Saatvik Green Energy Ltd

₹ 390 -1.62%

15 Sep 3:51 p.m.

saatvikgroup.com BSE: 544526 NSE: SAATVIKGL

About

Incorporated in 2015, Saatvik Green Energy Limited manufactures modules and offers engineering, procurement, and construction.^[1]

Key Points

Business Profile:^[1]^[2]
The company is one of India’s leading solar PV module manufacturers, with a manufacturing capacity of 4.86 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 5.50 GW of solar PV modules to domestic and international markets.

Website BSE NSE

Market Cap ₹ 4,947 Cr.
Current Price ₹ 390
High / Low ₹ 580 / 328
Stock P/E 78.7
Book Value ₹ 79.0
Dividend Yield 0.00 %
ROCE 14.2 %
ROE 10.1 %
Face Value ₹ 2.00

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Pros

Company has delivered good profit growth of 83.1% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 35.2%

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Earnings include an other income of Rs.120 Cr.

* 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

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	312.40	589.94	487.11	584.89	377.80	555.21	717.07	612.15	333.24
	272.07	582.30	462.26	469.18	368.76	558.67	692.43	627.89	336.01
Operating Profit	40.33	7.64	24.85	115.71	9.04	-3.46	24.64	-15.74	-2.77
OPM %	12.91%	1.30%	5.10%	19.78%	2.39%	-0.62%	3.44%	-2.57%	-0.83%
	8.65	21.73	2.19	26.46	11.83	16.86	38.95	44.89	19.46
Interest	5.21	5.24	7.46	9.17	5.83	4.80	8.22	6.34	3.69
Depreciation	2.77	2.79	3.36	3.37	3.50	3.13	3.06	7.54	3.87
Profit before tax	41.00	21.34	16.22	129.63	11.54	5.47	52.31	15.27	9.13
Tax %	25.68%	20.67%	27.07%	26.13%	29.46%	37.29%	25.90%	25.02%	24.97%
	30.47	16.93	11.83	95.77	8.12	3.44	38.76	11.46	6.86
EPS in Rs	90.15	50.09	1.06	8.55	0.72	0.27	3.05	0.90	0.54
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	154	480	609	1,090	1,974	2,262	2,218
	144	463	592	940	1,785	2,247	2,215
Operating Profit	10	17	17	150	190	15	3
OPM %	7%	3.5%	2.8%	14%	10%	0.7%	0.1%
	0	0	9	10	59	113	120
Interest	4	6	13	15	27	25	23
Depreciation	2	2	7	11	12	17	18
Profit before tax	4	8	7	134	209	85	82
Tax %	29%	28%	29%	25%	26%	27%
	3	6	5	100	156	62	61
EPS in Rs	9.35	17.63	14.08	296.69	13.92	4.90	4.76
Dividend Payout %	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	%
5 Years:	71%
3 Years:	55%
TTM:	9%

Compounded Profit Growth
10 Years:	%
5 Years:	83%
3 Years:	139%
TTM:	-53%

Stock Price CAGR
10 Years:	%
5 Years:	%
3 Years:	%
1 Year:	%

Return on Equity
10 Years:	%
5 Years:	35%
3 Years:	35%
Last Year:	10%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	3	3	3	3	22	25
Reserves	14	12	17	117	258	979
	44	112	153	227	161	167
	26	100	90	257	374	317
Total Liabilities	87	227	263	604	815	1,489
	29	32	50	53	60	43
CWIP	0	0	0	1	0	0
Investments	3	0	0	10	0	645
	56	195	213	539	755	801
Total Assets	87	227	263	604	815	1,489

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	16	-57	-3	14	88	2
	-3	1	-18	-67	3	-643
	-11	55	32	52	-98	644
Net Cash Flow	1	-1	11	-1	-7	3
Free Cash Flow	13	-58	-21	7	80	-6
CFO/OP	161%	-334%	10%	20%	70%	369%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	28	8	13	62	71	51
Inventory Days	61	109	89	93	42	37
Days Payable	52	62	45	79	57	46
Cash Conversion Cycle	37	55	56	75	55	42
Working Capital Days	39	-0	1	23	45	50
ROCE %		15%	13%	57%	60%	14%

Insights

In beta

Mar 2017

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Solar Module Installed Capacity
MW

xxx	xxx	x,xxx	x,xxx	x,xxx
	x.xx	x.xx	x.xx	x.xx
	xx.xx	xx.xx	xx.xx	xx.xx
	xxx.xx	xxx.xx	x,xxx.xx	x,xxx.xx
	xxx.xx	xxx.xx	x,xxx.xx	x,xxx.xx
			x	x
				xx
			xx

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Confirmed Order Book
GW

Effective Module Capacity Utilization
%

Solar Module Production Volume
MW

Solar Module Sales Volume
MW

Encapsulant Manufacturing Capacity
GW

Selling Partners
count

Utility Customer Share
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	75.99%	75.99%	75.99%	75.99%
	0.46%	0.25%	0.03%	0.19%
	8.05%	9.35%	10.52%	10.97%
	15.51%	14.42%	13.46%	12.84%
No. of Shareholders	1,71,559	83,335	78,073	69,254

	Mar 2026	Jun 2026
	75.99%	75.99%
	0.03%	0.19%
	10.52%	10.97%
	13.46%	12.84%
No. of Shareholders	78,073	69,254

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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