Saatvik Green Energy LimitedUnclassifiedSAATVIKGL
Q1 FY27 earnings callSaatvik Green Energy Limited
A moderate quarter due to customer delays and cost volatility masks strategic progress towards an integrated solar manufacturing platform, with cell production ramp-up imminent.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Production (MW) | 408 megawatt | — | |
| Sales (MW) | 334 megawatt | — | |
| Revenue | INR5,110 million | — | |
| EBITDA | INR425 million | — | |
| EBITDA Margin | 8.33% | — | |
| Profit After Tax | INR54 million | — | |
| Debt-to-Equity Ratio | INR0.99 | — | |
| Confirmed Order Book | 6.35 gigawatts | — |
TL;DR
- Revenue and profits declined sharply due to lower sales volumes.
- Customers deferred orders due to geopolitical uncertainty and regulatory ambiguity.
- Odisha cell and module project is on track, with cell ramp-up starting soon.
- Confirmed order book stands at 6.35 GW, providing revenue visibility.
- Full-year FY27 guidance reiterated at 3.5-4 GW sales with ~12% EBITDA margin.
Said on the call
“Our objective is not to pursue volumes at any cost, but to build a sustainable business with healthy economics and long-term value creation.”
From the Q&A
| Topic | What management said |
|---|---|
| Margin Protection and Cell Ramp-up | Management expects cell production to start by Q3, providing higher EBITDA in H2, and is diversifying cell sourcing. They target 80% cell line utilisation by Q4. |
| Q1 Margin Compression Reasons | Lower margins were due to a crowded module market, geopolitical volatility impacting commodity/logistics/FX costs, lower demand, and a selective approach to order execution. |
| Order Book Mix | The 6.35 GW order book is ~70% utility and ~30% C&I/Open Access; ~30% are DCR orders. Its INR value is ~INR8,200 crores, with execution over 12-18 months. |
| Capex and Debt | Capex incurred so far is INR1,000 crores; total for Phase 1 (2.4GW cell + 4GW module) is INR1,850 crores. Net debt is expected to peak at INR2,200-2,400 crores. |
| FY27 Guidance | Guidance is 3.5-4 GW sales, revenue around INR6,000 crores, EBITDA margin ~12%, and PAT margin 6-7%. Non-module business target is 7-10% of revenue this year. |
| Demand and DCR Outlook | Large utility demand for DCR panels is expected from next FY (FY28) due to project cycles. Margins on DCR cell orders are currently 18-20%. |
Guidance
- Sales of 3.5 to 4 gigawatt for FY27.
- Revenue around INR6,000 crores for FY27.
- EBITDA margin of about 12% for FY27.
- PAT margin of about 6% to 7% for FY27.
- Target for non-solar module business to reach 7%, 8%, 10% of revenue this year and 15% next year.
Source
Summary written from the transcript filed by Saatvik Green Energy Limited for the call held on 14 Aug 2026; published 18 Aug 2026, 21:10 IST.