Quarterly & Annual Financial Results
Saatvik Green Energy Reports Record FY26 Revenue Growth of 111% to ₹45,484 Mn; PAT Jumps 64%
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Saatvik Green Energy Limited reported its highest-ever annual financial performance for FY26 with revenue from operations rising 111% YoY to ₹45,484 million. EBITDA increased 62% YoY to ₹5,811 million, while PAT grew 64% YoY to ₹3,571 million. The company also strengthened its integrated solar manufacturing roadmap with expansion in solar cells, encapsulants, ingot and wafer manufacturing capacities.
PRICE-SENSITIVE TRIGGER
Event: Audited Financial Results for Q4 & FY26
Type: Quarterly & Annual Financial Results
Impact: Positive
Immediate Effect: The strong growth in revenue, profitability, order book expansion, and manufacturing integration roadmap strengthens Saatvik Green Energy’s positioning in India’s renewable energy sector and improves long-term business visibility.
Key Metrics:
- FY26 Revenue from Operations: ₹45,484 Mn
- FY25 Revenue from Operations: ₹21,584 Mn
- Revenue Growth YoY: 111%
- FY26 EBITDA: ₹5,811 Mn
- FY25 EBITDA: ₹3,596 Mn
- EBITDA Growth YoY: 62%
- FY26 EBITDA Margin: 12.77%
- FY25 EBITDA Margin: 16.66%
- FY26 PAT: ₹3,571 Mn
- FY25 PAT: ₹2,171 Mn
- PAT Growth YoY: 64%
- FY26 PAT Margin: 7.85%
- FY25 PAT Margin: 10.06%
- EPS (Basic) FY26: ₹29.83
- EPS (Basic) FY25: ₹19.40
- Q4 FY26 Revenue: ₹16,077 Mn
- Q4 Revenue Growth YoY: 75%
- FY26 Production: 3,162 MW
- Capacity Utilization: 84.07%
- Order Book as of March 31, 2026: 5.89 GW
- Debt-Equity Ratio FY26: 0.65
- Debt-Equity Ratio FY25: 1.34
- Solar Pump Revenue FY26: ₹472 Mn
- Solar Pump Revenue FY25: ₹25 Mn
Highlight Metric:
- Saatvik Green Energy delivered record FY26 revenue of ₹45,484 Mn with 111% YoY growth and PAT growth of 64%, while improving debt-equity ratio significantly from 1.34 to 0.65.
What Happened ?
Saatvik Green Energy Limited announced audited standalone and consolidated financial results for Q4 and FY26, reporting record operational and financial performance. The company achieved its highest-ever annual revenue, EBITDA, PAT, and production levels during FY26.
Revenue from operations more than doubled to ₹45,484 million, supported by manufacturing scale-up, strong order execution, and expansion across key solar energy segments. EBITDA rose to ₹5,811 million while PAT increased to ₹3,571 million.
Operationally, the company achieved annual production of 3,162 MW with effective capacity utilization of 84.07%. The order book remained strong at approximately 5.89 GW, providing medium-term business visibility.
Saatvik also expanded its integrated manufacturing strategy by increasing Odisha solar cell expansion plans from 2.4 GW to 3.6 GW, commissioning a 2 GW EPE encapsulant manufacturing facility, and announcing proposed entry into 6 GW ingot and wafer manufacturing.
Key Details
Operational Expansion & Strategic Developments:
- FY26 marked Saatvik’s highest-ever annual revenue performance.
- Annual production during FY26 reached:
- 3,162 MW
- Effective manufacturing capacity utilization stood at:
- 84.07%
- Order book as of March 31, 2026:
- Approximately 5.89 GW
- Ambala manufacturing facility continued operations at:
- 4.8 GW module manufacturing capacity
- Odisha integrated manufacturing project remained on track.
- Odisha Phase 2 solar cell expansion revised:
- From 2.4 GW to 3.6 GW
- Tool moving for Odisha project expected from:
- Q1 FY27
- Commissioned in-house EPE encapsulant manufacturing facility:
- 2 GW capacity
- Planned EPE encapsulant expansion:
- Up to 5 GW
- Announced proposed entry into:
- 6 GW ingot and wafer manufacturing
- Expanded product portfolio includes:
- Advanced PV modules
- Inverters
- Transformers
- Energy storage solutions
- Turnkey energy solutions
- Hybrid and off-grid inverters
- BESS solutions
- Solar Pump business revenue surged:
- From ₹25 Mn to ₹472 Mn
- The company received EcoVadis Bronze Medal recognition.
- Saatvik ranked in:
- 79th percentile globally among assessed companies
Note:
- Management stated that the company remains focused on manufacturing integration, operational scale-up, backward integration, and expanding high-efficiency solar product offerings to support India’s renewable energy ambitions.
Risk Analysis
Summary:
- Despite strong growth momentum, the company remains exposed to execution risks related to large-scale manufacturing expansion, renewable energy sector competition, raw material pricing, and margin pressure.
Key Risks:
- EBITDA and PAT margins declined compared to FY25 despite strong revenue growth.
- Large-scale capex and manufacturing expansion may increase execution complexity.
- Renewable energy business remains dependent on policy support and demand trends.
- Commodity price volatility may impact profitability.
- Aggressive backward integration plans may require significant capital deployment.
- High competition in solar manufacturing could pressure pricing and margins.
Worst Case Scenario:
- If demand slows or manufacturing expansion faces delays, the company could face pressure on margins, working capital, and return ratios despite higher installed capacity.
Risk Level: Medium
Company Commentary
- CEO Prashant Mathur stated FY26 was a defining year marked by the company’s successful stock exchange listing and record revenue, EBITDA, and PAT performance.
- Management highlighted that strong order execution and manufacturing scale-up supported highest-ever production of 3,162 MW.
- The company confirmed that the Ambala facility continues operating at full 4.8 GW module capacity.
- Management stated Odisha integrated manufacturing remains a key milestone in Saatvik’s full value chain integration journey.
- The company announced planned entry into ingot and wafer manufacturing with proposed 6 GW capacity.
- Management stated the order book of 5.89 GW strengthens medium-term growth visibility.
- Saatvik said favorable policy initiatives and India’s renewable energy ambitions position the company strongly for future growth.
Official Exchange Filing: Saatvik Green Energy Limited