Saatvik Green Energy (SAATVIKGL) Q2 25/26 earnings summary

Executive summary

• Achieved strong operational execution and strategic progress in Q2 and H1 FY26, with robust revenue and profitability growth, supported by favorable policy environment and high demand in India's renewable energy sector.

• Q2 FY26 revenue grew 61.6% YoY to INR 7,680.29 million, EBITDA up 39%, and PAT up 36.4% YoY; H1 FY26 revenue reached INR 16,838 million, up 133% YoY.

• Manufacturing capacity expanded to 4.8GW, with Ambala facility fully operational and Odisha greenfield project (4GW module, 4.8GW cell) progressing on schedule.

• Launched UDAY Series on-grid solar inverters, expanding into distributed solar and B2C segments, and recognized as 'Top Performer - 2024' by PV Evaluation Labs.

• Completed IPO of 19.36 million shares, raising INR 8,999.99 million, with shares listed on NSE and BSE on September 26, 2025.

Financial highlights

• H1 FY26 revenue from operations: INR 16,838 million, up 133% YoY; Q2 revenue: INR 7,680.29 million, up 61.6% YoY.

• H1 EBITDA: INR 3,046 million (135% YoY growth), margin at 18.09%; Q2 EBITDA: INR 1,235.24 million, margin at 18.7%.

• H1 profit after tax: INR 2,021 million, up 146% YoY; Q2 PAT: INR 832.38 million, up 36.4% YoY.

• Debt/equity ratio improved to 0.44 in Q2 FY26 from 1.36 in FY25; net debt reduced to INR 2,625 million.

• Basic EPS (consolidated) for H1 FY26: INR 7.36.

Outlook and guidance

• Odisha project expansion on track, with 4GW module and 4.8GW cell facilities; first phase commissioning expected in Q4 FY26.

• Revenue and EBITDA margins expected to remain strong, with guidance for continued high growth (CAGR ~88%) and sustainable EBITDA margin of 16-16.5%.

• IPO proceeds to be used for debt repayment, subsidiary investment, and capacity expansion.

• Strong industry tailwinds expected as India's renewable energy capacity projected to reach 190–200 GW by FY30 at a CAGR of 16–17%.

• Tax rate expected to average 18%-20% as more revenue shifts to subsidiaries with preferred tax rates.