Saatvik Green Energy Limited — Investor Meet, 25-05-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Saatvik Green Energy Limited held an earnings conference call on May 21, 2026, to discuss its financial and operational performance for the fourth quarter and full financial year ended March 31, 2026. Management provided insights into strategic initiatives, business outlook, and addressed analyst queries.

**Financial Performance:** FY26 saw record revenue of ₹45,484 million, up 111% YoY. EBITDA grew 62% YoY to ₹5,811 million, with a margin of 12.78%. Profit after tax reached ₹3,571 million, a 64% YoY increase, marking the highest profitability with a PAT margin of 7.85%. Operationally, production and sales volumes significantly increased to 3,162 MW and 3,138 MW respectively in FY26. The debt-equity ratio improved to 0.65.

**Management Commentary & Outlook:** FY26 was a transformational year, focusing on building an integrated clean energy platform. The company is expanding its solar cell manufacturing capacity to 6 GW and moving into ingot and wafer production. The 2 GW EPE encapsulant facility is commissioned, with plans to expand to 5 GW. Saatvik has entered the transformer segment via an 80% stake in Melcon Transformers and is strengthening its power electronics portfolio and solar pump business. Battery energy storage systems are a key focus. Management expressed confidence in future growth driven by capacity expansions, backward integration, and a strong order pipeline.

**Order Book & Operational Updates:** The confirmed order book stands at approximately 5.89 GW as of March 2026, with an execution timeline of 18 months. 65% of the order book is with large utility customers, with most being pass-through.

**Analyst Q&A Highlights:** Management addressed concerns regarding margin compression due to rising commodity prices and currency fluctuations, noting that some cost increases can be passed on depending on the order. They are focused on stabilizing efficiencies for new cell production, initially targeting the retail and C&I segments. Capex for FY27 is estimated at ₹1,700 Cr for expansion, with FY28 capex of ₹1,800-2,000 Cr for the 6 GW ingot project. Debt-equity is expected to remain between 1x and 1.5x.

**Investor Angle:** The company's strategic focus on backward integration and diversification into adjacent clean energy segments positions it well for long-term growth. Despite short-term cost pressures, management anticipates healthy and stable margins in FY27, supported by increasing in-house cell production and a stable industry outlook.