Saatvik Green Energy Limited , one of India’s leading solar PV module manufacturers, has reported robust financial and operational performance for the third quarter and nine months ended FY26, driven by strong demand, high capacity utilization, and disciplined cost management.
For the nine months ended FY26, the company recorded consolidated revenue of ₹29,407.8 million, registering a sharp growth of 137% compared to ₹12,395 million in the corresponding period of the previous year. EBITDA stood at ₹4,693.4 million, up 135% year-on-year (YoY), with margins at 15.96%. Profit after tax (PAT) rose 145% YoY to ₹3,007.9 million, translating into a PAT margin of 10.23%.
During Q3 FY26, Saatvik’s revenue surged 143% YoY to ₹12,570.2 million, supported by robust order execution and repeat business from key customers. EBITDA for the quarter increased 134% YoY to ₹1,647.6 million, while PAT climbed 144% YoY to ₹987.2 million.
Operationally, the company reported total production of 759 MW in Q3 FY26, with capacity utilization at approximately 81%, significantly above industry averages. The Ambala manufacturing facility is currently operating at an annual capacity of 4.8 GW, supported by strong demand across utility-scale and commercial & industrial (C&I) segments. As of December 31, 2025, the company’s order book stood at around 5.05 GW, providing healthy revenue visibility for the coming quarters.
Commenting on the performance, Mr. Prashant Mathur, CEO, Saatvik Green Energy Limited, said, “Q3 FY26 was a strong quarter for Saatvik, with revenues reaching ₹12,570.2 million, driven by high capacity utilization, strong market demand, and repeat orders from customers. Our EBITDA margin of 13.11% reflects operating leverage and improved cost efficiencies. For the nine months ended FY26, we delivered healthy growth across all key financial metrics, supported by higher volumes and disciplined execution.”
He further added that the company’s return ratios remained strong, with ROE at 23.10% and ROCE at 26.03%, while the balance sheet continued to strengthen, with the debt-equity ratio improving to 0.66, enhancing financial flexibility for future expansion.
On the strategic front, Saatvik’s Greenfield integrated manufacturing facility in Odisha, comprising 4 GW of solar module capacity and 4.8 GW of solar cell capacity, remains on track. The project is a key component of the company’s backward integration strategy, aimed at improving cost competitiveness and ensuring long-term margin sustainability.
In addition, the company has successfully commissioned and operationalized a 2 GW in-house EPE (Protective Encapsulant) film manufacturing facility at its Ambala campus in Haryana, marking a significant milestone toward deeper vertical integration and supply-chain self-reliance.
Expanding its product portfolio, Saatvik recently launched the UDAY Series of on-grid solar inverters, targeting the B2C and distributed solar markets. The inverters, available in capacities ranging from 1.1 kW to 50 kW, feature MPPT efficiency above 99%, advanced connectivity options, and IP65-rated protection, catering to residential and commercial applications.
Further strengthening its presence in the solar pump segment, Saatvik has secured an order worth approximately ₹30.24 crore (excluding GST) from Maharashtra State Electricity Distribution Company Limited (MSEDCL) under the PM-KUSUM-B scheme. The order involves the supply, installation, commissioning, and five-year maintenance of 1,815 off-grid DC solar water pumping systems across farmer sites in Maharashtra.
With strong financial performance, expanding manufacturing capacity, and strategic diversification, Saatvik Green Energy continues to strengthen its position in India’s rapidly growing renewable energy ecosystem.
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