Saatvik Green Energy Limited is a Gurugram-based renewable energy company specializing in solar PV module manufacturing, EPC services, and international trading. The group operates through subsidiaries in India and the US and leverages related-party entities for raw materials, logistics, and financing. As of March 31, 2025, the company reported secured borrowings of INR 4,580.96 million and demonstrated steady revenue growth, positioning it as a prominent player in India’s solar energy sector. With a growing portfolio of domestic and overseas solar projects, Saatvik is actively contributing to the country’s clean energy transition.
Offer Details of the IPO
Price Band: INR 442 to INR 465 per Equity Share
Book Running Lead Managers (BRLMs)
Indian Renewable Energy – Industry Overview
India’s renewable energy industry is the fastest-growing segment in the country’s power generation mix. As of June 2025, the nation had ≈ 233 GW of installed renewable capacity, more than double the 123 GW recorded in March 2019. Solar PV is the leading driver, contributing ≈ 50% (≈ 116 GW), followed by wind (≈ 22%), large hydro (≈ 21%), and a smaller but expanding “other RE” segment comprising biomass, waste-to-energy, and small hydro.
The industry can be grouped into the following key segments:
| Segment | Core activities/market focus |
| Utility-scale Solar PV | Large‑ground-mounted plants, solar‑park development, EPC contracts, long-term PPAs, participation in competitive auctions. |
| Rooftop / C&I Solar | Distributed installations for commercial‑industrial (C&I) users, residential rooftop, open‑access, and captive‑generation models, supported by RPO‑mandates and net‑metering rules. |
| Wind Power | On‑shore wind farms (≈ 52 GW installed by FY 2025) and emerging hybrid wind‑solar projects. |
| Large Hydro | Grid-connected hydro projects (≈ 49 GW) that provide firm, dispatchable power and ancillary services. |
| Other Renewable Energy | Biomass, bagasse, waste‑to‑energy, small hydro – collectively ≈ 17 GW, mainly serving captive‑generation and off-grid needs. |
| Battery Energy Storage Systems (BESS) | Grid-scale storage to firm‑up variable RE, projected to reach ≈ 710 GW of installed capacity by FY 2030. |
| EPC & Module Manufacturing | Design‑, build‑, and operate services, in-house PV‑module and cell production (≈ 3.8 GW capacity as of FY 2025), and downstream O&M. |
Source: RHP
Table: Brief Description of Various Segments
| Segment | Past CAGR (FY 2019‑FY 2025) | Future CAGR† (FY 2026‑FY 2030) | Comment |
| Overall Renewable Energy (incl. large hydro) | ≈ 17 % (total RE capacity grew from 129 GW in FY 19 to 233 GW in FY 26) | ≈ 15 % (target ≈ 500 GW by FY 30, 50 % of total installed capacity) | Strong policy push (RPO, green‑tariff, green‑credit) and falling capital costs keep the sector expanding. |
| Utility-scale Solar PV | ≈ 26 % (capacity rose from 34 GW in FY 19 to 116 GW in FY 25) | ≈ 20 % (projected 35 % of the 2029 generation mix) | Declining module prices, PLI incentives, and large-scale solar‑park schemes drive continued growth, albeit at a slightly slower pace as the market matures. |
| Rooftop / C&I Solar | ≈ 22 % (C&I installed ≈ 70 GW in FY 2025, up from ≈ 30 GW in FY 19) | ≈ 18 % (driven by RPO compliance, net‑metering, and corporate sustainability targets) | High‑growth niche; adoption limited by upfront cost and space, but policy-driven RPOs and corporate ESG goals sustain momentum. |
| Wind Power | ≈ 12 % (36 GW → 52 GW) | ≈ 10 % (steady additions, focus on hybrid projects) | Wind benefits from stable wind‑resource maps and recent hybrid‑wind-solar tender structures. |
| Large Hydro | ≈ 2 % (45 GW → 49 GW) | ≈ 5 % (new pumped‑hydro and upgrade of existing assets) | Hydro provides firm capacity; modest growth reflects limited new sites and environmental clearances. |
| Other RE (Biomass, Waste‑to‑Energy, Small Hydro) | ≈ 8 % (14 GW → 17 GW) | ≈ 6 % (steady, niche-focused expansion) | Mostly captive/off-grid; growth tied to waste‑management policies and rural electrification schemes. |
