Saatvik Green Energy IPO

About the company

Saatvik Green Energy is one of the key players in India’s solar energy market, manufactures solar photovoltaic (PV) modules. Since its incorporation, it has supplied more than 2.50 GW of high-efficiency solar PV modules in domestic and international markets, including North America, Africa, and South Asia. The company provides comprehensive services, including engineering, project construction, and maintenance, with a production capacity of 3.8 GW as of March 2025. The company’s main products are Mono PERC and N-TopCon panels, which are available in single-sided and double-sided. The market for these solar panels is from home rooftops to big solar parks. The company has three factories in Ambala, operating at 84% capacity, and it is planning to add another 1 GW capacity at Ambala by FY26, which takes the total capacity to 4.8 GW. It is also plan to set up an integrated plant in Odisha (4.8 GW cell line + 4 GW modules) and another for wafers, cells, and ingots in Madhya Pradesh. The company has worked on some of the largest solar projects in India, including supplying panels to the largest floating solar plant (61 MW) in Telangana and large utility projects in Gujarat. Installation of rooftop and ground-mounted projects for big names like Jindal Steel, Dalmia Group, and others via solar EPC solutions. The company is also taking on projects in battery energy storage. The firm distributes its products to large developers and through a partner network to small customers. Some of its major clients are JSW Neo Energy, Shree Cement, SJVN, and Megha Engineering. As of June 2025, it had 53 partners consisting of resellers, distributors, and channel partners all over the country. Technologies such as M10, G12, M10R, and G12R cells are used to enhance efficiency and performance. As of March 2025, the order book stood at ₹5,076.8 crore, which was 10x of last year. The firm generates its revenue from various sources such as product sales, EPC services, and O&M solutions. During FY25, revenue from operations stood at ₹2,158 crore as compared to ₹608.59 crore in FY23. Of this, 70.5% comprised manufactured modules, 26.1% comprised traded goods, and 3.3% comprised EPC projects. The EPC success is in the form of large-scale projects such as Jindal Steel's rooftop installation of 12 MW, Dalmia Bharat's ground-mounted plant of 16 MW, and contributions from floating solar sources of Telangana and Gujarat. The solar industry is witnessing robust growth, with policy-driven rooftop installations and untapped capacity. It has contributed ~84 GW in FY18–25 at a CAGR of 26%, with only 15.4% of its 750 GW potential harnessed. The company is riding this growth with its 3.80 GW operational capacity (3.68 GW ALMM-approved), up to 625 Wp modules, and expanding EPC base of 69.12 MW to capture increasing demand, including 28–30 GW of rooftop additions by FY26–30. The company plans to achieve backward integration through its upcoming facility in Odisha and Madhya Pradesh. It will grow export sales and EPC services overseas, expand the domestic customer base, and develop technology with modules up to 720 Wp. In addition, it is making investments in a larger distribution network, retail solar brand creation, and financing partnership arrangements to speed up rooftop uptake. Now, Saatvik Green Energy Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹400 crore and an offer for sale of ₹64.26. The total issue size of the IPO is ₹464.26 crore. Its shares will be listed on the NSE and BSE.

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   19 Sept 2025

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   23 Sept 2025

   Last day to place your bid

3. Basis of Allotment

   Completed
   24 Sept 2025

   Share allotment finalised

4. Refund Initiation

   Completed
   25 Sept 2025

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   25 Sept 2025

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   26 Sept 2025

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.