Quick readSaatvik Green Energy Limited reported a 77% sequential growth in revenue to ₹902.6 crore in Q2 FY27, while profit after tax (PAT) stood at ₹20.2 crore. The solar PV module manufacturer also commenced commercial production at its Odisha facility, strengthening its plans to expand domestic solar cell and module manufacturing.
Revenue from operations grew 17.53% year-on-year from ₹768 crore in Q2 FY26. However, EBITDA declined 44.89% to ₹69.6 crore, while EBITDA margin fell to 7.71% from 16.45%. PAT was down 76.15% from ₹84.7 crore in the corresponding quarter last year.
For H1 FY27, revenue stood at ₹1,413.6 crore, a decline of 16.05% year-on-year. EBITDA fell to ₹112.1 crore, while PAT declined to ₹25.6 crore.
During Q2, Saatvik produced 658 MW of solar modules and recorded sales of 640 MW. Capacity utilisation stood at approximately 58.5%, compared with 83.1% in Q2 FY26. For H1 FY27, production and sales reached 1,066 MW and 973 MW, respectively.
The company’s confirmed order book stood at 6.68 GW, valued at approximately ₹8,800 crore, as of September 2026. It added 1.76 GW of new orders and executed 0.97 GW during the first half of the financial year.
Major order wins included a ₹1,041.63 crore contract from Solar Energy Corporation of India (SECI) for 600 MWp of solar modules manufactured using domestic solar cells, scheduled for execution by December 2027. The company also secured orders worth ₹476 crore from Vikran Engineering and additional contracts from independent power producers and EPC players.
Post the quarter, Saatvik received an approximately ₹100 crore order, excluding GST, from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for 5,000 off-grid solar water pumping systems under the Magel Tyala Saur Krushi Pump Yojana and PM-KUSUM B scheme.
A key milestone was the commencement of commercial production at its Gopalpur facility in Odisha on November 2 through its wholly owned subsidiary, Saatvik Solar Industries Private Limited. Around 1.3 GW of Phase I module manufacturing capacity is operational, with the full 4 GW capacity targeted by December 2026. Trial runs have also commenced on the facility’s 2.4 GW solar cell manufacturing line, with production ramp-up targeted for December.
The company has applied for ALMM List-II enlistment for its Odisha cell facility, with inspection expected in November, subject to regulatory approval. It has also signed an MoU with the Government of Odisha’s IPICOL for an additional 3.6 GW solar cell facility at Gopalpur, targeted for completion by the beginning of FY28.
Saatvik is expanding its product portfolio with hybrid inverters, lithium battery solutions and residential solar kits. At REI Expo 2026, it launched its Quad-Cut TOPCon 3.0 Dual Glass Bifacial module, offering up to 670 Wp output and 24.8% efficiency. The company is also scaling up encapsulant manufacturing capacity from 2 GW to 5 GW by FY28, with plans for 6 GW of ingot and wafer manufacturing capacity by FY29.
Commenting on the performance, Prashant Mathur, CEO of Saatvik Green Energy, said the first half of FY27 represented a period of investment ahead of the company’s next growth phase. He highlighted the growing importance of domestic solar cell manufacturing and said the Odisha facility would strengthen supply-chain control, cost competitiveness and delivery capabilities.
For H2 FY27, the company’s priorities include improving manufacturing utilisation, ramping up Odisha operations, completing ALMM List-II enlistment, executing customer orders and maintaining discipline in working capital and capital expenditure.
