Saatvik Green Energy Unveils TOPCon 3.0 Solar Module with 24.8% Efficiency at REI Expo

Key numbers

Market Cap	₹4,613.91 CrMid Cap
P/E Ratio	18.6xSector 42.15x
Revenue TTM	₹4,143.72 CrTrailing 12 Months
Promoter Holding	75.99%Zero Pledge

Key highlights

• New module delivers a power output of up to 670 Wp, reaching 745 Wp under bifacial rating conditions
• Features advanced N-type TOPCon 3.0 cell architecture with 24.8% maximum module efficiency
• Backed by a 30-year linear power warranty with annual degradation capped at 0.35%
• Incorporates a quad-cut cell design with 264 cells to reduce resistive losses and hot-spot risks
• Product launch follows a major ₹1,041.63 crore order win from SECI in September 2026

Advanced Quad-Cut Architecture for Utility Efficiency

Saatvik Green Energy's new Quad-Cut TOPCon 3.0 module represents a strategic move into high-wattage solar solutions, boasting 24.8% efficiency. The design utilizes 264 quarter-cut cells in a 6x44 configuration, which effectively reduces current loss and resistive heating per cell. By delivering up to 745 Wp under bifacial conditions, the module helps developers lower balance-of-system costs, including land use, cabling, and installation labor.

This launch is timed with India's transition toward utility-scale projects that prioritize long-term project economics. The module is specifically designed to retain more rated output at higher temperatures with a temperature coefficient of -0.26% per degree Celsius.

Performance Assurance and Long-term Warranty

• Industry-leading 30-year linear power warranty with 0.35% annual degradation thereafter
• Warranted to deliver at least 88.85% of its rated power at the end of 30 years
• Warranty structure is backed by Munich RE insurance for enhanced project bankability
• 12-year product warranty provided alongside the performance guarantee
• Manufactured under multiple ISO standards including 9001, 14001, and 45001

Strategic Expansion Amid Financial Transitions

The product launch comes as Saatvik manages a transitional financial phase, having reported Q1 FY27 revenue of ₹511.01 crore, a 44.2% year-on-year decline. Net profit for the same quarter stood at ₹5.51 crore as operating margins compressed to 6.6%. To counter these headwinds, the company is scaling its manufacturing footprint toward a target of 8.8 GW module capacity and 6 GW cell capacity.

Recent milestones include a ₹1,041.63 crore order win from SECI in September 2026 and the development of an integrated Greenfield facility in Odisha. This new module follows earlier 2026 launches including the SuryaConnect Solar Kit and UDAY Plus Hybrid Inverters.

Management on Advancing Project Economics

Our Quad-Cut TOPCon 3.0 Dual Glass Bifacial Module reflects Saatvik’s commitment to advancing solar technology through products that combine higher power output, optimised system costs and long-term performance assurance.

What to watch next

• Commissioning of Phase-I integrated facility in Odisha with 2.4 GW cell line in FY27
• ALMM List-II inspection and operational ramp-up for the 4.0 GW Odisha module line
• Execution progress on the ₹1,041.63 crore SECI supply package awarded in September 2026
• Next quarterly financial results scheduled for release in November 2026

“As India’s solar sector scales up, the focus is shifting towards higher-efficiency modules that can improve project economics while delivering reliable, long-term performance.”

Saatvik Green Energy · financial snapshot

Share price	₹363
Market capitalisation	₹4,613.91 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)	18.6×Sector 42.15×
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.