Saatvik Green Energy Ltd
Incorporated in 2015, Saatvik Green Energy Limited manufactures modules and offers engineering, procurement, and construction.[1]
- Market Cap ₹ 5,192 Cr.
- Current Price ₹ 408
- High / Low ₹ 580 / 328
- Stock P/E 34.8
- Book Value ₹ 75.1
- Dividend Yield 0.00 %
- ROCE 60.2 %
- ROE 78.4 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
- Company has a good return on equity (ROE) track record: 3 Years ROE 90.8%
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Earnings include an other income of Rs.94.1 Cr.
- Debtor days have increased from 48.4 to 71.2 days.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|
| 154 | 480 | 609 | 1,090 | 1,974 | 2,235 | |
| 144 | 463 | 592 | 940 | 1,784 | 2,085 | |
| Operating Profit | 10 | 17 | 17 | 150 | 191 | 150 |
| OPM % | 7% | 3% | 3% | 14% | 10% | 7% |
| 0 | 0 | 9 | 10 | 59 | 94 | |
| Interest | 4 | 6 | 13 | 15 | 26 | 27 |
| Depreciation | 2 | 2 | 7 | 11 | 12 | 13 |
| Profit before tax | 4 | 8 | 7 | 134 | 211 | 203 |
| Tax % | 29% | 28% | 29% | 25% | 26% | |
| 3 | 6 | 5 | 100 | 157 | 149 | |
| EPS in Rs | 9.35 | 17.63 | 14.08 | 296.69 | 14.01 | 12.86 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 60% |
| TTM: | 81% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 198% |
| TTM: | 57% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 84% |
| 3 Years: | 91% |
| Last Year: | 78% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 3 | 3 | 3 | 3 | 22 | 25 |
| Reserves | 14 | 12 | 17 | 117 | 258 | 930 |
| 44 | 112 | 153 | 227 | 161 | 146 | |
| 26 | 100 | 90 | 257 | 374 | 307 | |
| Total Liabilities | 87 | 227 | 263 | 604 | 815 | 1,408 |
| 29 | 32 | 50 | 53 | 60 | 56 | |
| CWIP | 0 | 0 | 0 | 1 | 0 | 0 |
| Investments | 3 | 0 | 0 | 10 | 0 | 1 |
| 56 | 195 | 213 | 539 | 755 | 1,351 | |
| Total Assets | 87 | 227 | 263 | 604 | 815 | 1,408 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 16 | -57 | -3 | 14 | ||
| -3 | 1 | -18 | -67 | ||
| -11 | 55 | 32 | 52 | ||
| Net Cash Flow | 1 | -1 | 11 | -1 | |
| Free Cash Flow | 13 | -58 | -21 | 7 | |
| CFO/OP | 161% | -334% | 10% | 20% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Debtor Days | 28 | 8 | 13 | 62 | 71 |
| Inventory Days | 61 | 109 | 89 | 93 | 42 |
| Days Payable | 52 | 62 | 45 | 79 | 58 |
| Cash Conversion Cycle | 37 | 55 | 56 | 75 | 55 |
| Working Capital Days | 39 | -0 | 1 | 23 | 45 |
| ROCE % | 15% | 13% | 57% | 60% |
Insights
In beta| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Annual Solar Module Manufacturing Capacity MW / GW |
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| Annualized Capacity Utilization (Module) % |
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| Asset Turnover (Annualized) Times |
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| Order Book Size GW |
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| Solar Module Production MW |
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| Solar Module Sales MW |
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| Solar Water Pumps Executed Number |
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Documents
Announcements
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
30 Mar - Material subsidiary received and accepted INR 57.03 Crore solar PV modules order; execution by March 2026.
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
27 Mar - Material subsidiary received INR 14.48 Crore order to supply solar PV modules, execution by March 2026.
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
27 Mar - Material subsidiary received INR 14 Crore solar PV modules order; to be executed by March 2026.
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
27 Mar - Material subsidiary secured INR 638.26 crore order to supply G12 R solar cells, delivery by March 2027.
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Allocation Of Land By Saatvik Solar Industries Private Limited , Material Subsidiary Of The Company
25 Mar - Material subsidiary leased 185 acres in Narmadapuram for 99 years for INR 11.17 Crore.
Concalls
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Feb 2026Transcript PPT
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Nov 2025Transcript PPT
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Oct 2025Transcript PPT REC
Business Profile[1][2]
The company is one of India’s leading solar PV module manufacturers, with a manufacturing capacity of 3.80 GW. It provides integrated solutions covering module manufacturing, EPC services, and O&M support, and has achieved an installed EPC base of 69.12 MW as of March 2025. Since its inception, the company has supplied over 2.50 GW of solar PV modules to domestic and international markets.