Haryana-based solar module maker Saatvik Green Energy Limited reported revenue from operations of ₹902.6 crore for the quarter ended 30 September 2026, up 17.53% from ₹768 crore a year earlier. Profit after tax (PAT) fell 76.15% to ₹20.2 crore from ₹84.7 crore. The company filed its results with the stock exchanges on 5 November 2026. Its confirmed order book stood at 6.68 GW. A subsidiary began commercial module production at Gopalpur in Odisha on 2 November 2026.
Key Financials
According to the company’s press release, Q2 FY27 figures compared with Q2 FY26 were:
- Revenue from operations: ₹902.6 crore, up 17.53% from ₹768 crore
- Earnings before interest, tax, depreciation and amortisation (EBITDA): ₹69.6 crore, down 44.89% from ₹126.3 crore
- EBITDA margin: 7.71%, against 16.45%
- PAT: ₹20.2 crore, against ₹84.7 crore
- PAT margin: 2.24%, against 11.03%
On a sequential basis, revenue grew 77% and PAT rose from ₹5.4 crore in Q1 FY27. For the first half of FY27, revenue was ₹1,413.6 crore, down 16.05% from ₹1,683.8 crore, while PAT fell 87.28% to ₹25.6 crore from ₹201.3 crore.
Operations and Orders
Module production was 658 MW and sales were 640 MW in the quarter, against production of 792 MW and sales of 538 MW a year earlier. Capacity utilisation was about 58.5%, down from 83.1% in Q2 FY26. The debt-to-equity ratio rose to 1.37x at the end of September 2026 from 0.99x at the end of June 2026.
The company added 1.76 GW of new orders and executed 0.97 GW during the half. Orders listed in the release include a ₹1,041.63 crore order from the Solar Energy Corporation of India (SECI) for 600 MWp of modules made with domestic cells, due by December 2027. The release does not break down the order book by customer or give a delivery schedule for the full 6.68 GW.
Management Comment
Chief Executive Officer Prashant Mathur said the first half was best read as a period of investment ahead of the curve. He said the company had chosen to prioritise long-term positioning over short-term optics. Mathur said the industry was shifting from a module-led to a cell-led market, where access to domestic cells would decide who could compete for the most attractive projects. He said the focus for the rest of the year was to deliver on commitments, ramp up Odisha without compromising quality and protect margins and working capital.
In the investor presentation, Chairman and Managing Director Neelesh Garg called the quarter a significant step forward, pointing to the sequential rise in revenue, EBITDA and profit. He said the start of commercial production in Odisha was an important milestone. Garg said the 1.76 GW of new orders added in the half gave the company strong visibility on execution in the coming quarters.
Policy Backdrop
The company points to the Approved List of Models and Manufacturers (ALMM) List-II for solar cells, which took effect on 1 June 2026. The company says India had about 36.6 GW of cell capacity against 261.7 GW of module capacity in June 2026. It says modules made with domestic cells sell at more than a 75% premium to non-domestic content modules. According to the company’s investor presentation, ALMM List-II implementation has been extended until 31 December 2026 for eligible net-metering and open-access projects commissioning by that date. Separately, Prime Minister Narendra Modi announced a goal on 2 November 2026 to add another 500 GW of non-fossil capacity over the next 10 to 11 years.
About the Company
Saatvik Green Energy has its registered office at Ambala, Haryana, where it runs its established module manufacturing base, and its corporate office in Gurugram. Its installed module capacity is 6.1 GW, and it has 2 GW of encapsulant capacity in operation. The company has also entered the hybrid inverter segment and launched lithium battery products rated at 51.2 V, 100 Ah and 5.12 kWh. At the Renewable Energy India (REI) Expo 2026 it launched a Quad-Cut TOPCon 3.0 dual-glass bifacial module rated at up to 670 Wp.
The Company’s Recent Pipeline
- July 2026: received a ₹138 crore order for domestic solar modules.
- August 2026: received a ₹476 crore module order from Vikran Engineering and a ₹190 crore order from independent power producers and engineering, procurement and construction (EPC) firms.
- September 2026: won the ₹1,041.63 crore SECI order for 600 MWp, plus a ₹297.5 crore module order; subsidiary Saatvik Solar Industries applied for ALMM List-II enlistment of its 2.4 GW Odisha cell line.
- October 2026: received an order of about ₹100 crore from MSEDCL for 5,000 off-grid DC solar water pumping systems under the PM-KUSUM B scheme.
- November 2026: began commercial module production at Gopalpur, with about 1.3 GW of Phase I capacity operational and the dedicated 220 kV substation ready for charging.
Outlook
The company expects the full 4 GW of Phase I module capacity at Gopalpur to be running by December 2026. Trial runs have begun on the 2.4 GW cell line, with production ramp-up targeted for the same month. The ALMM List-II inspection of the cell line is expected in November 2026, and enlistment remains subject to approval by the Ministry of New and Renewable Energy. A further 3.6 GW cell facility on an adjacent 27-acre site is targeted for completion by the start of FY28.
Official Sources
- Saatvik Green Energy Limited – Press Release on Q2 and H1 FY27 Results (NSE, 5 November 2026): https://nsearchives.nseindia.com/corporate/SAATVIK_05112026155105_Press_Release_signed.pdf
- Saatvik Green Energy Limited – Investor Presentation Q2 FY27 (NSE, 5 November 2026): https://nsearchives.nseindia.com/corporate/SAATVIK_05112026160902_Investor_Presentation_signed.pdf
- Saatvik Green Energy Limited – Outcome of Board Meeting and Financial Results (NSE, 5 November 2026): https://nsearchives.nseindia.com/corporate/SAATVIK_05112026143717_Outcome_of_the_Board_Meeting_signed.pdf
- Prime Minister’s Office – PM Inaugurates Bharat Renewable Energy Summit & Expo 2026 (2 November 2026): https://www.pmindia.gov.in/en/news_updates/pm-inaugurates-bharat-renewable-energy-summit-expo-2026/
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