Operating Leverage Inflection
Expected: OngoingHIGH confidence
What: Capacity Utilization: 81%
“Ambala manufacturing facility is fully operational at an annual capacity of 3.8 GW, supported by high utilization levels of over 81% during Q3.”
Saatvik Green Energy Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +11.1%AverageRe-Entry
In , Saatvik Green Energy Ltd (Electric Equipment - General) is outperforming Nifty 500 with +11.1% relative strength. Fundamentals: Average.
Saatvik Green Energy Ltd Key Facts
- PE Ratio
- 14.9x
- Market Cap
- ₹5,848 Cr
- PAT Growth YoY
- +148%
- Revenue Growth YoY
- +143%
- OPM
- 12.0%
- RS vs Nifty 500
- +11.1%
Emerging Opportunity
What's Happening
⏳Steady earner with flat PE — waiting for re-rate catalyst
📊Debt increased 25% YoY — leverage rising
🏛️DII reducing — stake down 2.5%
💰Trading 254% below estimated fair value — significant discount
Earnings Acceleration Triggers
1. Operating Leverage Inflection
OngoingHIGH
2. Order Book Or Contract Wins
Next 12 monthsHIGH
3. New Product Or Brand Launch
Next 2 yearsMEDIUM
Key Risks
1. Silver prices have fluctuated from 15-16% to 25% of module costs
HIGH2. Dollar fluctuations impacting input costs for cells
MEDIUM3. Transition to N-TOPCon technology making Mono PERC obsolete
MEDIUMSector-Specific Signals
Order Book5.05 GW
Capacity Utilization81%
Module Production759 MW
Module Sales920 MW
Key Numbers
PAT Growth YoY
+148%
Stable
Revenue YoY
+143%
Stable
Operating Margin
12.0%
-100 bps YoY
PE Ratio
14.9
Current Price
₹460
Fundamental Score
60/100
Average
3Y PAT CAGR
+80%
Market Cap
6.0K Cr
Valuation
Significantly Undervalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are Saatvik Green Energy Ltd's Earnings Accelerating?
Based on Q3 FY26 earnings • Updated Apr 18, 2026
Order Book Or Contract Wins
Expected: Next 12 monthsHIGH confidence
What: Order Book Value: ₹6,500 Cr
“today our order book is over 5 GW, which translates to about INR6,500 crores.”
New Product Or Brand Launch
Expected: Next 2 yearsMEDIUM confidence
What: Inverter Assembly: New segment
Impact: Targeting 15% non-module revenue
“We are also setting up now manufacturing assembly of inverters also... target for going forward is to make it to 15%.”
Geographical Expansion
Expected: FY27LOW confidence
What: US Export Potential: 18% duty benefit
“We will be positively pursuing the US market, both for our cells and modules.”
Mandatory Industry Norms
Expected: June 2026 onwardsMEDIUM confidence
What: ALMM/DCR Policy: Mandatory local content
Impact: 3-4% margin delta
“once ALMM comes in fully then the mandatory requirement will be that the cell and module have to be made in India.”
Revenue growth of 143% YoY to ₹1,257 Cr
HIGH confidence
What: Revenue growth of 143% YoY to ₹1,257 Cr
“Revenue for the quarter stood at INR12,570 million, registering a 143% growth over Q3FY25... driven by higher volumes, stable realizations.”
What Are the Key Risks for Saatvik Green Energy Ltd?
Earnings deceleration risks from management commentary
Silver prices have fluctuated from 15-16% to 25% of module costs
HIGHTrigger: Global commodity price volatility in silver, aluminum, and copper.
Impact: PAT impact: Approx 300 bps EBITDA margin dip
Management view: Securing inventory and using financial instruments for long-term contracts.
Monitor: commodity
Dollar fluctuations impacting input costs for cells
MEDIUMTrigger: Currency volatility affecting imported raw materials.
Management view: Devising long-term contracts to take care of dollar fluctuations.
Monitor: fx
Transition to N-TOPCon technology making Mono PERC obsolete
MEDIUMTrigger: Rapid technological shifts in the solar industry.
Management view: Focusing cell manufacturing on N-TOPCon technology only.
