India’s renewable energy ambitions are driving rapid growth in the solar sector, and Saatvik Green Energy has positioned itself as one of the fastest-growing integrated module manufacturers. The company is coming out with its IPO at a time when solar adoption is accelerating across utilities, commercial & industrial (C&I) segments, and residential rooftops.
Backed by an expanding manufacturing base, diversified customer portfolio, and an integrated EPC + O&M presence, Saatvik offers investors a play on both domestic energy transition and the government’s push for local solar manufacturing. Let us take a deeper look at Saatvik Green IPO review.
Table of Contents
Saatvik Green IPO: Offer Details & Fund Utilization
- IPO Dates: 19 – 23 September 2025
- Price Band: INR 442 – 465 per share
- Issue Size: INR 900 crore
- Fresh Issue: INR 700 crore
- Offer For Sale: INR 200 crore
- Lot Size: 32 shares (INR 14,880 minimum)
- Listing: NSE & BSE
- Retail Quota: 35%
- Listing date: 26 September 2025
- Promoters: Neelesh Garg, Manik Garg, Manavika Garg, SPG Trust
- Lead Managers: DAM Capital Advisors, Ambit, and Motilal Oswal
- Registrar: KFin Technologies
Fund Utilization
The company proposes to utilize the Net Proceeds from the Fresh Issue towards funding the following objects:
- Prepayment or scheduled repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company – INR 10.82 crore
- Investment in its wholly owned subsidiary, Saatvik Solar Industries, in the form of debt or equity for repayment/prepayment of borrowings, in full or in part, of all or a portion of certain outstanding borrowings availed by such subsidiary – INR 166.44 crore
- Investment in its wholly owned subsidiary, Saatvik Solar Industries, for setting up a 4 GW solar PV module manufacturing facility at Ganjam, Odisha – INR 477.23 crore
- General corporate purposes
Saatvik Green IPO Review: Company Overview
Saatvik Green Energy began operations in 2016 and today operates three advanced module manufacturing facilities in Ambala, Haryana, with a total installed capacity of 3.80 GW as of 31 March 2025. These plants recorded a strong capacity utilization of 83.70% in FY25, demonstrating operational efficiency. A further 1 GW expansion in Ambala and new facilities in Odisha (4 GW module + 4.8 GW cell) are expected to materially increase capacity by FY27.
The company has already supplied 2.50 GW+ of solar modules across India and international markets (U.S., Canada, Africa, South Asia). Its portfolio covers:
- Mono PERC Modules – up to 21.2% efficiency, robust for rooftop/utility applications.
- N-TopCon Modules – up to 22.84% efficiency, superior in hot climates, 10–30% higher yield.
- Bifacial Modules – up to 26.27% efficiency, peak output of 679 Wp.
Beyond modules, Saatvik Green Energy has delivered EPC projects totaling 69.12 MW by FY25, including marquee installations for Jindal Steel, NTPC, and Dalmia Bharat. It has also entered the solar pump market under the PM-KUSUM scheme, diversifying into agriculture-linked energy solutions.
Saatvik Green Business Model Analysis
Saatvik’s business model is designed to be diversified, scalable, and resilient, built around five pillars:
(a) Module Manufacturing – Core Driver
- Accounts for 95–98% of revenues.
- Supplies to large utilities, IPPs, corporates, and distributors.
- As of June 2025, Saatvik Green Energy had a domestic order book of 4.05 GW (~INR 5,076.8 crore).
- Export sales remain small (INR 17.5 crore; 1.39% of FY25 revenues) but offer room for growth.
(b) EPC & O&M Services – Value-Added Extension
- EPC revenue contributed INR 73.8 crore in FY25 (3.3% of ops revenue).
- Track record of 12 completed projects (69.12 MW) across rooftop, ground-mounted, and floating solar.
- Provides design, engineering, commissioning, and maintenance, creating long-term customer stickiness.
(c) Solar Pumps – Rural Energy Play
- Participation in PM-KUSUM scheme enables rural diversification.
- Installed 487 out of 500 awarded solar pumps in Maharashtra by June 2025.
- Secured another 100-pump order under PM-KUSUM B.
(d) Distribution Network – Nationwide Reach
- 53 selling partners: 23 resellers, 19 distributors, 11 channel partners.
- Regional warehouses in Rajasthan, Maharashtra, Kerala, MP ensure last-mile access.
- Sales through distributors/resellers contributed ~INR 278.9 crore (12.9%) in FY25.
(e) Multi-Segment Revenue Channels
Saatvik Green Energy caters to:
- Utility-scale solar developers (e.g., Khavda Solar PV Park – 661 MW order).
- C&I customers (steel, cement, auto industries).
- Residential rooftop via resellers.
- Agriculture via solar pumps.
