Any current/future new fundraising through debt or equity?

No explicit mention of new fundraising through debt or equity in the latest call. The INR1,850 crore capex for 4 GW module and 2.4 GW cell expansion is fully funded; both equity and debt are already raised. Current net debt stands at INR 749 crore, including term debt and working capital. Management emphasizes maintaining capital discipline alongside selective expansion. No immediate plans for fresh equity or debt issuance stated; focus is on deploying already raised funds. Future strategic steps include potential expansion into ingot and wafer manufacturing, but no fundraising update on that

Any current/future capex/capital investment/strategic investment?

Saatvik Green Energy has a planned capex of approx. INR 1,850 crores for FY27 and FY28 focused on: - Expanding 4 GW of solar module manufacturing capacity. - Setting up 2.4 GW of solar cell manufacturing capacity. The 4 GW module and 2.4 GW cell integrated project in Odisha is on track, with commissioning expected: - Module plant commissioning by Q4 FY26 (around March 2026) with ramp-up starting Q1 FY27. - Cell plant commercial production expected from second half of FY27, around October 2026. Equity and debt for this project have already been raised fully. Additional manufacturing exp

Future growth expectations in sales/revenue/volumes?

Saatvik expects continued strong growth driven by capacity expansions, including 4 GW module capacity commissioning by end of FY26 and ramp-up to 8.8 GW in FY27. Cell manufacturing commercial production is set to begin around October 2026, adding further growth and margin improvements. Revenue CAGR has been historically strong (88%) with PAT growing 250% over the past few years; 100%+ growth in revenue, EBITDA, and PAT expected continuing. Q4 is traditionally the busiest quarter; growth expected quarter-on-quarter despite ramp-up periods. Order book stands at over 5 GW (~INR 6,500 crores), sup

Future growth expectations in earnings/operating earnings/profits/EPS?

Saatvik Green Energy has demonstrated strong past growth: 88% CAGR in revenues and 250% growth in PAT over recent years. In the current year, revenue, EBITDA, and PAT all grew over 100% year-on-year. Management expects decent quarter-on-quarter and year-on-year growth driven by new capacity ramp-up from FY27 onwards. The 4 GW module capacity addition expected to be commissioned by end of FY26, with commercial production starting Q1 FY27. Cell manufacturing (4.8 GW capacity) expected to start commercial production from second half of FY27, adding profitability. With improved vertical integratio

Current/ Expected Orderbook/ Pending Orders?

Saatvik Green Energy's current order book stands at approximately 5.05 GW as of Q3 FY26. This order book provides clear visibility for the coming quarters. The order book translates to about INR 6,500 crores in value. It includes a mix of large utility, C&I (Commercial & Industrial), retail, and EPC orders. The company has executed close to a gigawatt in the quarter but continues to add new orders. The order book excludes spot orders and primarily consists of orders with durations between 6 to 12 months. These orders account for fluctuating commodity prices through price pass-through mechanism

Saatvik Green Energy LtdQ4 FY26

Saatvik Green Energy Ltd Q4 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹427P/E: 14.9Market Cap: ₹5.4K Cr

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Saatvik expects continued strong growth driven by capacity expansions, including 4 GW module capacity commissioning by end of FY26 and ramp-up to 8.8 GW in FY27.
→Cell manufacturing commercial production is set to begin around October 2026, adding further growth and margin improvements.
→Revenue CAGR has been historically strong (88%) with PAT growing 250% over the past few years; 100%+ growth in revenue, EBITDA, and PAT expected continuing.
→Q4 is traditionally the busiest quarter; growth expected quarter-on-quarter despite ramp-up periods.
→Order book stands at over 5 GW (~INR 6,500 crores), supporting revenue visibility.
→Expansion into EPC, solar pumps, inverters, and encapsulant manufacturing aims to diversify revenue, targeting 15% revenue from non-module segments in next few years.
→Management prioritizes disciplined growth over aggressive volume expansion, focusing on sustaining utilization and margin stability.

Margin guidance

Category 3

→Saatvik Green Energy has demonstrated strong past growth: 88% CAGR in revenues and 250% growth in PAT over recent years.
→In the current year, revenue, EBITDA, and PAT all grew over 100% year-on-year.
→Management expects decent quarter-on-quarter and year-on-year growth driven by new capacity ramp-up from FY27 onwards.
→The 4 GW module capacity addition expected to be commissioned by end of FY26, with commercial production starting Q1 FY27.
→Cell manufacturing (4.8 GW capacity) expected to start commercial production from second half of FY27, adding profitability.
→With improved vertical integration (module + cell manufacturing) and stable realizations, profitability and margin sustainability are expected to improve.
→Company focuses on disciplined growth, capital deployment and navigating market volatility.
→Strong order book of over 5 GW (~INR6,500 crores) provides clear revenue visibility.
→Overall, Saatvik is well positioned for sustainable long-term earnings and profit growth.

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Fundraise plans

Yes

→No explicit mention of new fundraising through debt or equity in the latest call.
→The INR1,850 crore capex for 4 GW module and 2.4 GW cell expansion is fully funded; both equity and debt are already raised.
→Current net debt stands at INR 749 crore, including term debt and working capital.
→Management emphasizes maintaining capital discipline alongside selective expansion.
→No immediate plans for fresh equity or debt issuance stated; focus is on deploying already raised funds.
→Future strategic steps include potential expansion into ingot and wafer manufacturing, but no fundraising update on that yet.
→Overall, Saatvik appears financially strong with a controlled capital allocation approach for ongoing and upcoming projects.

Order book

Yes

→Saatvik Green Energy's current order book stands at approximately 5.05 GW as of Q3 FY26.
→This order book provides clear visibility for the coming quarters.
→The order book translates to about INR 6,500 crores in value.
→It includes a mix of large utility, C&I (Commercial & Industrial), retail, and EPC orders.
→The company has executed close to a gigawatt in the quarter but continues to add new orders.
→The order book excludes spot orders and primarily consists of orders with durations between 6 to 12 months.
→These orders account for fluctuating commodity prices through price pass-through mechanisms or financial instruments.
→The company aims to sustain growth and continue executing on its strong order pipeline effectively.

Capex plans

Yes

→Saatvik Green Energy has a planned capex of approx. INR 1,850 crores for FY27 and FY28 focused on:
→ - Expanding 4 GW of solar module manufacturing capacity.
→ - Setting up 2.4 GW of solar cell manufacturing capacity.
→The 4 GW module and 2.4 GW cell integrated project in Odisha is on track, with commissioning expected:
→ - Module plant commissioning by Q4 FY26 (around March 2026) with ramp-up starting Q1 FY27.
→ - Cell plant commercial production expected from second half of FY27, around October 2026.
→Equity and debt for this project have already been raised fully.
→Additional manufacturing expansions include:
→ - 2 GW in-house EPE film manufacturing facility.
→ - New encapsulant plant (2 GW capacity).
→ - Assembly of inverters.
→Longer term plans include potential backward integration into ingot and wafer manufacturing pending policy clarity post FY28.

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