Saatvik Green Energy Ltd (SAATVIKGL)
🎯 Key Takeaways
- Saatvik Green Energy Ltd is transitioning from a high-margin, capital-intensive growth phase toward operational execution with improving capital efficiency. Despite near-term revenue volatility, the company is building scale in manufacturing and securing long-term demand visibility through a 6.
- Revenue declined 68.2% QoQ to ₹511 in Q1FY27.
- ⚠️ 1) Execution risk in scaling manufacturing amid capital intensity and execution delays; 2) Margin pressure from underutilization during the transition
📖 The Story
Saatvik Green Energy Ltd is transitioning from a high-margin, capital-intensive growth phase toward operational execution with improving capital efficiency. Despite near-term revenue volatility, the company is building scale in manufacturing and securing long-term demand visibility through a 6.35 GW order book, positioning it for a potential inflection in profitability and cash generation.
📰 What's Happening
In Q1 FY27 (Jun 2026), Saatvik reported standalone revenue of ₹5,110 Mn, down from ₹9,157 Mn YoY, but highlighted a strengthened order book of 6.35 GW and improved debt-to-equity ratio to 0.99x from 1.28x. Management cited progress at the Gopalpur manufacturing facility, including Phase-II capacity addition of 3.6 GW and planning for Phase-III (6 GW ingot/wafer). The company also launched new solar products and received industry recognition. These developments are part of a strategic shift toward scalable, technology-driven manufacturing rather than project-based revenue recognition.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 916 | 768 | 1,257 | 1,608 | 511 |
| Operating Profit | 165 | 95 | 136 | 84 | 20 |
| OPM % | 18.0% | 12.3% | 10.9% | 5.2% | 4.0% |
| Net Profit | 119 | 83 | 97 | 60 | 5 |
| EPS | ₹10.57 | ₹7.40 | ₹8.41 | ₹5.06 | ₹0.43 |
Revenue has declined sequentially and YoY, with Q1 FY27 revenue at ₹5,110 Mn versus ₹9,157 Mn a year earlier, reflecting the transition from early-stage project execution to operational scale. However, margins remain volatile — EBITDA margin fell to 8.33% in Q1 FY27 from 19.40% YoY — indicating ongoing investment in capacity. Despite this, operating cash flow improved to ₹43 Mn in Mar 2025 from negative ₹7 Mn previously, suggesting early progress in working capital and cost management.
🔮 Management Outlook & What's Next
Management emphasized advancing the Gopalpur facility ramp-up, with Phase-II adding 3.6 GW of cell capacity and Phase-III planned for 6 GW of ingot/wafer capacity. They highlighted portfolio diversification and execution of the order book as key growth levers. No formal revenue guidance was provided, but the focus remains on scaling manufacturing to drive long-term margin expansion and capital efficiency.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|
| Equity Capital | 22 | 25 | 25 |
| Reserves | 315 | 1,178 | 1,336 |
| Borrowings | 458 | 628 | 939 |
| Total Liabilities | 1,636 | 2,797 | 3,115 |
| Fixed Assets | 320 | 403 | 451 |
| Investments | 0 | 0 | 0 |
| Total Assets | 1,636 | 2,797 | 3,115 |
The balance sheet shows a deliberate reduction in leverage, with borrowings declining to ₹939 Cr from ₹628 Cr in the prior quarter and ₹458 Cr year-on-year, while equity and reserves grew. This reflects a capital allocation strategy focused on deleveraging and funding growth internally, rather than aggressive external financing, supporting financial stability during expansion.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | +43 |
| Investing | -198 |
| Financing | +149 |
| Net Cash Flow | -7 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 76.0% | 76.0% | 76.0% | 76.0% |
| FII | 0.5% | 0.3% | 0.0% | 0.2% |
| DII | 8.1% | 9.3% | 10.5% | 11.0% |
| Public | 5.8% | 5.1% | 4.2% | 3.6% |
| # Shareholders | 1,71,559 | 83,335 | 78,073 | 69,254 |
Promoter holding remains stable at 75.99%, indicating confidence in long-term prospects. FII ownership has declined slightly to 0.19% from 0.46% in Q2 FY26, while DII holdings increased to 10.97% from 8.05%, suggesting growing institutional interest among non-promoter investors. The rising number of shareholders (69,254 in Q1 FY27) may reflect retail interest or index inclusion.