- Exports through U.S. subsidiary Saatvik Green Energy USA Inc.
Saatvik Green IPO Analysis: Revenue Streams
Saatvik Green Energy’s business model is primarily module manufacturing, complemented by EPC & O&M services and nascent export sales. The company has scaled revenues at a CAGR of ~92% (FY23–25), reflecting its strong demand pipeline.
| Particulars | FY23 | % of Revenue | FY24 | % of Revenue | FY25 | % of Revenue |
|---|---|---|---|---|---|---|
| Domestic Module Sales | 562.68 | 92.46 | 895.98 | 82.35 | 1,849.59 | 85.69 |
| Revenue via Distributors | 40.56 | 6.66 | 172.73 | 15.88 | 250.85 | 11.62 |
| Revenue via Resellers | 0.67 | 0.11 | 0.30 | 0.03 | 28.05 | 1.30 |
| Export Sales | 4.69 | 0.77 | 18.95 | 1.74 | 29.90 | 1.39 |
| EPC & O&M Services | – | – | 160.16 | 14.71 | 73.82 | 3.42 |
| Total Revenue from Operations | 608.59 | 100 | 1,087.97 | 100 | 2,158.39 | 100 |
📊 Key Takeaway:
- Module Sales Dominate (95%+)
Saatvik Green Energy is not EPC-heavy like Sterling & Wilson but a manufacturing-led play similar to Waaree. This focus allows higher scalability but also makes revenues more dependent on utilization. - Channel Expansion is Working
Distributor-led revenues surged 6x from FY23 → FY25, suggesting Saatvik Green Energy is moving beyond direct B2B sales to a wider channel-driven model. This strengthens presence in MSME, rooftop, and small-commercial segments. - Exports – Untapped Potential
Export share at 1.39% is a structural weakness. Global peers earn 20–60% from exports. The U.S. arm offers an entry point into IRA-driven demand, but scaling is pending. - EPC Cyclicality
EPC contribution fell sharply in FY25 despite headline projects. While Saatvik Green Energy uses EPC as a strategic lever to demonstrate capabilities, it is not a sustained revenue driver.
Manufacturing Expansion & Capacity Growth
Saatvik Green Energy has been aggressive in expanding manufacturing, both in scale and technology.
- Ambala Facilities (Current Base):
- 3 units, 7 production lines.
- FY25 Installed Capacity: 3.74 GW (up from 550 MW in FY23).
- Utilization: 83.7% in FY25, among the highest in industry.
- Expansion: +1 GW line under construction, taking Ambala to 4.80 GW by FY26 Q2.
- Forward-Looking Expansions:
- Odisha Plant (Gopalpur Industrial Park, 50.24 acres)
- Investment: INR 477.23 crore (via IPO proceeds).
- Capacity: 4 GW module + 4.8 GW cell lines.
- Timeline: Cell plant by FY27, module by FY26.
- Objective: Backward integration into wafers/cells, reducing import dependence.
- Madhya Pradesh Facility (Rewa, 50 acres) – planned for wafers/ingots.
- Odisha Plant (Gopalpur Industrial Park, 50.24 acres)
| Capacity (MW) | FY23 | FY24 | FY25 | FY26E | FY27E |
|---|---|---|---|---|---|
| Installed (Modules) | 550 | 1,154 | 3,742 | 4,800 | 8,800 |
| Installed (Cells) | – | – | – | – | 4,800 |
Saatvik Green Energy is executing a China+1 strategy – moving from assembler → integrated solar player. If execution holds, this backward integration will (a) expand EBITDA margins, (b) improve supply chain security, and (c) align with India’s PLI schemes.
Saatvik Green IPO Analysis: Key Projects & Client Base
Saatvik Green Energy has credible execution track record across marquee clients, diversifying from utility-scale to rooftops & floating solar.
Notable Projects
- NTPC Floating Solar, Telangana (61.42 MW, FY23): One of India’s largest floating solar plants.
- Raghanseda Solar Park, Gujarat (72.15 MW, FY23): Polycrystalline modules supplied, boosting Gujarat’s solar base.
- Jindal Steel Rooftop (12 MW, FY24): Among India’s largest rooftop projects.
- Dalmia Bharat (16 MW Tamil Nadu, 8.08 MW Karnataka, FY24): Ground-mounted projects.
- Khavda Solar Park (661.7 MW, FY25): Large-scale order from Gujarat’s renewable hub.
Order Book
| Particulars | FY23 | FY24 | FY25 |
|---|---|---|---|
| Domestic Modules | 649.77 | 542.24 | 4,437.58 |
| EPC | 34.55 | 15.65 | 168.16 |
| Export | 1.87 | 2.08 | 1.61 |
| Total | 686.19 | 559.97 | 5,076.85 |
📌 Client Diversification:
- FY23: Top 10 clients = 79% of revenue.
