Saatvik Green Energy Limited (NSE: SAATVIKGL) reported strong unaudited financials for Q3 and nine months ended FY26, fueled by higher volumes, cost discipline, and operational efficiencies.
Financial Performance
Revenue for 9M FY26 reached ₹29,407.8 million, up 137% from 9M FY25, driven by elevated sales volumes and steady realizations. Q3 FY26 revenue hit ₹12,570.2 million, reflecting 143% YoY growth.
EBITDA climbed 135% YoY to ₹4,693.4 million for 9M FY26, with margins at 15.96%, showcasing effective cost controls. Q3 FY26 EBITDA was ₹1,647.6 million, up 134% YoY, at a 13.11% margin.
Profit After Tax (PAT) for 9M FY26 surged 145% to ₹3,007.9 million, yielding a 10.23% margin. Q3 FY26 PAT stood at ₹987.2 million, up 144% YoY, with a 7.85% margin. Return metrics remained solid, with ROE at 23.10% and ROCE at 26.03%.
Operational Strengths
Q3 FY26 production totaled 759 MW, with capacity utilization at 81%, well above industry norms. The Ambala facility operates at 4.8 GW annual capacity, catering to utility-scale and C&I demand.
The order book as of December 31, 2025, measures 5.05 GW, ensuring revenue visibility. Recent domestic orders worth ₹963 crore from IPPs and EPCs highlight repeat business and product reliability.
Balance sheet health improved, with debt-equity ratio at 0.66, supporting expansion without excess leverage.
Strategic Initiatives
CEO Prashant Mathur emphasized operating leverage and execution: “Q3 FY26 delivered healthy growth across metrics, backed by higher volumes and asset utilization.”
Key milestones include the on-track Odisha greenfield project—4 GW modules and 4.8 GW cells—for backward integration and cost advantages.
Saatvik commissioned a 2 GW in-house EPE film facility at Ambala, enhancing supply-chain self-reliance and module quality. This positions the company among few Indian firms with captive encapsulant production.
The UDAY Series inverters (1.1-50 kW) target B2C and distributed solar, featuring >99% MPPT efficiency and IP65 protection.
In solar pumps, Saatvik secured a ₹30.24 crore MSEDCL order for 1,815 units under PM-KUSUM-B, including five-year maintenance.
Outlook
With a 5.05 GW order book and policy support, Saatvik eyes sustained momentum through expansions, utilization gains, and profitable growth in India’s renewable push.