| Battery Energy Storage Systems (BESS) | ≈ 0 % (negligible base) | ≈ 30 % (to reach ≈ 710 GW by FY 30) | Storage is essential for firming RE; aggressive targets are set by the Electricity Rules 2022 and the green‑open‑access framework. |
| Solar‑module & Cell Manufacturing | ≈ 15 % (capacity grew from ≈ 2 GW in FY 15 to ≈ 3.8 GW in FY 25) | ≈ 19 % (target ≈ 8–10 GW combined cell‑module capacity by FY 30) | Domestic content requirements (DCR), ALMM registration, and PLI scheme boost capacity; import‑substitution drives higher growth rates. |
Source: RHP
Key Drivers of Growth
The growth of India’s renewable energy (RE) sector is supported by several key factors:
Saatvik Green Energy Limited: A Brief Overview
Saatvik Green Energy Limited is a new-generation renewable energy group that has built a vertically integrated platform spanning solar module manufacturing, EPC services, and international trading. The company was founded in 2015 by the Garg brothers and is headquartered in Gurugram/Ambala. It has rapidly expanded through strategic acquisitions, including Saatvik Solar Industries Private Limited (SSIPL) and Cleantech EPC, supported by strong banking relationships that provide growth financing.
It operates across a diverse set of segments including:
Solar‑PV Manufacturing (the Group’s core operating segment): The Group’s manufacturing arm designs, fabricates and assembles photovoltaic (PV) modules, cells and complete solar‑power‑station kits. All of the material‑supply and processing activities are carried out through its wholly‑owned subsidiary Saatvik Solar Industries Private Limited (SSIPL), while the finished modules are sold to a range of domestic and overseas customers, including the EPC subsidiary Saatvik Cleantech EPC Private Limited. In FY 2025 the intra‑group “sale of goods and services” to the EPC arm amounted to a significant INR 6,200.65 million, dwarfing the modest INR 90.13 million recorded in FY 2024. The segment also generated INR 37.45 million of interest income on loans extended to SSIPL (up from INR 9.12 million in FY 2024) and attracted INR 4,062.5 million of trade receivables from non‑related customers – a 130 % jump year‑on‑year, signalling a sharp acceleration in external sales. The new manufacturing plant that entered service in 2025 is expected to lift annual module capacity by several hundred megawatts.
Engineering‑Procurement‑Construction (EPC) Services
The EPC business is run through Saatvik Cleantech EPC Private Limited and delivers turn‑key solar‑park development, water‑pumping systems and related balance‑of‑plant works. It provides design, civil works, equipment installation, commissioning and post‑commissioning services, and also holds 49 % equity stakes in three 51 %‑owned solar‑project entities (UV Solar Energy Project One, Ultravibrant Solar Energy Project Two and Stockwell Alwar Two). In FY 2025 the EPC arm earned INR 237.05 million in management‑consultancy fees. The segment’s contract‑based revenue is recognised on a percentage‑of‑completion basis, allowing progressive cash‑flow capture. A robust pipeline of utility‑scale solar‑park projects, driven by India’s aggressive RPO targets and the “Green Energy Open Access” rules, positions the EPC arm for robust growth. The 49 % joint‑venture model limits capital exposure while still delivering high‑margin engineering and construction fees.
International Trading & Export
Export activities are channelled through the wholly‑owned foreign subsidiary Saatvik Green Energy USA Inc. The U.S. entity acts as the Group’s gateway to overseas markets, handling import‑export of solar modules and related components. The export platform is strategically important because overseas markets, particularly the United States, command higher average selling prices for PV modules. As the new manufacturing capacity comes online, the Group expects the U.S. subsidiary to capture a larger share of export sales, diversifying revenue away from domestic price pressure.