Monitor: regulatory
What Is Saatvik Green Energy Ltd's Management Saying?
Key quotes from recent conference calls
“on the EBITDA front also, our last year EBITDA was around 16.5% overall in the year. And we expect that this year also will be in the similar range. [Previous EBITDA Margin guidance]”
“Greenfield integrated project in Odisha comprising 4 gigawatt of module... expect the first phase to be up within our target date. [Previous Odisha Module Capacity guidance]”
“cell manufacturing gives us additional margins because you have a DCR policy which is giving extra margins if you are a cell manufacturer. [Initiative: Odisha Greenfield Project]”
“silver prices used to be about 15%-16% of the module prices, today it is close to 25%. [Risk (commodity): HIGH]”
What Did Saatvik Green Energy Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹1,257 Cr
YoY +143%QoQ +63.7%
Why: Growth was driven by higher volumes, stable realizations, and the normalization of dispatch and logistics schedules following monsoon disruptions.
Revenue rebounded sharply as logistics normalized and project execution picked up post-monsoon.
EBITDA
₹164.76 Cr
YoY +134%Margin 13.11%
Why: Margins were impacted by fluctuations in commodity pricing, specifically silver and copper, and dollar volatility.
While absolute EBITDA grew, margins contracted sequentially due to input cost volatility.
PAT
₹98.72 Cr
YoY +144%QoQ +18.7%
Why: Profit growth was supported by operating leverage and higher sales volumes despite the margin compression at the EBITDA level.
PAT growth remained strong, benefiting from the massive scale-up in revenue.
Other Highlights
• Commissioned 2 GW in-house EPE film manufacturing facility in Ambala.
• Capacity utilization remained robust at 81% for Q3.
• Order book reached 5.05 GW, providing clear visibility for coming quarters.
What Sector Metrics Matter for Saatvik Green Energy Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Order Book
5.05 GW
QoQ +0.37 GW
Why: New orders added from utility and C&I segments.
Capacity Utilization
81%
QoQ -2%
Why: Remained robust despite seasonal factors.
Module Production
759 MW
Why: Steady operational execution at the Ambala facility.
Module Sales
920 MW
Why: Includes clearing of deferred inventory from Q2.
Net Debt
₹749 Cr
Why: Increased to secure inventory amidst raw material price volatility.
Silver Cost as % of Module
25%
YoY +9%
Why: Sharp rise in global silver prices.
Odisha Project Capex
₹1,850 Cr
Why: Allocated for 4 GW module and 2.4 GW cell capacity.
Utility Segment Sales Mix
70%
Why: Dominant segment for large-scale module supply.
Solar Pump Revenue Mix
0.35%
Why: New business unit still in early stages of scaling.
DCR Module Sales Mix
4%
Why: Limited by lack of in-house cell manufacturing currently.
What Is Saatvik Green Energy Ltd's Management Guidance?
Forward-looking targets from management for FY26-FY27
Revenue Growth Target
88%
OPM Guidance
16%
Capex Plan
₹1850 Cr
Revenue Outlook
88% CAGR growth pattern
Margin Outlook
REAFFIRMED
Capex Plan
₹1,850 Cr
4 GW module and 2.4 GW cell project in Odisha
Volume
REAFFIRMED
Management Tone: BULLISH
Guidance Changes
REAFFIRMED
Net Debt: Not Given → ₹749 Cr
How Fast Is Saatvik Green Energy Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +143% | +80% | Stable |
| PAT (Net Profit) | +148% | +80% | Stable |
| OPM | 12.0% | -100 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
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Frequently Asked Questions: Saatvik Green Energy Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Saatvik Green Energy Ltd's latest quarterly results?
Saatvik Green Energy Ltd's latest quarterly results (Dec 2025) show
- PAT Growth YoY: +147.5% (stable)
- Revenue Growth YoY: +142.7%
- Operating Margin: 12.0% (volatile)
Is Saatvik Green Energy Ltd's profit growing or declining?
Saatvik Green Energy Ltd's profit is growing with an stable trend.
- PAT Growth YoY: +147.5% (latest quarter)
- PAT Growth QoQ: +19.3% (sequential)
- 3-Year PAT CAGR: +80.0%
- Trend: Stable — consistent growth pattern
What is Saatvik Green Energy Ltd's revenue growth trend?
