Saatvik Green To Add 4GW Of New Module Line In April, Cell Production Likely By Oct

Indian solar module manufacturer Saatvik Green Energy plans to begin commercial production of solar modules from its new 4 GW plant from April this year. The Ambala-based company has also set a target to start commercial production of solar cells by October 2026. The company’s top management recently outlined its roadmap during the latest Q3 earnings call.

“The module plant commissioning will happen around the end of March 2026. Equipment installation will start and then there will be a ramp-up phase. In the first quarter, we will start commercial production from the module plant. This is a 4 GW module facility, and the ramp-up will take about three to four months,” Prashant Mathur, CEO of Saatvik Green Energy, told investors.

The company expects revenue from the new plant to begin in the first quarter of FY2026–27.

Cell production from October

Mathur said the solar cell plant at the Odisha facility would take slightly longer to stabilise but remains on track. “Cell installation and machinery will also start around the same time. However, cell production takes longer to stabilise and ramp up efficiencies. We expect commercial production in the second half of the next financial year, with October as the tentative timeline for starting commercial production of the cell line,” he said.

The company said that entering the solar cell business is expected to improve margins, particularly as the government plans to enforce the ALMM policy for solar cells this year.

Module price outlook

On the expected rise in solar module prices, management said the impact would likely be marginal and short-term.

“Prices have risen due to increases in silver, aluminium and copper costs. The effect could be marginal in the short term, but in the long term the market adjusts according to commodity behaviour and input material prices,” Mathur said.

Expanding beyond modules

The company said around 95% of its revenue currently comes from module sales, while its solar pump and EPC businesses account for about 5%. However, Saatvik plans to scale up its EPC business and expand into inverter manufacturing and other verticals.

“Our solar module versus the rest of the business is expected to be 95% and 5% this year. As we expand into EPC, pumps and inverters, the target is to increase the share of non-module businesses to 15% over the next few years. This quarter we also started our encapsulant plant with 2 GW manufacturing capacity,” Mathur said.

US exports

The company said it currently exports modules, though export revenue accounts for only about 1% of total sales. It plans to pursue opportunities in the U.S. market for both solar cells and modules following recent tariff and policy developments.

“We already have a foot in the door and will pursue the U.S. market, especially as our cell manufacturing begins. We will actively pursue opportunities for both cells and modules, although detailed policy clarity is still awaited,” Mathur said.