Saatvik Green Energy Limited has reported revenue of ₹902.6 crore and profit after tax of ₹20.2 crore for the second quarter of FY27. The company also announced the commencement of commercial production at its Odisha solar module manufacturing facility and said its confirmed order book stood at 6.68 GW as of September 2026.
During Q2 FY27, the company produced 658 MW of solar modules and recorded sales of 640 MW. In the corresponding quarter of FY26, production was 792 MW and sales were 538 MW. Capacity utilisation stood at approximately 58.5%, compared with 83.1% a year earlier.
For the first half of FY27, production totalled 1,066 MW and sales reached 973 MW, against 1,477 MW and 1,137 MW, respectively, in H1 FY26. The company added 1.76 GW of new orders and executed 0.97 GW during the six-month period. Saatvik secured a ₹1,041.63 crore order from Solar Energy Corporation of India (SECI) in September for 600 MWp of solar modules manufactured using domestic solar cells. The order is scheduled for execution by December 2027. Other orders included ₹476 crore from Vikran Engineering, ₹297.5 crore and ₹190 crore from independent power producers and EPC companies, and ₹138 crore for domestic solar modules.
After the quarter, the company received an order worth approximately ₹100 crore, excluding GST, from Maharashtra State Electricity Distribution Company Limited for 5,000 off-grid DC solar water pumping systems under the Magel Tyala Saur Krushi Pump Yojana and PM-KUSUM B scheme.
Commercial production of solar PV modules began at the Gopalpur facility on November 2 through wholly owned material subsidiary Saatvik Solar Industries Private Limited. Approximately 1.3 GW of the Phase I module capacity is operational, with the full 4 GW expected by December 2026. Equipment installation, testing and validation are under way. Trial runs have also started on the facility’s 2.4 GW solar cell line, with production ramp-up targeted for December.
The company has applied for ALMM List-II enlistment for the cell facility, with inspection expected in November, subject to approval by the Ministry of New and Renewable Energy. It has also signed an MoU with the Government of Odisha for an additional 3.6 GW solar cell facility at Gopalpur, targeted for completion by the start of FY28.
At REI Expo 2026, Saatvik introduced its Quad-Cut TOPCon 3.0 Dual Glass Bifacial module, offering output of up to 670 Wp and module efficiency of up to 24.8%. CEO Prashant Mathur said the first half of FY27 was a period of investment as the company expanded its manufacturing base. He said the Odisha project would improve access to domestic cells and strengthen supply-chain control.
Saatvik currently operates a 4.8 GW module manufacturing facility in Ambala, Haryana. Its expansion plans include increasing encapsulant capacity from 2 GW to 5 GW by FY28 and developing 6 GW of ingot and wafer capacity by FY29. Saatvik Green Energy Limited is one of India’s leading solar photovoltaic module manufacturers, serving utility-scale, commercial and industrial, EPC and distributed solar markets.
The company operates a 4.8 GW module manufacturing facility in Ambala, Haryana, and has commenced commercial production at its integrated manufacturing facility in Odisha. The Odisha facility has a planned module capacity of 4 GW, of which approximately 1.3 GW is operational, along with 2.4 GW of solar cell capacity under Phase I. A further 3.6 GW of solar cell capacity is planned under Phase II. Through these investments, Saatvik aims to develop a fully integrated cell-to-module manufacturing platform, with a focus on technology, product quality and manufacturing capabilities to support India’s renewable energy sector.
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