Saatvik Green Energy Ltd's revenue growth trend is stable.
- Revenue Growth YoY: +142.7%
- Revenue Growth QoQ: +63.7% (sequential)
- 3-Year Revenue CAGR: +80.0%
How is Saatvik Green Energy Ltd's operating margin trending?
Saatvik Green Energy Ltd's operating margin is volatile.
- Current OPM: 12.0%
- OPM Change YoY: -1.0% basis points
- OPM Change QoQ: -2.0% basis points
What is Saatvik Green Energy Ltd's 3-year profit and revenue CAGR?
Saatvik Green Energy Ltd's long-term compounding rates
- 3-Year Profit CAGR: +80.0%
- 3-Year Revenue CAGR: +80.0%
Is Saatvik Green Energy Ltd's growth accelerating or decelerating?
Saatvik Green Energy Ltd's earnings growth is stable with mixed signals on a sequential basis.
- YoY Acceleration: +63.9% bps
- Sequential Acceleration: +49.6% bps
What is Saatvik Green Energy Ltd's trailing twelve month (TTM) performance?
Saatvik Green Energy Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹392 Cr
- TTM PAT Growth: +100.0% YoY
- TTM Revenue: ₹4,000 Cr
- TTM Revenue Growth: +100.0% YoY
- TTM Operating Margin: 15.0%
Is Saatvik Green Energy Ltd overvalued or undervalued?
Saatvik Green Energy Ltd appears significantly undervalued based on our fair value analysis.
- Valuation Signal: Significantly Undervalued
- Current PE: 14.9x
- Price-to-Book: 4.9x
What is Saatvik Green Energy Ltd's current PE ratio?
Saatvik Green Energy Ltd's current PE ratio is 14.9x.
- Current PE: 14.9x
- Market Cap: 5.8K Cr
How does Saatvik Green Energy Ltd's valuation compare to its history?
Saatvik Green Energy Ltd's current PE is 14.9x.
- Current PE: 14.9x
- Valuation Assessment: Significantly Undervalued
What is Saatvik Green Energy Ltd's price-to-book ratio?
Saatvik Green Energy Ltd's price-to-book ratio is 4.9x.
- Price-to-Book (P/B): 4.9x
- Book Value per Share: ₹95
- Current Price: ₹460
Is Saatvik Green Energy Ltd a fundamentally strong company?
Saatvik Green Energy Ltd is rated Average with a fundamental score of 59.86/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +142.7% (10% weight)
- PAT Growth YoY: +147.5% (10% weight)
- PAT Growth QoQ: +19.3% (10% weight)
- Margins stable (10% weight)
Is Saatvik Green Energy Ltd debt free?
Saatvik Green Energy Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹628 Cr
What is Saatvik Green Energy Ltd's return on equity (ROE) and ROCE?
Saatvik Green Energy Ltd's return ratios over recent years
- FY2024: ROCE 51.0%
- FY2025: ROCE 52.0%
Is Saatvik Green Energy Ltd's cash flow positive?
Saatvik Green Energy Ltd's operating cash flow is positive (FY2025).
- Cash from Operations (CFO): ₹43 Cr
- Free Cash Flow (FCF): ₹-155 Cr
- CFO/PAT Ratio: 20% (weak cash conversion)
What is Saatvik Green Energy Ltd's dividend yield?
Saatvik Green Energy Ltd currently does not pay a significant dividend (yield 0.00%).
- Dividend Yield: 0.00%
- Current Price: ₹460
Who holds Saatvik Green Energy Ltd shares — promoters, FII, DII?
Saatvik Green Energy Ltd's shareholding pattern (Mar 2026)
- Promoters: 76.0%
- FII (Foreign): 0.0%
- DII (Domestic): 10.5%
- Public: 13.5%
Is promoter holding increasing or decreasing in Saatvik Green Energy Ltd?
Saatvik Green Energy Ltd's promoter holding has remained stable recently.
- Current Promoter Holding: 76.0% (Mar 2026)
- Previous Quarter: 76.0% (Dec 2025)
- Change: 0.00% (stable)
How long has Saatvik Green Energy Ltd been outperforming Nifty 500?
