The price band has been fixed at Rs 442–465 per share, with a lot size of 32 shares. At the upper end, retail investors can start with a minimum application of Rs 14,880. The issue comprises a fresh issue of Rs 700 crore and an offer-for-sale of Rs 200 crore.
About the company
Saatvik Green Energy manufactures solar PV modules and provides EPC (engineering, procurement and construction) services.From a modest 125 MW capacity in 2016, the company has scaled to 3.8 GW as of June 2025, with facilities in Ambala, Haryana. It produces Mono PERC and N-TopCon modules, available in monofacial and bifacial variants, catering to residential, commercial, and large-scale solar projects.
Saatvik has ambitious expansion plans. It is setting up a 4 GW solar module facility in Odisha by FY26 and a 4.8 GW solar cell line by FY27, backed by Rs 1,300 crore capex funded through internal accruals.
Longer term, it plans a fully integrated ingot–wafer–cell–module facility in Madhya Pradesh. The company is also eyeing international markets such as the US, GCC, and Sri Lanka.
Financials and strengths
Revenue has grown sharply from Rs 609 crore in FY23 to Rs 2,158 crore in FY25, an 88% CAGR. Profit after tax surged from Rs 4.7 crore in FY23 to Rs 213.9 crore in FY25. EBITDA margin expanded to 16.4% in FY25 from 3.9% in FY23, highlighting operational leverage.
Analysts point out strengths including its inclusion in MNRE’s Approved List of Module Manufacturers (ALMM), strong order book, diversified clientele, and focus on advanced technologies like bifacial N-TopCon modules.
Objects of the issue
The company will use IPO proceeds to repay/prepay borrowings, fund its Odisha 4 GW solar module facility (Rs 477.23 crore) and general corporate purposes.
Industry context and outlook
India’s renewable energy capacity has crossed 233 GW as of June 2025, with solar energy accounting for nearly 116 GW. Solar power has been the fastest-growing component, with a CAGR of 26% between FY18 and FY25. Analysts see strong tailwinds for domestic manufacturers amid the government’s push for solar and the Production Linked Incentive (PLI) scheme.
Should you subscribe?
At the upper price band, Saatvik Green Energy is valued at 24.36x FY25 earnings, lower than peers like Waaree Energies (52x) and Vikram Solar (78x). Analysts suggest the IPO is “relatively undervalued” and could reward investors both on listing and over the long term, supported by industry momentum.
“We recommend investors to subscribe for both listing gains and long-term investment, supported by valuation comfort and future growth visibility,” said Canara Bank Securities.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
as a Reliable and Trusted News Source