The stock was trading at ₹432.35 on the BSE, up 4.88%, or ₹20.10, at the time of reporting.
Order book hits new high
According to the brokerage, Saatvik Green Energy’s order book has risen to around ₹9,700 crore from ₹8,200 crore as of August 18, after the company secured fresh orders worth about ₹1,530 crore.
Motilal Oswal said the order book provides almost full revenue visibility for FY27 and around 60% visibility for FY28, with deliveries spread across the two financial years.
A key recent win was a 600 megawatt-peak domestic content requirement (DCR) module order from the Solar Energy Corporation of India (SECI), worth ₹1,040 crore. The brokerage said deliveries are scheduled for December 2027.
Cell manufacturing could lift margins
Motilal Oswal also sees the company’s move into solar cell manufacturing as an important driver for growth.
Saatvik Green Energy’s first 2.4 gigawatt phase is on track to begin production in the third quarter of FY27, according to the report. A further 3.6 gigawatt expansion is expected by the end of FY28, taking total cell manufacturing capacity to around 6 gigawatts.
The brokerage expects greater in-house cell production and a higher share of DCR volumes to support profitability, with EBITDA margin estimated to rise to around 15% by FY28 from about 8% in FY27.
Motilal Oswal estimates revenue and EBITDA to grow at a compound annual growth rate of 36% and 50%, respectively, between FY26 and FY28.
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The brokerage said India’s solar capacity addition remains on track, with installed solar capacity reaching 168 GW by August 2026. It expects the company to benefit from continued solar expansion, a growing order book and rising domestic demand for cells and modules.
Motilal Oswal has therefore retained its Buy rating and ₹508 target price on Saatvik Green Energy, citing strong order visibility and the potential for margin improvement as its cell manufacturing capacity ramps up.