total Income: The company reported a total income of Rs 3,526.99 million in Q1FY27, representing a decline of 46.64% QoQ from Rs 6,609.88 million in Q4FY26 and a decline of 9.48% YoY from Rs 3,896.25 million in Q1FY26. For the full year ended FY26, total income stood at Rs 23,787.03 million.
  • Revenue from Operations: Revenue for Q1FY27 was Rs 3,332.37 million, down 45.56% QoQ compared to Rs 6,121.47 million in Q4FY26 and down 11.80% YoY compared to Rs 3,777.96 million in Q1FY26.
  • Net Profit for the Period: The company achieved a net profit of Rs 68.57 million in Q1FY27, which is a decrease of 40.16% QoQ from Rs 114.58 million in Q4FY26 and a 21.90% decrease YoY from Rs 87.80 million in Q1FY26.
  • Total Comprehensive Income: For Q1FY27, total comprehensive income stood at Rs 72.91 million, compared to Rs 105.17 million in Q4FY26 and Rs 79.42 million in Q1FY26.
  • Earnings Per Share (EPS): Basic and Diluted EPS for Q1FY27 were both Rs 0.54, down from Rs 0.96 (Basic) and Rs 0.95 (Diluted) in Q4FY26, and Rs 0.78 in Q1FY26.

Business Highlights:

  • Segment Performance: The Group is primarily engaged in a single operating segment which includes the manufacturing of Solar Photovoltaic (PV) modules, Transformers, Engineering, Procurement and Construction (EPC) services, Solar Inverter, and related power solutions. There are no other reportable segments.
  • Major Acquisition: During the quarter, on April 23, 2026, the Company acquired an 80% stake in Melcon Transformers and Electricals Private Limited ('Melcon') for Rs 24.00 million. A deferred consideration of Rs 20 million for the remaining 20% stake is estimated to be paid over the next 2 years.
  • Utilization of IPO Proceeds: From the total fresh issue proceeds of Rs 7,000.00 million, the company has utilized Rs 5,111.48 million as of June 30, 2026. Key utilization includes Rs 2,957.93 million for a 4 GW solar PV module manufacturing facility and Rs 1,664.36 million for investments in its subsidiary, Saatvik Solar Industries Private Limited.
  • Accounting Policy Change: Effective March 31, 2026, the Group changed its inventory valuation method from First In First Out (FIFO) to moving weighted average cost. Consequently, the financial results for the corresponding previous quarter Q1FY26, have been restated to reflect this change.
  • Impairment and Asset Reassessment: During Q4FY26, the Group reassessed the useful life of certain plant and machinery and identified impairment indicators for its Monoperc cash-generating unit, recognizing an impairment loss of Rs 39.46 million.

Result PDF

Result PDF

Electrical Equipment & Products company Saatvik Green Energy announced Q4FY26 & FY26 results

Consolidated Financial Highlights:

  • Total Income: Reported at Rs 16,166.18 million for Q4FY26, registering a QoQ increase of 27.45% (from Rs 12,684.61 million in Q3FY26) and a YoY increase of 75.35% (from Rs 9,219.52 million in Q4FY25). For FY26, total income stood at Rs 45,879.97 million, compared to Rs 21,924.65 million in FY25.
  • Revenue from Operations: Stood at Rs 16,076.57 million for Q4FY26, reflecting a QoQ growth of 27.89% (from Rs 12,570.22 million in Q3FY26) and a YoY growth of 74.95% (from Rs 9,189.37 million in Q4FY25). For FY26, revenue from operations was Rs 45,484.37 million, up from Rs 21,583.94 million in FY25.
  • Profit for the Period (Net Profit): Reported at Rs 604.20 million for Q4FY26, reflecting a QoQ decline of 37.66% (from Rs 969.22 million in Q3FY26) and a YoY decline of 36.20% (from Rs 947.10 million in Q4FY25). For FY26, net profit was Rs 3,571.15 million, compared to Rs 2,171.48 million in FY25.

Standalone Financial Highlights:

  • Total Income: Reported at Rs 6,609.88 million for Q4FY26, reflecting a QoQ decrease of 12.57% (from Rs 7,560.17 million in Q3FY26) and a YoY increase of 8.12% (from Rs 6,113.40 million in Q4FY25). For FY26, total income was Rs 23,787.03 million, up from Rs 20,333.51 million in FY25.
  • Revenue from Operations: Stood at Rs 6,121.47 million for Q4FY26, reflecting a QoQ decline of 14.63% (from Rs 7,170.66 million in Q3FY26) and a YoY increase of 4.66% (from Rs 5,848.85 million in Q4FY25). For FY26, revenue from operations was Rs 22,622.20 million, up from Rs 19,743.30 million in FY25.
  • Profit for the Period (Net Profit): Reported at Rs 114.58 million for Q4FY26, showing a QoQ drop of 70.44% (from Rs 387.62 million in Q3FY26) and a YoY drop of 88.04% (from Rs 957.66 million in Q4FY25). For FY26, net profit was Rs 622.85 million, compared to Rs 1,559.34 million in FY25.

