The order is for the supply of solar photovoltaic (PV) modules and is classified as a commercial order, according to the company’s exchange filing. The order will be executed by March 2027, the company said.
Saatvik Solar Industries, the material subsidiary of Saatvik Green Energy, has received and accepted the order aggregating to ₹190 crore.
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The order has been awarded by a domestic entity. Saatvik Green Energy said neither the promoter, promoter group nor group companies have any interest in the entity that awarded the order.
First Quarter Results
Saatvik Green Energy reported a 95.3% year-on-year decline in profit to ₹5.51 crore for the first quarter of FY27, compared with ₹116.60 crore in the year-ago quarter.
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.
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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. 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.
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.
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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.
Shares of Saatvik Green Energy Ltd ended at ₹401.85, up by ₹2.15, or 0.54%, on the BSE.
