Saatvik Green Energy Crosses ₹45,484 Mn in FY26 Revenue, Emerges as India’s Integrated Renewable Powerhouse

Editor’s Synopsis

• FY26 revenue from operations grew by 111% YoY to ₹45,484 Mn, marking the Company’s highest-ever annual revenue performance.
• Q4 FY26 revenue from operations stood at ₹16,077 Mn, reflecting 75% YoY growth.
• Highest-ever annual production achieved during FY26 at 3,162 MW, with effective capacity utilization of 84.07%.
• FY26 EBITDA stood at ₹5,811 Mn, up 62% YoY, while PAT increased 64% YoY to ₹3,571 Mn — the highest-ever profitability performance for the Company.
• Order book stood at approximately 5.89 GW as of March 31, 2026, providing strong medium-term business visibility.
• Debt-equity ratio improved significantly from 1.34 in FY25 to 0.65 in FY26, reflecting stronger balance sheet positioning.
• Odisha integrated manufacturing facility remains on track, with Phase 2 solar cell expansion revised upward from 2.4 GW to 3.6 GW; tool moving expected to commence from Q1 FY27.
• Commissioned a 2 GW in-house EPE encapsulant manufacturing facility and announced expansion plans to scale capacity to 5 GW.
• Announced planned entry into ingot and wafer manufacturing with a proposed capacity of 6 GW, advancing Saatvik’s full value chain integration roadmap.
• The Solar Pump business achieved remarkable multifold growth in FY26, with revenues surging nearly 19 times — from ₹25 million to ₹472 million.

National, 20th May 2026: Saatvik Green Energy Limited, one of India’s leading integrated solar energy solutions providers, announced its audited financial results for the quarter and year ended March 31, 2026 (Q4 & FY26).

The Company reported strong operational and financial performance during FY26, with revenue from operations growing by 111% year-on-year to ₹45,484 Mn, supported by sustained business momentum, manufacturing scale-up, and continued execution across key solar segments. During the year, Saatvik further strengthened its manufacturing footprint, diversified its solutions portfolio, and continued investments toward building a fully integrated solar manufacturing ecosystem.

The Company’s ongoing expansion initiatives, diversified clean energy portfolio, and continued backward integration efforts continue to strengthen Saatvik’s positioning across utility-scale, distributed solar, EPC, and integrated energy solutions segments. During the year, the Company further expanded its offerings across advanced PV modules, inverters, transformers, energy storage solutions, and turnkey energy solutions, while maintaining focus on high-efficiency and differentiated product offerings aimed at supporting customer value creation, operational reliability, and long-term margin resilience.

Commenting on the performance, Mr. Prashant Mathur, Chief Executive Officer, Saatvik Green Energy Limited, said, “FY26 was a defining year for us, marked by our successful listing on the Indian stock exchanges and the delivery of our highest-ever Revenue, EBITDA and PAT performance. Supported by strong order execution, manufacturing scale-up and growing customer relationships, we achieved our highest-ever annual production of 3,162 MW with effective capacity utilization of 84.07%, further strengthening our position as one of India’s fastest-growing renewable energy companies.”

“Our Ambala facility continues to operate at its full 4.8 GW module manufacturing capacity, while our Odisha integrated manufacturing project remains on track and represents a key milestone in Saatvik’s journey towards full value chain integration. During the year, we expanded our Odisha solar cell capacity plan from 2.4 GW to 3.6 GW, commissioned a 2 GW in-house EPE encapsulant manufacturing facility with expansion plans to 5 GW, and announced our planned entry into ingot and wafer manufacturing with a proposed 6 GW capacity.”

He further added, “FY26 also marked important strategic milestones across our clean energy solutions portfolio. Our order book stood at 5.89 GW with leading IPPs and utilities, while we expanded into transformer manufacturing, launched the UDAY Series of on-grid inverters, and strengthened our presence across hybrid and off-grid inverters and BESS solutions with B2C solar kits set to launch soon.”

“Our sustainability efforts were also recognized globally as Saatvik was awarded the Bronze Medal by EcoVadis and ranked in the 79th percentile among assessed companies worldwide. Supported by favourable policy initiatives and India’s long-term renewable energy ambitions, we believe Saatvik is strongly positioned for its next phase of growth with expanding manufacturing capacities, stronger integration and sharper execution capabilities,” he added.

Key Financial Highlights

 (Audited; ₹ in Mn unless stated otherwise)

Operational & Strategic Highlights (FY26)

• Highest-ever annual production during FY26 stood at 3,162 MW, supported by effective capacity utilization of 84.07%.
• Order book remained strong at approximately 5.89 GW as of March 31, 2026, offering medium-term business visibility.
• Ambala facility continued operations at 4.8 GW module manufacturing capacity during FY26.
• Odisha integrated facility comprising 4 GW module and expanded 3.6 GW Phase 2 solar cell capacity remained on track, with tool moving expected to commence from Q1 FY27.
• Successfully commissioned a 2 GW EPE encapsulant manufacturing facility with plans to expand capacity to 5 GW.
• Announced plans for entry into ingot and wafer manufacturing with a proposed capacity of 6 GW.
• Expanded product portfolio through launch and development of hybrid inverters, off-grid inverters, B2C solar kits, transformer manufacturing and BESS-related solutions.
• Solar Pump business revenues scaled from ₹2 crore to ₹47 crore during FY26.

Outlook

Saatvik enters FY27 with a strong strategic roadmap centered around manufacturing integration, product diversification, and operational scale-up.

Key focus areas for the coming year include:

• Advancing Odisha integrated manufacturing expansion and commencement of tool moving activities from Q1 FY27.
• Scaling integrated module, solar cell, encapsulant, ingot and wafer manufacturing capabilities.
• Strengthening presence across distributed solar, inverter, transformer, Solar Pump and BESS ecosystems.
• Expanding high-efficiency and value-added product offerings across domestic markets.
• Continuing operational efficiency initiatives, backward integration and disciplined capital allocation.

The Company remains committed to supporting India’s renewable energy ambitions by enabling reliable, scalable, and affordable solar energy deployment through integrated manufacturing and technology-led clean energy solutions.

About Saatvik Green Energy Limited 

 Saatvik Green Energy Limited is one of India’s leading solar photovoltaic module manufacturers, with a strong presence across utility-scale, commercial & industrial, EPC, and distributed solar segments. The Company currently operates at 4.8 GW module manufacturing facility in Ambala, Haryana, and is developing a Greenfield integrated manufacturing facility in Odisha with 4 GW of module capacity and 4.8 GW of solar cell capacity. With a focus on technology, quality, and execution, Saatvik aims to play a meaningful role in India’s renewable energy transition.