Saatvik Green Energy Ltd

- 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.

- 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.

- 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.

- 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.

- 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.