Saatvik Green Energy shares surged 4.5% to ₹419 following the announcement of a significant new order, marking the stock's largest single-day gain in over a month. The company's material subsidiary, Saatvik Solar Industries Private Ltd, has received and accepted a ₹190 crore order from a reputed independent power producer/Engineering, Procurement and Construction (EPC) player for solar photovoltaic modules. This marks the second major order win for the company in recent weeks, following a ₹476 crore order from Vikran Engineering secured last week. The order is classified as a commercial order and is scheduled for execution by March 2027, providing strong revenue visibility for the company. This latest order win demonstrates the company's continued ability to secure large-scale solar projects despite broader market challenges.
Saatvik Green Energy reported a challenging first quarter with profit declining 95.45% year-on-year to ₹5.3 crore for Q1 FY27, compared with ₹116.6 crore in the corresponding quarter last year. Revenue fell 44.20% to ₹511.01 crore from ₹915.73 crore, while EBITDA dropped 80.5% to ₹33.83 crore from ₹173.68 crore. The EBITDA margin compressed significantly to 6.6% from 19% in Q1 FY26, reflecting the impact of market conditions and operational challenges. Despite the quarterly decline, the company's confirmed order book stands at approximately 6.35 GW, equivalent to around 132% of its operational module capacity of 4.8 GW, providing strong business visibility for future quarters.
The latest order involves the supply of TOPCon bifacial glass-glass solar PV modules, a next-generation solar technology that generates power from both sides of the panel rather than just the front, significantly increasing energy output compared with conventional modules. This advanced technology order demonstrates the company's capability to serve high-end solar applications. Saatvik Solar's Phase I facility at Gopalpur has completed major construction and infrastructure works, with equipment installation and testing activities progressing. The company has also completed key power infrastructure milestones, with its dedicated 220 kV substation ready for charging. Tool installation is progressing well, with ramp-up set to commence shortly marking a significant step towards operational readiness. Manufacturing lines are currently undergoing final installation, testing, validation and process-readiness activities.
Last week, Saatvik Solar Industries also signed an initial pact with the Industrial Promotion and Investment Corporation of Odisha Ltd. (IPICOL) to set up a 3.6 GW solar cell manufacturing facility at Gopalpur in Odisha. The proposed facility will form part of Saatvik Solar's broader manufacturing expansion at Gopalpur, where the company is already progressing with its Phase I integrated manufacturing facility. Beyond Phase I, Saatvik is progressing with Phase II, which will add 3.6 GW of cell manufacturing capacity and take its total cell manufacturing capacity to 6 GW. Site activities are targeted to begin by the end of Q2 FY27, with completion targeted by FY28. The company has also initiated planning for Phase III, which envisages 6 GW of ingot and wafer manufacturing capacity. This phase is targeted for completion by FY29 and is aligned with the anticipated ALMM-III transition, positioning the company for future growth in advanced solar manufacturing capabilities.
Despite recent volatility, the stock has rebounded 22% from March lows but remains below its issue price. The stock is currently trading 14% below its issue price and 29.3% lower than its post-listing high of ₹567, as reported by Live Mint. The company's market capitalisation stands at ₹5,089.92 crore. Recently, the subsidiary signed a Memorandum of Understanding (MoU) with the Industrial Promotion and Investment Corporation of Odisha (IPICOL), Government of Odisha, for setting up a 3.6 GW Solar Cell Manufacturing Facility at Gopalpur in Ganjam district, Odisha. The company's ability to secure large-scale orders despite market challenges demonstrates the strength of its manufacturing capabilities and market position. Saatvik Green Energy's confirmed order book of 6.35 GW provides strong revenue visibility, with the company continuing to receive orders during the quarter and additional orders secured subsequently further strengthening business visibility.
