Saatvik Green Energy
Book Building issueMainboardBSE₹900 Cr issue
-1.08%
Listing gain over issue price
Issue size
₹900 Cr
1 lot at cut-off
₹14,880
Lot size
32shares
Open
19 Sep 2025
Close
23 Sep 2025
Allotment
24 Sep 2025
Listing
26 Sep 2025
Listing performance
Issue price
₹465
Listed at
₹460
Listing-day close
₹440.70
Latest price
₹398.05
Close on 12 Oct 2026
Listing gain
-1.08%
Return since issue
-14.40%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 19 Sep 2025 – 23 Sep 2025
- Listing date
- 26 Sep 2025
- Face value
- ₹1 per share
- Issue price
- ₹465 per share
- Lot size
- 32 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹900 Cr
- Market cap at offer price
- ₹5,910 Cr
- Promoter holding
- 90.05% → 75.99% pre-issue → post-issue
- ISIN
- INE13B501022
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Dam Capital Advisors Ltd.
- Registered office
- Vill.Dubli, V.P.O, Bihta Tehsil,, Haryana
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 57,93,547 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 32 shares per lot, in multiples, at ₹465
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 32 | ₹14,880 |
| Retail (max) | 13 | 416 | ₹1,93,440 |
| S-HNI (min) | 14 | 448 | ₹2,08,320 |
| S-HNI (max) | 67 | 2,144 | ₹9,96,960 |
| B-HNI (min) | 68 | 2,176 | ₹10,11,840 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
57,93,547
Anchor portion
₹269 Cr
at ₹465 per share
Valuation and performance
Valuation at offer price
₹465 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 19.09 | 16.83 |
| P/E (×) | 24.36 | 27.63 |
| Price to book (×) | 43.18 | — |
| Market cap | — | ₹5,910 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 63.41%
- ROCE
- 60.45%
- Debt / equity
- 1.36
- PAT margin
- 9.76%
- EBITDA margin
- 16.40%
- NAV per share
- ₹30.14
- Price to book
- 43.18
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Saatvik Green Energy
Saatvik Green Energy Limited is a solar photovoltaic module manufacturer incorporated on May 29, 2015, converted to public limited company on October 3, 2024. The company manufactures solar energy products including Mono PERC modules and N-TopCon solar modules in mono-facial and bifacial options suitable for various applications including residential, commercial and utility scale solar projects. Beyond manufacturing, the company provides end-to-end engineering, procurement and construction (EPC) services for solar projects including ground-mounted and rooftop solar installations, as well as operations and maintenance services for solar projects undertaken by the company. The company has an operational capacity of approximately 3.80 GW as of June 30, 2025 and operates manufacturing facilities in Ambala, Haryana.
Company Analysis
from RHPSaatvik Green Energy Limited is a solar photovoltaic module manufacturer with operational capacity of 3.80 GW, producing Mono PERC and N-TopCon solar modules for residential, commercial and utility scale projects, and providing engineering, procurement, construction and operations & maintenance services.
Saatvik Green Energy Limited is a solar photovoltaic module manufacturer incorporated on May 29, 2015, converted to public limited company on October 3, 2024. The company manufactures solar energy products including Mono PERC modules and N-TopCon solar modules in mono-facial and bifacial options suitable for various applications including residential, commercial and utility scale solar projects. Beyond manufacturing, the company provides end-to-end engineering, procurement and construction (EPC) services for solar projects including ground-mounted and rooftop solar installations, as well as operations and maintenance services for solar projects undertaken by the company. The company has an operational capacity of approximately 3.80 GW as of June 30, 2025 and operates manufacturing facilities in Ambala, Haryana.
