Saatvik Green Energy (SAATVIKGL) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 consolidated revenue was INR 9,026.05 million and profit was INR 202.45 million; H1 revenue was INR 14,136.15 million and profit was INR 256.11 million.

• Commercial production began at the Odisha module facility on November 2, 2026, with 1.3 GW operational; full 4 GW Phase I capacity is targeted by December 2026.

• Confirmed orders stood at 6.68 GW at H1 close, including 1.76 GW of orders added during the half.

• A subsidiary facility fire caused an exceptional loss of INR 26.34 million; insurance assessment remained in progress.

Financial highlights

• Q2 consolidated revenue was INR 9,026.05 million vs INR 7,680.29 million YoY; H1 revenue was INR 14,136.15 million vs INR 16,837.57 million.

• Q2 EBITDA was INR 696 million, with a 7.7% margin; H1 EBITDA was INR 1,121 million vs INR 3,040 million YoY.

• Q2 consolidated profit was INR 202.45 million vs INR 847.15 million YoY; H1 profit was INR 256.11 million vs INR 2,013.16 million.

• Standalone Q2 revenue was INR 2,903.24 million vs INR 5,552.11 million YoY; standalone profit was INR 135.39 million vs INR 35.73 million.

• H1 consolidated operating cash flow was negative INR 2,352.16 million; investing outflow was INR 7,516.88 million and financing inflow was INR 9,843.51 million.

Outlook and guidance

• FY27 guidance is revenue of ~INR 6,000 crore and EBITDA margin of ~12%; cell commissioning is expected to lift EBITDA in the final four months of the fiscal year.

• Full 4 GW Odisha module capacity is targeted by December 2026; the 2.4 GW cell line is in trial runs, with ramp-up targeted by December.

• Cell capacity is planned to reach 6 GW by FY28, including a 3.6 GW Phase II line; 6 GW of ingot and wafer capacity is targeted for FY29.

• Module capacity outlook is 8.8 GW by FY27, versus 6.1 GW established capacity; encapsulant capacity is planned to expand from 2 GW to 5 GW.

• Ancillary and non-panel businesses are targeted to reach ~15% of revenue in two years, from 4% currently.