Saatvik Green Energy Limited reported a 76.15% year-on-year decline in consolidated net profit to ₹20.2 crore for the second quarter of FY27, even as revenue from operations increased 17.53% to ₹902.6 crore. The quarter also marked a major operational milestone for the solar manufacturer, with commercial production beginning at its new manufacturing facility in Gopalpur, Odisha.
The company had recorded a profit after tax (PAT) of ₹84.7 crore in the corresponding quarter of the previous financial year. Revenue from operations during Q2 FY27 stood at ₹902.6 crore, compared with ₹768 crore a year earlier.
The financial results reflect a period of significant investment and operational transition as Saatvik expands its manufacturing capacity and moves towards a more integrated solar cell-to-module production model.
EBITDA and Profit Margins Under Pressure
Saatvik’s EBITDA declined 44.89% year-on-year to ₹69.6 crore during the quarter, compared with ₹126.3 crore in Q2 FY26. Its EBITDA margin narrowed to 7.71% from 16.45% in the corresponding period last year.
For the first half of FY27, revenue from operations fell 16.05% to ₹1,413.6 crore, while profit after tax declined 87.28% to ₹25.6 crore from ₹201.3 crore in the first half of FY26.
The company attributed the financial transition to investments aimed at strengthening its manufacturing capabilities and long-term market position.
CEO Prashant Mathur described the first half as a period of investment ahead of future demand. He said the company was prioritising long-term positioning while focusing on customer commitments, manufacturing expansion, margins and working capital discipline.
Odisha Facility Begins Commercial Production
A key development during the quarter was the commencement of commercial production at Saatvik’s Gopalpur manufacturing facility in Odisha on November 2, 2026, through its wholly owned subsidiary, Saatvik Solar Industries Private Limited.
Approximately 1.3 GW of the facility’s Phase I solar module manufacturing capacity has become operational. The company expects the entire 4 GW module capacity under Phase I to be operational by December 2026.
The same phase also includes a 2.4 GW solar cell manufacturing line. Trial runs have commenced, with production ramp-up targeted for December 2026. The company is also progressing with the required inspection and approval process for inclusion of the cell facility under the Approved List of Models and Manufacturers (ALMM) List-II.
The integrated facility is expected to strengthen Saatvik’s control over its supply chain by combining solar cell and module manufacturing at the same location.
Order Book Reaches 6.68 GW
Saatvik reported a confirmed order book of 6.68 GW as of September 2026, valued at approximately ₹8,800 crore. This represents nearly 110% of its installed module manufacturing capacity of 6.1 GW.
During the first half of FY27, the company added 1.76 GW in new orders and executed approximately 0.97 GW.
One of its significant order wins was a ₹1,041.63 crore contract from the Solar Energy Corporation of India (SECI) for 600 MWp of solar modules manufactured using domestic solar cells. The order is scheduled for execution by December 2027.
The company also secured orders from engineering, procurement and construction players and independent power producers during the first half of the financial year.
Manufacturing Performance and Capacity Utilisation
During Q2 FY27, Saatvik produced 658 MW of solar modules and recorded sales of 640 MW. In comparison, production stood at 792 MW and sales at 538 MW in Q2 FY26.
Capacity utilisation declined to approximately 58.5% from 83.1% in the corresponding quarter last year.
The company’s debt-to-equity ratio stood at 1.37 times as of September 2026, compared with 0.99 times at the end of June 2026.
The expansion in manufacturing capacity is expected to support future growth, although the pace of production ramp-up and improvement in operating efficiency will remain important factors for financial performance.
Expansion Beyond Solar Modules
Alongside its manufacturing expansion, Saatvik is developing complementary businesses in the clean energy sector.
The company has entered the hybrid inverter segment and expanded into lithium battery solutions. It is also developing residential and small commercial solar solutions and has commenced e-commerce sales through Amazon India.
In October 2026, Saatvik received an order worth approximately ₹100 crore, excluding GST, from Maharashtra State Electricity Distribution Company Limited for 5,000 off-grid DC solar water pumping systems under the Magel Tyala Saur Krushi Pump Yojana and PM-KUSUM Component B.
These initiatives are intended to expand the company’s presence across different parts of the renewable energy value chain.
Focus on Integrated Manufacturing and Future Growth
India’s solar manufacturing sector is increasingly focusing on domestic cell production as manufacturers seek to strengthen supply-chain integration and meet domestic sourcing requirements.
Saatvik’s Odisha facility represents a significant step in this direction. Beyond Phase I, the company has signed a memorandum of understanding with the Government of Odisha for an additional 3.6 GW solar cell manufacturing facility, with completion targeted for the beginning of FY28.
The company’s immediate priorities include ramping up production at Odisha, completing regulatory requirements, improving manufacturing utilisation and executing its existing order book.
While the sharp decline in quarterly profitability highlights near-term margin pressure, the commencement of production in Odisha and a confirmed order book of 6.68 GW provide important indicators of the company’s expansion strategy and future business pipeline.
Disclaimer: This report has been editorially prepared using publicly available information and official company disclosures. Readers are advised to refer to official company announcements and disclosures for further details.
Author
About the Author
