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Saatvik Green Energy IPO
Saatvik Green Energy Ltd
₹14,144 /32 sharesMinimum Investment
Saatvik Green Energy IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 19 Sep ‘25 - 23 Sep ‘25 | ₹14,144 | 32 | ₹442 - ₹465 |
| Issue Size | IPO Doc |
|---|---|
| 900.00Cr | RHP PDF |
Subscription rate
As of 19 Sep'25, 06:01 PM
| Qualified Institutional Buyers | 0.01x |
| Non-Institutional Investor | 0.67x |
| Retail Individual Investor | 0.88x |
| Employees | 1.92x |
| Total | 0.59x |
About Saatvik Green Energy
Founded in
2015
Managing director
Mr Neelesh Garg
Parent organisation
Saatvik Green Energy Ltd
Strengths & Financials of Saatvik Green Energy
Strengths
Risks
Saatvik Green Energy claims to have a diversified customer base across multiple segments, including large utility, commercial and industrial open access, residential rooftop, and solar pump projects, with a presence in India, North America, Africa, and South Asia. The company claims to maintain relationships with customers in industries such as manufacturing, cement, steel, real estate, energy, telecommunications, and infrastructure. It also claims to have a substantial order book of solar modules of approximately 4.05 gigawatts (GW) as of June 30, 2025, which supports revenue certainty and reduces dependence on any single customer.
Saatvik Green Energy claims to be among the few companies in India with integrated capabilities in solar PV module manufacturing, EPC, and O&M services. The company claims to have completed 12 solar power projects with an aggregate installed EPC base of 69.12 megawatt (MW) as of FY25, including rooftop and ground-mounted installations for clients such as Jindal Steel and Power Limited and Dalmia Bharat Green Vision Limited. The company also claims to have supplied solar modules for large projects like the 61.42 MW floating solar project at Ramagundam, Telangana, and the 72.15 MW Raghanseda Solar Park in Gujarat.
The company is ISO 9001:2015 certified for its quality management systems, ISO 14001:2015 certified for its environmental management systems, and ISO 45001:2018 certified for occupational health and safety.
Saatvik Green Energy claims to have advanced technological capabilities in solar module manufacturing, such as N-TopCon and Mono PERC technologies. The company claims to offer modules with features such as half-cut, multi-busbar (MBB), and circular-ribbon designs, as well as dual glass options with customisable thickness ranging from 2.00 millimetres to 2.50 millimetres. It also claims to have developed product-specific manufacturing lines for specialised applications, including 60-Watt-peak (Wp) modules for tracker companies, and commenced commercial production of G12R-based TopCon modules with outputs up to 625 Wp.
Saatvik Green Energy claims to have multiple sales and revenue channels targeting different market segments, from individual consumers to large-scale industrial and utility clients. The company claims to sell solar PV modules directly to businesses, including EPC contractors and commercial and industrial customers, and through a network of 53 resellers, distributors, and channel partners across India. It also claims to participate in government and institutional projects, including public sector undertakings (PSUs), benefiting from renewable energy policies and incentives in India.
Saatvik Green Energy claims to be strategically positioned to benefit from the growth of the solar power sector in India, which has added approximately 84 gigawatt (GW) of capacity between FY18 and FY25 and has an untapped potential of 750 GW as of June 2025.
The company has witnessed a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 608.59 crore in FY23 to Rs 1,087.96 crore in FY24 and Rs 2,158.39 crore in FY25. PAT increased from Rs 4.74 crore in FY23 to Rs 100.47 crore in FY24 and Rs 213.93 crore in FY25.
The top five customers accounted for Rs 958.89 crore (44.43 percent) of the company’s revenue in FY25, Rs 501.13 crore (46.06 percent) in FY24, and Rs 371.54 crore (61.05 percent) in FY23. Furthermore, the top customer alone accounted for Rs 365.26 crore (16.92 percent) of the company’s revenue in FY25, Rs 147.97 crore (13.60 percent) in FY24, and Rs 115.34 crore (18.95 percent) in FY23. Any failure to retain these key customers or a loss of business from them could adversely affect the company’s business and financial standing.
Cost of raw materials and services consumed accounted for Rs 1,136.80 crore (52.67 percent) of the company’s revenue in FY25, Rs 655.30 crore (60.23 percent) in FY24, and Rs 555.92 crore (91.35 percent) in FY23. Any sudden changes in the prices of solar PV cells and other raw materials could adversely affect Saatvik Green Energy’s manufacturing of solar PV modules.
The company derives a significant portion of its revenue from the sale of Mono PERC modules. It accounted for Rs 835.71 crore (38.72 percent) of the company’s revenue in FY25, Rs 943.48 crore (86.72 percent) in FY24, and Rs 436.47 crore (71.72 percent) in FY23. Any adverse changes in demand for this key product, driven by factors such as energy supply, raw material prices, or government incentives, could negatively impact the company’s business, financial condition, and results of operations.
The top five suppliers accounted for Rs 439.47 crore (21.78 percent) of the company’s total purchases in FY25, Rs 241.85 crore (26.48 percent) in FY24, and Rs 211.80 crore (38.82 percent) in FY23. Any disruption in supplies from one or more of these suppliers could adversely affect the company’s business and finances.
The company sources a significant portion of its materials, particularly solar cells and solar aluminium frames, from China. Purchase of imported raw materials and services accounted for Rs 915.41 crore (45.36 percent) of the company’s total purchase in FY25, Rs 422.61 crore (46.27 percent) in FY24, and Rs 309.14 crore (56.67 percent) in FY23. Any restrictions or import duties imposed by the Government of India, state authorities, or international organisations on these imports, or additional duties on exported products, could adversely affect the company’s supply chain and cost structure.
All three module manufacturing facilities of the company are concentrated in a single location - Haryana. This heavy reliance on a single region exposes the company to risks associated with economic fluctuations, competitive pressures, or demographic changes in Haryana, any of which could significantly impact its revenue and overall financial performance.
As of FY25, the company had trade receivables of Rs 399.52 crore, a significant increase from Rs 176.74 crore in FY24 and Rs 20.92 crore in FY23. For the company’s operations to remain smooth, these trade receivables must be collected on time.
As of FY25, the company had contingent liabilities amounting to Rs 626.81 crore. If any of these contingent liabilities materialise, it could adversely affect the company’s financial condition.
The company, its directors, and subsidiaries are involved in certain ongoing legal proceedings, including criminal and tax-related cases. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
The company’s inventory ratio has decreased from 4.70 in FY24 to 3.70 in FY25, indicating that inventory is being sold more slowly. A decreasing ratio increases the risk of excess or obsolete inventory, tying up working capital and raising storage costs. If the company overestimates demand or faces supply constraints, it may not be able to adjust production efficiently, which could adversely affect its business, financial condition, and cash flows.
As of June 30, 2025, the company and its subsidiaries had financial indebtedness of Rs 545.45 crore. Any failure to service or repay these loans can hurt the company’s operations and financial position.
Saatvik Green Energy Financials
*All values are in Rs. Cr
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Application Details of Saatvik Green Energy IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Regular | ₹442 - 465 | ₹2 Lakh |
| Employee | ₹398 - 421 | ₹2 Lakh |
| High Networth Individual | ₹442 - 465 | ₹2 - 5 Lakh |
For Saatvik Green Energy IPO, eligible investors can apply as Regular & Employee.