Saatvik Green Energy, one of India’s leading solar photovoltaic (PV) module manufacturers, has announced a significant milestone with cumulative new orders worth INR 689.47 crore for the supply of high-efficiency solar modules. The orders were placed by multiple renowned Independent Power Producers (IPPs) and Engineering, Procurement, and Construction (EPC) firms, further cementing Saatvik’s reputation for reliability, scale, and technological excellence in India’s rapidly expanding renewable energy landscape.
Details of the Orders
The fresh orders are entirely domestic and classified as repeated business, signaling strong client satisfaction and continuity of trust among major industry players. According to two separate stock exchange filings dated 14 October 2025, Saatvik Green Energy and its material subsidiary, Saatvik Solar Industries, jointly secured these orders.
- Saatvik Solar Industries, the material subsidiary, received orders worth INR 638.85 crore from three leading IPPs and EPC players for the supply of solar PV modules. These will be executed by June 2026.
- Saatvik Green Energy itself received direct orders amounting to INR 50.62 crore, which are scheduled for completion by the end of November 2025.
Both transactions were conducted at arm’s length and confirmed to have no promoter or related-party involvement, ensuring full compliance and transparency under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Management and Market Response
Commenting on the developments, Prashant Mathur, Chief Executive Officer of Saatvik Green Energy, said,
“These large repeat orders from leading IPPs and EPCs underline Saatvik’s reputation for delivering quality, scale, and dependability. The cumulative order value of nearly INR 690 crore further strengthens our revenue visibility and underscores the confidence of our long-term partners.”
Manik Garg, Managing Director, echoed similar optimism, emphasizing the company’s dual focus on growth and profitability. He noted that EBITDA margins are expected to remain in the 16–17% range, as Saatvik continues expanding its operational capacity and technological capabilities.
Saatvik Green Energy: Post-IPO Performance
Saatvik Green Energy made its stock market debut on 26 September 2025, following an initial public offering (IPO) that opened on 19 September 2025 and closed on 23 September 2025. The IPO, listed on both the BSE and NSE, was priced at INR 442 – 465 per share and attracted considerable investor interest, being subscribed 6.57 times overall.
Saatvik’s shares were listed at INR 460, slightly below the issue price, but have since demonstrated resilience and upward momentum. The stock has gained over 13% from the allotment price, currently trading near INR 527.35, reflecting growing investor confidence supported by robust earnings and continuous order inflows.
In less than a month since its listing, Saatvik Green Energy’s stock has shown an encouraging recovery, outperforming sectoral peers in the renewable energy space. Analysts attribute this performance to the company’s strong fundamentals, expanding order book, and aggressive capacity expansion plans.
Recent Financial Performance
Saatvik Green Energy recently reported an exceptional performance for Q1 FY26, its first quarterly result post-listing on 25 September 2025.
Key highlights include:
| Metric | Q1 FY26 | Q1 FY25 | YoY Growth |
|---|---|---|---|
| Revenue | 915.70 | 245.90 | 272% |
| EBITDA | 176.90 | 32.40 | 446% |
| EBITDA Margin | 19.32% | 13.18% | +614 bps |
| Net Profit | 118.8 | 21.2 | +459% |
The strong earnings, coupled with continued order inflows, position Saatvik among the top-performing renewable energy companies on Indian bourses.
Strategic Expansion and Future Outlook
To meet escalating demand, Saatvik Green Energy is aggressively expanding its manufacturing infrastructure:
- A 1 GW solar module facility in Ambala, Haryana, expected to begin revenue generation by Q3 FY26.
- A greenfield facility in Odisha with 4 GW module and 2.4 GW cell manufacturing capacity, involving an investment of INR 1,850 crore.
- Future plans for backward integration into ingot and wafer manufacturing, potentially in Madhya Pradesh.
These initiatives align with the Indian government’s “Atmanirbhar Bharat” push for domestic solar manufacturing, positioning Saatvik to play a central role in the country’s energy transition.
Conclusion
The dual order wins totaling INR 689.47 crore mark yet another strategic leap for Saatvik Green Energy. The company’s blend of operational efficiency, customer retention, and ambitious expansion plans demonstrates a balanced approach to scaling in a competitive sector.
As India accelerates toward its renewable energy targets, Saatvik’s consistent order book growth and financial resilience make it a frontrunner in driving sustainable solar solutions nationwide — a testament to its growing stature as a trusted partner for India’s clean energy future.
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