Saatvik Green Energy Ltd
Incorporated in 2015, Saatvik Green Energy Limited manufactures modules and offers engineering, procurement, and construction.[1]
- Market Cap ₹ 5,190 Cr.
- Current Price ₹ 408
- High / Low ₹ 580 / 406
- Stock P/E 36.2
- 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
- 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.
Peer comparison
Industrials Capital Goods Electrical Equipment Other Electrical Equipment
Part of BSE IPO
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 | |
|---|---|---|---|---|---|
| 154 | 480 | 609 | 1,090 | 1,974 | |
| 144 | 463 | 592 | 940 | 1,784 | |
| Operating Profit | 10 | 17 | 17 | 150 | 191 |
| OPM % | 7% | 3% | 3% | 14% | 10% |
| 0 | 0 | 9 | 10 | 59 | |
| Interest | 4 | 6 | 13 | 15 | 26 |
| Depreciation | 2 | 2 | 7 | 11 | 12 |
| Profit before tax | 4 | 8 | 7 | 134 | 211 |
| Tax % | 29% | 28% | 29% | 25% | 26% |
| 3 | 6 | 5 | 100 | 157 | |
| EPS in Rs | 9.35 | 17.63 | 14.08 | 296.69 | 14.01 |
| 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: | % |
| 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 |
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% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
17 Nov - Saatvik subsidiary received INR 177.50 Cr solar PV module order, execution Nov–Dec 2025.
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
13 Nov - Transcript of Earnings Call for the quarter and half year ended September 30, 2025.
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Announcement under Regulation 30 (LODR)-Monitoring Agency Report
12 Nov - Monitoring report: IPO gross Rs7,000m; net Rs6,575.18m; unutilized proceeds parked in FDs as of Sep 30, 2025.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
10 Nov - Audio recording of Nov 10, 2025 earnings call on Q2/H1 results (Sept 30, 2025) posted.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Nov
Concalls
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Nov 2025TranscriptPPT
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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.