Saatvik Green Energy share price today

Saatvik Green Energy Ltd's share price was ₹368.50 at the close on 4 November 2026. It has been falling for 8 weeks. That is 12.6% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹334 and ₹490, and at that close it sat 22% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Saatvik Green Energy Ltd is in stage 4. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 16 weeks running.

Over the last 1 year the share price moved −16% while the NIFTY 500 moved −5%, so it is behind the index over that whole period. It was last ahead over 13 weeks in the week of 17 July 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: revenue fell in the June 2026 quarter, indian funds and insurers (DIIs) raised their stake for 4 quarters in a row and lowest operating margin in 10 quarters.

1. Revenue fell in the June 2026 quarter

   Revenue was ₹511 crore, -44.2% on a year earlier (₹916 crore), after 4 quarters of growth.

   Why: The company accepted fewer orders to protect profit rather than chase sales.

   Next results: check whether deliveries pick up and match the stated schedules.

   From the earnings call on 14 Aug 2026.

2. Indian funds and insurers (DIIs) raised their stake for 4 quarters in a row

   From 8.1% to 11.1% of the company by the September 2026 quarter.

3. Lowest operating margin in 10 quarters

   Operating margin was 6.6% in the June 2026 quarter, against 19.3% a year earlier.

   Why: Margins fell mainly because sales volume dropped.

   Next results: check whether margins stay under pressure before cell production helps in the second half.

   From the earnings call on 14 Aug 2026.

For April to June 2026 (the quarter ended 30 June 2026), Saatvik Green Energy reported revenue of ₹511 crore, down 44.2% from ₹916 crore a year earlier, and a profit of ₹5.36 crore, down 95.5% from ₹119 crore.

Saatvik Green Energy results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Saatvik Green Energy's management discussed these results on a call held on 14 August 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

Saatvik Green Energy closed at ₹368.50 on 4 November 2026, down 24.8% from ₹490.25 a year earlier (7 November 2025). Its highest weekly close since September 2025 was ₹534.25 on 10 October 2025.

Saatvik Green Energy share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

65 weekly closes from 26 September 2025 to 4 November 2026.

4 Nov 2026: Saatvik Green Energy closed at ₹368.50, up 7.3% on the week and down 9.1% on the month. 14 Aug 2026: Saatvik Green Energy held its results call for April to June 2026. Management guided: Odisha Phase 1 includes 2.4GW of cells and 4GW of modules; ramp-up planned by end-August or early September 2026, with ALMM inspection planned in September 2026.

Earlier

• Results for April to June 2026: Revenue down 44.2% and profit down 95.5% on a year earlier.

Saatvik Green Energy has paid no dividend on the NSE since its first NSE close in our records (26 September 2025), the start of the period we checked.

No. Saatvik Green Energy Ltd paid out 0% of its profit as dividends in each of its last 4 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 14 August 2026, Saatvik Green Energy's management guided: Odisha Phase 1 includes 2.4GW of cells and 4GW of modules; ramp-up planned by end-August or early September 2026, with ALMM inspection planned in September 2026.

“Our objective is not to pursue volumes at any cost but to build a sustainable business with healthy economics and long-term value creation.”Nilesh Gupta, Chairman and MD, on the call for April to June 2026

What management guided

• Cell production expected to contribute H2FY27 revenue; full ramp within three months and about 80% utilization by January to March 2027; Q2 volumes may rise but margins remain pressured before a qualitative high-double-digit operating profit/profit uplift.
• FY27 sales guidance is 3.5-4GW, revenue around ₹6,000 crore, operating margin around 12% and profit margin 6-7%.
• Phase 2 adds 3.6GW of cells, taking total cell capacity to 6GW; site work by end-July to September 2026 and Q&A readiness by July to September 2027 versus the opening timeline of end-FY28; Phase 3 goals 6GW of ingot/wafer capacity by FY29.
• Phase 1 and Phase 2 capital spending totals about ₹3,500 crore (₹1,850 crore and ₹1,600-1,700 crore); ₹1,000 crore incurred to date, D/E 1.0, debt about ₹1,250 crore and peak net debt ₹2,200-2,400 crore.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 14 August 2026.

Confirmed order book 5.89 GW (~₹8,000 crore) with 18-month execution horizon; 65% utility customers with cost escalation, 35% C&I mostly fixed-price.

