Q3 Results: Saatvik Green Energy's Revenue Jumps 143%, Order Book at 5.05 GW

Gurugram-based solar module manufacturer Saatvik Green Energy Limited reported revenue of ₹2,940.78 crore for the nine months ended FY26. In a press release, the company said that in its financial results for the third quarter (Q3) of the ongoing financial year and the first nine months of FY26, it recorded 137% growth over 9M FY25, driven by higher volumes and stable realisations.

In Q3 FY26, Saatvik Green Energy’s revenue stood at ₹1,257.02 crore, registering a 143% growth over Q3 FY25. Its EBITDA for 9M FY26 stood at ₹469.34 crore, up 135% year-on-year, translating into an EBITDA margin of 15.96%, reflecting disciplined cost management and operating efficiency.

Q3 FY26 EBITDA stood at ₹164.76 crore, up 134% year-on-year, with an EBITDA margin of 13.11%. Profit after tax (PAT) for 9M FY26 came in at ₹300.79 crore, reflecting a 145% year-on-year increase, with a PAT margin of 10.23%. Q3 FY26 PAT stood at ₹98.72 crore, up 144% year-on-year.

QoQ Growth

Saatvik Green Energy also made a sharp quarter-over-quarter (QoQ) jump, with income rising to Rs. 1,268.46 crore from Rs. 783.18 crore in the September quarter, marking a 62% QoQ increase.

Similarly, profitability rose on a quarterly basis to Rs. 98.70 crore from Rs. 83.24 crore in the previous quarter, registering an 18.6% QoQ jump. 

Summary

Operational Highlights & Business & Strategic Updates

During Q3 FY26, Saatvik Solar’s total production stood at 759 MW. During the quarter, its capacity utilisation remained at approximately 81%, significantly above industry averages. Its Ambala manufacturing facility is operating at an annual capacity of 4.8 GW, supported by demand across utility-scale and C&I segments. Additionally, the company’s order book remains healthy at approximately 5.05 GW, providing clear visibility for the coming quarters.

The greenfield integrated manufacturing facility in Odisha remains on track, comprising 4 GW of solar module capacity and 4.8 GW of solar cell capacity. The company has also successfully commissioned and operationalised a 2 GW in-house EPE (Protective Encapsulant) film manufacturing facility at its Ambala campus in Haryana.

Management View on Financial Results

Commenting on the performance, Prashant Mathur, CEO, Saatvik Green Energy Limited, said that Q3 FY26 revenues reached ₹1257 Cr, driven by robust demand for solar modules, high capacity utilisation, and continued traction from repeat customers. 

He added that profit after tax (PAT) increased to ₹98.72 crore, with PAT margins of 7.85%, and noted that the company delivered healthy year-on-year growth for the nine months ended FY26.

He said this growth spanned key financial metrics, supported by higher volumes, improved asset utilisation, and disciplined execution. Return ratios remained strong, with ROE at 23.10% and ROCE at 26.03%, reflecting efficient capital deployment and improving profitability.

On operational performance, he said the company recorded capacity utilisation of 81% during the quarter. As of December 31, 2025, the company’s order book stood at 5.05 GW, providing strong revenue visibility. During the period, Saatvik Solar secured repeat domestic orders aggregating ₹963 crore from leading IPPs and EPC players, reaffirming confidence in the company’s product quality and execution capabilities.

Commenting on the balance sheet, he said the debt-equity ratio improved to 0.66, reflecting a meaningful reduction in leverage and enhanced financial flexibility, thereby supporting planned capacity expansion and backward integration initiatives.

Odisha Manufacturing Expansion & EPE Manufacturing Facility

Saatvik Green Energy Limited has successfully commissioned and operationalised a 2 GW in-house EPE (Protective Encapsulant) film manufacturing facility at its Ambala campus in Haryana. The facility, co-located within the company’s existing module manufacturing complex, supporting Saatvik’s deeper vertical integration and supply-chain self-reliance.

The company now joins a select group of Indian manufacturers with captive encapsulant production capability, a critical component in solar modules. The commissioning of the EPE film line strengthens control over product quality, operational efficiency, and long-term module reliability.

The greenfield integrated manufacturing facility in Odisha, comprising 4 GW of solar module capacity and 4.8 GW of solar cell capacity, remains on track. The project represents a key milestone in Saatvik’s backward integration strategy, aimed at improving cost competitiveness and long-term margin sustainability. With a focus on technology, quality, and execution, Saatvik aims to play a meaningful role in India’s renewable energy transition.

UDAY Series of Inverters

Saatvik has expanded into the B2C and distributed solar ecosystem with the launch of its UDAY Series of on-grid solar inverters, strengthening its integrated solutions portfolio. The UDAY Series advances the company’s goal of offering integrated solar solutions. Available in the 1.1 kW to 50 kW range, the inverters feature MPPT efficiency of over 99%, WiFi/4G/Ethernet/BLE connectivity, and IP65-rated weather protection, making them suitable for both residential and commercial solar installations.

Solar Pump Business

In the solar pump business, Saatvik Green Energy Limited opened its account in the business with an order from Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL) for the design, manufacture, supply, transportation, installation, testing, and commissioning of off-grid DC solar photovoltaic water pumping systems (SPWPS) across identified farmer sites in Maharashtra.

The order, awarded under the Magel Tyala Saur Krushi Pump Yojana / PM-KUSUM-B scheme, comprises the supply of 1,815 solar water pumps of 3 HP, 5 HP, and 7.5 HP capacity, aggregating to an approximate order value of ₹30.24 crore (exclusive of GST). Under the contract, Saatvik will also provide complete system warranty, repair, and maintenance services, and a remote monitoring system for five years, ensuring long-term performance reliability for farmers.