| Phase I Capacity | 1.3 GWSolar PV Modules |
|---|---|
| Market Cap | ₹4,627.3 CrConsumer Durables |
| P/E Ratio | 18.65Sector PE 40.46 |
| RSI | 21.53Oversold Zone |
Key highlights
- Commercial production started on November 2, 2026, at the Gopalpur Industrial Park in Odisha
- Phase I capacity is approximately 1.3 GW of solar photovoltaic (PV) modules
- Total planned capacity for the Gopalpur facility is 4 GW, to be commissioned in subsequent phases
- The project was a primary object of the company's IPO as detailed in the September 2025 prospectus
- Confirmed order book for the company stood at 6.35 GW as of June 30, 2026
1.3 GW Solar PV Module Production Commences in Odisha
Saatvik Solar Industries Private Limited, a wholly owned material subsidiary of Saatvik Green Energy, has operationalized Phase I of its manufacturing unit at the Gopalpur Industrial Park. Located at National Highway-16 in Ganjam, the facility began commercial output of solar photovoltaic modules on November 2, 2026. This initial phase contributes 1.3 GW to the company's total manufacturing footprint.
The commencement marks a transition from the construction phase to active production, aligning with the company's goal to enhance operational scale and support domestic renewable energy demand.
Alignment With IPO Objectives and Capacity Roadmap
The establishment of the Gopalpur facility was a core component of the company's Initial Public Offer, as disclosed in its September 23, 2025, prospectus. While Phase I is now active, the company intends to scale the facility to a total of 4 GW through subsequent commissioning phases. This expansion follows earlier scaling at its Ambala facility, which reached 4.8 GW of solar PV module capacity in November 2025.
The new Odisha plant is strategically positioned to strengthen production capabilities and support the company's long-term growth trajectory as a diversified solar equipment manufacturer.
Order Book Momentum and Manufacturing Footprint
- Confirmed order book reached 6.35 GW by June 30, 2026, representing 132 percent of then-operational capacity
- Secured a major 600 MWp supply contract from SECI valued at Rs 1,041.63 crore in September 2026
- Signed an MoU with the Odisha Government in August 2026 for a 3.6 GW Phase II cell facility
- Applied for ALMM List-II enlistment for a 2.4 GW N-TOPCon solar cell facility at the same Gopalpur site
- Operationalized 2 GW of in-house EPE encapsulant film manufacturing at Ambala in December 2025
Financial Performance and Market Context
For the quarter ended June 30, 2026, Saatvik Green Energy reported operating revenue of ₹511.01 crore and a net profit of ₹5.51 crore. The company's revenue and profit saw significant contractions compared to the previous year, with operating margins at 6.62 percent. Despite recent financial volatility, the stock trades at a TTM P/E of 18.65, which is lower than the industry average of 32.74.
The company has provided a capex guidance of approximately ₹1,700 crore for FY27 to fund cell expansion and an additional ₹1,800–2,000 crore in FY28 for ingot projects.
| Date | Announcement | Amount |
|---|---|---|
| 31 Aug 2026 | Applied for ALMM List-II enlistment for 2.4 GW N-TOPCon solar cell facility at Gopalpur, Odisha to start commercial operationsSource: NSE filing | – |
| 17 Aug 2026 | Signed MoU with Odisha Government (IPICOL) for 3.6 GW Phase II cell facility at Gopalpur, with Phase I (2.4 GW cell and 4 GW module) ready for commissioningSource: pv-magazine.com | – |
| 20 May 2026 | Announced expansion of EPE encapsulant capacity to 5 GW, scaling Phase II cell capacity to 3.6 GW, and planned 6 GW ingot and wafer manufacturingSource: NSE filing | – |
| 23 Dec 2025 | Commissioned and operationalized 2 GW in-house EPE encapsulant film manufacturing facility at Ambala, HaryanaSource: saatvikgroup.com | – |
| 06 Nov 2025 | Scaled operational solar PV module manufacturing capacity to 4.8 GW at Ambala facilitySource: saatvikgroup.com | – |
| 05 Jun 2025 | Groundbreaking of greenfield integrated 4.8 GW solar cell and 4 GW module manufacturing facility at Gopalpur, Odisha, and 1 GW module expansion at AmbalaSource: saatvikgroup.com | – |
What to watch next
- Board of Directors meeting on November 5, 2026, to approve Q2 and H1 FY27 financial results
- Commissioning of subsequent phases at Gopalpur to reach the full 4 GW module capacity
- Commencement of commercial operations at the 2.4 GW N-TOPCon solar cell facility in Odisha
- Execution of the ₹1,041.63 crore SECI supply contract awarded in September 2026
| Share price | ₹364.05 |
|---|---|
| Market capitalisation | ₹4,627.26 Cr |
| Revenue (annual) | ₹4,548.44 Cr |
| Net profit (annual) | ₹357.30 Cr |
| Revenue (latest quarter) | ₹511.01 Cr-68.21% vs previous quarter |
| Net profit (latest quarter) | ₹5.51 Cr-90.91% vs previous quarter |
| P/E (TTM) | 18.65×Sector 40.46× |
| Promoter holding | 75.99%0.00% QoQ |
| FII holding | 0.12%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Saatvik Green Energy Limited announcing the commencement of commercial production at its Gopalpur solar PV module facility. Market figures from a third-party data provider.