Project Development & Asset‑Holding (Joint‑Ventures)
Through its 49 % stakes in UV Solar Energy Project One, Ultravibrant Solar Energy Project Two and Stockwell Alwar Two, the Group participates in the development, financing and operation of solar‑power plants (typically 5‑10 MW each). The EPC subsidiary supplies the engineering and construction services, while the Group provides project‑level financing in the form of loans/advances. Once commissioned, each plant will generate stable, inflation‑linked power‑purchase‑agreement (PPA) cash‑flows, creating a recurring low‑cost revenue stream and improving earnings visibility. The joint‑venture structure enables the Group to replicate the model for additional parks, leveraging its EPC expertise and low‑cost financing.
Ancillary & Support Functions (Financing, Leasing and Guarantees)
The Group maintains a substantial financing base to fund its capital‑intensive operations. Borrowings stood at INR 4,580.96 million as of 31 Mar 2025 (up from INR 2,634.20 million in FY 2024). Lease liabilities (right‑of‑use assets) amounted to INR 2,221.94 million, with depreciation expense of INR 84.73 million and lease‑interest expense of INR 29.68 million recorded in FY 2025. The Group also provides guarantees (treated as contingent liabilities) for related‑party entities, amounting to INR 7,080.20 million in total guarantees sanctioned, of which INR 5,166.68 million have been drawn. These financing arrangements, secured against plant, machinery, inventories and receivables, give the Group ample runway to fund new capacity, EPC contracts and project development without straining cash flows.
| Dimension | Assessment |
| Market Focus | • Operates in the fast-growing Indian solar sector (driven by government RPO targets, ALMM-mandated domestic manufacturing, and renewable energy incentives). |
| Vertical Integration | • Manufacturing (SSIPL) → EPC (Cleantech EPC) → Trading & Export (USA subsidiary). • Enables control over cost, quality, and project delivery timelines. |
| Financial Strength | • Secured bank facilities and guarantee coverage (INR 7 bn), providing liquidity for project execution. • Lower corporate tax regime (Section 115BAA – 25.17 % for the Group; Section 115BAB – 17.16 % for SSIPL). |
| Technology & Quality | • Compliance with the MNRE ALMM Order (mandatory domestic PV quality standards). • Ability to source components globally via the US subsidiary. |
| Customer Base | • Strong relationships with large industrial and power generation firms (e.g., Enrich Energy, Megha Engineering, Shree Cement). • However, revenue concentration (top 10 customers > 57 % of turnover) creates exposure to contract renegotiations or loss of a key client. |
| Regulatory & Project Risks | • Projects require multiple statutory clearances (environmental, land, factory licences). • Ongoing litigation/contingent liabilities are modest, but the Group must manage guarantee contingent “insurance contracts” that are not recognised on the balance sheet. |
| Human Capital | • Employee Stock Option Scheme (ESOP) in place; management team is relatively young (founders in their early 30s). • Limited experience of the newly acquired manufacturing subsidiary (SSIPL) in large-scale PV production. |
| Competitive Landscape | • Competes with established Indian solar manufacturers (Waaree, Adani Solar, Vikram Solar, etc.) and a growing number of EPC players. • Differentiation stems from combined manufacturing EPC capability and cross-border trading. |
Source: RHP
Strengths
Weaknesses
Financial Profile
Strong Revenue Growth: Revenue accelerated in FY 2025 to ≈ INR 13.0 bn (up ~19 % YoY), driven by higher solar module sales, execution of large EPC contracts after acquisitions of Cleantech EPC and SSIPL, and increased intra-group financing and management consultancy fees. The top 10 customer contribution fell from 79 % in FY 2023 to 57 % in FY 2025, reflecting a gradually diversified customer base.
Profitability Expansion: Profit before tax more than doubled to INR 705.8 mn, with EPS rising to INR 19.07 per share. EBITDA increased to ≈ INR 1,050 mn (~8 % margin), benefiting from operating leverage on higher production volumes and EPC revenues. Depreciation rose due to capital expansion, while interest expense remained moderate relative to earnings. The effective tax rate held steady around 24 %.
