Saatvik Green Energy (SAATVIK IN) – Management Meet Update – Capacity expansion to boost growth – Not Rated

Published on 20 Feb 2026

We recently met the management of Saatvik Green Energy (SAATVIK) to discuss the current renewable capacity outlook, expansion plans across module/cell capacities, and potential ingot/wafer backward integration, along with the expected impact on DCR module demand post ALMM-II. We believe solar growth will be supported by rising electricity demand, EV adoption and BESS deployment. The management highlighted that the ALMM-II transition from Jun’26 mandating ALMM-listed cells for projects is expected to gradually shift demand toward DCR modules. India has added ~35GW of solar capacity over Apr’25-Jan’26, taking cumulative solar capacity to ~141GW (~27.0% of total installed capacity). SAATVIK reported revenue/EBITDA/PAT growth of 142.6%/125%/144% in Q3FY26, while order book stood at 5.05GW as of Dec’25 with effective capacity utilization at 81% & module production at 759MW. The company is currently trading at 11x/7x of FY27/FY28 consensus earnings. We don’t have a rating on the stock
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