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Saatvik Green Energy Limited (SAATVIKGL)

Micro Cap

Industrials stocks · Micro cap · NSE

Saatvik Green Energy is an integrated solar PV module manufacturer expanding into the full value chain from ingots to cells and modules. The company is building an end-to-end energy platform, diversifying into solar applications like utility, C&I, agriculture, and residential, supported by modules, inverters, transformers, and planned BESS.

₹380.15
-7.25 · -1.87%
Market cap ₹5,144 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm IST
Details
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result14 Aug, 03:44 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Jun 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens

Trend score and candlestick chart

32Bearish

full bear SMA stack · SMA20 -1.7% / mo · MACD −

Stock trend: 23
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%

Latest mapped FPI equity flow was not positive. View sector evidence

Technical chart

SAATVIKGLD candles · FIT view-21.9%
Latest close ₹380.15 on 2026-10-21
Bar
-1.4%
RSI
33
MACD hist
-2.11
52W pos
23%
Visible chart range
Candle interval
2026-10-21O ₹385.60H ₹394.95L ₹362.40C ₹380.15Vol 83,234 sh
₹355.38₹393.99₹432.60₹471.21₹509.82₹380.152026-032026-06VolRSIMACD2026-042026-062026-082026-092026-11
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context

Relative performance and chart statistics

Adjusted completed-session prices, rebased to 100

SAATVIKGLNifty India ManufacturingNifty 500
-17%-10%-2%+5%21 Jul2 Sept21 Oct21 Oct 2026SAATVIKGL -15.2%Nifty India Manufactu… -7.7%Nifty 500 -6.5%
SAATVIKGL
-15.2%
Nifty 500
-6.5%
Nifty India Manufacturing
-7.7%
Vs Nifty 500
-8.7 pp
Chart stats
21 Oct 2026
From 52W high
-32.7%
₹565
52W range position
22%
₹328 - ₹565
ATR (14)
3.9%
₹14.8
Volume vs 20D
0.82x
Latest completed session
Avg traded value
₹3.8 Cr
20-session average
20D price channel
₹362.4 - ₹457.5
24.2% annualized volatility
Research snapshot

What the evidence says now

Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.

Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED
64

Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.

Latest result
Bad
0

Revenue -44.2% · PAT -95.5% YoY

Technical
Bearish
32

Price trend and sector-relative-strength timing.

Valuation
Legacy model
+50.1%

Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.

Trust
Limited evidence
64

Financial-only signal; management claim evidence is not sufficient yet.

Financials

Fundamentals, quarterly history, margins, returns and balance-sheet evidence

Latest result

Quarter ended 30 Jun 2026

Bad · 0/100

Rev -44% YoY · PAT -95% YoY · margin compression

Filed 14 Aug 2026
Open results browser →
MetricThis quarterYoYQoQ
Revenue₹511 Cr-44.2%-68.2%
EBITDA₹33.8 Cr-80.9%-68.6%
Operating margin6.6%-1271 bps-8 bps
PAT₹5.4 Cr-95.5%-91.1%
PAT margin1.1%-1193 bps-271 bps

NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.

Fundamentals

Valuation

P/E
20.70
P/B
3.78
EV/EBITDA
13.05
Market Cap
5144.00Cr

Profitability

ROE
42.30%
ROCE
33.00%
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
4.27
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
30%

Financial History

Updated 21/10/2026

Revenue

₹ Cr
Latest: 511-68.2% vs prev
01608Jun 2023: 234Jun 2024: 246Sep 2024: 475Dec 2024: 518Mar 2025: 919Jun 2025: 916Sep 2025: 768Dec 2025: 1,257Mar 2026: 1,608Jun 2026: 511Q1 23Q1 24Q2 24Q3 24FY25Q1 25Q2 25Q3 25FY26Q1 26

Net Profit

₹ Cr
Latest: 5.4-91.1% vs prev
0118.8Jun 2023: 14.0Jun 2024: 21.2Sep 2024: 61.0Dec 2024: 40.5Mar 2025: 94.7Jun 2025: 119Sep 2025: 83.2Dec 2025: 96.9Mar 2026: 60.4Jun 2026: 5.4Q1 23Q1 24Q2 24Q3 24FY25Q1 25Q2 25Q3 25FY26Q1 26
ROE is shown only in the Annual view — quarterly equity data isn't published.

Technicals

Trend interpretation, Stage 2, relative strength, volume and indicator evidence

Daily technical trend read

Bearish setup

Trend is weak — long-term trend down. RSI 33.

  • Price < SMA20 < SMA50 < SMA200 — full bearish stack.
  • SMA20 falling (~1.8% over last month) — short-term momentum negative.
  • RSI(14) at 33 — falling, no extreme reading.
  • MACD below signal, histogram expanding negatively — bearish momentum building.
  • 31% off 52W high · 16% 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.