Robust Cashflow & Liquidity: Operating cash flow strengthened with improved working capital management. Net cash rose by ≈ INR 41 mn in FY 2025, supported by new borrowings of INR 8,318 mn. Trade receivables and payables ratios indicate efficient cash conversion.
Table: Peers Comparison
| Name of the companies | Revenue for Fiscal 2025 (INR million) | Closing Price as on September 11, 2025 (INR) | EPS (Diluted) (INR) | P/E | RoNW (%) | NAV per Equity Share (INR) |
| Saatvik Green Energy Limited | 21,583.94 | 465 | 19.07 | 24.38 | 63.41 | 30.14 |
| Waaree Energies Limited | 144,445.00 | 3,739.15 | 67.96 | 55.02 | 19.48 | 158.13 |
| Premier Energies Limited | 65,187.50 | 1,066.70 | 21.35 | 49.96 | 33.14 | 15.33 |
Source: RHP
Table 1: KPI Comparison
| Company | Particulars (Units) | FY 23 | FY 24 | FY 25 | CAGR |
|
Saatvik Green Energy Limited
|
Installed Capacity (MW) | 550.00 | 1,154.00 | 3,742.00 | – |
| Effective Installed Capacity (MW) | 510.00 | 566.00 | 1,743.66 | – | |
| Actual Production Solar Module (MW) | 248.61 | 501.00 | 1,459.39 | – | |
| Capacity Utilisation (%) | 48.75 | 88.52 | 83.70 | – | |
| Total Order Book (INR Million) | 6,861.87 | 5,599.73 | 50,768.50 | – | |
| Total Order Book (MW) | 223.36 | 300.13 | 3,522.05 | – | |
| Total Sales (MW) | 242.50 | 458.76 | 1,388.40 | – | |
| Revenue from Operations (INR Million) | 6,085.88 | 10,879.65 | 21,583.94 | 96% | |
| Domestic (Module Sale) (INR Million) | 6,039.02 | 9,088.57 | 20,670.59 | – | |
| Export (Module Sale) (INR Million) | 46.86 | 189.53 | 175.13 | – | |
| EPC and O&M (INR Million) | 0 | 1,601.55 | 738.22 | – | |
| Exports (%) | 0.77 | 1.74 | 1.39 | – | |
| EBITDA (INR Million) | 238.66 | 1,568.44 | 3,539.32 | 201% | |
| EBITDA Margin (%) | 3.92 | 14.42 | 16.40 | – | |
| PAT (INR Million) | 47.45 | 1,004.72 | 2,139.30 | 203% | |
| PAT Margin (%) | 0.77 | 9.16 | 9.76 | – | |
| ROE (%) | 23.40 | 83.21 | 63.41 | – | |
| ROCE (%) | 24.80 | 64.07 | 60.45 | – | |
| Asset Turnover Ratio | 2.53 | 2.29 | 1.86 | – | |
| Total Debt/Equity (x) | 7.13 | 2.18 | 1.36 | – | |
| Current Ratio | 1.07 | 1.11 | 1.14 | – | |
| Net Working Capital (INR Million) | 126.26 | 484.38 | 1,594.86 | – | |
| Net Working Capital Days | 7.57 | 16.25 | 26.97 | – | |
| Gross Debt (INR Million) | 1,444.92 | 2,634.20 | 4,580.96 | – | |
| Net Worth (INR Million) | 202.73 | 1,206.73 | 3,376.59 | – | |
|
Premier Energies Limited
|
Installed Capacity (MW) | 1,370.00 | 3,360.00 | 5,100.00 | – |
| Effective Installed Capacity (MW) | 1,140.00 | 1,670.00 | NA | – | |
| Actual Production Solar Module (MW) | 490.00 | 1,010.00 | NA | – | |
| Capacity Utilisation (%) | 42.81 | 60.29 | NA | – | |
| Total Order Book (INR Million) | 9,860.46 | 54,332.37 | 84,456.00 | – | |
| Total Order Book (MW) | NA | NA | 5,303.00 | – | |
| Total Sales (MW) | 469.08 | 960.12 | NA | – | |
