Any current/future new fundraising through debt or equity?

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.

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

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 capacit

Future growth expectations in sales/revenue/volumes?

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 r

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

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

Current/ Expected Orderbook/ Pending Orders?

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 dem

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Saatvik Green Energy LtdQ1 FY26Electrical Equipment

Saatvik Green Energy Ltd Q1 FY26 Earnings Call Analysis

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

Price: ₹475P/E: 14.9Market Cap: ₹5.8K CrSector: Electrical Equipment

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 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.

Margin guidance

Category 3

→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.

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Fundraise plans

Yes

→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.

Order book

Yes

→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.

Capex plans

Yes

→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.

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