Saatvik Green Energy IPO

About Saatvik Green Energy IPO

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 1,50,53,763 shares (aggregating up to ₹700.00 crore). The offer for sale portion includes 43,01,075 shares of ₹2 (aggregating up to ₹200 crores). The total number of shares is 1,93,54,838 shares, and the aggregate amount is ₹900 crores.

The IPO opens on Sept 19, 2025 and closes on Sept 23, 2025. The allotment date is Sept 24, 2025. The tentative listing date is Sept 26, 2025. The initiation of refunds is Sept 25, 2025. The credit of shares to the demat account will take place on Sept 25, 2025.

Saatvik Green Energy Limited is a solar photovoltaic module manufacturer with an operational capacity of about 3.80 GW as of 30 June 2025. Their solar energy products include Mono PERC modules and N-TopCon solar modules, each offered in mono-facial and bifacial options, suitable for various applications and sectors, including residential, commercial and utility scale solar projects. They also provide end-to-end engineering, procurement and construction services for solar projects, which include ground-mounted solar installations and rooftop solar installations, and they provide operations and maintenance services to customers in relation to such projects undertaken by them.

Objectives of Saatvik Green Energy IPO

• Prepayment or scheduled repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company.

• Investment in their 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 1,664.36.

• Investment in their wholly owned subsidiary, Saatvik Solar Industries Private Limited, for setting up of a 4 GW solar PV module manufacturing facility at National Highway – 16, Chamakhandi, Gopalpur Industrial Park, Gopalpur, Ganjam – 761 020, Odisha. (“Project Site”) 4,772.27.

• General corporate purposes.

Industry Outlook

Renewable energy installations (including large hydro) have increased to approximately 233 GW as of June 2025 as compared to approximately 123 GW as of March 2019, with solar power accounting for approximately 116 GW as of June 2025. In fiscal 2025, approximately 24 GW of solar capacity additions were registered and crossed 100 GW in total installed capacity. India has the potential to support 750 GW of solar energy installations and has been offering several incentives and schemes to encourage the development of solar power plants (Source: CRISIL Report).

Investments in the generation segment are expected to be 1.7x from approximately ₹11,60,000 crore (over fiscals 2019-2025) to approximately ₹19,00,000 to 21,00,000 crore (over fiscals 2026 to 30). Capacity addition from RE sources is expected to be 190 to 200 GW from fiscals 2026 to 2030 (including large hydro and ESS), and 25 to 30 GW from coal-based plants sources over the same period. Investments in RE capacity are expected to be ₹13,00,000 to 15,00,000 crore over the next five years, in line with capacity additions, which will constitute over 70% of overall generation investments. Investments in solar alone are expected to be approximately half of the RE investment, i.e., ₹9,00,000 to 10,00,000 crore over the same period.

Company Information

Saatvik Green Energy Limited is recognised as one of the few companies with capabilities in module manufacturing as well as engineering, procurement and construction (“EPC”) and operations and maintenance (“O&M”) services (Source: CRISIL Report). They offer EPC services in India and had an installed EPC base of 69.12 MW as of 31 March 2025. They also provide O&M services to customers primarily in relation to the EPC projects undertaken by them.

They offer a comprehensive portfolio of solar module products that are currently manufactured using technologies that help reduce energy loss and enhance overall efficiency (Source: CRISIL Report). Their solar energy products include: (i) monocrystalline passive emitter and rear cell (“Mono PERC”) modules; and (ii) N-TopCon solar modules, both types are offered in mono-facial and bifacial options, suitable for various applications, including residential, commercial and utility scale solar projects. They manufacture their products through the use of M10 technology for their Mono PERC modules and M10, G12, M10R and G12R technologies for their N-TopCon modules.

Their turnkey EPC services comprise end-to-end engineering, procurement and construction services for prominent solar projects. In their EPC vertical, they provide comprehensive solar solutions, managing projects from concept through to execution. Their offerings under this vertical include ground-mounted solar installations and rooftop solar installations. Their services encompass design and engineering, utilising tools such as hydraulic powering 940-220 and M12 hydraulic tool meishan as well as procurement, construction and commissioning.

Strengths of Saatvik Green Energy IPO

• Quality customer base and large order book.
  
• Among the leading module manufacturing companies in India offering integrated solutions to independent power producers.
  
• Innovative technology solutions for the solar industry.
  
• Multiple sales and revenue channels.
  
• Well-positioned to capture favourable industry tailwinds.
  
• Experienced promoters and management team with a committed employee base.
  

Risks of Saatvik Green Energy IPO

• The loss of revenue from any of these customers, their top 10 customers.
  
• Changes in the price of solar PV cells and other raw materials.
  
• Any disruptions in the supply or availability of materials and components or fluctuations in their prices.
  
• Subject to import duties and restrictions on certain materials and equipment imported by them from China for their manufacturing operations, as well as restrictions on or import duties levied on their products in their export markets.
  
• A decline in the prices of solar PV modules.
  
• Dependence on third-party transportation providers for the supply of materials and equipment for their manufacturing process and delivery of their finished products.
  
• An inability to accurately forecast demand for their products and manage their inventory.
  
• Improper handling and processing of materials used in their manufacturing processes.
  
• Non-compliance with and adverse changes in applicable health, safety, labour and environmental laws.
  