| Revenue from Operations (INR Million) | 14,285.34 | 31,437.93 | 65,187.50 | 100% | |
| Domestic (Module Sale) (INR Million) | 14,210.38 | 27,040.60 | NA | – | |
| Export (Module Sale) (INR Million) | 74.96 | 4,397.33 | NA | – | |
| EPC and O&M (INR Million) | – | – | – | – | |
| Exports (%) | 0.52 | 13.99 | NA | – | |
| EBITDA (INR Million) | 1,128.81 | 5,053.18 | 19,142.16 | 144% | |
| EBITDA Margin (%) | 7.90 | 16.07 | 29.36 | – | |
| PAT (INR Million) | (133.36) | 2,313.60 | 9,371.32 | 193% | |
| PAT Margin (%) | (0.91) | 7.30 | 14.09 | – | |
| ROE (%) | (3.11) | 35.77 | 33.21 | – | |
| ROCE (%) | (0.74) | 24.61 | 34.93 | – | |
| Asset Turnover Ratio | 0.83 | 1.11 | 1.25 | – | |
| Total Debt/Equity (x) | 1.80 | 2.11 | 0.67 | – | |
| Current Ratio | 1.02 | 1.16 | 1.88 | – | |
| Net Working Capital (INR Million) | 183.10 | 2,959.48 | 24,495.21 | – | |
| Net Working Capital Days | 4.68 | 34.36 | 137.15 | – | |
| Gross Debt (INR Million) | 7,635.42 | 13,922.40 | 18,934.58 | – | |
| Net Worth (INR Million) | 4,112.15 | 6,468.51 | 28,221.06 | – | |
|
Waaree Energies Limited
|
Installed Capacity (MW) | 9,000.00 | 12,000.00 | 13,300.00 | – |
| Effective Installed Capacity (MW) | 6,500.00 | 11,010.00 | NA | – | |
| Actual Production Solar Module (MW) | 2,630.00 | 4,780.00 | NA | – | |
| Capacity Utilisation (%) | 40.46 | 43.37 | NA | – | |
| Total Order Book (INR Million) | NA | NA | 470,000.00 | – | |
| Total Order Book (MW) | 18,060.00 | 19,930.00 | 25,000.00 | – | |
| Total Sales (MW) | NA | NA | NA | – | |
| Revenue from Operations (INR Million) | 67,508.73 | 113,976.09 | 144,445.00 | 49% | |
| Domestic (Module Sale) (INR Million) | 19,914.75 | 48,021.32 | NA | – | |
| Export (Module Sale) (INR Million) | 46,165.39* | 65,690.96* | NA | – | |
| EPC and O&M (INR Million) | – | – | – | – | |
| Exports (%) | 68.38 | 57.64 | NA | – | |
| EBITDA (INR Million) | 9,441.34 | 18,095.77 | 31,250.00 | 67% | |
| EBITDA Margin (%) | 13.99 | 15.88 | 21.63 | – | |
| PAT (INR Million) | 5,002.77 | 12,743.77 | 19,281.30 | 85% | |
| PAT Margin (%) | 7.29 | 10.96 | 12.99 | – | |
| ROE (%) | 26.26 | 30.26 | 19.70 | – | |
| ROCE (%) | 30.49 | 31.82 | 24.78 | – | |
| Asset Turnover Ratio | 1.40 | 1.54 | 0.73 | – | |
| Total Debt/Equity (x) | 0.15 | 0.08 | 0.10 | – | |
| Current Ratio | 1.11 | 1.48 | 1.50 | – | |
| Net Working Capital (INR Million) | 5,228.43 | 25,899.41 | 43,706.80 | – | |
| Net Working Capital Days | 28.27 | 82.94 | 110.44 | – | |
| Gross Debt (INR Million) | 2,734.80 | 3,173.19 | 9,394.60 | – | |
| Net Worth (INR Million) | 18,384.10 | 40,878.13 | 94,792.00 | – |
Source: RHP
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2025, IIFL Capital Services Ltd. All Rights Reserved
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248, DP SEBI Reg. No. IN-DP-185-2016, BSE Enlistment Number (RA): 5016
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
