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 and high demand in India's renewable energy sector.

• Revenue grew 61.6% YoY in Q2 FY26 to INR 7,680.29 million, with EBITDA up 39% and PAT up 36.4% YoY.

• Ambala facility fully operational at 4.8GW, Odisha greenfield project (4GW module, 4.8GW cell) progressing on schedule.

• Entered distributed solar and B2C segments with UDAY Series on-grid inverters, expanding across the solar value chain.

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

Financial highlights

• H1 FY26 consolidated revenue from operations reached INR 16,838 million, up 133% YoY; EBITDA grew 135% to INR 3,046 million with margins at 18.09%.

• Q2 FY26 revenue: INR 7,680.29 million (+61.6% YoY); EBITDA: INR 1,235.24 million (+39% YoY); PAT: INR 832.38 million (+36.4% YoY).

• PAT for H1 FY26 rose to INR 2,021 million, up from INR 610.29 million in H1 FY25.

• Debt/equity ratio improved to 0.44 in Q2 FY26 from 1.66 in FY25.

• Net debt reduced to INR 2,625 million as of Q2 FY26, down from INR 5,155 million in Q4 FY24.

Outlook and guidance

• Management expects continued strong growth, maintaining a CAGR of around 88% and EBITDA margins in the 16-16.5% range for the coming year.

• Plans to expand module capacity by 4GW in Odisha (operational FY26) and set up a 4.8GW cell facility (operational FY27).

• Order book of 4.68GW as of September 2025 provides strong revenue visibility for the next 9-12 months.

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

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