Saatvik Green Energy Ltd. IPO: All you Need to Know

India’s renewable energy installations, including large hydro, have grown rapidly to approximately 233 GW as of June 2025 from around 123 GW in March 2019, with solar power contributing nearly 116 GW. Fiscal 2025 alone witnessed approximately 24 GW of solar capacity additions, helping the country cross the 100 GW milestone in total installed solar capacity. With a potential to support 750 GW of solar installations, India continues to provide multiple incentives and policy support to accelerate solar adoption, creating a large addressable market for domestic manufacturers.

Detail	Information
IPO Open Date	Sep 19, 2025
IPO Close Date	Sep 23, 2025
Price Band	₹442– ₹465 per share
Lot Size	32 shares
Issue Size	₹9,000  million
Listing At	BSE, NSE
Tentative Listing Date	To be announced

Within this backdrop, one of the leading module manufacturers in India, Saatvik Green Energy Ltd. has scaled its operational solar PV module manufacturing capacity to about 3.80 GW as of March 31, 2025, establishing itself as one of the fastest growing players in the country’s solar energy market. Since inception, more than 2.50 GW of high-efficiency solar PV modules have been supplied domestically and internationally. Alongside module manufacturing, the company has built integrated capabilities across engineering, procurement and construction (EPC) and operations and maintenance (O&M) services, with an installed EPC base of 69.12 MW as of March 31, 2025. Its comprehensive product portfolio includes Mono PERC and N-TopCon modules, offered in both mono-facial and bifacial configurations, manufactured using advanced M10, G12, M10R and G12R technologies to enhance efficiency and reduce energy loss.

The company delivered a strong scale-up over FY23–25, with installed capacity rising from 550 MW in FY23 to 3,742 MW in FY25. Revenue from operations more than doubled YoY to ₹21,583.94 million in FY25 from ₹10,879.65 million in FY24, led by strong domestic sales of ₹20,670.59 million, while exports contributed ₹175.13 million, or 1.39% of sales. A robust order book of ₹50,768.50 million in FY25, compared to ₹5,599.73 million in FY24, underpins medium-term growth visibility. Although EPC and O&M revenues moderated to ₹738.22 million in FY25 from ₹1,601.55 million in FY24, profitability improved with EBITDA rising to ₹3,539.32 million in FY25 versus ₹1,568.61 million in FY24, translating into margins of 16.40%. PAT nearly doubled to ₹2,139.30 million in FY25, with margins at 9.76%. Returns remained strong, with ROE at 63.41% and ROCE at 60.45%.

Objects of the issue:

1. Prepayment/ Repayment of borrowings- ₹108.19 mn
2. Investment in wholly owned subsidiary Saatvik Solar Industries Pvt. Ltd- ₹1664.36 mn
3. Investment for setting up 4 GW solar PV module- ₹4772.27 mn
4. General Corporate Purposes

 

📱 Apply Online through the SMIFS ELITE App | Download now:

Experience seamless investing at your fingertips!