| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹ 442 to ₹ 465 | 32 | 19th Sep, 2025 –23rd Sep, 2025 | ₹900.00 Cr |
Saatvik Green Energy Ltd
Saatvik Green Energy Ltd., one of India’s leading solar photovoltaic (PV) module manufacturers in terms of operational capacity, is one of the fastest-growing companies in the solar energy market. Since commencing operations in 2016, the company has expanded its annual installed capacity to about 3.80 gigawatts (GW) as of June 30, 2025. Over the years, it has supplied more than 2.50 GW of high-efficiency solar PV modules domestically and internationally. Saatvik is among the few companies in India with capabilities in module manufacturing as well as engineering, procurement and construction (EPC), and operations and maintenance (O&M) services. Its comprehensive product portfolio of solar modules uses technologies that help reduce energy loss and enhance efficiency. The offerings include monocrystalline passive emitter and rear cell (Mono PERC) modules and N-TopCon solar modules, suitable for various applications, including residential, commercial and utility-scale solar projects. Through its EPC vertical, the company provides comprehensive solar solutions, managing projects from concept to execution. Currently, it operates three manufacturing facilities in Ambala, Haryana, spread across a total area of 724,225 square feet, which is one of the largest single-location module manufacturing setups in India. These facilities are certified to meet global quality standards, including ISO certifications for quality and environmental management systems. Saatvik is further expanding capacity with an integrated cell and module manufacturing facility in Odisha and plans to establish a manufacturing facility for ingots, cells, and wafers in Mohasa–Babai, Madhya Pradesh. The company employs automation across its processes to enhance consistency, reduce operational costs, and minimise production time. Rigorous quality control measures allow optimal performance and durability across its products.
Objective of the Saatvik Green Energy Ltd IPO
The company proposes to utilise net proceeds from the fresh issue towards funding the following objects:
- Prepayment or scheduled re-payment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company;
- Investment in the 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;
- Investment in the wholly owned subsidiary, Saatvik Solar Industries Private Limited, for setting up a 4 GW solar PV module manufacturing facility;
- General corporate purposes
Rationale To Saatvik Green Energy Ltd IPO
Quality customer base and large order book supporting long-term growth
Saatvik Green Energy Ltd.’s strong market position enables it to offer competitive pricing of products, allowing access to a large and diversified customer base and generating steady revenue streams. The company has a diversified client base across multiple segments and geographies and has established relationships across multiple industries, including manufacturing, automobile, cement, real estate, steel, energy, telecommunications, and infrastructure. Since its inception, the company has cultivated and maintained well-established relationships with customers, built on a foundation of reliability and consistent, prompt delivery of quality services. Its commitment to understanding and meeting the unique needs of customers has helped strengthen these relationships over the years. Between March 31, 2023, and March 31, 2025, the company’s customer base grew at a CAGR of 42.76%. Beyond India, Saatvik has successfully established a global presence, supplying products to customers in the United States, Canada, and Seychelles. Its wholly owned subsidiary, Saatvik Green Energy USA Inc., located in Texas, engages in the trading, distribution, import, and export of solar modules. By diversifying its revenue streams across a broad customer base, the company is better equipped to navigate market challenges and sustain consistent growth, reinforcing its position in the renewable energy sector. The company’s broad and diverse customer base contributes to a strong order book of approximately 4.05 GW as of June 30, 2025. This diversification, coupled with its substantial order book, provides revenue certainty and diversification, reducing the risk associated with the loss of key customers and ensuring business continuity and sustainable growth.
Adoption of innovative technology strengthens market position
Saatvik Green Energy Ltd. has adopted advanced technologies within the solar industry. The company incorporates innovations such as half-cut, MBB, and circular-ribbon modules within its N-TopCon technology. For N-TopCon modules, it also offers dual-glass modules with customizable options ranging from 2.00 millimeters to 2.50 millimeters, ensuring high durability and efficiency. Its focus on design and technological enhancement is complemented by rigorous quality testing, enabling customization that meets specific customer needs. This holistic approach keeps the company at the forefront of technological advancements in the solar industry
By investing in advanced manufacturing techniques and materials, Saatvik ensures its modules not only meet current market needs but are also well-positioned to meet future requirements. This early adoption strategy allows the company to offer more efficient, durable, and cost-effective solutions, thereby strengthening its market presence. Saatvik was among the first in India to introduce N-TopCon and Mono PERC technologies. N-TopCon modules represent a significant advancement in solar cell efficiency, offering superior passivation and reduced recombination losses compared to traditional PERC technologies. Early entry into such emerging technologies has given the company a first-mover advantage, enabling it to capture market share more quickly, influence industry standards, and enhance operational efficiency. As demand for cleaner and more efficient energy solutions grows, Saatvik’s commitment to technology adoption ensures manufacturing flexibility and alignment with evolving customer needs. By offering products that incorporate the latest technology, the company strengthens its value proposition, delivering solar modules that offer superior performance and longevity and are preferred by customers. This approach further reinforces its position as a trusted partner in the renewable energy transition.
