Saatvik Green Energy Limited, one of India’s leading integrated solar energy solutions providers, announced its unaudited financial results for the quarter ended June 30, 2026 (Q1 FY27).
The Company reported revenue from operations of ₹5,110 Mn during Q1 FY27, compared with ₹9,157 Mn in Q1 FY26. The quarter reflected the transitional impact of ongoing capacity expansion at Odisha and a high base in the corresponding quarter. Despite the near-term moderation in financial performance, Saatvik continued to demonstrate operational resilience, with capacity utilisation improving to approximately 90%, execution of 1.05 GW of orders and a confirmed order book of 5.89 GW as of June 2026.
The quarter also marked continued progress across Saatvik’s manufacturing expansion and value-chain integration roadmap, alongside growing traction across its solar module business and broader clean energy solutions portfolio.
During the quarter, Saatvik continued to strengthen its position across the solar and clean energy value chain, supported by order execution, manufacturing expansion and portfolio diversification.
- Order Momentum: Confirmed order book stood at 5.89 GW as of June 2026, equivalent to approximately 123% of installed module capacity, with 1.05 GW of orders executed during Q1 FY27. Additional orders secured subsequently have further strengthened business visibility.
- Manufacturing: Existing manufacturing operations continued to perform efficiently, with capacity utilisation improving to approximately 90%, compared with 81% in Q1 FY26. The Company’s 4.8 GW Ambala module manufacturing facility continued to support ongoing order execution.
- Odisha Manufacturing: The Gopalpur integrated manufacturing facility continued to progress towards the next stage of operations. The 4 GW module manufacturing line has substantially completed civil and structural works, with production equipment dispatched and tool movement targeted for Q2 FY27. The 2.4 GW cell manufacturing line has also completed civil and structural works, with MEP contractors and vendors mobilised and cell tool movement targeted for Q2 FY27.
- Backward Integration: Saatvik continued to advance its manufacturing integration roadmap, including scaling encapsulant capacity from 2 GW to 5 GW, while progressing its longer-term plans for cell, ingot and wafer manufacturing.
- Portfolio Diversification: During the quarter, the Company launched the Saatvik SuryaConnect Solar Kit, a ready-to-install residential and commercial solar solution, and the Saatvik UDAY Plus Hybrid Inverter, combining solar power with battery backup. Saatvik also continued to strengthen its presence across EPC, transformers, BESS and distributed solar solutions.
- Financial Discipline: The Company’s debt-to-equity ratio improved to 0.99x as of June 2026, compared with 1.28x in Q1 FY26, reflecting continued focus on financial discipline while investing in its expansion roadmap.
- Industry Recognition: Saatvik was recognised as ‘Brand of the Year’ at the India Power & Renewable Leadership Awards 2026 and received the Golden Peacock Occupational Health & Safety Award 2026 in the Power (Renewable) Sector. The Company maintained zero Lost Time Injuries for two consecutive years.
Commenting on the performance, Mr. Prashant Mathur, Chief Executive Officer, Saatvik Green Energy Limited, said, “Q1 FY27 was an important quarter for Saatvik as we continued to advance our transition towards a more integrated clean energy platform. While the quarter reflected the transitional impact of our ongoing capacity expansion at Odisha and a high base in the corresponding quarter, our existing manufacturing operations continued to perform efficiently, with capacity utilisation improving to approximately 90%. Our confirmed order book of 5.89 GW and execution of 1.05 GW of orders during the quarter reflect continued customer traction and provide a strong foundation for the year ahead.
We are also making steady progress on our Odisha manufacturing roadmap, while deepening our capabilities across cells, encapsulants and other critical parts of the solar value chain. Alongside manufacturing, we are expanding across inverters, EPC, transformers, energy storage and distributed solar solutions. As we move through FY27, our focus remains on disciplined execution, manufacturing scale-up, greater integration and building resilient, technology-led capabilities that can support India’s rapidly expanding clean energy requirements.”
Saatvik continues to advance its strategy of building an integrated and technologically advanced solar manufacturing ecosystem in India, supported by continued investments in manufacturing capabilities, product diversification and greater value-chain integration.
The Company’s Gopalpur, Odisha facility remains a key component of this strategy. During the quarter, the 4 GW module manufacturing line substantially completed its civil and structural works, with production equipment dispatched and tool movement targeted for Q2 FY27. The 2.4 GW cell manufacturing line has also completed its civil and structural works, with MEP contractors and vendors mobilised and cell tool movement targeted for Q2 FY27.
The Company’s broader manufacturing roadmap includes scaling encapsulant capacity from 2 GW to 5 GW, alongside its longer-term plans for deeper integration across the solar value chain, including ingot and wafer manufacturing. These initiatives are aimed at strengthening Saatvik’s domestic manufacturing capabilities, supporting greater localisation and enhancing resilience across the solar value chain.
Alongside its solar manufacturing operations, Saatvik is expanding its presence across inverters, EPC solutions, transformers, energy storage and distributed solar solutions, enabling the Company to address a wider range of requirements across India’s evolving clean energy ecosystem.
The Company’s strong order visibility, continued execution and progress on its manufacturing roadmap provide a foundation for improving operational performance as additional manufacturing capacities progress towards ramp-up.
Saatvik enters the remainder of FY27 with a strategic focus on manufacturing scale-up, order execution, portfolio diversification and deeper value-chain integration.
Key focus areas for the coming quarters include:
- Advancing the Gopalpur integrated manufacturing facility and progressing towards the planned production ramp-up.
- Scaling solar manufacturing and encapsulant capabilities while progressing its broader value-chain integration roadmap.
- Strengthening its presence across distributed solar, inverters, transformers, Solar Pumps, BESS and other clean energy solutions.
- Building on its strong order book and expanding its customer base across domestic and international markets.
- Improving capacity utilisation, operational efficiency and execution while maintaining disciplined capital allocation.
The Company remains committed to supporting India’s renewable energy ambitions through reliable, scalable and technology-led clean energy solutions, while continuing to build a stronger and more integrated domestic solar manufacturing ecosystem.
