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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Repayment of borrowings
Prepayment or scheduled repayment of certain outstanding borrowings of the company.
Investment in wholly owned subsidiary Saatvik Solar Industries
Equity and/or debt infusion into the company's wholly owned subsidiary, Saatvik Solar Industries Private Limited, to fund its capital requirements.
Setting up 4 GW solar module manufacturing facility in Odisha
Capital expenditure for establishing a 4 GW solar PV module manufacturing plant in Odisha, expanding the company's total capacity and enabling geographic diversification of manufacturing.
General corporate purposes
Remaining net proceeds to be applied towards general corporate purposes including routine capital needs and working capital requirements.
(₹ in Crore)
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Saatvik Green Energy Limited is a solar photovoltaic module manufacturer and integrated EPC services provider, incorporated in 2015 and headquartered in Ambala, Haryana. The company produces high-efficiency Mono PERC (monocrystalline passive emitter and rear cell) and N-Type TopCon solar modules, and offers a full-service portfolio spanning module supply, engineering, procurement and construction of solar power projects, and operations and maintenance. Founded in 2015 and having commenced manufacturing in 2016, Saatvik expanded its annual installed module capacity from 125 MW as of March 2017 to approximately 3.80 GW as of June 2025, operating two manufacturing facilities in Ambala spread across a combined land area of 724,225 square feet. Its customer base spans independent power producers, EPC contractors, and commercial and industrial buyers across India and select international markets. The company reported revenues of Rs 617.63 crore in FY23 growing to Rs 2,192.47 crore in FY25 - a compound annual growth rate of approximately 88% - while PAT grew from Rs 4.75 crore to Rs 213.93 crore in the same period. Saatvik operates in a market underpinned by India's renewable energy expansion, with government programmes such as PM KUSUM and the Surya Ghar Muft Bijli scheme driving structural solar demand. At the time of the IPO, the company held an order book of over Rs 5,077 crore, equivalent to more than 2.3 times its FY25 revenues, providing near-term revenue visibility. IPO proceeds are partly earmarked for a 4 GW solar PV module manufacturing plant in Odisha, which together with a planned 4.8 GW cell line is intended to reduce import dependence on China (which supplied approximately 42% of raw materials in FY25) and achieve backward integration.
Saatvik Green Energy raised Rs 269.4 crore from nine institutional investors in the anchor allocation round conducted on September 18, 2025, allotting 57,93,547 equity shares at Rs 465 per share. Anchor participants included HDFC Mutual Fund, Nippon India Mutual Fund, Bandhan Mutual Fund, SBI General Insurance Company, 360 One, and 3P India Equity Fund.
Source: RHP • Analysis provided for informational purposes
Last Updated: 13 July 2026, 1:54 PM
Large and growing order pipeline
The company held an order book of over Rs 5,077 crore at the time of the IPO, representing more than 2.3 times FY25 revenues, which provides strong near-term revenue visibility.
Rapid financial growth track record
Revenue compounded at approximately 88% annually from FY23 to FY25, while PAT grew from Rs 4.75 crore to Rs 213.93 crore, demonstrating the company's ability to scale profitably.
High capacity utilization and technology capability
With 3.80 GW of installed module capacity at Ambala and approximately 83.7% utilization, Saatvik produces advanced Mono PERC and N-TopCon modules and customizable dual-glass configurations.
Superior returns relative to peers
ROCE of 60.45% and RoNW of 63.41% in FY25 are significantly higher than listed peers such as Waaree Energies and Premier Energies, indicating efficient capital deployment at this stage of growth.
Favourable government policy tailwinds
PM KUSUM, Surya Ghar Muft Bijli, and annual solar capacity addition targets exceeding 20 GW create durable structural demand for solar modules in the domestic market.
Integrated business model
The combination of module manufacturing, EPC project delivery, and operations and maintenance services reduces customer acquisition friction and supports recurring engagement across a project's lifecycle.
High customer concentration
The top 10 customers account for approximately 58% of revenue, and the single largest customer represents around 17% - loss or reduced orders from any key account could materially affect financials.
Dependence on Chinese raw material imports
Approximately 42% of raw materials were sourced from China in FY25. Any disruption from supply constraints, geopolitical tensions, or increased import duties could compress margins or delay production.
Execution risk on Odisha expansion
The Rs 477.22 crore capital outlay for the new 4 GW manufacturing plant in Odisha is subject to construction delays, cost overruns, and obtaining all necessary regulatory and environmental approvals.
Saatvik Green Energy LIMITED
KFin Technologies Limited
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Regulatory and policy sensitivity
Solar demand in India depends heavily on government incentives and import duty structures. Changes to subsidies, tariffs, or renewable energy targets could reduce demand or alter competitive dynamics.
Liquidity and working capital pressure
Overdue payments to creditors stood at Rs 311 crore at the end of FY25, signalling ongoing working capital stress that could constrain operational flexibility if revenue growth slows.