Solar photovoltaic module manufacturer Saatvik Green Energy Limited posted a sharp rebound in earnings in the December quarter, with consolidated net profit jumping 144% year-on-year to ₹98.72 crore, driven by a surge in revenues and strong operating performance amid rising solar installations across the country.
The company had reported a consolidated net profit of ₹40.5 crore in the corresponding quarter last year.
Revenue from operations more than doubled to ₹1,257.02 crore in Q3 FY26, compared with ₹518.2 crore a year ago, reflecting robust demand for solar modules from utility-scale and commercial projects.
Chief executive officer Prashant Mathur said the December quarter marked a strong performance phase for the company, supported by high capacity utilisation and continued traction from repeat customers.
“Q3 FY26 was a strong quarter for Saatvik Green Energy, with revenues reaching ₹1,257.02 crore, driven by robust demand for solar modules, high-capacity utilisation and continued traction from repeat customers,” Mathur said.
Operational metrics remained firm during the quarter, with capacity utilisation at 81%, underscoring strong order execution and production efficiency.
Robust Order Book
As of December 31, 2025, the company’s order book stood at 5.05 GW, providing solid revenue visibility for the coming quarters. During the period, Saatvik secured repeat domestic orders worth ₹963 crore from leading independent power producers and engineering, procurement and construction players.
“These repeat orders reaffirm confidence in our product quality and execution capabilities,” Mathur said.
The company’s balance sheet also strengthened during the quarter, with the debt-equity ratio improving to 0.66, reflecting a reduction in leverage and improved financial flexibility.
“Our stronger financial position supports our planned capacity expansion and backward integration initiatives in a disciplined manner,” Mathur added.
Backward Integration
On the manufacturing front, Saatvik said its greenfield integrated facility in Odisha remains on track. The project will add 4 GW of solar module capacity and 4.8 GW of solar cell capacity, marking a key step in the company’s backward integration strategy aimed at enhancing cost competitiveness and long-term margin sustainability.
The company has also successfully commissioned a 2 GW in-house protective encapsulant (EPE) film manufacturing facility at its Ambala campus in Haryana, co-located within its existing module manufacturing complex.
Industry analysts say backward integration into cells and key components could help Indian module manufacturers protect margins as domestic manufacturing scales up under the government’s production-linked incentive schemes.
With a growing order pipeline, rising utilisation levels and capacity expansion underway, Saatvik is positioning itself to capture accelerating demand from India’s renewable energy buildout, as the country targets large-scale solar capacity additions over the next decade.