Saatvik Green Energy LtdQ1 FY27
Saatvik Green Energy Ltd Q1 FY27 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Price: ₹428P/E: 21.4Market Cap: ₹5.3K CrSector: Electrical Equipment
Management growth scorecard
Revenue
Category 2
Margin
Category 1
Fundraise
Yes
Order
Yes
Capex
Yes
4 of 5 growth signals are positive — a strong management growth story.
Full analysisRevenue guidance
Category 2- →Saatvik anticipates FY27 sales of 3.5 to 4 gigawatts and revenue around INR 6,000 crores.
- →EBITDA margin guidance for FY27 is approximately 12%, with PAT margin between 6-7%.
- →FY28 is expected to be a milestone year with significant demand growth for Domestic Content Requirement (DCR) panels due to increased utility projects starting April onwards.
- →The current order book of 6.35 gigawatts (~INR 8,200 crores) is expected to be executed mostly within 12-18 months, providing revenue visibility.
- →Ramp-up of the Odisha cell manufacturing plant by end of FY27 will contribute positively to volumes and margins.
- →Expansion plans foresee deepening backward integration with ingot, wafer, and cell manufacturing enhancing long-term sustainable growth.
- →Growth drivers include government solar targets, structural demand increase, and a shift towards integrated solar manufacturing.
Margin guidance
Category 1- →Saatvik is optimistic about growth with the Odisha project ramping up production, expanding integrated manufacturing capabilities.
- →FY27 guidance: Revenue around INR 6,000 crores; EBITDA margin about 12%, PAT margin 6-7%.
- →FY28 expected as a milestone year due to increasing demand in retail, C&I, KUSUM, and utility segments; strong demand for DCR panels anticipated.
- →Cell manufacturing ramp-up in H2 FY27 will drive higher margins, likely in high double digits.
- →Plans to expand encapsulant capacity from 2 GW to 5 GW to improve margins.
- →Targeting to increase non-solar module business to 15% of revenue by FY28 from current 4-5%.
- →Transformer business expected to grow to INR 1,000-1,500 crores in 3-4 years, aiming for 8-10% market share.
- →Focus on scaling capacity, integration, operational efficiency to create sustainable long-term value and profits.
Fundraise plans
Yes- →Current net debt stands at approximately INR1,250 crores, mainly related to the Odisha plant and capex projects.
- →Management expects net debt to peak around INR2,200 to INR2,400 crores during FY27-FY28, aligning with ongoing expansion.
- →Total capex for 6 GW cell plus 4 GW module capacities is approximately INR3,500 crores, with INR1,000 crores already incurred.
- →No explicit announcement of new fundraising through equity in the immediate term was made.
- →The company emphasizes maintaining prudent financial discipline and a balanced capital structure to support expansion.
- →Future debt levels and fundraising would be guided by capex requirements and operational cash flows.
- →No direct mention of an imminent equity fundraising or fresh debt issuance was provided in the call.
Order book
Yes- →Saatvik Green Energy Limited's confirmed order book stands at approximately 6.35 gigawatts.
- →This order book represents around 132% of the company's current operational module capacity of 4.8 gigawatts.
- →The order book in INR terms is about INR 8,200 crores.
- →Order execution timeline is typically between 12 to 18 months.
- →Approximately 30% of the orders are Domestic Content Requirement (DCR) orders.
- →The order mix includes about 70% utility-scale projects and 30% commercial & industrial (C&I) projects; retail orders are executed regularly but not part of this order book.
- →Recent orders include a INR 138 crore domestic solar PV module order with execution by December 2026 and INR 400 crores orders to be executed by March 2027.
- →The company expects the utility segment demand to pick up from FY28 onwards due to project cycles.
Capex plans
Yes- →Saatvik is progressing on its integrated solar manufacturing expansion, focusing on cell and module production at the Odisha facility.
- →Phase 1 includes 2.4 GW cell and 4 GW module capacity; ramp-up expected soon with ALMM-2 inspection planned for September 2026.
- →Planning for Phase 2: additional 3.6 GW cell capacity on 27 acres, targeted to start site activities by end of Q2 FY27 and complete by end of FY28.
- →Phase 3 plans 6 GW ingot and wafer manufacturing capacity, targeted for completion by FY29 to align with ALMM-3 transition.
- →Total capex for 6 GW cell plus 4 GW module (Phases 1 & 2) approximately INR 3,500 crores; INR 1,000 crores incurred so far.
- →Capex peak expected around INR 2,200-2,400 crores net debt level.
- →Expansion will deepen backward integration, enhance supply chain control, and support scaling of manufacturing capabilities.
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Margin guidance
Category 1- →Saatvik is optimistic about growth with the Odisha project ramping up production, expanding integrated manufacturing capabilities.
- →FY27 guidance: Revenue around INR 6,000 crores; EBITDA margin about 12%, PAT margin 6-7%.
- →FY28 expected as a milestone year due to increasing demand in retail, C&I, KUSUM, and utility segments; strong demand for DCR panels anticipated.
- →Cell manufacturing ramp-up in H2 FY27 will drive higher margins, likely in high double digits.
- →Plans to expand encapsulant capacity from 2 GW to 5 GW to improve margins.
- →Targeting to increase non-solar module business to 15% of revenue by FY28 from current 4-5%.
- →Transformer business expected to grow to INR 1,000-1,500 crores in 3-4 years, aiming for 8-10% market share.
- →Focus on scaling capacity, integration, operational efficiency to create sustainable long-term value and profits.
Order book
Yes- →Saatvik Green Energy Limited's confirmed order book stands at approximately 6.35 gigawatts.
- →This order book represents around 132% of the company's current operational module capacity of 4.8 gigawatts.
- →The order book in INR terms is about INR 8,200 crores.
- →Order execution timeline is typically between 12 to 18 months.
- →Approximately 30% of the orders are Domestic Content Requirement (DCR) orders.
- →The order mix includes about 70% utility-scale projects and 30% commercial & industrial (C&I) projects; retail orders are executed regularly but not part of this order book.
- →Recent orders include a INR 138 crore domestic solar PV module order with execution by December 2026 and INR 400 crores orders to be executed by March 2027.
- →The company expects the utility segment demand to pick up from FY28 onwards due to project cycles.
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