Solar Stock in Focus After Reporting 111% YoY Growth in Revenue and 5.89 GW Order Book

Synopsis: Reporting FY26 revenue of Rs.4,546 crore and PAT growth of 64 percent to Rs.357 crore, the company is rapidly evolving into an integrated renewable energy platform. Backed by a 5.89 GW order book, new transformer business, storage ambitions, and backward integration into encapsulants, it is expanding well beyond pure solar module manufacturing. 

India’s rapidly expanding solar manufacturing ecosystem is creating strong momentum for domestic renewable energy players. One such company delivered its strongest operational and financial performance yet, backed by aggressive capacity expansion, backward integration initiatives, and a growing presence across the broader clean energy value chain. 

With a market capitalization of approximately Rs.5,490 crore, the shares of Saatvik Green Energy Limited were trading at Rs. 432 per share, with a 52-week range of Rs. 567to Rs. 328. The stock is trading at a P/E of approximately 15x.

Q4 and FY26 Financial Performance

FY26

On a full-year consolidated basis, revenue from operations came in at Rs.4,545.8 crore in FY26, up sharply by 111 percent from Rs.2,158.4 crore in FY25. Total income for the year stood at Rs.4,558 crore against Rs.2,192.5 crore in the previous year. EBITDA surged 56.5 percent to Rs.575.7 crore from Rs.367.7 crore, though margins moderated due to rapid scale-up in volumes and capacity expansion. PAT for FY26 came in at Rs.357.1 crore, a 64 percent jump over Rs.217.1 crore in FY25. 

The company significantly strengthened its balance sheet in FY26, with the debt-to-equity ratio improving sharply to 0.65x from 1.34x, reflecting strong deleveraging and improved financial flexibility. 

Q4-FY26

The company reported consolidated revenue from operations of Rs.1,607.7 crore in Q4FY26, up 74.9 percent year-on-year from Rs.918.9 crore in Q4FY25. EBITDA for the quarter stood at Rs.116.6 crore compared to Rs.160.1 crore in the year-ago period, while margins were impacted by higher depreciation, finance costs, and an exceptional item related to ongoing expansion and capacity additions. PAT for Q4FY26 came in at Rs.60.4 crore against Rs.94.7 crore in Q4FY25, reflecting strong operational momentum despite near-term cost pressures from aggressive scale-up initiatives. 

Backward Integration and the Value Chain Push

The more compelling story at Saatvik lies below the revenue line. During FY26, the company commissioned a 2 GW EPE encapsulant manufacturing facility, a key solar module input that previously relied on imports. This move directly targets margin stability and supply chain resilience, two pressure points that have historically made pure-play module assemblers vulnerable to input cost swings.

The company also acquired an 80% stake in Melcon Transformers and Electricals, marking its entry into power transmission equipment, a segment seeing strong demand from grid expansion, EV charging infrastructure, and the broader renewable energy integration push. A new wholly owned subsidiary, Saatvik Power Storage Solutions, was launched to pursue battery energy storage opportunities, with the company exploring a pipeline of 20 GW in storage opportunities over the next five years. 

Alongside this, a 99-year land lease covering 185 acres in Madhya Pradesh has been secured for future capacity expansion. The Odisha facility, which will add 4 GW of module capacity and 2.4 GW of cell capacity, is progressing on schedule with module tool movement expected to begin in Q1 FY27.

As of March 2026, the confirmed order book stood at 5.89 GW, roughly 123% of installed module capacity, providing strong forward revenue visibility heading into FY27.

Technical Overview 

The stock’s Immediate support is placed near Rs. 405.15, while Rs. 502.95 remains the Closest resistance level. Price movement near these levels may determine the stock’s near-term trading range and overall market direction.

Conclusion

With record production of 3,162 MW, a rapidly deleveraging balance sheet, and a deliberate push toward full value chain integration, Saatvik Green Energy is moving well beyond its module-maker origins. The combination of strong order visibility, commissioning-stage capacity additions in Odisha, and new verticals in storage and transformers positions it as a diversified clean energy play at a time when India’s solar demand outlook remains structurally strong. Execution on the Odisha ramp and margin recovery in coming quarters will be the key variables to watch.

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