Haryana-based solar module manufacturer Saatvik Green Energy reported a revenue from operations of ₹9.03 billion (~$93.8 million) in the second quarter (Q2) of the financial year (FY) 2027, up 17.5% year-over-year (YoY) from ₹7.68 billion (~$79.8 million).

The company’s profit after tax (PAT) fell 76.2% YoY to ₹202 million (~$2.1 million) from ₹847 million (~$8.8 million).

Earnings before interest, taxes, depreciation, and amortization (EBITDA) declined 44.9% YoY to ₹696 million (~$7.2 million) from ₹1.26 billion (~$13.1 million).

Saatvik highlighted that India had approximately 36.6 GW of solar cell manufacturing capacity compared to 261.7 GW of module manufacturing capacity as of June 2026, with module manufacturing facilities operating at an estimated capacity utilization of 35–40%.

The company’s capacity utilization rate stood at approximately 58.5%, compared with 83.1% in the corresponding quarter last year.

The company noted that since ALMM List-II came into effect on June 1, 2026, modules manufactured using domestic cells have commanded a premium of more than 75% over non-domestic content requirement (non-DCR) modules. Domestic cell-based modules were priced at ₹24.6 (~$0.26)/Wp–₹26.5 (~$0.28)/Wp, compared to ₹14.2 (~$0.15)/Wp for non-DCR modules.

Being a standalone module manufacturer, Saatvik said it faces greater challenges because of limited access to domestic solar cells, while vertically integrated manufacturers are better positioned to benefit from the pricing premium.

The company also cited the example of its Odisha cell-to-module program which is facing a similar challenge and has a 2.4 GW solar cell capacity. The company plans expand its capacity by 3.6 GW.

Saatvik produced 658 MW of solar modules and sold 640 MW during the quarter, compared with 792 MW produced and 538 MW sold in Q2 FY 2026.

1H Results

For the first half (1H) of FY 2027, Saatvik reported a revenue of ₹14.14 billion (~$146.9 million), down 16.1% YoY from ₹16.84 billion (~$174.9 million).

EBITDA fell 63.1% YoY to ₹1.12 billion (~$11.6 million) from ₹3.04 billion (~$31.6 million).

PAT fell 87.3% to ₹256 million (~$2.7 million) from ₹2.01 billion (~$20.9 million).

Module production stood at 1.06 GW, compared with 1.47 GW in the corresponding period last year. Module sales declined to 973 MW from 1.13 GW.

Business Highlights

Saatvik’s confirmed order book stood at 6.68 GW, valued at ₹88 billion (~$914.1 million), as of September 2026, representing approximately 110% of its installed module manufacturing capacity of 6.1 GW.

The company added 1.76 GW of new orders and executed 970 MW during 1H FY 2027.

During the quarter, Saatvik secured a ₹4.76 billion (~$49.4 million) solar module order from Vikran Engineering and a ₹10.42 billion (~$108.2 million) order from the Solar Energy Corporation of India (SECI) for 600 MWp of domestically manufactured solar modules using domestic solar cells.

It also secured orders worth ₹2.98 billion (~$30.9 million) and ₹1.9 billion (~$19.7 million) for domestic solar modules in September and August 2026, respectively, with execution scheduled by March 2027.

In October, Saatvik received an order worth approximately ₹1 billion (~$10.4 million), excluding Goods and Services Tax, from Maharashtra State Electricity Distribution Company for 5,000 off-grid DC solar water pumping systems under the Magel Tyala Saur Krushi Pump Yojana/PM-KUSUM Component B.

Manufacturing Expansion

Saatvik commenced commercial production at its Gopalpur solar module manufacturing facility in Odisha on November 2, 2026, with approximately 1.3 GW of capacity operational.

The facility’s first phase, spanning 57 acres, includes 4 GW of solar module and 2.4 GW of solar cell manufacturing capacity.

The company expects the entire 4 GW module capacity to become operational by December 2026, taking its total module manufacturing capacity to 8.8 GW.

Trial runs have also commenced at the 2.4 GW solar cell manufacturing line, with production ramp-up targeted for December 2026.

Saatvik applied for enlistment of the cell manufacturing facility under ALMM List-II in September 2026. The inspection is expected in November, with enlistment subject to approval from the Ministry of New and Renewable Energy.

The company has also commenced structural and civil works for the second phase of its Odisha manufacturing facility, comprising 3.6 GW of additional solar cell capacity across 27 acres.

The expansion is targeted for completion by the beginning of FY 2028, taking its planned solar cell manufacturing capacity to 6 GW.

Saatvik is also expanding its encapsulant manufacturing capacity from the existing 2 GW to 5 GW by FY 2028 and plans to establish 6 GW of ingot and wafer manufacturing capacity by FY 2029.

Product Diversification

Saatvik launched its new line of quad-cut TOPCon 3.0 dual-glass bifacial solar modules. The module offers output of up to 670 Wp and efficiency of up to 24.8%, with bifacial output reaching 745 W under specified rating conditions.

The company also entered the hybrid inverter segment and expanded its lithium battery portfolio, including a 5.12 kWh battery rated for more than 4,000 cycles.

It also developed an on-grid solar kit for residential and small commercial applications, featuring real-time monitoring, advanced maximum power point tracking, and integrated protection systems.

The company is expanding its presence across utility-scale solar, commercial and industrial projects, rooftop installations, solar pumping systems, and residential applications through its portfolio of modules, inverters, transformers, and planned battery energy storage solutions.

Outlook

For the second half of FY 2027, Saatvik plans to focus on executing scheduled customer deliveries, improving manufacturing utilization and operating efficiency, and ramping up its Odisha manufacturing facility.

The company also plans to ramp up its 2.4 GW solar cell manufacturing line and complete its ALMM List-II enlistment.

The company plans to expand its complementary businesses, including solar pumps, inverters, transformers, and energy storage solutions, while maintaining discipline on working capital, expenditure, and capital allocation.