• Order book 5.05 GW (~₹6,500 crore) with 6-12 month visibility; 1 GW executed in Q3 while adding new orders. ✓ fact

Our read after the latest results, written 14 June 2026.

Silver at 25% of module cost vs historical 15% creates 200-400 basis points annual margin drag on 35% of book.

The main risks

• Silver/commodity price exposure, structural, not one-quarter: Silver at 25% of module cost vs historical 15% creates 200-400 basis points annual margin drag on 35% of book. ✓ fact
• Management guidance credibility, 3 documented retroactive misses: 3 retroactive guidance failures limit confidence in H2 FY27 margin recovery narrative. ✓ fact
• ₹3,500 crore capital spending execution, D/E to 1.0-1.5x from 0.69: ₹3,500 crore FY27-28 capital spending funded by debt will raise interest burden by ₹150-200 Cr/year by FY28. ✓ fact
• Technology obsolescence, Mono PERC to N-TOPCon transition: Technology transition requires disciplined capital spending timing, G12 R cell line must certify before large utility entrants by October to December 2026. ✓ fact

Our read after the latest results, written 14 June 2026.

When Saatvik Green Energy reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Odisha cell line to reach production ramp-up and clear ALMM inspection; check approval, commercial output and first cell contribution.

Saatvik Green Energy is on 2 of our India lists: 52 week high & low and Power & green energy stocks.

Saatvik Green Energy Ltd earned ₹5.4 Cr of net profit in the Jun 2026 quarter, −95.5% on the same quarter a year earlier. Full-year FY26 profit was ₹357 Cr. Over 3 years profit has grown 314.9% a year on average. That is 1.0% of the quarter's revenue. The same quarter a year earlier earned ₹119 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY26 profit was ₹357 Cr (+64.5% on the year before).

Why profit moved: revenue changed −44.2% on a year earlier and the margin moved −12.7 percentage points. Sales did the work while the margin got thinner.

On average over the last four quarters, profit changed +11.1% and revenue +58.7%. Profit is growing slower than sales: rising costs are taking part of the growth.

Saatvik Green Energy Ltd reported ₹511 Cr of revenue in the Jun 2026 quarter, −44.2% on the same quarter a year earlier. Over 3 years it has grown 95.5% a year on average. The last full year, FY26, came in at ₹4,548 Cr. The last four reported quarters add to ₹4,144 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. ALMM2 implementation from April 2026 and ALMM3 from June 2028 require 3 manufacturers with 15 GW cumulative Indian capacity. India at ~200 GW installed solar vs 500 GW 2030 goal. PM Surya Ghar and PM-KUSUM programs drive retail segment demand (Saatvik's primary near-term cell market). 44.6 GW FY26 additions pace to reach 55-60 GW FY27 per management.

FY26 revenue was ₹4,548 Cr, +110.8% on the year before.

Recent pace: the last four quarters grew +58.7% on average, against 95.5% a year over the longer run, so this year is growing slower than its own long-run rate.

Saatvik Green Energy Ltd's operating margin was 6.6% in the Jun 2026 quarter, 12.7 percentage points lower than the same quarter a year ago. Across 4 years it has been between 2.5% and 15.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. Phase 1 (2.4 GW) cell line equipment install begins July 2026, production planned H2 FY27. Management guided 3-4% EBITDA uplift on produced cell volumes, at FY26 revenue run-rate of Rs 4,548 Cr, 3% EBITDA on cell revenues would add Rs 50-80 Cr PAT annually assuming 20%+ PAT margin on the incremental EBITDA. DCR policy mandates Indian cell+module from June 2026, creating a premium price realization for ALMM-eligible output. Phase 2 (3.6 GW) brings total to 6 GW by June-July 2027.

Why the margin moved: operating margin changed −12.7 percentage points on the year while gross margin changed −7.9 points. So the drop came mostly from the gross margin, which means input costs and prices charged.

Over the last 3 years, 9% of Saatvik Green Energy Ltd's reported profit came in as cash from its operations, a gap worth watching. In FY26 its operations used ₹27.0 Cr of cash, against ₹357 Cr of profit. After ₹577 Cr of spending on assets, free cash was −₹604 Cr: it spent more than its operations brought in.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 9% of profit came in as cash: the cash cycle got 13 days longer between FY23 and FY26, so more of each rupee of profit waits in the business before it arrives. When less than 70% of profit comes in as cash, it is the thing to watch on this page.

