Saatvik Green Energy’s FY26 surge: scale-up, deleveraging, and a wider clean-energy play

FY26 revenue from operations was INR 45,484 million, EBITDA was INR 5,811 million and profit after tax was INR 3,571 million, as stated in the investor presentation and concall.

The company reported FY26 production of 3,162 MW and sales of 3,138 MW, with average capacity utilization of 84.07%.

Management reported a confirmed order book of 5.89 GW as of March 2026, and mentioned an execution timeline of up to 18 months for these orders.

Management attributed Q4 EBITDA decline to increases in commodity input costs (including silver, aluminum and copper), oil-linked inflation, and INR depreciation versus USD, with limited ability to pass through costs on fixed-price contracts immediately.

Management indicated FY27 capex of about INR 1,700 crore. For FY28, they cited about INR 2,500 crore for the planned 6 GW ingot project in two phases, and guided that around INR 1,800 to 2,000 crore could be required in FY28.

The investor presentation states module tool moving will start by Q1 FY27 and cell tool moving will start by Q2 FY27. On the concall, management said module equipment move-in starts from June and cell equipment move-in starts from July, with cell production expected to begin in the second half of FY27.

On the concall, management said EPC contribution was about 150 MW and about 3% to 4% of top line. They also said solar pump projects contributed about 1% of top line, and specified about INR 50 crore revenue from solar pumps in FY26.