renewable energysolar powerphotovoltaic module manufacturingengineering procurement and construction services
Objects of the Issue
- Prepayment or scheduled re-payment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company ₹108.19 million p.21
- Investment in our wholly owned Subsidiary, Saatvik Solar Industries Private Limited, in the form of debt or equity for repayment/prepayment of borrowings, in full or in part, of all or a portion of certain outstanding borrowings availed by such Subsidiary ₹1,664.36 million p.21
- Investment in our wholly owned Subsidiary, Saatvik Solar Industries Private Limited, for setting up of a 4 GW solar PV module manufacturing facility at National Highway – 16, Chamakhandi, Gopalpur Industrial Park, Gopalpur, Ganjam – 761 020, Odisha ₹4,772.27 million p.21
- General corporate purposes p.21
- Prepayment or scheduled re-payment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company ₹108.19 million p.134
- Investment in our wholly owned Subsidiary, Saatvik Solar Industries Private Limited, in the form of debt or equity for repayment/prepayment of borrowings, in full or in part, of all or a portion of certain outstanding borrowings availed by such Subsidiary ₹1,664.36 million p.134
- Investment in our wholly owned Subsidiary, Saatvik Solar Industries Private Limited, for setting up of a 4 GW solar PV module manufacturing facility at National Highway – 16, Chamakhandi, Gopalpur Industrial Park, Gopalpur, Ganjam – 761 020, Odisha ₹4,772.27 million p.134
- General corporate purposes p.134
Issue Structure
- Total Issue
- Up to ₹9,000 million
- Fresh Issue
- Up to ₹7,000 million
- Offer for Sale
- Up to ₹2,000 million
- Face Value
- ₹2 each
Business Model
The company earns revenue from three primary sources: (1) Manufacturing and sale of solar PV modules (both Mono PERC and N-TopCon) for domestic and export markets; (2) Providing end-to-end EPC services including designing, engineering, construction services for ground-mounted and rooftop solar installations; and (3) Providing operations and maintenance services to customers for solar projects undertaken by the company.
Business Segments
Manufacturing and sale of Mono PERC solar modules in mono-facial and bifacial options for residential, commercial and utility scale solar projects. In Fiscal 2025, this segment contributed 38.72% of revenue from operations.
Manufacturing and sale of N-TopCon solar modules in mono-facial and bifacial options for various applications
Providing end-to-end engineering, procurement and construction services for solar projects including ground-mounted solar installations and rooftop solar installations, and operations and maintenance services to customers for solar projects undertaken by the company
Sales of solar photovoltaic modules to domestic customers
Sales of solar photovoltaic modules to international customers
Engineering, Procurement & Construction and Operation & Maintenance services
Manufactures and sells solar photovoltaic modules within India
Manufactures and sells solar photovoltaic modules to international markets
Provides engineering, procurement, construction services and operations & maintenance services for solar projects
Manufacturing and sale of solar photovoltaic modules using Mono PERC and N-TopCon technologies offered in mono-facial and bifacial options for residential, commercial and utility scale solar projects
Sale of traded solar modules, solar glass and solar cells sourced from external suppliers to customers
Providing end-to-end EPC services including design, engineering, procurement, construction and commissioning for solar power projects; offers ground-mounted and rooftop solar installations with quality assurance and supply chain management
Design, construction, procurement and commissioning of solar photovoltaic pumping systems
Manufacturing of crystalline silicon terrestrial photovoltaic (PV) modules using Mono PERC and TopCon cell technology, assembled with protective layers of glass, encapsulant and backsheet/back glass
Comprehensive turnkey solar EPC solutions consisting of ground-mounted solar installations, rooftop solar installations, floating solar panels and solar battery storage solutions including design and engineering, construction, quality assurance and procurement. As of March 31, 2025, completed 12 solar power projects with aggregate capacity of 69.12 MW.
Providing solar pumps under EPC solutions to agricultural farms under the PM KUSUM scheme. Company's 3 HP, 5 HP and 7.5 HP direct current solar pump sets have been tested and approved by NABL accredited laboratories. As of June 30, 2025, successfully installed 487 solar pumps in Maharashtra and secured award for 100 additional pumps.