Nifty 500 leadership

Relative Strength & Trend Stage

31
RS percentile
Stage 1 Base / Transition
1M return
-11.9%
3M return
-15.2%
6M return
-18.7%
1Y return
-26.2%
RS 1D
0
RS 20D
-23
Sector rank
#2
Industry rank
-
Stage evidence
  • Price is 12.9% below the 30-week proxy without full trend alignment.
  • The 30-week proxy changed +1.5% over 20 sessions.
  • The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 88.55-0.96%
758799111123Sept 25Feb 26Jun 26Oct 2689
RS vs Nifty 50089

Valuation & peers

U-Score 64 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies

64U-SCORE
Premium Compounder

Fundamental score breakdown

U band · UNDERVALUED
Valuation10/30
Growth25/25
Quality18/20
Balance Sheet8/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
64

Why this score?

Top U-Score contributors and drags from the latest stored fundamentals.

64/100 · legacy band UNDERVALUED

Positive drivers

  • Fair-value margin of safety is positive at 50.1%.
  • 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.
Sector valuation model

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.

Blended relative
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
20.7
PB
3.8
EV/EBITDA
13.1
ROE
42.3%
ROCE
33.0%
FCF Yield
—
Debt/Equity
0.7
MoS
+50.1%
Score movement

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.

Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
64
Previous: 64
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+50.1%
Previous: +49.1%

Score history

12 stored score snapshots. Latest stored move: +0 points.

21 Oct 2026
v4.3-runtime-valuation
64
64
64
64
64
64
64
64
64
64
64
64

Factor attribution

No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.

Modelled fair value

Graham Number
₹216
-76.0% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹761.63
+50.1% MoS
PEG
0.09

Comparable companies

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.

Compare all ↗
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ADVAIT
Small
Advait Energy Transitions Limited
Renewable Energy
match 185
52
34.7
21.5%
-33%
FAIR VALUE
SERVOTECH
Small
Servotech Renewable Power System Limited
Renewable Energy
match 183
35
43.4
12.8%
-64%
WATCHLIST
INA
Small
Insolation Energy Limited
Renewable Energy
match 181
75
9.4
28.1%
+68%
DEEP VALUE
AGNI
SME
Agni Green Power Ltd.
Renewable Energy
match 175
23
19.7
4.4%
-30%
OVERVALUED
KPIGREEN
Micro
KPI Green Energy Limited
Renewable Energy
match 170
49
14.2
16.9%
+46%
FAIR VALUE

Business, management & trust

Growth engines, risks, management commitments and evidence-backed delivery

Business and thesis

Where growth can come from, and what can break the case

Thesis under stressReviewed 2026-10-12T07:15:36.155Z
Management commentary snapshot

Q1 FY27 results show significant YoY decline in revenue, EBITDA, and PAT, alongside reduced sales and production volumes. Margins compressed substantially, though the debt/equity ratio improved. Strong order book visibility remains a key positive amidst operational ramp-up challenges.

The investment thesis is under stress due to a sharp decline in Q1 FY27 financial performance and operational metrics. However, the company's aggressive capacity expansion, strategic backward integration, and robust order book provide a counter-narrative for future growth, aligning with India's solar policy tailwinds.

Growth engines

Backward Integration

Building 6 GW cell capacity (2.4 GW Phase I, 3.6 GW Phase II) and 6 GW ingot & wafer capacity (Phase III) to secure supply and improve cost structure.

Module Capacity Expansion

Total module capacity to reach 8.8 GW by FY27 (4.8 GW existing, 4 GW Odisha Phase I).

Strong Order Book

Confirmed order book of 6.35 GW provides strong revenue visibility, representing 132% of installed capacity.

Diversification into Solar Applications

Extending presence across utility, C&I, agriculture, and distributed energy with modules, inverters, transformers, and planned BESS.

Capacity and execution

Odisha Phase 1 Cell Line

2.4 GW cell line under construction, tool move-in and assembly commenced, ramp up to start shortly. ALMM-II inspection planned for September 2026.

Odisha Phase 1 Module Line

4 GW module line under construction, tool installation completed, ramp up to start by August 2026 end.

Odisha Phase 2 Cell Capacity

+3.6 GW cell manufacturing capacity planned, site activities to commence by end of Q2 FY27, targeted completion by FY28.

Odisha Phase 3 Ingot & Wafer Capacity

6 GW ingot & wafer capacity planned, project planning initiated, targeted completion by FY29, aligned with ALMM-III transition.

Tailwinds

Strong India Solar Demand

India targets 500 GW non-fossil capacity by 2030, with a 217 GW gap to fill from current 283 GW installed RE capacity.

Government Initiatives

PM Surya Ghar Yojana targets 1 crore households (₹75,000 Cr scheme) and PM-KUSUM targets 30.8 GW solar capacity, driving rural and residential adoption.

ALMM Policy Support

ALMM policies (List-II for cells, List-III for wafers/ingots) structurally favor backward-integrated manufacturers, consolidating the market.

