Haryana-based solar module manufacturer Saatvik Green Energy reported a revenue of ₹16.07 billion (~$167 million) in the fourth quarter (Q4) of the financial year (FY) 2026, increasing 75% year-over-year (YoY).

The company attributed its revenue performance to strong order execution, manufacturing scale-up, growing customer relationships, and continued momentum across key solar segments.

Saatvik had recorded a revenue of ₹12.57 billion (~$139.04 million) in Q3 FY, up 142.6% YoY from ₹5.18 billion (~$57.32 million).

FY 2026

Saatvik reported a revenue of ₹45.48 billion (~$472.41 million) in FY 2026, rising 111% YoY from ₹21.58 billion (~$224.2 million).

Earnings before interest, taxes, depreciation, and amortization stood at ₹5.81 billion (~$60.35 million), up 62% YoY from ₹3.59 billion (~$37.35 million).

Profit after tax for the year was ₹3.57 billion (~$37.1 million), an increase of 64% from ₹2.17 billion (~$22.55 million) last year.

Earnings per share came in at ₹29.83 (~$0.31), compared to ₹19.4 (~$0.2) in FY 2025.

Business Updates

Saatvik is expanding its diversified clean energy portfolio and its ongoing backward integration initiatives to strengthen its position across utility-scale, distributed solar, engineering, procurement, and construction, and integrated energy solutions segments.

The company expanded its offerings across advanced solar modules, inverters, transformers, energy storage, and turnkey energy solutions.

Saatvik achieved its highest-ever annual production volume of 3,162 MW of modules in FY 2026, supported by 84.07% capacity utilization.

During the year, the company’s Ambala facility module manufacturing capacity was 4.8 GW.  Operations at its Odisha facility, consisting of 4 GW solar module and the expanded 3.6 GW cell capacity, remained on track. Tool moving in the facility is expected to commence within Q1 FY 2027.

Saatvik commissioned a 2 GW ethylene-polyethylene elastomer encapsulant manufacturing facility. It plans to expand this capacity to 5 GW.

It also plans to add an ingot and wafer manufacturing capacity of 6 GW.

Saatvik also launched and developed multiple products in FY 2026, including hybrid inverters, off-grid inverters, B2C solar kits, transformer manufacturing, and battery energy storage system (BESS)-related solutions.

The company’s solar pump business reported revenues of ₹472 million (~$49.02 million) during the year, up from ₹25 million (~$259,660).

Prashant Mathur, Chief Executive Officer at Saatvik Green Energy, said, “FY 2026 also marked important strategic milestones across our clean energy solutions portfolio. Our order book stood at 5.89 GW with leading IPPs and utilities, while we expanded into transformer manufacturing, launched the UDAY Series of on-grid inverters, and strengthened our presence across hybrid and off-grid inverters and BESS solutions with B2C solar kits set to launch soon.”

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

Outlook

In FY 2027, Saatvik aims to focus on manufacturing integration, product diversification, and operational scale-up.

In addition to commencing tool movement at the Odisha facility, the company aims to scale up its integrated module, solar cell, encapsulant, ingot, and wafer manufacturing capacity.

It aims to enhance its operations across distributed solar, inverter, transformer, solar pump, and battery storage systems.

Saatvik plans to expand its high-efficiency, value-added product offerings in domestic markets and to continue operational efficiency initiatives, backward integration, and disciplined capital allocation.