Design, manufacture and supply of solar photovoltaic modules for solar energy projects
Provides EPC services and Design, construction, procurement and commissioning of Solar Photovoltaic Water Pumping System (SPWPS) services to customers
Design, manufacturing and sale of high-efficiency solar PV modules using advanced TOPCon technology with a 25-year warranty covering performance and defects
Provides full-cycle EPC services for solar power projects including engineering design, equipment procurement, project management and construction
Design, construction, procurement and commissioning of solar photovoltaic pumping systems
Direct sale of energy generated from solar installations
Based on the company's business model of vertical integration, solar photovoltaic modules manufacturing has been considered as a single business segment
SWOT Analysis
Strengths
- • Operational manufacturing capacity of approximately 3.80 GW as of June 30, 2025(p.20)
- • Diverse product portfolio offering both Mono PERC and N-TopCon solar modules in mono-facial and bifacial options(p.20)
- • End-to-end service capability including EPC and operations & maintenance services(p.20)
- • Significant installed capacity expansion with 3,742 MW as of March 31, 2025, up from 1,154 MW in prior year(p.102)
- • Strong revenue growth with revenue from operations reaching ₹21,583.94 million in FY2025, nearly 2x prior year(p.102)
- • Improving profitability with PAT margin expanding to 9.76% in FY2025 from 9.16% in FY2024(p.102)
- • Large order book of 3,522.05 MW as of March 31, 2025, exceeding current effective installed capacity of 1,743.66 MW by 2x(p.102)
- • Strong return metrics with ROE of 63.41% and ROCE of 60.45% in FY2025(p.102)
- • Improved EBITDA margin reaching 16.40% in FY2025 from 14.42% in FY2024(p.102)
- • Rapidly expanding installed manufacturing capacity with strong growth trajectory(p.185)
- • High capacity utilization rate indicating efficient operations(p.185)
- • Substantial and growing order book providing revenue visibility(p.185)
- • Strong profitability with superior margins compared to peers(p.185)
- • Improving financial leverage with debt-to-equity declining(p.185)
- • Quality Customer Base and Large Order Book(p.182)
- • Established operations with significant production capacity(p.291)
- • Strong track record in marquee projects and customer relationships(p.295)
- • Comprehensive EPC capabilities and in-house O&M team(p.296)
- • Diversified product portfolio beyond solar modules(p.297)
- • International quality certifications and compliance(p.300)
- • Significant recent expansion and capacity increases(p.329)
- • Wide geographic reach and distribution network(p.299)
- • Industry recognition and awards(p.329)
- • Experienced management team with renewable sector expertise(p.354)
- • Diversified business model spanning solar module manufacturing and EPC services(p.385)
- • Strong financial growth trajectory with rising profitability(p.381)
- • Significant revenue growth over three years(p.381)
- • Largest single-location module manufacturing facility in India with 3.8 GW capacity(p.464)
- • Rapid revenue growth and profitability expansion(p.432)
- • Inclusion in ALMM (Approved List of Models and Manufacturers) for government procurement(p.465)
- • Extensive pan-India distribution network with 53 selling partners and 15 warehouses(p.466)
- • Backward integration strategy with planned cell manufacturing capacity of 4.80 GW(p.464)
- • Strong retained earnings and equity base for growth(p.424)
- • Strong revenue and profitability growth over three years(p.488)
- • Improved profit margins and operational efficiency(p.483)
- • Strong return on equity and capital deployment(p.485)
- • Vertical integration in solar module manufacturing(p.498)
- • 25-year warranty on solar modules(p.478)
- • Government grants and subsidies received(p.488)
Weaknesses
- • Highly concentrated customer base with top 10 customers contributing majority of revenue(p.24)
- • Significant dependence on limited product line with Mono PERC modules driving majority of sales(p.25)
- • Material Subsidiary has limited operational experience in renewable energy business(p.24)
- • Planned 4 GW facility subject to risks of delays, cost overruns and implementation challenges(p.24)
- • High debt-to-equity ratio of 1.36x as of March 31, 2025, though improved from 2.18x in prior year(p.102)
- • Heavy reliance on subsidiary SSIPL borrowings of ₹1,664.36 million as of June 30, 2025, creating consolidated debt burden(p.138)
- • Working capital dependency with net working capital days of 26.97 days in FY2025, nearly doubling from 16.25 days(p.102)
- • Company has not appraised its funding requirements and deployment of Net Proceeds with any bank or financial institution(p.64)
- • Concentration in subsidiary manufacturing with major CapEx investment (₹4,772.27 million) in single facility in Odisha(p.134)
