Saatvik Green Energy Limited (SAATVIKGL)
Micro CapIndustrials stocks · Micro cap · NSE
Saatvik Green Energy Limited is an Indian solar module manufacturer. It is expanding into a fully integrated clean energy solutions provider, including energy storage, transformers, and other components, with a focus on sustainable manufacturing practices and backward integration.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100Rev -44% YoY · PAT -95% YoY · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹511 Cr | -44.2% | -68.2% |
| EBITDA | ₹33.8 Cr | -80.9% | -68.6% |
| Operating margin | 6.6% | -1271 bps | -8 bps |
| PAT | ₹5.4 Cr | -95.5% | -91.1% |
| PAT margin | 1.1% | -1193 bps | -271 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Saatvik Green Energy reported record FY26 performance with revenue up 111% YoY to INR 45,484 Mn, PAT up 64% YoY to INR 3,571 Mn, and sales reaching 3,138 MW. Q4 FY26 revenue was INR 16,077 Mn, with production of 935 MW and sales of 1,050 MW.
The company delivered record operational and financial performance in FY26, driven by robust demand and execution. Strategic backward integration and diversification into energy storage and transformers position it for future growth in India's expanding renewable energy sector. Balance sheet strengthened with improved debt/equity.
Module Manufacturing Scale-up
Production reached 3,162 MW in FY26, a 2.2x increase vs FY25, demonstrating rapid scaling.
Backward Integration
Commissioned a 2 GW EPE encapsulant manufacturing facility to enhance supply-chain reliability and margin stability.
Diversification into Transformers
Acquired an 80% stake in Melcon Transformers and Electricals Pvt. Ltd., marking entry into power transmission equipment.
Entry into Energy Storage
Launched Saatvik Power Storage Solutions Ltd., a wholly owned subsidiary focused on battery technologies and energy storage systems.
Module Capacity Expansion
Current operational module capacity is 4.8 GW, with plans to expand to 8.8 GW by FY27, including Odisha Phase 2 expansion of 3.6 GW.
Cell Line Commissioning
2.4 GW cell line in Odisha is progressing, with equipment installation and production ramp-up planned; cell tool moving will start by Q2 FY27.
Encapsulant Capacity Expansion
Commissioned a 2 GW EPE encapsulant facility, with plans to expand this capacity to 5 GW.
Strategic Land Acquisition
Entered a 99-year lease for 185 acres in Mohasa-Babai Industrial Area, Madhya Pradesh, for future capacity expansion.
Government Policy Support
India targets 500 GW non-fossil capacity by 2030, implying massive annual solar additions.
Rising Domestic Manufacturing
Favorable policy initiatives and increasing clean energy adoption support domestic manufacturing opportunities.
Strong Solar Demand Outlook
India crossed 150 GW installed solar capacity (March 2026), becoming the world's 3rd largest solar market.
Rural Solar Adoption Schemes
PM-KUSUM targets 30.8 GW solar capacity, and PM Surya Ghar Yojana targets 1 crore households, driving adoption.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
FY26 results show significant annual growth across all key metrics, reflecting overall business expansion. Q4 FY26 results provide insight into sequential momentum and recent operational performance, which is crucial for a rapidly growing manufacturing and project-based business.
Production (MW)
FY26: 3,162 MW (2.2x vs FY25); Q4 FY26: 935 MW.
Sales (MW)
FY26: 3,138 MW (126% YoY); Q4 FY26: 1,050 MW.
Revenue from Operations (INR Mn)
FY26: 45,484 Mn (111% YoY); Q4 FY26: 16,077 Mn.
EBITDA (INR Mn)
FY26: 5,811 Mn (62% YoY); Q4 FY26: 1,166 Mn.
Integrated Energy Solutions Provider
Management remains optimistic about becoming a fully integrated energy solutions provider, leveraging India's renewable energy sector growth.
Supply Chain Reliability & Margins
Backward integration, like the EPE encapsulant facility, aims to enhance supply-chain reliability, reduce import dependence, and improve margin stability.
Financial Flexibility for Growth
The improved debt-equity ratio to 0.65 provides enhanced financial flexibility to support future growth and expansion initiatives.
Odisha Project Progress
The Odisha manufacturing project, including module and cell lines, remains on track and is progressing as planned.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Odisha Module Line Commissioning | Civil and structural works substantially completed; production equipment dispatched. | Completion of MEP activities, equipment installation, and production ramp-up, with tool moving by Q1 FY27. |
| Odisha Cell Line Commissioning | Structural and civil works completed; MEP contractors mobilized. | Ongoing execution of MEP works, power/utility infrastructure progress, and equipment installation, with tool moving by Q2 FY27. |
| Energy Storage Opportunities | Launched Saatvik Power Storage Solutions Ltd. | Progress on exploring 20 GW of energy storage opportunities over the next five years. |
| Encapsulant Capacity Expansion | 2 GW EPE encapsulant facility commissioned. | Execution of plans to expand encapsulant capacity from 2 GW to 5 GW. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
50NeutralSMA20 -5.4% / mo · MACD +
Technical chart
SAATVIKGLdaily · 1Y · AUTO+22.1%Daily history is available from 2025-09-26; the requested 1Y window is partially covered.
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 50. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~5.7% over last month) — short-term momentum negative.
- RSI(14) at 50 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 25% off 52W high · 29% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 64 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 64 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 44.7%.
- Growth contributes 25/25 to the score.
- Quality contributes 18/20 to the score.
Main drags
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Valuation is weaker at 10/30; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 40th percentile within Industrials. Main check: cash conversion is weak at 28/100.
Healthy Trust Lite: Promoter holding is 76%. Key concern: Operating cash flow is negative at ₹-27 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 40th pctile, median 68 · Micro: 25th pctile, median 73
21 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 76%.
- ▸Promoter pledge is zero.
- ▸ROCE is 32.9%.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-27 Cr.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸Only 0 years of positive FCF.
- ▸ROCE trend is -12.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 21.70
- P/B
- 3.96
- EV/EBITDA
- 13.59
- Market Cap
- 5394.00Cr
Profitability
- ROE
- 42.40%
- ROCE
- 32.90%
- ROA
- 7.90%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 61.51%
- EPS 5Y
- 164.84%
- Revenue 3Y
- 96.00%
- EPS 3Y
- 324.00%
Balance Sheet
- Debt/Equity
- 0.69
- Interest Coverage
- 5.42×
- Altman Z
- 4.36
- Book Value
- 107.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -27.00 Cr
- EPS TTM
- 19.38
Shareholding
- Promoter Hold
- 75.99%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 38%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.