Saatvik Green Energy Limited has reported revenue from operations of ₹5,110 million (₹511 crore) for the quarter ended June 30, 2026 (Q1 FY27), compared with ₹9,157 million (₹915.7 crore) in Q1 FY26. The company said the decline reflects the transitional impact of its ongoing capacity expansion in Odisha and a high base in the corresponding quarter last year.
Despite the moderation in revenue, Saatvik Green Energy continued to report operational progress during the quarter. Capacity utilisation improved to approximately 90%, while the company executed 1.05 GW of orders during Q1 FY27. Its confirmed order book stood at 5.89 GW as of June 2026, providing visibility for future execution.
Saatvik Green Energy Q1 FY27 Financial Performance
The company’s EBITDA stood at ₹425 million (₹42.5 crore) in Q1 FY27, compared with ₹1,777 million (₹177.7 crore) in Q1 FY26. EBITDA margin declined to 8.33% from 19.40%.
Profit After Tax (PAT) stood at ₹54 million (₹5.4 crore), compared with ₹1,166 million (₹116.6 crore) in the year-ago quarter. PAT margin was 1.05%, compared with 12.73% in Q1 FY26.
The company reported a debt-to-equity ratio of 0.99x as of June 2026, improving from 1.28x in Q1 FY26.
Order Book Stands at 5.89 GW
Saatvik’s confirmed order book reached 5.89 GW as of June 2026, equivalent to approximately 123% of its installed module manufacturing capacity. The company executed 1.05 GW of orders during the quarter, while additional orders secured after the quarter further strengthened its business visibility.
Its existing manufacturing operations recorded capacity utilisation of approximately 90%, compared with 81% in Q1 FY26. The company’s 4.8 GW module manufacturing facility in Ambala continued to support order execution.
Odisha Manufacturing Expansion Progresses
Saatvik continued to advance its integrated manufacturing facility at Gopalpur, Odisha, which forms a key part of its capacity expansion strategy.
The 4 GW solar module manufacturing line has substantially completed civil and structural works, with production equipment dispatched and tool movement targeted for Q2 FY27. Meanwhile, the 2.4 GW solar cell manufacturing line has also completed civil and structural works, with MEP contractors and vendors mobilised. Cell tool movement is targeted for Q2 FY27.
The company is also scaling its encapsulant manufacturing capacity from 2 GW to 5 GW and progressing its longer-term plans for cell, ingot and wafer manufacturing.
Portfolio Expansion Across Clean Energy
Alongside solar module manufacturing, Saatvik is expanding its portfolio across inverters, EPC solutions, transformers, battery energy storage systems (BESS) and distributed solar solutions.
During Q1 FY27, the company launched the Saatvik SuryaConnect Solar Kit, a ready-to-install residential and commercial solar solution, and the Saatvik UDAY Plus Hybrid Inverter, designed to combine solar generation with battery backup.
The company also continued to strengthen its presence in solar pumps and other clean energy solutions.
Management Commentary
Prashant Mathur, Chief Executive Officer, Saatvik Green Energy Limited, said that Q1 FY27 was an important quarter as the company continued its transition towards a more integrated clean energy platform.
He noted that while the quarter was affected by the Odisha capacity expansion and a high base in Q1 FY26, existing manufacturing operations continued to perform efficiently, with capacity utilisation reaching approximately 90%.
Mathur added that the 5.89 GW order book and 1.05 GW order execution during the quarter reflect continued customer traction, while the company remains focused on manufacturing scale-up, greater value-chain integration and disciplined execution.
Focus on Manufacturing Scale-Up in FY27
Saatvik Green Energy said its priorities for the remainder of FY27 include advancing the Gopalpur facility towards production ramp-up, scaling solar module and encapsulant manufacturing capacity, and progressing its broader value-chain integration plans.
The company also plans to strengthen its presence across distributed solar, inverters, transformers, solar pumps, BESS and other clean energy solutions, while expanding its customer base across domestic and international markets.
The company expects its manufacturing expansion, strong order visibility and continued capacity utilisation improvements to support operational performance as additional capacities are brought online.
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