Business Highlights:

  • Segment Performance: The Company and its group are primarily engaged in a single operating segment involving the manufacturing of Solar Photovoltaic (PV) modules, Engineering, Procurement and Construction (EPC) services, and Solar Water Pumping Systems (SPWPS) and Inverters. Accordingly, no separate segment reporting is provided.
  • Initial Public Offer (IPO): The company completed its IPO of 19,359,079 equity shares at an issue price of Rs 465 per share during the year. The equity shares were listed on the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on September 26, 2025.
  • Strategic Acquisitions:
    • On February 12, 2026, the company (through its wholly-owned subsidiary) acquired a 49% shareholding in Intelligent Hydel Solution Private Limited for Rs 13.06 million, resulting in it becoming a subsidiary due to control obtained.
    • Subsequent to the year-end, on April 23, 2026, the company entered into a share purchase agreement to acquire an 80% equity stake in Melcon Transformers and Electricals Private Limited for a consideration of Rs 24 million.
  • Asset Impairment and Depreciation Assessment: During Q4FY26, the company reassessed the useful life of certain plant and machinery, resulting in higher depreciation for the quarter and year. Additionally, the company recognized an impairment loss of Rs 39.46 million for its Monoperc cash-generating unit (CGU) due to rapid technological advancements in the solar module industry.
  • Accounting Policy Change: The group changed its accounting policy for the valuation of Raw Materials, Finished Goods, and Work in Process from First In First Out (FIFO) to the moving weighted average cost method, effective March 31, 2026. This was retrospectively applied to previous years presented.

Prashant Mathur, Chief Executive Officer, Saatvik Green Energy, said: “FY26 was a defining year for us, marked by our successful listing on the Indian stock exchanges and the delivery of our highest-ever Revenue, EBITDA and PAT performance.

Supported by strong order execution, manufacturing scale-up and growing customer relationships, we achieved our highest-ever annual production of 3,162 MW with effective capacity utilization of 84.07%, further strengthening our position as one of India’s fastest-growing renewable energy companies.”

“Our Ambala facility continues to operate at its full 4.8 GW module manufacturing capacity, while our Odisha integrated manufacturing project remains on track and represents a key milestone in Saatvik’s journey towards full value chain integration. During the year, we expanded our Odisha solar cell capacity plan from 2.4 GW to 3.6 GW, commissioned a 2 GW in-house EPE encapsulant manufacturing facility with expansion plans to 5 GW, and announced our planned entry into ingot and wafer manufacturing with a proposed 6 GW capacity.”

“FY26 also marked important strategic milestones across our clean energy solutions portfolio. Our order book stood at 5.89 GW with leading IPPs and utilities, while we expanded into transformer manufacturing, launched the UDAY Series of on-grid inverters, and strengthened our presence across hybrid and off-grid inverters and BESS solutions with B2C solar kits set to launch soon.”

“Our sustainability efforts were also recognized globally as Saatvik was awarded the Bronze Medal by EcoVadis and ranked in the 79th percentile among assessed companies worldwide. Supported by favourable policy initiatives and India’s long-term renewable energy ambitions, we believe Saatvik is strongly positioned for its next phase of growth with expanding manufacturing capacities, stronger integration and sharper execution capabilities.”

Result PDF

Electrical Equipment & Products company Saatvik Green Energy announced Q3FY26 results

  • Revenue: Rs 12,570 lakh against Rs 5,182 lakh during Q3FY25, change 143%.
  • EBITDA: Rs 1,648 lakh against Rs 703 lakh during Q3FY25, change 134%.
  • EBITDA Margin: 13.11% for Q3FY26.
  • PAT: Rs 987 lakh against Rs 405 lakh during Q3FY25, change 144%.
  • PAT Margin: 7.85% for Q3FY26.
  • EPS: Rs 8.41 for Q3FY26.

Prashant Mathur, CEO, Saatvik Green Energy, said: Q3FY26 “Q3FY26 was a strong quarter for Saatvik Green Energy, with revenues reaching Rs 12,570.2 million, driven by robust demand for solar modules, high-capacity utilization and continued traction from repeat customers. EBITDA stood at Rs 1,647.6 million, with margins at 13.11%, reflecting operating leverage and improved cost efficiencies.”

PAT: “Profit after tax increased to Rs 987.2 million, with PAT margins of 7.85%, underscoring the strength of our operating model. For the nine months ended FY26, we delivered healthy yearon-year growth across key financial metrics, supported by higher volumes, improved asset utilization and disciplined execution. Return ratios remained strong, with ROE at 23.10% and ROCE at 26.03%, reflecting efficient capital deployment and improving profitability.”

Operational performance: “Operational performance remained robust, with capacity utilization at 81.00% during the quarter. As of 31st December 2025, our order book stood at 5.05 GW, providing strong revenue visibility. During the period, we secured repeat domestic orders aggregating Rs 963 crore from leading IPPs and EPC players, reaffirming confidence in our product quality and execution capabilities.”

Balance SHeet: “Our balance sheet continued to strengthen, with the debt-equity ratio improving to 0.66, reflecting a meaningful reduction in leverage and enhanced financial flexibility. This supports our planned capacity expansion and backward integration initiatives in a disciplined manner.”

Odisha Manufacturing Expansion: “The Greenfield integrated manufacturing facility in Odisha is on track, comprising 4 GW of solar module capacity and 4.8 GW of solar cell capacity. The project represents a key milestone in Saatvik’s backward integration strategy, aimed at improving cost competitiveness and long-term margin sustainability. With a focus on technology, quality, and execution, Saatvik aims to play a meaningful role in India’s renewable energy transition.”

Result PDF

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