Valuation of Saatvik Green Energy Ltd IPO
Saatvik Green Energy Ltd. is a solar photovoltaic module manufacturer with an operational capacity of about 3.80 GW. Its product portfolio includes Mono PERC modules and N-TopCon solar modules, suitable for various applications and sectors, including residential, commercial and utility-scale solar projects. In addition, the company offers end-to-end engineering, procurement, and construction services, as well as operations and maintenance services to customers related to solar projects it undertakes. India’s solar sector has witnessed robust growth over the past five years, with around 84 GW of capacity added between FY18 and FY25, reflecting a CAGR of approximately 26%. Despite such strong capacity addition, there is huge untapped potential for renewable energy installations in India, with solar energy having the highest potential of 750 GW, of which only 15.4% of the total potential has been tapped as of June 30, 2025. Saatvik is well-positioned to meet the evolving needs of the market and capitalize on these emerging opportunities, backed by its ability to adapt advanced technologies, which enable it to meet the evolving customer needs, making it a trusted partner in the renewable energy transition. Additionally, the company’s strong order book of 4.05 GW, supported by a large and diverse customer base, provides long-term growth visibility. Financially, the company reported a healthy revenue CAGR of 88.3% over FY23-25, while EBITDA grew significantly at 364.5% CAGR during the same period. EBITDA margin expanded from 2.4% in FY23 to 14.8% in FY25, while PAT margin expanded from 0.8% to 9.9%. On the upper price band, the company is currently valued at a P/E of 24.4x based on FY25 earnings, which is comparatively lower than its peers. Given its strong market position and potential for growth within the industry, Saatvik is well-positioned to deliver sustainable growth. Thus, we recommend a “SUBSCRIBE” rating for this issue from a medium to long-term perspective.
What is the Saatvik Green Energy Ltd IPO?
The initial public offer (IPO) of Saatvik Green Energy Ltd offers an early investment opportunity in Saatvik Green Energy Ltd . A stock market investor can buy Saatvik Green Energy Ltd IPO shares by applying in IPO before All Saatvik Green Energy Ltd shares get listed at the stock exchanges. An investor could invest inSaatvik Green Energy Ltd IPO for short term listing gain or a long term.
How to apply for the Saatvik Green Energy Ltd IPO through StoxBox?
To apply for the Saatvik Green Energy Ltd IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Saatvik Green Energy Ltd IPO open?
Saatvik Green Energy Ltd IPO is opening on 19th Sep 2025. Apply Now
What is the lot size of the Saatvik Green Energy Ltd IPO?
The Lot Size of Saatvik Green Energy Ltd IPO is 32 equity shares. Login to your account now.
When is the Saatvik Green Energy Ltd allotment date?
The allotment Date for Saatvik Green Energy Ltd IPO is 24th Sep 2025. Login to your account now.
When is the Saatvik Green Energy Ltd IPO listing date?
The listing Date for Saatvik Green Energy Ltd IPO is 26th Sep 2025. Login to your account now
What is the minimum investment required for the Saatvik Green Energy Ltd IPO?
In the Retail segment the minimum investment required is Rs. 14,880. Login to your account now
What is the maximum investment allowed for the Saatvik Green Energy Ltd IPO?
In the Retail segment the maximum investment requirement is Rs. 1,93,440. Login to your account now
What are the risks associated with investing in the Saatvik Green Energy Ltd IPO?
- The prices of the company’s raw materials fluctuate based on several factors outside its control. Failure to achieve corresponding sales price increases on time, sales price erosion without a corresponding reduction in raw material costs, a significant shortage of supply of solar PV cells, delays in their availability, or failure to re-negotiate favourable raw material supply contracts may have a material adverse effect on the company’s business, financial condition and results of operations.
- The company depends on third-party suppliers for materials and components required to manufacture its products. Any disruptions in the supply or availability of these materials and components, or fluctuations in their prices, may have an adverse impact on the business operations, cash flows, and financial performance.
- The company’s manufacturing facilities are located in the state of Haryana, India, which exposes it to risks arising from local and regional factors. Any such disruptions could affect its operations, leading to significant delays in the manufacturing and shipment of products, which could materially and adversely impact its business, financial condition, and results of operations.
When will the Saatvik Green Energy Ltd IPO shares be credited to my Demat account?
The Saatvik Green Energy Ltd IPO be credited to the account on allotment date which is 26th Aug 2025. Login to your account now
Where can I find the Saatvik Green Energy Ltd IPO prospectus?
The prospectus of Saatvik Green Energy Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE
