Incorporated in 2015, Saatvik Green Energy Limited is a leading and rapidly expanding player in India’s solar energy sector, specializing in solar photovoltaic (PV) module manufacturing. With a current operational capacity of approximately 3.80 gigawatts (GW), the company has established itself as a significant contributor to the country’s renewable energy landscape. Since its inception, Saatvik has supplied over 2.50 GW of high-efficiency solar modules both domestically and internationally.

Beyond manufacturing, the company also offers comprehensive engineering, procurement, and construction (EPC) and operations and maintenance (O&M) services, providing a full-service solution for solar projects. This integrated approach, combined with a diversified product portfolio that includes advanced Mono PERC and N-TopCon modules, positions Saatvik as a key partner for a wide range of customers, from residential users to large-scale utility developers. The company has demonstrated strong financial performance, with notable revenue and profit growth in recent years, and is actively expanding its manufacturing footprint to meet growing market demand.

For the year/period ended (Rs. in Cr.)

For year/ period ended ( in Cr.)

*Market cap @upper band

• Leading Market Position: The Company is a top module manufacturer in India, providing integrated solutions to major power producers.
• Advanced Technology: It offers innovative, high-efficiency solar technology solutions, including advanced module and cell types.
• Diverse Business Model: The Company utilizes multiple sales channels and offers a range of services from manufacturing to EPC and O&M.

Strong Growth Potential: With an experienced team and large order book, the company is well-positioned to capitalize on market growth.

The Company SAATVIK GREEN ENERGY IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:

• Prepayment or scheduled re-payment, in full or in part, of all or a portion of certain outstanding borrowings availed by the Company (₹ 10.82 Cr.)
• Investment in the wholly owned Subsidiary, Saatvik Solar Industries Private Limited, in the form of debt or equity for repayment/prepayment of borrowings, in full or in part, of all or a portion of certain outstanding borrowings availed by such Subsidiary (₹ 166.44 Cr.)
• Investment in the wholly owned Subsidiary, Saatvik Solar Industries Private Limited, for setting up of a 4 GW solar PV module manufacturing facility at National Highway – 16, Chamakhandi, Gopalpur Industrial Park, Gopalpur, Ganjam – 761 020, Odisha. (“Project Site”) (₹ 477.23 Cr.)
• General corporate purposes

At the upper band of IPO ₹465, the stock is valued at 27.63 P/E multiple. Hence, well-informed investors subscribe for medium to long term perspective.