Saatvik Green Energy Limited, one of India’s integrated solar energy solutions providers, has reported its unaudited financial results for the quarter ended June 30, 2026, with the company maintaining strong order visibility even as ongoing manufacturing expansion weighed on near-term financial performance.
The company reported revenue from operations of ₹5,110 million in Q1 FY27, compared with ₹9,157 million in the corresponding quarter of FY26. Saatvik said the decline reflected the transitional impact of its ongoing capacity expansion at Odisha, coupled with a high base in the year-ago quarter.
Despite the moderation in financial performance, operational indicators remained positive. Capacity utilisation improved to approximately 90% in Q1 FY27 from 81% in Q1 FY26, while the company executed 1.05 GW of orders during the quarter. Its confirmed order book stood at 5.89 GW as of June 2026, equivalent to approximately 123% of its installed module capacity.
Saatvik reported EBITDA of ₹425 million in Q1 FY27, compared with ₹1,777 million in Q1 FY26, while EBITDA margin stood at 8.33%, against 19.40% in the corresponding period. Profit after tax declined to ₹54 million from ₹1,166 million, with PAT margin moderating to 1.05% from 12.73%.
The company said the quarterly performance needs to be viewed in the context of its ongoing manufacturing expansion and the high comparison base of Q1 FY26. At the same time, financial discipline continued to improve, with Saatvik’s debt-to-equity ratio declining to 0.99x as of June 2026 from 1.28x in Q1 FY26, indicating a stronger balance-sheet position while the company continues to invest in capacity expansion.
Saatvik’s confirmed order book of 5.89 GW provides significant visibility for future execution. The company executed 1.05 GW of orders during Q1 FY27, while additional orders secured after the quarter further strengthened its business pipeline. Its existing 4.8 GW module manufacturing facility in Ambala continued to support order execution during the quarter, with higher utilisation reflecting continued demand for its solar modules.
The company also continued to make progress on its integrated manufacturing facility at Gopalpur, Odisha, which is central to its strategy of building a more integrated domestic solar manufacturing ecosystem. The 4 GW module manufacturing line has substantially completed civil and structural works, with production equipment dispatched and tool movement targeted for Q2 FY27. The 2.4 GW cell manufacturing line has also completed civil and structural works, with MEP contractors and vendors mobilised and cell tool movement targeted for Q2 FY27.
Saatvik is pursuing deeper backward integration across the solar value chain, including plans to scale encapsulant manufacturing capacity from 2 GW to 5 GW, while progressing longer-term plans covering ingot and wafer manufacturing. The initiatives are aimed at strengthening domestic manufacturing capabilities, supporting greater localisation and improving resilience across the solar supply chain.
Alongside its manufacturing expansion, Saatvik continued to diversify its clean energy portfolio during the quarter. The company launched the Saatvik SuryaConnect Solar Kit, a ready-to-install solar solution for residential and commercial customers, as well as the Saatvik UDAY Plus Hybrid Inverter, which combines solar power generation with battery backup capabilities.
The company is also expanding its presence across engineering, procurement and construction (EPC), transformers, battery energy storage systems (BESS), distributed solar solutions and solar pumps, allowing it to address a broader range of requirements across India’s rapidly evolving clean energy ecosystem.
Commenting on the performance, Prashant Mathur, Chief Executive Officer, Saatvik Green Energy Limited, said Q1 FY27 was an important quarter for the company as it continued its transition towards a more integrated clean energy platform. He noted that existing manufacturing operations continued to perform efficiently, with capacity utilisation improving to approximately 90%, while the 5.89 GW confirmed order book and 1.05 GW of quarterly execution provided a strong foundation for the year ahead.
Mathur also highlighted the progress at the Odisha manufacturing facility and the company’s efforts to deepen capabilities across cells, encapsulants and other critical components of the solar value chain. He said the company’s focus for the remainder of FY27 would remain on disciplined execution, manufacturing scale-up, greater integration and building technology-led capabilities to support India’s growing clean energy requirements.
Saatvik said its Gopalpur facility will remain a key priority in the coming quarters, with the company working towards production ramp-up across its module and cell manufacturing lines. The company also plans to increase manufacturing and encapsulant capabilities while progressing its broader value-chain integration strategy.
With its strong order pipeline, improving capacity utilisation and expanding clean energy portfolio, Saatvik enters the remainder of FY27 focused on scaling its integrated manufacturing platform and strengthening its position across India’s renewable energy value chain. The company will also continue to build its presence across domestic and international markets while maintaining a focus on operational efficiency and disciplined capital allocation.
Overall, while Q1 FY27 financial performance was impacted by the transition associated with capacity expansion, Saatvik’s improving manufacturing utilisation, 5.89 GW order book, progress on its Odisha facility and expanding clean energy portfolio provide a strong foundation for the company’s growth trajectory through the remainder of FY27.
