Saatvik Green Energy is a Gurugram-based solar photovoltaic module manufacturer. The company has refiled its DRHP with the Securities and Exchange Board of India to raise INR 1,150 crore through a public offer. This after SEBI returned their DRHP on 10th Feb 2025 for undisclosed reasons.
Saatvik Green IPO Details and Fund Utilization
Saatvik Green IPO comprises a fresh issue worth INR 850 crore and an offer-for-sale (OFS) of INR 300 crore. Pramod Kumar and Sunila Garg will offload INR 150 crore each through OFS. The company is also exploring a pre-IPO placement of up to INR 170 crore, which if successful, will reduce the fresh issue size.
Out of the net fresh issue proceeds, the company will allocate INR 135.2 crore towards the repayment of loans, including loans to its subsidiary, Saatvik Solar Industries. INR 476.4 crore will be utilised for setting up a 4 GW solar PV module manufacturing facility in Odisha.
Financials Performance
Saatvik Green Energy has shown remarkable growth in recent years. The company’s profit has grown 21 times to INR 100.4 crore in FY24 compared to the previous year. Revenue has grown 78.8% yoy to INR 1,088 crore. In the 9-month period ending 31st Dec 2024, profit has grown 239% to INR 122.9 crore and revenue is up 95.2% to INR 1,239.5 crore compared to the same period of the previous fiscal year. This shows Saatvik Green Energy’s rapid growth and financials in the renewable energy space.
Saatvik Green – Business Overview
Saatvik Green Energy is one of the leading solar PV module manufacturers in India, with an operational capacity of 3.80 GW as of Feb 2025. The company has supplied over 2 GW of high-efficiency solar PV modules domestically and internationally and has an order book of 3.16 GW.
Apart from manufacturing, Saatvik provides engineering, procurement and construction (EPC) services and operations and maintenance (O&M) solutions. The company has executed large EPC projects, including a 61.42 MW floating solar power plant in Telangana and a 72.15 MW solar module supply for Raghanseda Solar Park in Gujarat.
Saatvik Green Energy has three large manufacturing facilities in Ambala, Haryana, covering 724,225 square feet. The company is expanding its Ambala facility by 1 GW, which will be operational in Q1 FY26 and will take the total capacity to 4.80 GW. It is also setting up a 4.80 GW solar cell line and a 4.00 GW module manufacturing facility in Odisha, which will be operational in FY27 and FY26, respectively.
Promoters and Shareholding
Saatvik Green Energy’s promoters Neelesh Garg, Manik Garg, Manavika Garg and SPG Trust hold 90.05% of the company’s shares. Prashant Mathur holds 9.95% of the company’s shares.
Competition and Industry Outlook
Saatvik Green Energy competes with Waaree Energies and Premier Energies both of the top players in the Indian solar module industry. The company has consistently beaten the industry benchmark with a CTR of over 80%, while the industry average is 60%. With expansion plans and strong financials, the company is a strong contender in the Indian renewable energy space.
Saativik Green IPO BRLM & Registrar
The book running lead managers for the IPO are DAM Capital Advisors, Ambit and Motilal Oswal Investment Advisors, and KFin Technologies is the Registrar to the issue
With growth story, expanding capacity and increasing investor interest Saatvik Green Energy’s IPO is expected to see good demand as it looks to cash in on the Indian renewable energy story.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.