Saatvik Green Energy (SAATVIKGL) Q3 25/26 earnings summary

Executive summary

• Achieved strong operational execution and disciplined capacity utilization in Q3 and 9M FY 2026, overcoming earlier monsoon and logistics headwinds.

• Q3 FY26 revenue reached INR 12,570.22 million, up 143% YoY, with net profit at INR 987.20 million, reflecting robust demand and high capacity utilization.

• For the nine months ended December 31, 2025, consolidated revenue was INR 29,407.79 million and net profit INR 3,007.85 million, both showing strong YoY growth.

• Ambala facility fully operational at 4.8 GW with over 81% utilization in Q3; diversified customer base across utility, C&I, EPC, and distributed segments.

• Commissioned 2 GW in-house EVA/EPE film facility, enhancing vertical integration and margin resilience.

Financial highlights

• Q3 FY26 revenue: INR 12,570.22 million (+143% YoY); EBITDA: INR 1,648 million (+134% YoY); PAT: INR 987.20 million (+144% YoY); EBITDA margin at 13.11%.

• 9M FY26 revenue: INR 29,407.79 million (+137% YoY); EBITDA: INR 4,693.4 million; PAT: INR 3,007.85 million (+145% YoY).

• Basic EPS for Q3 FY26 at 8.41; for 9M FY26 at 25.63.

• Debt-equity ratio improved to 0.66 from 1.36 in FY25.

• Net debt at end of 9M FY26: INR 749 crore, including working capital.

Outlook and guidance

• Odisha integrated project on track: 4 GW module capacity by FY26 end, 4.8 GW cell capacity by FY27.

• Targeting 95% revenue from modules and 5% from adjacencies in FY26, aiming for 15% from adjacencies in coming years.

• Growth pattern: 88% CAGR in revenue, 250% CAGR in PAT over recent years; similar growth expected for next year.

• Additional cell revenue and profitability expected from H2 FY27.

• IPO proceeds are being utilized for debt repayment, subsidiary expansion, and a new 4 GW solar PV module facility, with INR 3,830.42 million unutilized as of December 31, 2025.