Saatvik Green Energy (SAATVIKGL) Q1 25/26 earnings summary

Executive summary

• Achieved strong Q1 FY26 results as a newly listed entity, with revenue from operations of INR 9,157.28 million, up 272.28% year-over-year, and profit after tax of INR 1,188.24 million, up 459.30% year-over-year.

• Successfully completed an INR 8,999.99 million IPO, oversubscribed 6.93x, with listing on NSE and BSE on September 26, 2025.

• Expanded manufacturing capacity to 4.8 GW, with further integrated cell and module facilities under construction in Odisha and Ambala.

• Maintains a diversified business model across module manufacturing, EPC, O&M, and new ventures in inverters and solar pumps.

• Unaudited standalone and consolidated financial results for the quarter ended June 30, 2025, were approved by the Board on October 8, 2025.

Financial highlights

• Revenue from operations for Q1 FY26 was INR 9,157.28 million, up from INR 2,459.76 million in Q1 FY25.

• EBITDA rose to INR 1,810.58 million, a 346.04% increase year-over-year, with EBITDA margin improving to 19.77% from 16.5% in Q1 FY25.

• Profit after tax surged to INR 1,188.24 million, up from INR 212.45 million in Q1 FY25, with PAT margin at 12.98% versus 8.64% last year.

• High capacity utilization at 81.47% and production of 685.03 MW for the quarter.

• Net debt stood at INR 5,951.78 million as of Q1 FY26.

Outlook and guidance

• Order book as of June 30 exceeds 4 GW, with strong visibility for the next 9-12 months.

• Capacity expansion underway in Ambala and Odisha, targeting 4 GW module and 4.8 GW cell capacity by FY27.

• Strategic focus on backward integration, export growth, EPC services, and expanding the distribution network.

• Management expects margins to remain healthy, in line with historical performance, but refrains from explicit guidance.