- FY25: Top 10 clients = 58% of revenue.
- Key clients: Enrich Energy, JSW Neo, SJVN Green Energy, Shree Cement, Megha Engineering, Amplus Power.
Saatvik Green IPO Review: Financial Performance
Saatvik Green Energy has delivered hyper-growth in revenues while simultaneously improving margins and strengthening its balance sheet.
| FY 2023 | FY 2024 | FY 2025 | Key Points | |
| Revenue from Operations | 608.59 | 1,087.97 | 2,158.39 | Grew 3.5x in two years. Driven by rising module capacity (550 MW → 3,742 MW) and strong order inflows. |
| EBITDA | 23.87 | 156.84 | 353.93 | Margin expansion reflects operating leverage & backward integration steps. |
| EBITDA Margin (%) | 3.92 | 14.42 | 16.40 | Strong trajectory – close to Waaree levels (21.6%). |
| PAT | 4.75 | 100.47 | 213.93 | Profitability surged 45x in two years, thanks to scaling & cost controls. |
| PAT Margin (%) | 0.77 | 9.16 | 9.76 | Stabilizing around ~10%, healthy for manufacturing-led model. |
| ROE (%) | 23.40 | 83.21 | 63.41 | Industry-leading returns, supported by efficient capital use. |
| ROCE (%) | 24.80 | 64.07 | 60.45 | Consistent efficiency, despite debt-funded growth. |
| Debt-to-Equity (x) | 7.13 | 2.18 | 1.36 | Leverage reducing steadily; IPO proceeds will further de-risk balance sheet. |
Industry Positioning & Peer Comparison
Saatvik Green Energy operates in India’s rapidly expanding solar industry, where government policies (PLI, ALMM, PM-KUSUM) provide strong tailwinds. However, it is still smaller in scale compared to Waaree Energies and Premier Energies.
Peer Benchmarking (FY25)
| Metric | Saatvik | Premier Energies | Waaree Energies | Analyst Insights |
|---|---|---|---|---|
| Revenue | 5,158.4 | 6,518.8 | 14,444.5 | Saatvik is ~1/3rd Premier & 1/7th Waaree, but growth trajectory is faster. |
| Installed Capacity (MW) | 3,742 | 5,100 | 13,300 | Smaller base, but Odisha expansion will double capacity to 8.8 GW by FY27. |
| Exports (%) | 1.39 | 13.99 | 57.64 | Weak on exports; peers more globalized. |
| EBITDA Margin (%) | 16.40 | 29.36 | 21.63 | Saatvik has caught up on margins, though Premier leads in profitability. |
| PAT Margin (%) | 9.76 | 14.09 | 12.99 | Competitive, showing scalability of operations. |
| ROE (%) | 63.41 | 33.21 | 19.70 | Best-in-class return profile – reflects efficient utilization of equity. |
| Debt/Equity (x) | 1.36 | 0.67 | 0.10 | More leveraged than peers, though IPO funds will reduce gearing. |
Key Performance Indicators (KPIs)
Saatvik’s KPIs demonstrate a sharp upward trajectory, aligned with its aggressive scaling strategy.
| KPI | FY23 | FY24 | FY25 | Key Takeaway |
|---|---|---|---|---|
| Installed Capacity (MW) | 550 | 1,154 | 3,742 | +580% in 2 years; Odisha expansion to double again. |
| Effective Capacity (MW) | 510 | 566 | 1,744 | Ramp-up lag due to stabilization of new lines. |
| Actual Production (MW) | 249 | 501 | 1,459 | 3x in 2 years; utilization >80%. |
| Capacity Utilization (%) | 48.75 | 88.52 | 83.70 | Among the best in industry – execution efficiency. |
| Order Book (INR Cr.) | 686.2 | 560.0 | 5,076.9 | 9x jump – strong revenue visibility. |
| Total Sales (MW) | 243 | 459 | 1,388 | Sales keeping pace with production ramp. |
| Asset Turnover (x) | 2.53 | 2.29 | 1.86 | Declining as capex front-loaded, but remains efficient. |
| ROE (%) | 23.40 | 83.21 | 63.41 | Exceptional, but will normalize post IPO equity infusion. |
Conclusion
Saatvik Green Energy is emerging as a strong solar manufacturer in India, with revenues tripling in two years, an order book of 3.5 GW, and one of the sector’s best ROEs. Its backward integration into cells, wafers, and modules strengthens supply resilience, while diversification through EPC, O&M, and solar pumps adds stability. Though export share is low and large Odisha/MP project execution poses risks, the IPO is attractively priced versus peers like Waaree and Premier. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription, stay tuned to IPO Central.