Saatvik Green Wins ₹689 Cr Repeat Solar Module Orders

Saatvik Green has received two repeat solar module supply orders, taking the total order value to ₹689 crore. The orders include one worth ₹50.62 crore, to be executed by the end of November 2025, and another worth ₹638.85 crore from a renowned Independent Power Producer (IPP)/EPC, expected to be executed by the end of June 2026.

During an investor call, Saatvik Green’s  CEO Prashant Mathur, explained that these orders have contributed to an increase in Saatvik Green’s order book, which stood at over 4 GW as of June 30. The order book comprises medium- and long-term orders.

In addition, the company has secured several spot and retail distributor orders, which, although smaller in quantity, contribute significantly to monthly sales. Mathur noted that these smaller orders account for approximately 25–30% of monthly sales and are not included in the order book.

“Since our capacity was 3.8 GW, we are adding one more gigawatt due to high demand. That is why our current order book exceeds 4 GW,” Mathur said. “Typically, these orders run for 9 to 12 months of supply. Each month, some orders are executed, and new ones are booked depending on available capacity. We have fantastic visibility going forward.”

Backward Integration: 

Mathur said the company is building an integrated renewable energy manufacturing and services business by backward integrating into cell manufacturing. It plans to expand into the wafer and ingot value chain, with the ultimate goal of integrating the entire value chain from ingot to module.

The company is already engaged in EPC work and handling solar pump orders. Last year, Saatvik incubated its solar pumps division and fulfilled 100 orders. This year, it plans to execute 4,000–5,000 pump orders, which could increase revenue from under ₹2 crore last year to around ₹50 crore this year. The company sees this division as having the potential to become a separate business unit.

Additionally, Saatvik is entering the ancillary business. It has recently launched residential and small commercial/industrial inverters and is exploring encapsulated manufacturing and other ancillary products. The company is also undertaking BESS projects, with the ultimate aim of producing battery storage products. Overall, Saatvik is building a fully integrated renewable energy company operating forward, backward, and sideways across the value chain.

Expansion Plans

The company is considering two key directions:

1. Backward integration of ingot and wafer manufacturing to match its cell capacities in Odisha.

2. Expansion at a solar manufacturing park in Narmadapuram, Madhya Pradesh, near Bhopal. Saatvik initially acquired 51 acres and aims to expand to 200–300 acres. With 200 acres, it could build an 8-GW integrated ingot-wafer-cell-module facility.