Risk radar

Project Execution Delays

Timely commissioning and ramp-up of large-scale Odisha projects (Cell, Module, Ingot/Wafer) are critical for planned capacity and revenue.

Policy Implementation Uncertainty

ALMM-II implementation extended till December 2026, and ALMM-III for wafers/ingots is anticipated, posing potential regulatory shifts.

Margin Pressure

Significant decline in Q1 FY27 EBITDA and PAT margins indicates potential pricing pressure or cost challenges in the current market.

Market Competition

Despite ALMM, the industry is transitioning, and consolidation favors early movers, but intense competition could impact market share and profitability.

Management accountability

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.

Analyst reading lens
Compare YOY

Q1 results are best compared year-over-year to account for potential seasonality in the solar project execution and supply chain, providing a clearer picture of underlying business trends and performance against prior periods.

Sector KPIs management disclosed

Revenue from Operations

Q1 FY27 Revenue from Operations at INR 5,110 Mn, down from INR 9,157 Mn in Q1 FY26.

EBITDA

Q1 FY27 EBITDA at INR 425 Mn, significantly lower than INR 1,777 Mn in Q1 FY26.

Profit After Tax (PAT)

Q1 FY27 Profit After Tax at INR 54 Mn, a sharp decline from INR 1,166 Mn in Q1 FY26.

EBITDA Margin

Q1 FY27 EBITDA margin compressed to 8.33% from 19.40% in Q1 FY26.

Management forward view

Integrated Value Chain

Vision to integrate the value chain from ingots to modules, building an end-to-end energy platform.

Scaling Opportunity

Focus on scaling manufacturing footprint and diversifying into multiple solar applications (utility, C&I, agriculture, residential).

ALMM Alignment

Strategic capacity build-out (cell, encapsulant, module) is directly aligned with India's evolving localization policies under ALMM.

Thesis monitor

Numbers and claims to verify in the next filings

CheckpointCurrent evidenceWhat to verify next
Odisha Phase 1 Project CommissioningCell line ramp up to start shortly, module line ramp up by Aug 2026 end.Actual commissioning dates and initial utilization rates of the Odisha Phase 1 cell and module lines.
ALMM-II Inspection OutcomeALMM-II inspection for 2.4 GW cell line planned for September 2026.Successful completion of ALMM-II inspection and inclusion in the approved list.
Order Book ConversionCurrently 6.35 GW confirmed order book, with recent wins totaling ₹709.61 Cr.Consistent order execution and conversion into revenue, especially given the Q1 FY27 sales decline.
Margin RecoveryQ1 FY27 EBITDA margin at 8.33% and PAT margin at 1.05%.Stabilization and recovery of EBITDA and PAT margins in subsequent quarters as new capacities ramp up.

Verification checkpoints are IndiaPulse research interpretation, not investment advice.

Trust Score
64Limited evidence · low confidenceTrust Lite

Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.

Limited evidence: 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.

This is a financial-behaviour screen, not a claim-tested management reliability verdict.

Computed 05 Sept 2026
management-trust-v1
21 docs text-extracted · 8 concalls text-extracted
Score band
Limited evidence

Financial behaviour is scored, but management claims do not yet have enough outcome checks.

Relative rank
42nd percentile

overall median 67 · Industrials: 40th pctile, median 68 · Micro: 25th pctile, median 73

Evidence depth
Financial-only

21 documents have extracted text, but claim history is not strong enough yet.

Claim delivery
Outcome history still building

0 claims extracted · No contradicted claim yet

How to read this Trust Score

Limited evidence · low confidence
What it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.

Read 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.

Promoter
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
53
watch · quarterly consistency

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.

Important announcements & filings

Latest exchange and company disclosures found within the past two years.

9 shown
Announcement

Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Sep - Newspaper Advertisement for Completion of Dispatch of the Notice of 11th AGM of the company and E-voting information

Source: Bse

Open source ↗
Investor presentationAug 2026

Aug 2026 · PPT

Source: Bse

Open source ↗
Concall transcriptAug 2026

Aug 2026 · Transcript

Source: Bse

Open source ↗
Announcement

Announcement Under Regulation 30 - Press Release 17 Aug - Signed Odisha MoU for 3.6 GW Phase II cell facility; Phase I plant nearing commissioning.

Source: Bse

Open source ↗
AnnouncementJun 2026

Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Aug - Extracts of Unaudited Financial Results (Standalone and Consolidated) for the quarter ended June 30, 2026

Source: Bse

Open source ↗
AnnouncementJun 2026

Jun 2026 · Announcement under Regulation 30 (LODR)-Monitoring Agency Report 14 Aug - Crisil report for quarter ended Jun 30, 2026 shows IPO proceeds utilized, no deviations; delay in implementation noted.

Source: Bse

Open source ↗
Announcement

Announcement under Regulation 30 (LODR)-Newspaper Publication 21 May

Source: Bse

Open source ↗
Verify on:NSE India ↗
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.