Saatvik Solar Industries is advancing a 3.6 GW solar cell production facility under a new MoU with the Odisha government as Phase II of its Gopalpur factory
Under Phase I, its 2.4 GW cell and 4 GW module lines are moving through installation, testing, and commissioning activities
Saatvik Green Energy’s Q1 FY27 revenue and profitability declined on a YoY basis, while the company reported 6.35 GW confirmed order book
Saatvik Solar Industries Private Limited, the solar PV manufacturing arm of Saatvik Green Energy Limited, has signed a memorandum of understanding (MoU) with the Government of Odisha for its 3.6 GW solar cell manufacturing facility.
The proposed facility will be located in Gopalpur, Ganjam district, as part of its Phase II expansion. The company said the project is expected to create employment and support the development of Odisha’s renewable energy manufacturing ecosystem.
The development comes as the company moves its Phase I facility toward commissioning. Phase I includes 2.4 GW of cell and 4 GW of module manufacturing capacity. The cell line under Phase I is scheduled for an ALMM-II inspection planned for September 2026, while the module line is nearing operations. Ramp-up is expected to commence by the end of August 2026. On completion of 3.6 GW under phase II targeted for FY28, Saatvik’s total cell manufacturing capacity will expand to 6 GW.
Against this manufacturing expansion, Saatvik Green Energy recently reported a weaker financial performance for Q1 FY27 (ended June 30, 2026). Its revenue from operations fell to INR 5,110 million from INR 9,157 million in Q1 FY26.
Its EBITDA declined to INR 425 million from INR 1,777 million, while profit after tax (PAT) dropped to INR 54 million from INR 1,166 million. The company’s EBITDA margin stood at 8.33%, compared with 19.40% a year earlier, while PAT margin was 1.05%, down from 12.73%.
According to the company, Q1 FY27 was affected by supply chain and market uncertainties, higher logistics and commodity costs, and currency fluctuations. Some customers delayed purchases due to regulatory uncertainty. The company said its strategy during the reporting quarter was to focus on executing orders with better returns rather than pursuing volumes.
Nevertheless, Saatvik management is confident of future prospects with a confirmed order book of 6.35 GW, equivalent to about 132% of its installed module capacity of 4.8 GW. This lends it a robust medium-term visibility, says Saatvik Green Energy CEO Prashant Mathur.
The company said it would focus through the rest of FY27 on manufacturing scale-up, order execution, portfolio diversification and deeper value-chain integration. Its future plans also include 6 GW of ingot and wafer manufacturing capacity under phase III, targeted for completion in FY29, aligned with the ALMM List-III transition (see India To Enforce ALMM List-III For Ingots, Wafers On June 1, 2028).
It already operates a 2 GW encapsulant factory in Haryana, and plans to add another 3 GW to its portfolio (see Saatvik Green Energy Commissions 2 GW Encapsulant Factory).
Beyond manufacturing, Saatvik said it launched the Saatvik SuryaConnect Solar Kit and UDAY Plus Hybrid Inverter during the quarter. It is also expanding its portfolio across EPC, transformers, BESS, and distributed solar solutions. In April 2026, it acquired an 80% stake in Melcon Transformers and Electricals, marking its entry into power transmission equipment manufacturing (see India Solar PV News Snippets).
