Saatvik Q1 FY27: Profit compression meets a high-stakes integration buildout

Q1 FY27 revenue from operations was INR 5,110 million, EBITDA was INR 425 million (8.33% margin), and profit after tax was INR 54 million.

The company reported a confirmed order book of 6.35 GW and management stated it is valued at about INR 8,200 crores.

Phase 1 in Odisha is planned for 2.4 GW solar cell capacity and 4 GW solar module capacity.

Management indicated the cell line ramp up is expected to start by end of Aug 2026 or early Sep 2026 with ALMM II inspection planned for Sep 2026, and the module line ramp up is expected by end of Aug 2026.

Management guided for 3.5 to 4.0 GW sales, revenue around INR 6,000 crores, EBITDA about 12%, and PAT margin about 6% to 7% for FY27.

Management stated the order book mix is about 70% utility scale and about 30% C&I and open access.

Management stated current debt is about INR 1,250 crores and net debt could peak around INR 2,200 to INR 2,400 crores. Phase 1 capex was indicated at about INR 1,850 crores and Phase 2 capex at about INR 1,600 to INR 1,700 crores, with about INR 1,000 crores incurred so far.