Saatvik Green Energy Reports 77% Sequential Revenue Growth; Begins Commercial Production at Odisha Facility
Mumbai: Saatvik Green Energy Limited has reported revenue of ₹902.6 crore for the second quarter of FY27, registering a 17.53% year-on-year increase. The company also announced the commencement of commercial production at its integrated solar manufacturing facility in Gopalpur, Odisha.
For the quarter ended September 30, 2026, the company’s profit after tax (PAT) stood at ₹20.2 crore, compared with ₹84.7 crore in the corresponding quarter last year. EBITDA declined 44.89% to ₹69.6 crore.
For the first half of FY27, revenue stood at ₹1,413.6 crore, down 16.05% year-on-year, while PAT declined 87.28% to ₹25.6 crore.
Odisha Manufacturing Facility Begins Operations
Saatvik commenced commercial production of solar PV modules at its Gopalpur facility on November 2 through its wholly owned subsidiary, Saatvik Solar Industries Private Limited.
Around 1.3 GW of the planned 4 GW module manufacturing capacity under Phase I is currently operational. The company expects the full module capacity to be operational by December 2026. Trial production has also started on the 2.4 GW solar cell manufacturing line, with production ramp-up targeted for December.
The company has signed an MoU with the Government of Odisha’s IPICOL for an additional 3.6 GW solar cell manufacturing facility at Gopalpur.
Major Solar Orders Secured
Saatvik secured a ₹1,041.63 crore order from the Solar Energy Corporation of India (SECI) for 600 MWp of solar modules manufactured using domestic solar cells. The order is scheduled for execution by December 2027.
It also received orders worth ₹476 crore from Vikran Engineering Limited and ₹297.5 crore and ₹190 crore from independent power producers and EPC companies.
After the quarter ended, the company received an order worth approximately ₹100 crore 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 / PM-KUSUM B scheme.
Manufacturing and Business Expansion
During Q2 FY27, the company produced 658 MW of solar modules and recorded sales of 640 MW. Capacity utilisation stood at approximately 58.5%, compared with 83.1% in the corresponding quarter last year.
Its confirmed order book stood at 6.68 GW as of September 2026.
The company is also expanding into hybrid inverters, lithium battery solutions and residential solar kits, alongside its existing solar module manufacturing business.
Saatvik Green Energy CEO Prashant Mathur said the company was prioritising long-term manufacturing integration and supply-chain capabilities, while focusing on improving operational efficiency, margins and working capital during the second half of FY27.
