Haryana-based solar module manufacturer Saatvik Green Energy has reported a revenue of ₹5.11 billion (~$53.56 million) in the first quarter (Q1) of the financial year (FY) 2027, a 44.2% year-over-year (YoY) decrease compared to ₹9.16 billion (~$96 million).

Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹425 million (~$4.45 million), down 76.1% YoY compared to ₹1.78 billion (~$18.62 million).

Profit after tax (PAT) for the quarter was ₹54 million (~$565,995), declining 95.4% YoY compared to ₹1.17billion (~$12.22 million).

This performance follows Saatvik’s continued investment in manufacturing expansion, with its new cell and module capacities yet to ramp up during the quarter.

Saatvik Green reported revenue of ₹16.07 billion (~$167 million) in Q4 FY 2026.

Business Updates

Saatvik Green’s confirmed order book stood at 6.35 GW as of June 2026, representing approximately 132% of installed module capacity. Saatvik Green said its 4.8 GW module manufacturing facility in Ambala, Haryana, continued to support order execution.

It also completed the civil and structural work for the 2.4 GW solar cell line in the state, with the ramp-up expected to start soon and an Approved List of Models and Manufacturers (ALMM) List-II inspection planned for September.

The company plans to add 3.6 GW of solar cell manufacturing capacity, taking its total cell capacity to 6 GW. The expansion is targeted for completion by FY2028.

Saatvik Green said it plans to develop 6 GW of ingot and wafer manufacturing capacity, targeted for completion by FY 2029. The expansion is aligned with the anticipated implementation of ALMM List III requirements.

It launched the Saatvik SuryaConnect Solar Kit for residential and commercial applications and the UDAY Plus Hybrid Inverter, combining solar power with battery backup.

The company’s debt-to-equity improved to 0.99x as of June 2026.

Saatvik said it continued expanding across engineering, procurement, and construction; transformers; battery energy storage systems; distributed solar; solar pumps; and inverters.

This April, Saatvik Green acquired an 80% equity stake in Melcon Transformers and Electricals, a Jaipur-based transformer manufacturer.

CEO Prashant Mathur said Saatvik Green’s strong demand visibility, expanding manufacturing capacity, and disciplined capital management would support its long-term growth in India’s clean energy market.