What to look at next: less of the profit turns into cash than it should, and the cash cycle is 13 days longer. The next section looks at where the cash is stuck.

Saatvik Green Energy Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 69 days in FY26, up from 56 days in FY23. It spent ₹891 Cr on assets over the last 3 years. Customers take 56 days to pay, and stock sits for 72 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

Why this happened. Odisha 4 GW module plant equipment move-in June 2026, adding to 4.8 GW Ambala base for total 8.8 GW module capacity. Order book 5.89 GW (~Rs 8,000 Cr) covers 18 months of execution at current rates. Revenue doubled to Rs 4,548 Cr on 3,138 MW sales in FY26; at 6,000+ MW FY27 run-rate with sustained 12%+ OPM, PAT could reach Rs 500-600 Cr.

At FY26 sales of ₹4,548 Cr, each day of that cycle ties up about ₹12.5 Cr, so roughly ₹860 Cr is tied up in the business at any time.

FY26: customers took 56 days to pay and stock sat for 72 days, about 2.4 months of sales sitting as stock, for a full cycle of 69 days, longer than FY23's 56.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 72 days. Customers pay about 56 days after that. Suppliers are paid at 60 days. Together that makes the 69-day cycle.

Spending on assets: ₹891 Cr over the last 3 years, against ₹106 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹384 Cr (FY26): assets paid for that are not earning yet.

In short: cash is getting stuck in the daily cycle, so watch the cycle more than the profit.

Saatvik Green Energy Ltd's P/E is 18.9×, near the high end of its own history: higher than 73% of past readings. Its usual P/E (the middle reading) is 15.6×, over 1 year of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Why the multiple is where it is: over the past year earnings per share moved +45.0% while the price moved −24.8%. Earnings did better than the price, which pulled the multiple down within its own range.

In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple.

Saatvik Green Energy Ltd's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 7 quarters of 1 measure, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: with too little history, we say so rather than guess a direction.

One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result.

There are fewer than eight usable quarters, so this page does not guess a direction from so little history.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Saatvik Green Energy Ltd's story is not scored yet against the checks our research set on 14 June 2026. Where it sits in its own cycle: Not stated in the research file. Still open: Silver at 25% of module cost vs historical 15% creates 200-400 bps annual margin drag on 35% of book.

NOT YET CHECKED

What is proven. See the research file

What is not proven yet. Silver at 25% of module cost vs historical 15% creates 200-400 bps annual margin drag on 35% of book.

The test written in advance. Measured by: the thesis as written as stated.

What the surface reading misses. The surface reading is: Revenue doubled twice in two years, rapid growth inflection The research reads it further: Growth is capacity-driven (utilization 84% vs 40% industry average) and order-book-backed (5.89 GW confirmed). Not base-effect, base was Rs 1,088 Cr FY24 which was already 79% above FY23.

What the surface reading misses. The surface reading is: OPM at 0th percentile of own history, distressed margin The research reads it further: Margin collapse is externally-driven (commodity + forex) and contract-mechanics-trapped, not structurally broken. GPM 15.55% in Q4 vs OPM 6.7% means gross margin is above OPM by 890 bps, gross profit is there, operating cost absorption is the drag. Order book 5.89 GW with ongoing additions signals demand strength; the margin issue is pass-through timing, not competitive.

Sources: our stock research file (14 June 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

What Saatvik Green Energy Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Phase 2 Completion Timeline Delayed · 14 August 2026. In May 2026, management said the 3.6 gigawatt Phase 2 cell project would be up and running around June-July 2027. In August 2026, the stated completion goal moved to the end of FY28, representing a material delay of roughly one year without an explanation in the latest call.

Order Book Pass-Through Exposure Recharacterized · 14 August 2026. The May 2026 call characterized most of the large utility order book as pass-through, which supported a relatively protected margin outlook. The August 2026 call instead stated that only 30-40% of utility orders are variable-price and that the remainder is fixed-price, materially increasing the apparent exposure to input-cost volatility without explaining the change in contract mix or classification.

