Saatvik Green Energy Ltd Q1 FY27 Earnings Analysis

- Saatvik Green Energy reported strong growth in FY26 with revenue from operations at ₹45,484 million, a 111% YoY increase, and record production of 3,162 MW. - The company has a robust order book of approximately 5.89 GW (~₹8,000 crore) with an 18-month execution timeline, providing strong forward visibility. - Significant capacity expansion underway with a 6 GW solar cell manufacturing project being commissioned in phases starting FY27, expected to enhance backward integration and margins. - FY27 margins expected to stabilize and improve, especially in the second half, supported by cell production ramp-up and easing macro headwinds. - Capex of ₹1,700 crore planned for FY27 and ₹1,800-2,000 crore in FY28 to support expansion, aiming for disciplined growth. - Fokus on integrated energy solutions aligning with India’s expanding renewable energy ecosystem and government support, positioning for multi-decade structural growth.

- Saatvik Green Energy reported strong FY26 financials with revenue growth of ~111% YoY and EBITDA growth of ~62% YoY, indicating robust expansion. - The company expects stable and good margins in FY27, supported by cell production commencement from the second quarter, aiding bottom-line improvements. - Operating profits anticipated to improve significantly in the second half of FY27 due to backward integration and in-house cell manufacturing. - Order book of 5.89 GW (~INR 8,000 crore) provides strong forward revenue visibility; execution timeline is about 18 months. - EPC contribution remains steady at 3-4% of top line, expected to stay in the same range. - Capex of INR ~1,700 crore in FY27 and INR ~2,000 crore in FY28 planned for manufacturing capacities, supporting medium-term growth. - Debt-equity expected to be maintained within 1-1.5x, balancing growth and financial prudence.

- Saatvik Green Energy is undertaking major manufacturing expansion and backward integration investments to strengthen its renewable energy ecosystem presence. - For FY27, capex for expansion (notably the 6 GW cell capacity) is around INR 1,700 crore, funded through a mix of debt and equity (with equity partly from accruals). - FY28 capex is expected to be in the range of INR 1,800 crore to 2,000 crore, supporting further phases of the 6 GW ingot project. - The company aims to maintain a debt-to-equity ratio between 1 and 1.5 times during this capex phase. - Investments include commissioning new capacities, enhancing backward integration, and expanding encapsulant capacity for internal use and external sales. - Equipment move-in and ramp-up for new cell production are planned starting from July FY27, with stabilization and increased production in the following quarters.

- For FY27, Saatvik Green Energy plans a capex of about INR 1,700 crores for expansion, to be funded through a mix of debt and equity. - Equity funding will come partly from accruals. - The company is already working on securing the necessary debt. - For FY28, expected capex is in the range of INR 1,800 to 2,000 crores for the 6-gigawatt ingot project, likely funded similarly. - Current debt-equity ratio stands at 0.65, with a target to maintain it between 1 and 1.5 times maximum. - No explicit mention of additional separate fundraising drives beyond planned capex funding through debt-equity mix.

- Current confirmed order book: Approximately 5.89 gigawatts, valued around INR 8,000 crores (as of March 2026). - Execution timeline: Primarily 18 months, with some orders spanning 3 to 12 months. - Order book composition: About 65% from large utility customers (mostly pass-through contracts); remainder from C&I customers on fixed-price contracts. - Order book pipeline: Actively building with multiple opportunities across DCR and non-DCR segments; several new orders expected to be announced soon. - Cell consumption: 6 gigawatt cell capacity planned mainly for captive consumption; sufficient non-DCR demand for DCR cells expected over the next 12-18 months. - Production ramp-up: Cell production expected to start from the second half of FY27 with capacity progressively increasing to 6 gigawatts by mid-FY28.