#To be included in respect of the Company in the Prospectus based on the Offer Price.

Notes:

1. All the financial information for listed industry peers mentioned above is on an audited consolidated basis and sourced from the audited financial statements of the relevant companies for Fiscal 2025, as available on the websites of the Stock Exchanges.
   

2. Details for the Company have been sourced/ calculated from the Restated Consolidated Financial Information.
   

3. Basic and diluted EPS refers to the Basic and diluted EPS sourced from the publicly available financial results of the listed industry peers for Fiscal 2025.
   

4. P/E Ratio for the listed industry peers has been computed based on the closing market price (September 11, 2025) of equity shares on BSE, divided by the Diluted EPS.
   

5. Return on Net Worth is calculated as net profit or loss for the year attributable to equity shareholders divided by net worth at the end of the year.
   

6. Net worth means the aggregate value of the paid-up share capital and all reserves created out of the profits and securities premium account and debit or credit balance of profit and loss account, after deducting the aggregate value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written off, as per the Restated Consolidated Financial Information, but does not include reserves created out of revaluation of assets, write-back of depreciation, amalgamation and non-controlling interest.
   

7. Net Asset Value is calculated as net worth at the end of the year divided by number of equity shares outstanding at the end of the year and adjusted for bonus issue and split of equity shares.
   

Anchor Investor Bidding Date: 18 September 2025

IPO Registrar and Book Running Lead Manager

KFin Technologies Limited is the registrar of the Saatvik Green Energy Ltd IPO. The book-running lead managers are:

• Motilal Oswal Investment Advisors Limited
  
• Ambit Pvt Ltd
  
• DAM Capital Advisors Limited
  

Business Model

Saatvik Green Energy operates in the renewable energy sector, focusing on the manufacturing and sale of high-efficiency solar modules. The company integrates backwards into cell manufacturing and plans to expand its production capabilities to meet growing market demand. Its business model includes providing tailored EPC (Engineering, Procurement, and Construction) solutions, leveraging advanced manufacturing processes, and maintaining a customer-centric approach. By targeting domestic and international markets, Saatvik aims to capitalise on the increasing adoption of renewable energy solutions.

Company Growth Trajectory

Saatvik Green Energy Limited commenced its manufacturing operations in 2016 and has over the years expanded its annual installed capacity, from 125 MW as of 31 March 2017 to about 3.80 GW as of 30 June 2025.

The total income of the company increased by 99.83% from ₹1,097.18 crore for fiscal 2024 to ₹2,192.47 crore for fiscal 2025, primarily due to an increase in revenue from operations and other income.

Revenue from operations increased by 98.39% from ₹1,087.97 crore in fiscal 2024 to ₹2,158.39 crore in fiscal 2025, primarily due to an increase in sale of products (net) from manufactured goods; sale of products (net) from traded goods; energy sales from nil; and sale of services in the form of design, construction, procurement and commissioning of solar PV pumping systems from nil. This was partially offset by a decrease in sale of services in engineering, procurement and construction projects, on account of fewer engineering, procurement and construction projects undertaken during the period.

Other income increased from ₹9.22 crore in fiscal 2024 to ₹34.07 crore in fiscal 2025, primarily due to an increase in government grants; interest income from financial assets measured at amortised cost on bank deposit; and interest income from financial assets measured at amortised cost on loans to a related party.

They recorded a restated profit for the year of ₹213.93 crore in fiscal 2025 compared to ₹100.47 crore in fiscal 2024.

Company Market Position:

Saatvik Green Energy Limited is among the leading module manufacturers in India in terms of operational solar photovoltaic (“PV”) module manufacturing capacity, with an operational capacity of about 3.80 gigawatt (“GW”) modules as of 31 March 2025 (Source: CRISIL Report). They are one of the fastest growing module manufacturing companies in India and have established themselves as a key player in India’s solar energy market (Source: CRISIL Report). Since inception, they have supplied more than 2.50 GW high-efficiency solar PV modules domestically and internationally.

As of 31 March, 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹2192.465 crores, ₹213.930 crores, and ₹353.932 crores, respectively.

How to check the allotment status of Saatvik Green Energy IPO?

1. Visit the Registrar's Website
To check the IPO allotment status for Saatvik Green Energy Limited IPO, visit the official website of KFin Technologies Limited, the registrar for this IPO. On their IPO allotment status page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then, click the ‘Submit’ button to view your allotment status. Ensure you have the necessary details ready for a quick and accurate check.

2. Check on the Bombay Stock Exchange Website
The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page.

On the BSE IPO page, follow these steps

• Select 'Equity' from the dropdown menu
  
• Choose 'Saatvik Green Energy Limited' in the next dropdown
  
• Enter your application number
  
• Enter your PAN
  
• Click 'Search'
  

Your Saatvik Green Energy Limited IPO allotment status will be displayed.

3. Verify on the National Stock Exchange Website
The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check Saatvik Green Energy Limited IPO allotment status.

Go to the NSE website and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.

On the NSE IPO Bid Verification page, enter:

• Application number
• PAN

Then click 'Submit'. Your Saatvik Green Energy Limited IPO bid and allotment details will be displayed.

How to apply for Saatvik Green Energy Ltd?

Here are the steps to apply for Saatvik Green Energy Ltd IPO:

• Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds. Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.