Odisha Module Plant Commissioning Delay · 21 May 2026. In the Feb 2026 call, management stated that the 4 GW module plant commissioning will happen in March 2026, enabling commercial production and revenue generation by mid-Q1 FY27. However, in the May 2026 call, they revealed that module equipment move-in will only begin in June 2026, showing a clear project delay from the previously stated timeline.\nPrior Call (Feb 2026): So the module plant commissioning will happen in the last around March of '26. So we should start revenues in the first quarter, around mid of the first quarter of next financial year.\nLatest Call (May 2026): Module equipment move-in will start from June and cell equipment move-in will start from July.

Retrospective Alteration of EBITDA Guidance · 5 February 2026. In the latest call, management claimed they had previously guided for a 13% EBITDA margin as a "realistic expectation" to justify the drop to 13.11%. This directly contradicts the November 2025 call, where they explicitly guided for margins to remain in the 16.5% range, similar to the prior year. Earlier call (Nov 2025): “Last year EBITDA was around 16.5% overall in the year. And we expect that this year also will be in the similar range.” Later call (Feb 2026): “We have previously guided that a 13% EBITDA is a realistic expectation. For the full year, we are currently at 16%.”

Every quote above is taken word for word from the company’s own earnings calls.

Saatvik Green Energy Ltd earned a ROCE of 33% in FY26. Its return on capital used (ROIC) is 1.8 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 7.8% net margin and 1.46× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why the return is what it is (FY26): a 7.8% net margin × 1.46× asset turnover × 2.29× leverage (assets divided by equity) ≈ 26.1% on equity. The margin does its share; borrowing is a big part of it.

The key test, return on capital used minus the cost of capital: 13.8% − 12.0% = +1.8 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error.

The 13.8% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 28.8%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method.

Saatvik Green Energy Ltd has total debt of ₹939 Cr against shareholder equity of ₹1,361 Cr as of Jun 2026, so its debt is 0.69× its equity. Year by year, that ratio went from 2.31 in FY24 to 0.69 in FY26. Keep that borrowing in mind when reading the returns on this page.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

Domestic institutions raised their stake in Saatvik Green Energy Ltd by 3.1 percentage points over 4 quarters, the biggest change among its owners. Domestic institutions now own 11.1% of the company. Foreign institutions moved −0.3 points over the same period, to 0.1%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Domestic institutions: +3.1 points over 4 quarters, to 11.1%; Foreign institutions: −0.3 points over 4 quarters, to 0.1%; Promoters: +0.0 points over 4 quarters, to 76.0%.

Why the owners changed: domestic institutions drove it (+3.1 points). They raised their stake step by step.

For Saatvik Green Energy Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

40.5 out of 100, rank 8 of 14 in Electric Equipment - General, with 83% of the evidence available.

Saatvik Green Energy Ltd scores 40.5 out of 100 against the 14 companies it is compared with in Electric Equipment - General, ranking 8. The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far.

The four parts add up to the total exactly: 9.3 + 12.7 + 15 + 3.5 = 40.5. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Saatvik Green Energy ranks 8 of 14 Electric Equipment - General companies on the 4-Factor Sector Score, with 40.5 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Electric Equipment - General, all 14 compared on one page.

Saatvik Green Energy is the 4th largest of 14 Electric Equipment - General companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: ABB India, Emmvee Photovoltaic Power and Fujiyama Power Systems. Just below it: Yash Highvoltage, Hindusthan Insulators & Industries and Vidya Wires.

Electric Equipment - General companies close in size

1. ABB India Ltd ₹1,35,897 crore
2. Emmvee Photovoltaic Power Ltd ₹15,855 crore
3. Fujiyama Power Systems Ltd ₹11,223 crore
4. Saatvik Green Energy Ltd ₹4,365 crore
5. Yash Highvoltage Ltd ₹3,612 crore
6. Hindusthan Insulators & Industries Ltd ₹1,760 crore
7. Vidya Wires Ltd ₹1,729 crore

All 14 Electric Equipment - General companies, largest first

Companies close in size in other industries

883. 63 Moons Technologies Ltd ₹4,372 crore · IT - Software
884. Dhanuka Agritech Ltd ₹4,369 crore · Pesticides/Agrochemicals
885. Saatvik Green Energy Ltd ₹4,365 crore
886. Juniper Hotels Ltd ₹4,364 crore · Hotels
887. Shakti Pumps (India) Ltd ₹4,364 crore · Solar Pumps

Sector Alpha, written by code from the published numbers. Data as of 4 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

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