Saatvik Green Energy (SAATVIKGL) Q1 26/27 earnings summary

Executive summary

• Q1 FY 2027 saw moderate financial and operational results, with significant progress on the Odisha integrated manufacturing project and ongoing expansion into B2C, power electronics, and storage components.

• Odisha facility's Phase 1 (2.4 GW cell, 4 GW module) is nearing operational readiness, with ALMM-II inspection planned for September 2026; Phase 2 (3.6 GW cell) to start by end of Q2 FY 2027, targeted for FY 2028, and Phase 3 (6 GW ingot/wafer) planned for FY 2029.

• Strong order book of 6.35 GW (~132% of current module capacity) ensures forward revenue visibility.

• Recognized for sustainability and workplace excellence, including EcoVadis Bronze and Great Place to Work certifications.

• Completed IPO in September 2025, raising INR 8,999.99 million for debt repayment, subsidiary investment, and new manufacturing facility.

Financial highlights

• Q1 FY 2027 consolidated revenue: INR 5,110 million (down from INR 9,157 million in Q1 FY 2026); EBITDA: INR 425 million, margin 8.33% (vs. INR 1,777 million/19.40% in Q1 FY 2026); PAT: INR 54 million (vs. INR 1,166 million in Q1 FY 2026).

• Q1 FY 2027 production: 408 MW (vs. 685 MW in Q1 FY 2026); sales: 334 MW (vs. 579 MW in Q1 FY 2026).

• Debt-to-equity ratio improved to 0.99 from 1.28 year-over-year.

• Standalone revenue: INR 3,332.37 million; standalone net profit: INR 68.57 million.

• FY 2026 revenue reached INR 45,484 million, up 111% YoY.

Outlook and guidance

• Confirmed order book at 6.35 GW, valued at INR 8,200 crore, with FY 2027 guidance of 3.5–4 GW sales, revenue ~INR 6,000 crore, EBITDA margin ~12%, PAT margin 6–7%.

• Full ramp-up of cell manufacturing expected by Q4 FY 2027, with 80% utilization.

• Ongoing expansion to 8.8 GW module capacity by FY 2027 and 6 GW cell capacity under construction.

• Significant demand for DCR panels anticipated in FY 2028 as utility projects come online.

• IPO proceeds are being deployed for strategic investments and capacity expansion.