Saatvik Green Energy’s FY26 revenue more than doubled to INR 45,484 million, while PAT rose 64% to a record INR 3,571 million
Saatvik achieved a record annual production of 3,162 MW with 84.07% capacity utilization
The company says this growth was driven by strong order execution, manufacturing expansion, and increasing customer relationships
Saatvik Green Energy Limited exited FY2026 (ended March 31, 2026) with its revenue from operations rising 111% year-on-year (YoY) to INR 45,484 million, marking its highest-ever annual revenue.
FY26 EBITDA increased 62% YoY to INR 5,811 million, while profit after tax (PAT) grew 64% to INR 3,571 million, the company’s highest-ever profitability performance to date.
The company’s Q4 FY26 revenue stood at INR 16,077 million, up 75% from the same period last year, driven by manufacturing scale-up, higher order execution, and growing demand across solar segments.
Prashant Mathur, CEO of Saatvik Green Energy Limited, said FY26 was a ‘defining year’ for the solar manufacturer. He attributes its growth to strong order execution, manufacturing expansion, and increasing customer relationships.
Saatvik’s solar pump business also recorded significant growth during the year, with revenue increasing nearly 19 times from INR 25 million in FY25 to INR 472 million in FY26.
The company also achieved its highest-ever annual production of 3,162 MW during FY26, with effective capacity utilization reaching 84.07%. Its facility in Ambala, Haryana, operated at 100% of its module manufacturing capacity of 4.8 GW.
Saatvik also increased the planned solar cell capacity at the Odisha facility from 2.4 GW to 3.6 GW, with tool-moving activities expected to begin from Q1 FY27. During FY26, it commissioned a 2 GW in-house EPE encapsulant manufacturing facility and announced plans to expand it to 5 GW (see Saatvik Green Energy Commissions 2 GW Encapsulant Factory).
Like several of its peers undertaking vertical integration, Saatvik is also entering ingot and wafer manufacturing with a proposed capacity of 6 GW as part of its backward integration strategy. Recently, it completed 80% acquisition of Melcon Transformers Electricals Private Limited, thus foraying into transformer manufacturing (see India Solar PV News Snippets).
According to Saatvik, its overarching ambition is to have 6 GW of production capacity for ingots, wafers, and solar cells, as well as 8.8 GW for modules and 5 GW for encapsulants by FY29. On its earnings calls, management shared that encapsulants currently account for 7% to 10% of the company’s module costs and that in-house production helps achieve 5% to 10% savings, depending on raw material procurement prices.
Management emphasized that its current plan is not to match encapsulant capacity with module capacity, but to maintain a base level of internal supply while evaluating future expansion based on market demand and business requirements.
“Over the long term, Saatvik aims to progressively build a comprehensive, end-to-end integrated energy platform spanning manufacturing, storage, power electronics, components, and energy infrastructure, positioning the company for full value chain integration within the evolving energy ecosystem,” shared Saatvik Green Energy Chairman and Managing Director Neelesh Garg.
With an order book of around 5.89 GW with independent power producers (IPPs) and utilities as of March 31, 2026, Saatvik says it has strong medium-term business visibility. Recently, Saatvik also announced an order for TOPCon bifacial glass-glass PV panels from a domestic IPP valued at INR 171.45 crore. The order is scheduled to be executed by October 2026.