⚖️ Peer Comparison — Capital Goods - Electrical Equipment
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| ABB | 1.57 L Cr | 52.7 | 26.5% | 38.1% | 0.00 |
| BHEL | 1.51 L Cr | 62.1 | 11.6% | 9.3% | 0.30 |
| POWERINDIA | 1.48 L Cr | 128.4 | 29.9% | 22.2% | 0.00 |
| SIEMENS | 1.44 L Cr | 43.9 | 14.2% | 23.7% | 0.00 |
| CGPOWER | 1.41 L Cr | 113.0 | 21.3% | 15.6% | 0.00 |
| GVT&D | 1.11 L Cr | 85.1 | 99.4% | 73.6% | 0.00 |
| WAAREEENER | 74,789 | 19.6 | 54.0% | 42.2% | 0.10 |
| APARINDS | 71,126 | 60.2 | 33.0% | 21.9% | 0.16 |
| SUZLON | 65,141 | 20.8 | 44.5% | 51.5% | 0.05 |
| THERMAX | 46,478 | 74.1 | 12.5% | 10.6% | 0.41 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Execution risk in scaling manufacturing amid capital intensity and execution delays; 2) Margin pressure from underutilization during the transition phase; 3) Dependence on government incentives and solar policy continuity; 4) Volatility in project-based revenue recognition affecting cash flow visibility.
📋 Recent Filings
-
Announcement 20 August 2026Saatvik Green Energy announced its subsidiary Saatvik Solar Industries secured a major order worth INR 190 Crores for solar PV modules from an indepen...
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Announcement 18 August 2026Saatvik Green Energy Limited reported Q1 FY27 revenue of INR 5,110 million with EBITDA of INR 425 million (8.33% margin) and PAT of INR 54 million, re...
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Announcement 17 August 2026Saatvik Green Energy announced its subsidiary Saatvik Solar signed an MoU with the Odisha government to develop a 3.6 GW solar cell manufacturing faci...
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🔴 Financial Results 15 August 2026Saatvik Green Energy Limited announced the audio recording of its earnings call held on August 14, 2026, covering unaudited standalone and consolidate...
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🔴 Financial Results 14 August 2026Saatvik Green Energy reported Q1 FY27 revenue of ₹5,110 Mn, down from ₹9,157 Mn in Q1 FY26, with EBITDA at ₹425 Mn and PAT margin of 1.05%. The compan...
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Announcement 13 August 2026Saatvik Green Energy announced its subsidiary Saatvik Solar Industries secured a major order worth INR 132 crores from an independent power producer f...
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Announcement 11 August 2026Saatvik Green Energy announced its subsidiary Saatvik Solar Industries secured a major solar PV module supply order worth INR 400.16 crores from an in...
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Announcement 10 August 2026Saatvik Green Energy Limited announced an investor conference call on August 14, 2026 at 5:30 PM IST to discuss Q1FY27 unaudited financial results, in...
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Announcement 22 July 2026Saatvik Green Energy announced its subsidiary Saatvik Solar Industries secured a domestic order worth **₹138 crores** for solar PV modules from an ind...
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share transfer 14 July 2026Saatvik Green Energy Limited received a SEBI-mandated share transfer certificate from KFin Technologies confirming compliance for the quarter ended Ju...
🧠 Analyst's Read
Saatvik is in a critical phase of scaling manufacturing to convert order book visibility into sustainable profitability. Investors should monitor Gopalpur capacity utilization, margin trends, and cash flow conversion as key indicators of progress toward a structural earnings inflection.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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