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

Executive summary

• Achieved strong year-on-year growth in revenue and profitability for Q3 and 9M FY26, driven by higher volumes, robust demand, stable realizations, and disciplined cost management.

• Operational execution normalized in Q3 after temporary headwinds in Q2, with high capacity utilization and strong order book visibility.

• Strategic focus on capacity utilization, vertical integration, and selective expansion into adjacencies like solar pumps and inverters, including commissioning a 2 GW in-house EPE film facility.

• Successful IPO in September 2025 raised INR 8,999.99 million, with shares listed on NSE and BSE.

• Four subsidiaries ceased to be part of the group during the year, reflecting ongoing corporate restructuring.

Financial highlights

• Q3 FY26 consolidated revenue: INR 12,570.22 million, up 143% YoY; 9M FY26 revenue: INR 29,407.79 million, up 137% YoY.

• Q3 EBITDA: INR 1,647.6 million (margin 13.11%, up 134% YoY); Q3 PAT: INR 987.2 million (up 144% YoY); 9M PAT: INR 3,007.9 million (up 145% YoY).

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

• Q3 production: 759 MW; Q3 sales: 920 MW; 9M sales: 2,058 MW.

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

Outlook and guidance

• 4 GW module capacity in Odisha to be commissioned by end of FY26; 4.8 GW cell capacity to start commercial production by October 2026.

• Management expects to maintain high growth rates in revenue and PAT, defending historical CAGR of 88% in revenue and 250% in PAT.

• 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.

• Priorities include timely execution of expansion plans, improving asset utilization, and delivering long-term profitable growth.

• Targeting 95% revenue from modules and 5% from other segments in FY26, aiming for 15% from non-module businesses in coming years.