| Expansion Capacity | 3.6 GWSolar Cells |
|---|---|
| Market Cap | ₹4,969.81 CrMid-cap |
| Revenue TTM | ₹4,143.72 CrOperating |
| RSI | 43.94Neutral Zone |
| Execution period | Targeted for commercial production by FY28 |
Key highlights
- MoU signed with IPICOL for a 3.6 GW solar cell manufacturing facility in Ganjam, Odisha
- Phase II production is targeted to commence by the financial year 2028
- Phase I integrated facility featuring 2.4 GW cell and 4 GW module capacity is nearing commissioning
- ALMM-II inspection for the Phase I cell line is scheduled for September 2026
- Infrastructure for Phase I, including a 220 kV substation, is already completed and ready for charging
Expansion Details
The Memorandum of Understanding with the Industrial Promotion and Investment Corporation of Odisha Limited (IPICOL) facilitates the establishment of a massive 3.6 GW solar cell manufacturing plant at Gopalpur. This Phase II expansion builds upon the company's existing footprint in the region. While Phase I is already progressing with 2.4 GW of cell and 4 GW of module capacity, this new addition scales the total integrated capacity significantly.
The project is designed to enhance the domestic renewable energy ecosystem and create substantial employment opportunities in the Ganjam district, reinforcing the state's position as a green energy manufacturing hub.
Strategic Rationale
- Strengthens vertical integration by expanding internal solar cell manufacturing capabilities
- Positions the company to meet rising domestic demand for high-efficiency solar products
- Leverages existing infrastructure at the Gopalpur site, including a dedicated 220 kV substation
- Supports India's broader objectives of energy security and self-reliance in clean energy components
- Aligns with the company's long-term strategy of building a resilient and sustainable solar value chain
Business Overview
Saatvik Green Energy is a major player in India’s solar photovoltaic module manufacturing sector, serving utility-scale, commercial, and industrial segments. Beyond the upcoming Odisha facilities, the company operates a 4.8 GW module manufacturing plant in Ambala, Haryana. The transition towards an integrated model—manufacturing both cells and modules—aims to reduce supply chain dependencies and improve operational margins.
By developing greenfield integrated facilities, Saatvik is scaling its technology and execution capabilities to maintain a competitive edge in the rapidly evolving renewable energy market.
Financial Context
Despite a recent market correction where the stock saw a week change of -7.71%, Saatvik maintains a robust annual performance with revenue growth of 109.26% YoY. The company's annual net profit grew by 66.87%, though quarterly figures show a contraction in margins compared to previous periods. With a trailing twelve-month PE of 20.03 and a price-to-book value of 3.65, the company is trading at a lower valuation than the industry average PE of 41.44.
High promoter holding at 75.99% reflects continued internal confidence as the firm undertakes these capital-intensive expansions.
Executive Perspective
As our 2.4 GW cell and 4 GW module manufacturing lines move towards production, we are taking a decisive step towards building scale, strengthening integration and creating the foundation for our next phase of robust growth.
“Odisha is more than a manufacturing milestone for Saatvik; it is a statement of our ambition.”
“With Phase II targeted for commercial production by FY28, we are preparing for the next leap in scale.”
| Share price | ₹391 |
|---|---|
| Market capitalisation | ₹4,969.81 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) | 20.03×Sector 47.2× |
| Promoter holding | 75.99%0.00% QoQ |
| FII holding | 0.19%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 a Memorandum of Understanding with the Government of Odisha for a new manufacturing facility. Market figures from a third-party data provider.
