Saatvik Green Energy wins ₹1,042 crore SECI order

Deal in focus: 600 MWp module supply for SECI

Saatvik Green Energy has secured a 600 MWp solar PV module supply order from the Solar Energy Corporation of India (SECI), valued at ₹1,041.63 crore excluding taxes. The company described the award as a confirmed work order, indicating a firm contract rather than a preliminary selection. The same disclosure puts the value inclusive of taxes at ₹1,093.71 crore. The order is part of SECI’s larger procurement for the Radhanesda solar project in Gujarat. Saatvik will supply domestically manufactured modules for a 700 MW ground-mounted solar plant at Radhanesda. The contract is classified as a “Mega” order in the company’s disclosures.

Where the order sits in SECI’s Radhanesda tender

SECI’s tender covers manufacturing, testing, packing, forwarding, supply, and transportation of 870 MWp of domestically manufactured solar PV modules using domestically manufactured solar cells. Under this tender, Saatvik received the 600 MWp package. SECI also awarded a 300 MWp module supply package to Kosol Energie Pvt. Ltd. for ₹558.59 crore (inclusive of taxes). Separately, SECI awarded Technical Associates Transformers Ltd. a transformer supply contract valued at ₹73.39 crore (inclusive of taxes). For balance of system works for the 700 MW grid-connected ground-mounted plant, LC Infra Projects Pvt. Ltd. was awarded the contract.

Execution timeline: 19 months, targeted for December 2027

The disclosed completion schedule for Saatvik’s module supply is 19 months, with a target date of December 2027. The company has committed to execute the order by December 2027. The timeline is relevant because the tender is linked to a utility-scale project with multiple packages, including modules, transformers, and balance of system. For investors tracking delivery risk, the timeline sets a clear milestone for revenue conversion. The disclosure also positions the order as “turnkey supply,” signalling a defined scope of delivery tied to project deadlines. No further milestones beyond the December 2027 target are specified in the provided information.

Domestic manufacturing requirement: modules and cells

A key condition highlighted in the disclosures is domestic sourcing: Saatvik will supply domestically manufactured solar modules using domestically produced solar cells. This aligns with the tender’s stated requirement for domestically manufactured modules and cells. For module manufacturers, such conditions can influence sourcing strategy and capacity planning. In Saatvik’s case, the order description specifically ties compliance to domestic production for both modules and cells. The company has not provided additional details on technology type, module wattage class, or manufacturing location in the provided text.

Financial significance: revenue visibility and size of the order

The ₹1,041.63 crore (ex-tax) SECI order is described as one of the largest single supply orders for Saatvik Green Energy. The disclosures state that the order represents nearly 23% of the company’s FY26 revenue of ₹4,548.4 crore. The company also noted that the order is approximately 99.5% of its average quarterly revenue of ₹1,047 crore. These comparisons frame the award as material relative to the company’s recent revenue base. The order is expected to boost domestic order book visibility, based on the company’s own characterization.

Order book update: disclosed pipeline and quarterly inflows

Alongside the SECI contract, the filing states that Saatvik’s total disclosed order book rises to ₹2,119.06 crore. The company also disclosed that this covers 2.02 quarters of average quarterly revenue. Separately, Q2FY27 total order inflows were stated at ₹1,633.66 crore across six orders. These data points indicate how the SECI award fits into the broader disclosed pipeline. The text does not provide a full break-up of all orders within the ₹2,119.06 crore figure.

Stock reaction: shares move after order disclosures

The provided text references a positive market reaction in Saatvik Green Energy’s shares following order win announcements. In one instance, shares were reported trading 3.8% higher at ₹415.4 after an order win announcement. Another market update cited a rise of 4.5% to ₹419 after a ₹190 crore solar PV module order, described as the largest gain in over a month. The text also notes the stock is up 10% so far this year, in that specific update. These snapshots reflect near-term trading moves linked to order-flow news, though the disclosures do not attribute price action to any single factor beyond the announcements.

Other recent module orders mentioned in disclosures

Beyond the SECI award, the text includes multiple domestic solar PV module orders linked to Saatvik Green Energy and its material subsidiary, Saatvik Solar Industries Private Limited. One disclosure states the subsidiary received and accepted an order aggregating to ₹190 crore from a “renowned” independent power producer/EPC player for supply of solar PV modules, executable by March 2027. Another order mentioned is ₹171.45 crore for solar PV modules, expected to be completed by October 2026. The text also references two major order wins totalling ₹707.62 crore, comprising ₹219.62 crore and ₹488 crore, both for module supply to IPPs/EPC players. Separately, it mentions “material subsidiary won ₹297.5 crore domestic solar PV module orders, executable by March 2027.”

Key numbers at a glance

Other contracts in the same SECI project package

Why the SECI award matters for Saatvik

The SECI order adds a large, dated execution commitment through December 2027, which the company has linked to revenue visibility. It also anchors Saatvik’s participation in a marquee, utility-scale project under a tender with domestic manufacturing requirements for both modules and cells. The order book disclosures and quarter inflow numbers show the company is reporting multiple module orders across different clients and timelines, with the SECI package standing out by size. The company has not disclosed margin expectations, supply schedules within the 19-month period, or payment terms in the provided text. What is confirmed is the scope, value, domestic content requirement, and the targeted execution date.

What to watch next

Investors will track further company updates on execution progress toward the December 2027 target and any changes in the disclosed order book as additional orders are won or delivered. Updates from SECI on Radhanesda project progress across the other packages may also provide context for module delivery pacing. Any further disclosures on capacity utilisation or manufacturing readiness would be additive, though none are included in the provided information. For now, the public record centres on the order size, timelines, and its placement within SECI’s broader 870 MWp procurement for the Gujarat project.