Saatvik Green Energy

Listed Manufacturer — per-stock model.

As of 21 Aug 2026

Manufacturer—

CMP ₹419NSE: SAATVIK

Latest concall

Q4 FY26 · 21 May 2026

FY26 revenue ₹4,548 cr (+111%), EBITDA ₹581 cr (+62%), PAT ₹357 cr (+64%).
Q4 revenue ₹1,608 cr (+75% YoY); Q4 PAT ₹60.6 cr, down 38% YoY on margins.
Ambala module capacity 4.8 GW; FY26 production 3,162 MW at 84% utilisation.
Order book 5.89 GW at Mar-2026; commissioned 2 GW EPE encapsulant line.

Order-book execution

5.89 GW order book; Q4 PAT margin fell to 3.76% on commodity/currency volatility, recovery guided FY27.

Management guidance

Scaling modules to 8.8 GW via Odisha 4 GW; 3.6 GW cell tool-moving Q1 FY27.
Planning 6 GW ingot-wafer, 5 GW encapsulant; margin recovery guided in FY27.
Diversifying into transformers, inverters, BESS, solar pumps (~10 verticals).

Q4 FY26 earnings call (Saatvik / PV-magazine)

Revenue FY26E

4,548₹ cr

EBITDA margin

12%

P/E

21.4×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY23	609	15	2.5%	5	—	—	—	—	—	14.1	—
FY24	1,088	148	14.0%	100	—	—	—	—	—	297.1	—
FY25	2,158	322	15.0%	214	—	—	—	—	—	19.1	—
FY26	4,548	542	12.0%	357	—	—	—	—	—	28.1	—

Source Company filings (aggregated)· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Company filings (aggregated)· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q1FY24	234	21	9.0%	14	6.0%
Q1FY25	246	32	13.0%	21	8.5%
Q2FY25	475	68	14.0%	61	12.8%
Q3FY25	518	68	13.0%	40	7.7%
Q4FY25	919	157	17.0%	95	10.3%
Q1FY26	916	177	19.0%	119	13.0%
Q2FY26	768	108	14.0%	83	10.8%
Q3FY26	1,257	151	12.0%	97	7.7%
Q4FY26	1,608	108	7.0%	60	3.7%

Source Company filings (aggregated)· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Company filings (aggregated)· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

P/E

21.4×

EV / EBITDA

15.6×

P/B

3.9×

Operating metrics

What the rest of the dashboard tracks for Saatvik Green Energy — capacity, auctions, offtake, manufacturing and returns.

3.8 GW

Module nameplate

ALMM List-I

0.6%

Greenfield IRR · Module

at its 12% margin

Commissioning pipeline

Guided COD tracked from concalls, with slippage vs earlier guidance

IPPs

Project	Capacity	Original	Current	Slip	Status
Odisha 4.8 GW cell, integrated facility	4.8 GW	Q3 FY28	Q3 FY28	—	on track

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 31 Mar 2026

Shareholding pattern

Source Company filings (aggregated)· As of 21 Aug 2026