Saatvik Green Energy

Saatvik Green Energy
Company typePublic
NSE: SAATVIKGL
BSE: 544526
ISININE13B501022
IndustryRenewable energy
Founded2015 (2015) in Gurgaon, Haryana, India
Headquarters
Gurgaon, Haryana
,
India
Area served
Worldwide
Key people
Neelesh Garg (Chairman & MD)
Manik Garg (MD)
Prashant Mathur (CEO)
ProductsSolar Modules, Solar Pumps, Battery Energy Storage System
Production output
3.8 GW[1] (2025)
ServicesSolar Photovoltaic module manufacturing, project Engineering, procurement, and construction, operation & maintenance
RevenueIncrease₹2,192.5[2] (2024–25)
SubsidiariesSaatvik Solar Industries
Saatvik EPC
Saatvik Cleantech
Websitesaatvikgroup.com

Saatvik Green Energy is an Indian renewable energy company, headquartered in Gurgaon, Haryana, India. Founded in 2015, the company is primarily engaged in manufacturing solar photovoltaic (PV) modules and providing engineering, procurement, and construction (EPC) services for solar power plants. As of 2025, it operates three manufacturing facilities in Ambala, Haryana, with a production capacity of about 3.8 GW.[1][3]

The company operates wholly-owned subsidiaries, Saatvik Solar, which manufactures solar equipment, and Saatvik EPC, which manages the engineering, procurement, and construction business.[4]

History

Founded in 2015, the company began its operations in 2016 with an installed capacity of 125 MW.[5] It received a 141.76 MW solar module order from BHEL in 2021 for the Raghanesda Ultra Mega Solar Park project in Gujarat.[6] In 2022, Saatvik Green Energy supplied 62 MW of solar modules for the 100 MW floating solar project at NTPC's Ramagundam Thermal Power Plant in Telangana.[7]

In April 2023, the company established a subsidiary in Texas to sell its solar PV modules in the American market.[8] Between the fiscal year 2023-24 and February 2025, the company expanded its production capacity from 564 MW to 3.7 GW.[9]

In February 2024, it commissioned a 12 MW rooftop solar project at Jindal Steel and Power's facility in Angul, Odisha, which has been reported as Asia's largest single-rooftop plant.[10] In September 2024, Saatvik Solar delivered 70.2 MW of solar modules to Satluj Jal Vidyut Nigam for its renewable energy project in Punjab.[11] In October 2024, the company secured a ₹302 crore contract from Maharashtra State Power Generation Company to supply 200 MW of its N-TOPCon 580 Wp modules.[12] Later that month, Saatvik Solar received another order to supply 213 MW of its 545 Wp Mono PERC Bifacial Modules to Larsen & Toubro for a battery energy storage system (BESS) project in Bihar.[13]

In November 2024, Saatvik Green Energy partnered with Maharashtra State Electricity Distribution Company Limited to supply solar-powered submersible pumps across 250 sites in Maharashtra to enhance water access for irrigation and other purposes.[14][15]

In January 2025, Saatvik Green Energy was awarded two solar Engineering, Procurement, and Construction (EPC) contracts by Himachal Pradesh Power Corporation Limited (HPPCL) for a combined capacity of 23 MW. The projects comprised an 11 MW solar plant at Lamlehri, using mono-PERC technology, and a 12 MW plant at Gondpur Bulla, using N-TOPCon technology. The Lamlehri project generates an estimated 17.13 million units of green energy annually, while the Gondpur plant produces about 19.13 million units per year.[16]

Also in January 2025, the company signed a supply agreement valued at more than ₹1,500 crore for 1 GW of N-TOPCon solar PV modules with a domestic energy producer.[17] In August 2025, Saatvik Solar was added to the Ministry of New and Renewable Energy's Approved List of Models and Manufacturers (ALMM) with a listed capacity of 1,941 MW.[18] In October 2025, the company secured solar module orders worth ₹488 crore, while its subsidiary, Saatvik Solar Industries, received a separate order of ₹219.6 crore.[19]

The company inducted cricketer Ravindra Jadeja as its brand ambassador in 2023[20] and actor Kartik Aaryan[21] in 2025.

Under the PM-Kusum Scheme, the company was awarded a project by Maharashtra State Electricity Distribution Company Limited in September 2025 to install 1,500 solar water pumps across various districts in Maharashtra.[22]

Operations

The company's operations are centered around its three manufacturing facilities in Ambala, Haryana, with a combined production capacity of 3.8 GW. A new integrated manufacturing facility is under development in the Ganjam district of Odisha, with an investment of ₹2,000 crore planned for Phase-1.[23] It is designed to have a production capacity of 4.8 GW for solar cells and 4 GW for modules.[24][25] Its solar EPC division has an installed capacity of 69.12 MW.[5]

Saatvik Green Energy manufactures solar photovoltaic modules using both mono-PERC and N-TOPCon technologies. The company's product range includes modules with power ratings of up to 580 Wp. Its modules incorporate designs such as half-cut cells and multi-busbar configurations, which are used to improve module efficiency and reduce energy losses.[15]

The company supplies solar modules for utility, commercial, and residential projects, and also undertakes engineering, procurement, and construction (EPC) contracts. It has supplied solar PV modules for various large-scale projects, including the Government of India's PM-KUSUM Yojana.[14] Its notable clients include Maharashtra State Power Generation Company, Bharat Heavy Electricals Limited, and Avaada.[15]

In June 2024, the company was recognized as a "Top Performer" in the PV Module Reliability Scorecard by Kiwa PVEL for its high-efficiency mono-bifacial half-cut PV modules.[26]