Saatvik Green Energy Ltd has been outperforming Nifty 500 for 2 consecutive weeks, indicating early-stage outperformance.
Is Saatvik Green Energy Ltd a new momentum entry or an established outperformer?
Saatvik Green Energy Ltd is a re-entry — it briefly dropped off the outperformance list but has now returned. Re-entries can signal renewed strength.
What are the growth catalysts for Saatvik Green Energy Ltd?
Saatvik Green Energy Ltd has 6 key growth catalysts identified from recent earnings analysis
- Operating Leverage Inflection — High utilization of the 3.8 GW Ambala facility is driving PAT growth.
- Order Book Or Contract Wins — Order book of over 5 GW provides revenue visibility for the next year.
- New Product Or Brand Launch — Diversifying into inverters and storage to become a full solution provider.
- Geographical Expansion — Evaluating new US trade policies to pursue cell and module exports.
What are the key risks in Saatvik Green Energy Ltd?
Saatvik Green Energy Ltd has 3 key risks worth monitoring
- [HIGH] Silver prices have fluctuated from 15-16% to 25% of module costs — Global commodity price volatility in silver, aluminum, and copper.
- [MEDIUM] Dollar fluctuations impacting input costs for cells — Currency volatility affecting imported raw materials.
- [MEDIUM] Transition to N-TOPCon technology making Mono PERC obsolete — Rapid technological shifts in the solar industry.
What did Saatvik Green Energy Ltd's management say in the latest earnings call?
In Q3 FY26, Saatvik Green Energy Ltd's management highlighted
- "on the EBITDA front also, our last year EBITDA was around 16.5% overall in the year. And we expect that this year also will be in the similar range. ..."
- "Greenfield integrated project in Odisha comprising 4 gigawatt of module... expect the first phase to be up within our target date. [Previous Odisha M..."
- "cell manufacturing gives us additional margins because you have a DCR policy which is giving extra margins if you are a cell manufacturer. [Initiativ..."
What is Saatvik Green Energy Ltd's management guidance for growth?
Saatvik Green Energy Ltd's management has provided the following forward guidance for FY26-FY27
- Revenue growth target: 88%
- OPM guidance: 16%
- Capex plan: ₹1850 Cr for 4 GW module and 2.4 GW cell project in Odisha
- Management tone: bullish
- Milestone: [REAFFIRMED] Net Debt: Not Given → ₹749 Cr
What sector-specific metrics matter most for Saatvik Green Energy Ltd?
Saatvik Green Energy Ltd's most important sub-sector-specific KPIs from the latest concall
- Order Book: 5.05 GW (QoQ +0.37 GW) — New orders added from utility and C&I segments.
- Capacity Utilization: 81% (QoQ -2%) — Remained robust despite seasonal factors.
- Module Production: 759 MW — Steady operational execution at the Ambala facility.
- Module Sales: 920 MW — Includes clearing of deferred inventory from Q2.
- Net Debt: ₹749 Cr — Increased to secure inventory amidst raw material price volatility.
- Silver Cost as % of Module: 25% (YoY +9%) — Sharp rise in global silver prices.
Is Saatvik Green Energy Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Saatvik Green Energy Ltd may be worth studying
- Earnings growing at +147.5% YoY
- Valuation: appears significantly undervalued
- Cash flow is positive — CFO ₹43 Cr
What is the investment thesis for Saatvik Green Energy Ltd?
Saatvik Green Energy Ltd investment thesis summary:
Research Signals (Bull Case)
- Revenue growing at +142.7% YoY
- Appears significantly undervalued
- Growth catalyst: Operating Leverage Inflection
Risk Factors (Bear Case)
- Key risk: Silver prices have fluctuated from 15-16% to 25% of module costs
What is the future outlook for Saatvik Green Energy Ltd?
Saatvik Green Energy Ltd's forward outlook based on current data signals
- Earnings Trend: stable
- Revenue Trend: stable
- Margin Trend: volatile
- Valuation: Significantly Undervalued
- Key Catalyst: Operating Leverage Inflection
- Key Risk: Silver prices have fluctuated from 15-16% to 25% of module costs
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.