Saatvik Green Energy profit plunges 76% despite revenue growth

Saatvik Green Energy posted a 76% drop in net profit for the second quarter of FY27, reporting INR 20.2 crore compared to INR 84.7 crore a year earlier. The company’s revenue from operations climbed to INR 902.6 crore, up from INR 768 crore in the prior year. This figure marks a significant increase from the INR 511 crore earned in the April–June quarter, which saw revenue grow about 77%. EBITDA fell to INR 69.6 crore, with margins shrinking to 7.71% from 16.45%.

Capacity utilisation drops as Gopalpur plant begins operations

In the recent quarter, module production reached 658 MW, down from 792 MW the previous year, while sales increased to 640 MW from 538 MW. Capacity utilization dropped to approximately 58.5% from 83.1%, reflecting the company’s strategic adjustments to meet future demand. The debt-to-equity ratio rose to 1.37x from 0.99x as of June-end.

As of September 2026, the confirmed order book stood at 6.68 GW, valued at around INR 8,800 crore, representing nearly 110% of the 6.1 GW installed module capacity. This marks an increase from 6.35 GW at June-end. In the first half, the company secured 1.76 GW of new orders and delivered 0.97 GW. A significant recent order was from SECI for 600 MWp of domestically produced modules, worth INR 1,041.63 crore, with completion set for December 2027.

Commercial module production has commenced at the Gopalpur facility through Saatvik Solar Industries, a wholly owned subsidiary. Phase I’s 1.3 GW module capacity is operational, with the full 4 GW expected by December 2026. Trial runs are underway for the 2.4 GW cell line, targeting full production by December 2026. An ALMM List-II inspection of the cell unit is scheduled this month, pending MNRE approval. Phase II’s 3.6 GW cell plant is on track for completion by the start of FY28.