Saatvik Green Energy Ltd

Order details

• Order aggregating INR 190 crore received by Saatvik Solar Industries Private Limited (material subsidiary).
• Awarding entity: domestic Independent Power Producer / EPC player.
• Scope: supply of solar PV modules.
• Execution deadline: March 2027.
• Contract type: commercial.
• Promoter/group interest: none.

Financial Performance

• Revenue from operations: INR 5,110 million in Q1 FY27
• EBITDA: INR 425 million; EBITDA margin 8.33% in Q1 FY27
• Profit after tax: INR 54 million in Q1 FY27
• Production: 408 MW; Sales: 334 MW in Q1 FY27

Operating Update

• Order book confirmed at ~6.35 GW, ~132% of 4.8 GW module capacity
• July 2026: INR 138 crore domestic solar module order; execution by Dec 2026
• Aug 11, 2026: approx INR 400 crore orders by subsidiary; execution by Mar 2027

Balance Sheet and Cash Flow

• Debt-to-equity ratio at 0.99
• Net debt projected to peak around INR 2,200–2,400 crore

Projects and Capex

• Odisha Phase 1: 2.4 GW cell, 4 GW module; Phase 2: 3.6 GW cell
• Phase 1 capex: ~INR 1,850 crore; Phase 2 capex: ~INR 1,600–1,700 crore
• Total capex for Phases 1+2: ~INR 3,500 crore

Guidance and Outlook

• FY27 guidance: 3.5–4 GW sales; revenue ~INR 6,000 crore; EBITDA ~12%; PAT margin ~6–7%

Q&A Highlights

• Margin protection: ramping cell manufacturing; ALMM-related timing; diversify supply chain away from China
• Order mix: ~70% utility, ~30% C&I; DCR orders ~30% of total; C&I fixed-price ~30%
• Debt and capex: net debt peak ~INR 2,200–2,400 crore; Phase 1+2 capex ~INR 3,500 crore
• Phase timing: Phase 2 cell capacity by FY28 end; Phase 3 ingot/wafer by FY29

Odisha MoU for 3.6 GW Phase II

• MoU with Government of Odisha to establish 3.6 GW solar cell facility at Gopalpur, Odisha.
• Phase I comprises 2.4 GW cell and 4 GW module capacity, nearing commissioning.
• Phase II expansion 3.6 GW planned to deepen domestic manufacturing footprint.
• Phase II targeted for commercial production by FY28.
• ALMMII inspection planned for September; 220 kV substation ready.
• Phase I progress: major construction milestones completed and ramp-up imminent.

Meeting Details

• Date and time: August 14, 2026 at 05:30 P.M. IST
• Type: earnings call; recording available online
• Purpose: discuss unaudited standalone and consolidated results for quarter ended June 30, 2026
• Key company participant: Company Secretary & Compliance Officer
• Recording available on the company website

Issue Overview

• Type: IPO; securities: equity shares.
• Total issue size and net proceeds reported; no revision or undersubscription observed.
• Main objectives include debt repayment, capex, and general corporate purposes.
• Objects also include investment in the wholly owned subsidiary and a project site.

Utilisation of Proceeds

• Utilisation largely as disclosures; funds used for SSIPL CAPEX/repayment and IPO expenses.
• No major deviations from the offer document observed.
• Prepayment of borrowings: partially utilised; Rs 8.12 million remained unutilised.
• SSIPL investment: fully utilised.
• Project site: partially utilised; end-quarter unutilised Rs 1,814.34 million due to delays.
• General Corporate Purposes: partially utilised; Rs 12.72 used, Rs 17.64 unutilised.
• Unutilised funds parked in FDs and accounts; total invested 1,976.50; market value 2,007.70.

Governance and Compliance

• Approvals: status not clearly stated; no explicit pending approvals noted.
• Material events risk: delays in project implementation affecting viability.
• Other information: none flagged.

General Corporate Purpose (GCP)

• GCP utilised amount: 12.72 million; breakdown not provided.
• Board approval for GCP allocation not explicitly stated.

Key metrics and developments

• Q1 FY27 revenue from operations ₹5,110 Mn, down from ₹9,157 Mn in Q1 FY26.
• Order book at 6.35 GW, ~132% of 4.8 GW capacity.
• Debt-to-equity ratio 0.99x as of June 2026, vs 1.28x Q1 FY26.
• Odisha facility: 2.4 GW cell, 4 GW module lines ramping; ALMM-II inspection planned September.
• Launched SuryaConnect Solar Kit and UDAY Plus Hybrid Inverter; expanding EPC, transformers, BESS.
• Phase II adds 3.6 GW cell capacity to reach 6 GW; Phase III targets 6 GW by FY29.
• Awards: Brand of the Year and Golden Peacock OH&S; zero Lost Time Injuries for two years.
• Outlook: manufacturing scale-up, order execution, disciplined capital allocation; expand domestic/international customer base.

Business overview

• Integrated solar energy platform with end-to-end manufacturing across cells and modules.
• Phase I Odisha hub: 2.4 GW cell, 4 GW module capacity.
• Phase II expands to 6 GW cell capacity by FY28; Phase III planned 6 GW wafer.
• ALMM-enabled localization supports domestic manufacturing shift.

Operational highlights

• Phase II: add 3.6 GW cell capacity to total 6 GW; completion FY28.
• Phase III: 6 GW ingot/wafer capacity planned; completion FY29.
• Odisha Phase I milestones achieved; ramp-up to start shortly; ALMM-II inspection planned Sep 2026.
• Module Line Phase I ramp-up by Aug 2026; tool movement complete.
• Recent orders totaling ₹400.16 Cr; execution by March 2027.
• New orders added: 0.79 GW.

Financial performance

• Revenue from operations: ₹5,110 Mn.
• EBITDA: ₹425 Mn.
• Profit After Tax: ₹54 Mn.

Strategic priorities & outlook

• Capex-led expansion to scale integrated manufacturing and meet ALMM timelines.
• Target FY28–FY29 completion for Phase II/Phase III capacity expansions.

Governance & leadership

• Board composition: 2 of 6 directors are women.

Audit appointments

• Internal Auditor appointed: Protiviti India Member Private Limited for FY 2026-27.
• Audit Committee recommended the appointment.
• Cost Auditor appointed: M/s K. K. Sinha & Associates for FY 2026-27.
• Internal Audit under Section 138 and Cost Audit under Section 148 of Companies Act 2013.
• Effective date: August 14, 2026 for FY 2026-27.

Standalone performance

• Standalone Q1 FY27 revenue from operations: 3,332.37 million; total income: 3,526.99 million.
• Standalone PAT: 68.57 million; Basic EPS: 0.54; Diluted EPS: 0.54.
• Results are unaudited for quarter ended June 30, 2026.

Consolidated performance

• Consolidated Q1 FY27 revenue from operations: 5,110.10 million; total income: 5,197.30 million.
• Consolidated PAT: 1,166.01 million; Basic EPS: 0.43; Diluted EPS: 0.43.
• Unaudited status noted.

IPO proceeds & acquisition

• Unutilised IPO proceeds: 1,888.52 million as of 30-Jun-2026.
• IPO proceeds total: 8,999.99 million; allocations include 100.07 for debt repayment.
• 80% Meleen stake acquired for 24.00 million; remaining 20% deferred 20.00.
• IPO proceeds used for subsidiary investment: 1,664.36; 4 GW facility: 2,957.93.

Policy change & impairment

• Inventory valuation changed to moving weighted average cost from FIFO; retrospective.
• Impairment on Monoperc CGU recognized in FY2026: 39.46 million.