- • Significant leverage relative to peers in the industry(p.189)
- • Lower revenue scale compared to key competitors(p.184)
- • Asset turnover declining, lower than peers(p.189)
- • Limited export presence relative to peers(p.189)
- • Minimal net working capital efficiency relative to scale(p.189)
- • Heavy dependence on imported raw materials from China(p.293)
- • Significant concentration in top suppliers(p.298)
- • Geographic concentration of manufacturing facilities(p.304)
- • Corporate Office and warehouses located on leased premises(p.304)
- • Reliance on third-party transportation and logistics(p.299)
- • Insurance coverage may not be adequate(p.303)
- • High inventory concentration and rapid inventory buildup(p.417)
- • Rising debt levels and significant financial leverage(p.380)
- • No dividend paid in recent years limiting shareholder returns(p.372)
- • Concentration of promoter shareholding and control(p.358)
- • Recent sale of subsidiaries indicating portfolio restructuring(p.411)
- • High dependence on few key customers(p.454)
- • Significant reliance on imported materials particularly from China(p.467)
- • High leverage with total borrowings of INR 4,580.96 million and net debt of INR 4,941.88 million(p.451)
- • Pending litigation related to custom duty classification(p.430)
- • Material working capital discrepancies between bank statements and actual books(p.460)
- • Significant dependence on few customers(p.499)
- • High debt-to-equity ratio(p.485)
- • Significant increase in finance costs(p.489)
- • Increased working capital requirements(p.486)
- • Contingent liabilities and litigation matters(p.494)
- • Regulatory compliance requirements pending(p.525)
Opportunities
- • Rapidly expanding renewable energy market with 116 GW solar capacity as of June 2025 and potential for 750 GW installations(p.20)
- • Government support through incentive schemes and subsidies for solar expansion(p.20)
- • Significant backward integration opportunity into cell manufacturing with proposed 4 GW facility at substantially lower tax rates (15% vs 25%)(p.143)
- • Government of Odisha provides 30% capital investment subsidy on plant and machinery for the Odisha manufacturing facility(p.142)
- • Large order book of 3,522.05 MW significantly exceeds current capacity, indicating strong market demand for expansion(p.143)
- • Additional government support in Odisha including power tariff reimbursement of ₹2 per unit for 10 years and 100% electricity duty exemption(p.142)
- • India's target of 500 GW non-fossil capacity by 2030 with 280 GW from solar(p.222)
- • Expected 175-180 GW solar capacity additions over FY2025-2030(p.230)
- • Growth in C&I solar segment with 30-32 GW expected through 2030(p.232)
- • Rooftop solar expansion with 28-30 GW expected additions over FY2026-2030(p.234)
- • Government-backed schemes driving module demand including PM Surya Ghar scheme(p.225)
- • Rising per capita electricity consumption providing structural demand growth(p.208)
- • Export opportunities through US Inflation Reduction Act and UFLPA benefiting India(p.227)
- • Government push for renewable energy and solar capacity targets(p.313)
- • Expanding solar EPC solutions market(p.297)
- • Large-scale government solar projects requiring modules(p.295)
- • Growing export and international market expansion(p.329)
- • Production Linked Incentive scheme supporting domestic manufacturing(p.318)
- • ALMM enlistment expanding product eligibility for government projects(p.329)
- • Technology advancement and diversification into higher-efficiency modules(p.329)
- • Rising renewable purchase obligations across states(p.313)
- • Strategy to capitalize on solar energy sector expansion(p.385)
- • Expansion of EPC service capabilities for solar projects(p.393)
- • Establishment of new manufacturing facilities(p.413)
- • International expansion through USA subsidiary(p.378)
- • Massive untapped solar capacity potential in India with only 15.4% tapped of 750 GW potential(p.466)
- • Planned capacity expansion adding 1.00 GW in Ambala and 4.80 GW cell + 4.00 GW module capacity in Odisha(p.464)
- • Rising government demand for solar EPC services through capacity additions(p.466)
- • Government incentives including PLI scheme, tax incentives and preferential tariffs(p.465)
- • Expansion into rooftop solar and PM KUSUM scheme for farmer solar pumps(p.466)
- • Growth in solar photovoltaic modules market(p.470)
- • EPC services expansion(p.471)
- • Energy sales from subsidiary operations(p.481)
- • Capacity expansion through capital commitments(p.495)
- • Government support and incentives(p.480)
- • Export obligations providing growth avenue(p.495)
Threats
- • Raw material price volatility affecting solar PV cell and module manufacturing costs(p.24)
- • Dependence on government subsidy from Industries Department, Odisha which may not be received on time or at all(p.24)
- • Lease land for new 4 GW facility may not be extendable beyond current sublease term(p.24)
