Revenue declined 44.2% year-on-year to ₹511.01 crore from ₹915.73 crore, while earnings before interest, tax, depreciation and amortisation (EBITDA) fell 80.5% to ₹33.83 crore from ₹173.68 crore. The EBITDA margin stood at 6.6%, compared with 19% in Q1 FY26.
Order book stands at 6.35 GW
Saatvik’s confirmed order book stood at approximately 6.35 GW, equivalent to around 132% of its operational module capacity of 4.8 GW. The company said it continued to receive orders during the period, while additional orders secured subsequently further strengthened business visibility.
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The company continued work on its manufacturing expansion and value-chain integration during the quarter.
At its Gopalpur integrated manufacturing facility in Odisha, the 2.4 GW cell manufacturing line will begin ramp-up shortly, with ALMM-II inspection planned for September. The 4 GW module manufacturing line is scheduled to begin ramp-up by the end of August.
Phase II to take cell capacity to 6 GW
Beyond Phase I, Saatvik is progressing with Phase II, which will add 3.6 GW of cell manufacturing capacity and take its total cell manufacturing capacity to 6 GW. Site activities are targeted to begin by the end of Q2 FY27, with completion targeted by FY28.
The company has also initiated planning for Phase III, which envisages 6 GW of ingot and wafer manufacturing capacity. The phase is targeted for completion by FY29 and is aligned with the anticipated ALMM-III transition.
During the quarter, Saatvik launched the Saatvik SuryaConnect Solar Kit, a ready-to-install residential and commercial solar solution, and the Saatvik UDAY Plus Hybrid Inverter, combining solar power with battery backup.
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The company also continued to strengthen its presence across engineering, procurement and construction (EPC), transformers, battery energy storage systems (BESS) and distributed solar solutions.
Debt-to-equity ratio improves
Saatvik’s debt-to-equity ratio improved to 0.99x as of June 2026, compared with 1.28x in Q1 FY26.
For the coming quarters, the company said it will focus on ramping up the Gopalpur integrated manufacturing facility, expanding its presence across distributed solar, inverters, transformers, solar pumps, BESS and other clean energy solutions, and building on its order book and customer base across domestic and international markets.
The company also plans to improve capacity utilisation, operational efficiency and execution, while maintaining disciplined capital allocation.
Outlook for FY27
For the remainder of FY27, Saatvik Green Energy will focus on manufacturing scale-up, order execution, portfolio diversification and deeper value-chain integration.
The company plans to advance the Gopalpur integrated manufacturing facility and progress towards its ramp-up. It will also strengthen its presence across distributed solar, inverters, transformers, solar pumps, battery energy storage systems (BESS) and other clean energy solutions.
Saatvik will build on its 6.35 GW order book and expand its customer base across domestic and international markets. It will also focus on improving capacity utilisation, operational efficiency and execution, while maintaining disciplined capital allocation.
The company said it remains committed to supporting India’s renewable energy ambitions through reliable, scalable and technology-led clean energy solutions, while building a more integrated domestic solar manufacturing ecosystem.
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Prashant Mathur, Chief Executive Officer, Saatvik Green Energy Limited, said, “Q1 FY27 marked a quarter of strategic progress for Saatvik, as we continued to invest ahead for the next phase of growth. We are advancing towards the ramp-up of our 2.4 GW cell and 4 GW module manufacturing facility.
Moreover, our fundamentals remain strong, with a confirmed order book of 6.35 GW providing robust medium-term visibility. The improvement in our debt-to-equity ratio to 0.99x underscores our commitment to disciplined, capital-efficient growth.
As we progress through FY27, our focus remains on accelerating execution, scaling manufacturing and strengthening our integrated clean energy portfolio. With strong demand visibility, expanding capacities and prudent capital management, Saatvik is well positioned to capture India’s next phase of clean energy growth and deliver sustainable long-term value.”
Shares of Saatvik Green Energy Ltd ended at ₹426.75, down by ₹15.15, or 3.43%, on the BSE.