Some of its notable projects include supplying solar modules for the 61.42 MW floating solar power project at Ramagundam, Telangana; the 72.15 MW Raghanseda Solar Park in the Banaskantha district, Gujarat; and the 70.2 MW project for SJVN Green Energy in Punjab.[9]

Financials

During the financial year 2024–25, Saatvik Green Energy reported a revenue of ₹2,192.5 crore, an EBITDA of ₹353.9 crore, and a net profit of ₹213.9 crore.[2] In the previous financial year 2023–24, the company recorded a revenue of ₹1,097 crore and a net profit of ₹100.47 crore. The company had filed a draft prospectus with SEBI in November 2024 for an initial public offering (IPO).[4]

It got listed on 26 September 2025 on both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE). The shares opened at ₹460 on the BSE, slightly below the issue price of ₹465, and listed flat on the NSE. The company's ₹900 crore initial public offering, comprising a fresh issue of ₹700 crore and an offer for sale of ₹200 crore, was subscribed 6.57 times during the issue period from 19 to 23 September 2025.[27]

Prior to the IPO, in September 2025, it raised ₹269.4 crore from anchor investors, including HDFC Mutual Fund, Nippon Life India, Bandhan Mutual Fund, SBI General Insurance, and 360 ONE.[28]

See also

References

  1. ^ a b Sengupta, Rajarshi (October 28, 2024). "Saatvik Solar's 'Made-In-India' Product Offerings At REI 2024". TaiyangNews.
  2. ^ a b "Saatvik Green Energy IPO". JM Financial. September 18, 2025.
  3. ^ Srivastava, Vikas (November 14, 2024). "Saatvik Green To Spend Rs 2,000 Crore On Solar Cell, Panel Capacity". NDTV Profit.
  4. ^ a b Choudhary, Sanjeev (September 26, 2024). "Saatvik Solar seeks Rs 1,000 crore PE funding for expansion". The Economic Times.
  5. ^ a b "Saatvik Green Energy Marks 10 Years In India's Solar Sector". Saur Energy. May 29, 2025.
  6. ^ Bhambhani, Anu (July 2, 2021). "Saatvik Green bags BHEL module contract". TaiyangNews.
  7. ^ Gupta, Uma (July 7, 2022). "Saatvik supplies modules for NTPC's Ramagundam floating solar project". PV Magazine.
  8. ^ Gupta, Uma (April 13, 2023). "Saatvik establishes US subsidiary". PV Magazine.
  9. ^ a b Sinha, Ritwik (September 3, 2025). "Saatvik: Solar play". Business India.
  10. ^ Gupta, Uma (February 28, 2024). "Saatvik Solar commissions 'Asia's largest' single-rooftop solar project". PV Magazine.
  11. ^ Kumar, Deepak (September 12, 2024). "सात्विक सोलर ने की एसजेवीएन को 70.2 मेगावाट के सौर मॉड्यूल की आपूर्ति" (in Hindi). Live Hindustan.
  12. ^ Gupta, Uma (October 14, 2024). "Saatvik Solar secures INR 302 crore contract to supply PV modules to MAHAGENCO". PV Magazine.
  13. ^ "Saatvik Solar secures 213MW solar PV modules supply contract from L&T Energy". Manufacturing Today. October 10, 2024.
  14. ^ a b "Saatvik Green Energy enters solar pump biz with order from Maharashtra". The Hindu Business Line. November 13, 2024. Archived from the original on November 14, 2024.
  15. ^ a b c "Saatvik Green Energy partners with MSEDCL to supply solar pumps in Maharashtra". The Economic Times. November 14, 2024.
  16. ^ "Saatvik Green Energy bags 23 MW solar projects from Himachal govt". The Economic Times. January 23, 2025.
  17. ^ Anand, Saurav (January 9, 2025). "Saatvik Green Energy secures ₹1,500 crore solar module contract". The Economic Times.
  18. ^ "Solar Module Capacity Under ALMM Grows by 8.8 GW". Mercom India. August 14, 2015.
  19. ^ Rani, Megha (October 7, 2025). "Saatvik Green Energy bags ₹488 crore solar module orders". CNBC TV18.
  20. ^ "Saatvik Solar ropes in Ravindra Jadeja as brand ambassador". The Financial Express. September 4, 2023.
  21. ^ "Saatvik Green Energy unveils new TVC featuring Brand Ambassador Kartik Aaryan". Medianews4u. August 2, 2025.
  22. ^ "Saatvik Green Energy bags solar pumps order in Maharashtra". The Economic Times. September 2, 2025.
  23. ^ Nair, Avinash (October 19, 2024). "As incentives soar, solar PV manufacturers strategically choose states". The Hindu Business Line. Archived from the original on October 19, 2024.
  24. ^ Ojha, Shreeyashi (June 9, 2025). "Saatvik Solar to build 4.8GW solar cell, 4GW module facility in Odisha, India". PV Tech.
  25. ^ Nair, Avinash (October 19, 2024). "As incentives soar, solar PV manufacturers strategically choose states". The Hindu Business Line.
  26. ^ Dhiman, Akash (June 11, 2024). "Saatvik Solar Secures Position As Kiwa PVEL Top Performer". Saur Energy.
  27. ^ Goel, Saloni (September 23, 2025). "Saatvik Green Energy IPO booked over 6.5 times as of third and final day". Livemint.
  28. ^ "Saatvik Green Energy mops up over Rs 269 crore via anchor book ahead of Rs 900-crore IPO". Moneycontrol. September 18, 2025.
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