Saatvik Green Energy Ltd. (SGEL), established in 2015, is a solar PV module manufacturer and EPC provider listed in MNRE’s Approved List of Module Manufacturers (ALMM). With 4.8 GW of module capacity and ~69 MW of EPC projects, the company delivers end-to-end solutions spanning manufacturing, private labelling, large-scale production, and technical support. Operating three facilities in Ambala, Haryana, SGEL produces high-efficiency Mono PERC and N-TopCon modules in mono-facial and bifacial variants for residential, commercial, and utility-scale applications.
Key Highlights
SGEL’s revenue grew at an 88% CAGR from ₹609cr in FY23 to ₹2,158 cr in FY25, driven by volume recovery and a favourable product mix. PAT reached ₹214cr in FY25, marking a 571% CAGR over FY23–25.
In FY25, SGEL posted EBITDA and PAT margins of 14.8% and 9.9%, respectively. Margins are expected to improve with upcoming cell and other module components manufacturing. The company also delivered strong returns, with RoE at 63.4% and RoCE at 39.7%.
SGEL’s debt-to-equity ratio improved from 7.5x in FY23 to 1.5x in FY25 and is projected to fall further to 0.5x with IPO-led debt repayment.
SGEL serves a diversified global client base across utility, Commercial & Industrial, roof-top, and solar pump segments, with a total solar module order book of 4.05 GW as of June 2025.
SGEL is establishing an integrated facility in Odisha with 4.8 GW cell capacity by FY27 and 4 GW module capacity by FY26. Additionally, its planned ingot, wafer, and cell facility at Madhya Pradesh, will provide long-term scalability.
At the upper price band of ₹465, SGEL is valued at 27.6x FY25 P/E, which is reasonable versus peers. With strong financials, expanding capacity, backward integration, and declining debt, SGEL’s earnings is well-positioned to benefit from India’s solar growth. Hence, we recommend a ‘Subscribe’ rating on a long-term basis.
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