Saatvik Green Energy Limited – Company Overview

Incorporated: 2015 Industry: Renewable Energy – Solar Module Manufacturing & EPC Services

Saatvik Green Energy Limited is engaged in the manufacturing of high-quality solar modules and providing Engineering, Procurement and Construction (EPC) services.

The company offers a comprehensive product portfolio of solar modules, manufactured using advanced technologies designed to minimize energy loss and enhance overall efficiency. Operations & Capacity

1. Commencement of Manufacturing: 2016

2. Capacity Growth: Expanded from 125 MW as of March 31, 2017 to 3.80 GW as of June 30, 2025

3. Facilities: Operates two module manufacturing plants in Ambala, Haryana, spread across 724,225 sq. ft.

4. Employees: 618 (as of June 30, 2025) compared to 566 (March 2025), 270 (March 2024), and 138 (March 2023)

Product Portfolio

1. Monocrystalline PERC Modules – High-efficiency modules for residential, commercial, and utility-scale applications.

2. N-TopCon Solar Modules – Advanced technology modules available in both mono-facial and bifacial variants.

Objects of the Issue

• Repayment/Pre-payment of outstanding borrowings – ₹10.82 Cr

• Repayment/Pre-payment of subsidiary’s borrowings – ₹166.44 Cr

• Capital expenditure for subsidiary – ₹477.23 Cr

• General corporate purposes – ₹45.51 Cr

Saatvik Green Energy IPO

• IPO Dates: 19 – 23 September 2025

• Price Band: ₹442 to ₹465 per shares

• Lot Size: 32 shares

• Total Issue Size: ₹ 900 Cr

• Retail Quota: 50%

• GMP (for reference only): Nil

Allotment Link

Strengths:

• Established Market Presence: Among India’s leading solar module manufacturers with growing brand visibility.

• Strong Customer Base: Diversified order book with repeat clients across residential, commercial, and utility segments.

• Technological Edge: Focus on innovation with Mono PERC and N-TopCon modules, improving efficiency and reliability.

• Integrated Offerings: Presence in module manufacturing as well as EPC solutions, enabling value-chain synergies.

• Scalable Operations: Rapid capacity expansion from 125 MW to 3.80 GW in under a decade.

• Favourable Industry Outlook: Well-positioned to benefit from India’s renewable energy push and global clean energy transition.

• Experienced Leadership: Backed by strong promoters and a seasoned management team.

• Sustainability Advantage: Contributes to India’s renewable energy goals and global decarbonization efforts.

• Geographic Reach: Ability to serve both domestic and international markets.

Weaknesses / Risks:

• Revenue Concentration: Mono PERC modules contribute ~87% of operational income, limiting product diversification.

• Project Risk: Ongoing Odisha manufacturing project may face delays, execution challenges, and cost overruns.

• Import Dependence: Heavy reliance on Chinese imports for critical raw materials poses supply chain and geopolitical risks.

• Price Pressure: Global supply glut is exerting downward pressure on solar module margins.

• Customer Concentration: Top 10 customers account for ~80% of revenue, increasing dependence on a few key accounts.

• Working Capital Intensive: Industry requires significant upfront investment, impacting cash flows.

• Technology Risk: Fast-paced evolution in solar technology may require continuous investment to stay competitive.

• Policy & Regulatory Dependence: Sensitive to changes in government renewable energy policies, subsidies, and import duties.
  

DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matters published here are purely for educational and information purposes only and under no circumstances should be used for making investment decisions. Readers must consult a qualified financial advisor before making any actual investment decisions, based on the information published here. Any reader making decisions based on any information published here does so entirely at their own risk. Investors should bear in mind that any investment in the stock market is subject to unpredictable market-related risks. The author has no plans to invest in this offer and also the author does not recommend investing in any offer published on this website.