- • Credit rating availability affects capital access and financial flexibility(p.25)
- • Project implementation risks including delays and cost overruns for the 4 GW facility scheduled for July 2026 completion(p.55)
- • Subsidy receipt from Odisha government is uncertain and not guaranteed, with phased disbursement only after actual investment(p.142)
- • Multiple statutory approvals required for Project Site, some still pending including factory license and various certifications(p.176)
- • Capacity utilization declined to 83.70% in FY2025 from 88.52% in FY2024, indicating underutilization of existing facilities(p.102)
- • Intense price competition from Chinese module manufacturers(p.235)
- • Regulatory changes on domestic content requirements (ALMM implementation)(p.224)
- • Currency depreciation risk affecting cost competitiveness(p.206)
- • Commodity price volatility affecting input costs(p.235)
- • Concentration of capacity additions in specific states increasing execution risk(p.223)
- • Regulatory and policy risks affecting solar sector growth(p.228)
- • Supply chain disruption risk from limited supplier base and single-country concentration(p.298)
- • Import duty on solar cells and modules increasing input costs(p.319)
- • Regulatory framework changes and ALMM requirements(p.311)
- • Cyclical nature of solar industry dependent on policy and subsidies(p.314)
- • Increasing competition in solar module manufacturing(p.298)
- • Weather and natural disaster risks affecting project completion(p.296)
- • Exchange rate fluctuation impacting imported raw material costs(p.293)
- • Regulatory compliance in multiple states and stringent environmental laws(p.310)
- • Volatile raw material costs and supply chain dependencies(p.381)
- • Significant foreign exchange risk from export activities(p.382)
- • Substantial operating cash generation required to service debt(p.382)
- • Regulatory framework and government policy changes in renewable energy sector(p.351)
- • Intense competition from Indian and Chinese solar module manufacturers(p.466)
- • Risk of import restrictions and additional duties on raw materials and equipment(p.467)
- • Government policy changes could reduce subsidies and incentives for solar energy(p.465)
- • Volatility in raw material prices and foreign exchange fluctuations(p.433)
- • Customer concentration risk with top customer representing 16.92% of revenue(p.464)
- • Cyclicality of solar industry dependent on government procurement and policy decisions(p.466)
- • Commodity price volatility affecting raw material costs(p.488)
- • Foreign exchange risk exposure(p.489)
- • Customs and tax litigation exposure(p.520)
- • Regulatory restrictions on operations(p.522)
- • Rising borrowing and interest expenses(p.489)
- • Dependence on specific supply chain and infrastructure(p.475)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Neelesh Garg | Promoter | 14.22% | — |
| Manik Garg | Promoter | 15.12% | — |
| Manavika Garg | Promoter | 0.91% | — |
| SPG Trust | Promoter | 43.44% | — |
| Parmod Kumar | Promoter Group | 9.12% | — |
| Sunila Garg | Promoter Group | 7.24% | — |
| SPG Trust | Promoter | 48,671,340 Equity Shares (43.44%) | — |
| Manik Garg | Promoter | 16,940,940 Equity Shares (15.12%) | — |
| Neelesh Garg | Promoter | 15,933,600 Equity Shares (14.22%) | — |
| Parmod Kumar | Promoter Group | 10,221,090 Equity Shares (9.12%) | — |
| Sunila Garg | Promoter Group | 8,112,000 Equity Shares (7.24%) | — |
| Manavika Garg | Promoter | 1,014,000 Equity Shares (0.91%) | — |
| Prashant Mathur | Promoter | — | — |
| Neelesh Garg | Promoter/Chairman and Managing Director | — | — |
| Manik Garg | Promoter/Managing Director | — | — |
| Neelesh Garg | Promoter | 14.22% | — |
| Manik Garg | Promoter | 15.12% | — |
| Manavika Garg | Promoter | 0.91% | — |
| Neelesh Garg | Promoter | 14.22% | — |
| Manik Garg | Promoter | 15.12% | — |
| Manavika Garg | Promoter | 0.91% | — |
| SPG Trust | Promoter | 43.44% | — |
| SPG Trust | Promoter Group | — | 43.44% |
| Sh. Neelesh Garg S/o Sh. Parmod Kumar | Promoter | 13.31% | 14.22% |
| Sh. Manik Garg S/o Sh. Parmod Kumar | Promoter | 14.50% | 15.12% |
| Parmod Kumar | Selling Shareholder | — | — |
| Sunila Garg | Selling Shareholder | — | — |
Leadership
Neelesh Garg · Chairman and Managing Director
Manik Garg · Managing Director
Prashant Mathur · Chief Executive Officer
Abani Kant Jha · Chief Financial Officer
Bhagya Hasija · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Saatvik Green Energy IPO FAQs
What is the lot size of Saatvik Green Energy IPO?
The minimum lot size of Saatvik Green Energy IPO is 32 shares. One lot costs ₹14,880 at the cut-off price.
When does Saatvik Green Energy IPO open and close?
Saatvik Green Energy IPO opened for subscription on 19 Sep 2025 and closed on 23 Sep 2025.
What is the listing date of Saatvik Green Energy IPO?
Saatvik Green Energy IPO listed on 26 Sep 2025.