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 headwinds from monsoon and logistics disruptions.

• Q3 FY26 revenue was 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 reached INR 29,407.79 million and net profit was INR 3,007.85 million, up significantly year-over-year.

• Commissioned a 2 GW in-house EVA/EPE film facility, advancing vertical integration and margin stability.

• Order book as of December 2025 stood at 5.05 GW, providing strong revenue visibility.

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).

• 9M FY26 revenue: INR 29,407.79 million (+137% YoY); EBITDA: INR 4,693.4 million (+135% YoY); PAT: INR 3,007.85 million (+145% YoY).

• EBITDA margin for Q3 FY26 at 13.11%; PAT margin at 7.9%.

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

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

Outlook and guidance

• Odisha project on track: 4 GW module capacity to be commissioned by end FY 2026, 4.8 GW cell capacity by FY 2027.

• Management expects continued growth, supported by capacity expansion, strong market demand, and favorable policy tailwinds.

• Cell manufacturing to begin commercial production around October 2026, expected to enhance margins due to DCR policy benefits.

• IPO proceeds are being utilized for debt repayment, subsidiary expansion, and a new 4 GW solar PV module facility.