Saatvik Green Energy Q2 FY27 Revenue Up 17.5% to ₹902.6 Cr; Odisha Facility Commences Production
Saatvik Green Energy reported Q2 FY27 revenue of ₹902.6 crore, a 17.5% increase year-on-year. PAT stood at ₹20.2 crore. The company commenced commercial production at its Odisha facility and secured a ₹1,041.63 crore order from SECI. The order book reached ₹8,800 crore.
The commencement of commercial production at the Odisha facility and securing a large order from SECI are material developments that will significantly impact the company's future revenue and market position.
The company reported revenue growth, commenced commercial production at a new facility, and secured significant new orders, indicating positive business momentum.
Saatvik Green Energy Limited announced its unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. The company reported a revenue of ₹9,026 million (₹902.6 crore) and a Profit After Tax (PAT) of ₹202 million (₹20.2 crore) for the second quarter of FY27.
The company's confirmed order book stood at 6.68 GW as of September 2026. A significant development during the quarter was the commencement of commercial production of solar PV modules at its Odisha facility. The company also secured a ₹1,041.63 crore order from Solar Energy Corporation of India Limited (SECI) for 600 MWp of solar modules manufactured using domestic solar cells.
Operationally, module production was 658 MW and sales were 640 MW during Q2 FY27. The confirmed order book reached ₹8,800 crore, equivalent to approximately 110% of the installed module capacity. The company added 1.76 GW of new orders and executed 0.97 GW during H1 FY27. The debt-to-equity ratio stood at 1.37x as of September 2026.
Key orders secured include ₹476 crore from Vikran Engineering Limited, ₹1,041.63 crore from SECI, ₹297.5 crore and ₹190 crore from Independent Power Producers/EPC players, and a ₹138 crore order for domestic solar PV modules. Post-quarter, an order of approximately ₹100 crore was received from MSEDCL for solar water pumping systems.
The Odisha manufacturing facility's Phase I, with 4 GW of module and 2.4 GW of cell manufacturing capacity, is nearing completion. Commercial production of modules has commenced, with full capacity expected by December 2026. Trial runs for the 2.4 GW cell line have also begun.
Saatvik Green Energy launched its Quad-Cut TOPCon 3.0 Dual Glass Bifacial module and is expanding into hybrid inverters and lithium battery solutions. E-commerce sales have commenced on Amazon.in.
Mr. Prashant Mathur, CEO of Saatvik Green Energy Limited, stated that H1 FY27 was a period of investment for long-term positioning. He highlighted the quality of demand and the company's strong order book. The CEO emphasized the strategic importance of the Odisha facility for controlling the supply chain and improving cost, quality, and delivery certainty as the industry shifts towards a cell-led market.
Priorities for H2 FY27 include executing customer deliveries, improving manufacturing utilization, advancing the Odisha commissioning, ramping up the 2.4 GW cell line, and developing complementary businesses.
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