Mumbai: Saatvik Green Energy Limited (SGEL), a leading manufacturer of solar photovoltaic (PV) modules, announced its unaudited financial results for the third quarter and nine months ended December 31, 2025, showcasing explosive growth driven by high volumes, strong operational efficiency, and a robust order pipeline.
Financial Performance Highlights (Q3 FY26 & 9M FY26)
Nine Months Ended December 2025 (YoY Growth):
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Revenue: Stood at ₹2,940.78 crores, registering a 137% increase.
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EBITDA: Rose to ₹469.34 crores, up 135%.
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Profit After Tax (PAT): Surged 145% to ₹300.79 crores.
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PAT Margin: Improved to 10.23% from 9.90% in 9M FY25.
Third Quarter (Q3 FY25 vs Q3 FY26):
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Revenue: Increased 143% to ₹1,257.02 crores.
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EBITDA: Grew 134% to ₹164.76 crores, with a margin of 13.11%.
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Profit After Tax (PAT): Jumped 144% to ₹98.72 crores.
Management Commentary & Strategic Outlook
Mr. Prashant Mathur, CEO of Saatvik Green Energy, highlighted the company's operational excellence and future roadmap:
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Record Order Book: The company's order book remains exceptionally strong at approximately 5.05 GW, providing clear revenue visibility for the coming quarters. During the quarter, it secured repeat domestic orders worth ₹963 crores from leading independent power producers (IPPs) and engineering, procurement, and construction (EPC) players.
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Operational Efficiency: The Ambala manufacturing facility, with an annual capacity of 4.8 GW, operated at a ~81% capacity utilization rate in Q3, significantly above industry averages. This high utilization is a key driver of profitability.
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Major Expansion & Backward Integration: The Greenfield integrated manufacturing facility in Odisha is on track. This project, comprising 4 GW of solar module and 4.8 GW of solar cell capacity, is a cornerstone of Saatvik's backward integration strategy aimed at improving cost competitiveness and ensuring long-term margin sustainability.
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New Vertical Integration: The company has successfully commissioned a 2 GW in-house EPE (Encapsulant) film manufacturing facility at its Ambala campus. This move makes SGEL one of the select Indian manufacturers with captive production of this critical solar component, enhancing supply chain control and product quality.
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Product & Market Diversification: Saatvik has expanded its portfolio with the launch of the 'UDAY' Series of on-grid solar inverters (1.1 kW to 50 kW), targeting the residential and commercial solar markets. It has also secured a significant order for 1,815 solar water pumps (worth ₹30.24 crores) from MSEDCL under the PM-KUSUM scheme, marking its entry into the agricultural solar solutions segment.
Key Corporate Developments
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Strengthened Balance Sheet: The company's debt-equity ratio improved to 0.66, reflecting reduced leverage and enhanced financial flexibility to fund growth plans.
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Strong Return Ratios: The company reported a Return on Equity (ROE) of 23.10% and a Return on Capital Employed (ROCE) of 26.03% for 9M FY26, indicating highly efficient capital deployment.
Bharat' (self-reliant India) goals in the solar manufacturing sector.
Market Context & Strategic Focus
Saatvik Green Energy's stellar performance aligns with India's aggressive push for renewable energy and domestic manufacturing under initiatives like the Production Linked Incentive (PLI) scheme. The company's strategy of capacity expansion, backward integration (cells and encapsulant film), and product diversification (inverters, solar pumps) positions it to capitalize on the multi-year growth opportunity in the solar sector while building resilience against supply chain volatility.
About Saatvik Green Energy Limited:
Saatvik Green Energy Limited is a leading Indian solar PV module manufacturer listed on the NSE (SAATVIKGL) and BSE (544526). With a strong focus on technology, quality, and vertical integration, the company is playing a pivotal role in supporting India's renewable energy ambitions and 'Aatmanirbhar