Saatvik Green Energy Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Saatvik Green Energy Ltd filed with BSE on 18 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Saatvik Green Energy reported a moderate Q1 FY27 with revenue of INR5,110 million, EBITDA margin of 8.33%, and profit after tax of INR54 million, down from prior periods due to lower sales volumes and customer deferrals. Management attributed the weakness to geopolitical disruption, commodity and forex volatility, and customers adopting a wait-and-watch approach ahead of ALMM-2 policy clarity. The company highlighted progress on its Odisha cell and module manufacturing facility, a confirmed order book of approximately 6.35 gigawatts, and new orders received in July and August 2026.
Numbers mentioned
Production: 408 megawatt (Q1 FY27)
p. 6
“For quarter one, FY27, production stood at 408 megawatt, compared to 935 megawatt in quarter four, FY26, and 685 megawatt in quarter one, FY26.”
Rishabh Mehtta, page 6 of the filed PDF · View the filing
Sales: 334 megawatt (Q1 FY27)
p. 6
“Sales stood at 334 megawatt, compared with 1050 megawatt in quarter four, FY26, and 579 megawatt in quarter one, FY26.”
Rishabh Mehtta, page 6 of the filed PDF · View the filing
Revenue from operations: INR5,110 million (Q1 FY27)
p. 6
“Revenue from operations stood at INR5,110 million, compared with INR16,077 million in quarter four, FY26, and INR9,157 million in quarter one, FY26.”
Rishabh Mehtta, page 6 of the filed PDF · View the filing
EBITDA: INR425 million (Q1 FY27)
p. 6
“EBITDA stood at INR425 million, with an EBITDA margin of 8.33%, compared with INR1,166 million and a 7.25% margin in quarter four, FY26, and INR1,777 million in quarter one, FY26.”
Rishabh Mehtta, page 6 of the filed PDF · View the filing
Profit after tax: INR54 million (Q1 FY27)
p. 6
“Profit after-tax stood at INR54 million, compared with 604 million in quarter four, FY26 and INR1,166 million in quarter one, FY26.”
Rishabh Mehtta, page 6 of the filed PDF · View the filing
Confirmed order book: approximately 6.35 gigawatts
p. 6
“Our confirmed order book currently stands at approximately 6.35 gigawatts, representing around 132% of our current operational module capacity of 4.8 gigawatt, and providing strong forward revenue visibility.”
Rishabh Mehtta, page 6 of the filed PDF · View the filing
Domestic solar PV module order: INR138 crores (July 2026)
p. 6
“In July 2026, we secured a rupees INR138 crores domestic solar PV module order, with execution scheduled by December 2026.”
Rishabh Mehtta, page 6 of the filed PDF · View the filing
Subsidiary order for solar PV modules: approximately INR400 crores
p. 6
“Further, on 11th August 2026, orders aggregating approximately INR400 crores was received and accepted by our subsidiary for the supply of solar PV modules, with the execution scheduled by March 2027.”
Rishabh Mehtta, page 6 of the filed PDF · View the filing
Debt-to-equity ratio: 0.99
p. 6
“Our debt-to-equity ratio stood at INR0.99.”
Rishabh Mehtta, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Cell line ramp-up / ALMM-2 inspection — ALMM-2 inspection · September 2026
stated firmly by Neelesh Garg
p. 4
“We expect the cell line ramp-up to commence shortly, with the ALMM-2 inspection planned for September 2026.”
Neelesh Garg, page 4 of the filed PDF · View the filing
Phase 2 site activities — commence site activities · end of Q2 FY27
stated firmly by Neelesh Garg
p. 4
“Site activities for Phase 2 are targeted to commence by the end of quarter two, financial year 27, with the project targeted for completion by the end of FY28.”
Neelesh Garg, page 4 of the filed PDF · View the filing
Phase 3 ingot and wafer capacity — 6 gigawatt ingot and wafer capacity · FY29
stated conditionally by Neelesh Garg
p. 4
“The Phase 3 project is targeted for completion in FY29 and is aligned with the anticipated ALMM-3 transition.”
Neelesh Garg, page 4 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management pointed to progress on cell manufacturing, expansion of encapsulant capacity, and diversification of supply chain sourcing outside China.
Answered by Management
Asked by Yogesh: What key initiatives has the company taken to protect margins?
p. 7
“So we are very, very hopeful that by quarter three, we will be running our cell production. So this will immediately give a higher EBITDA in our second half of the year.”
Management, page 7 of the filed PDF · View the filing
Management said ramp-up would start by end of month/early September with ALMM inspection in September, targeting 80% utilisation by Q4.
Answered by Management
Asked by Manaswini Mukherjee: When will the cell manufacturing facility start commercial production and what utilisation is expected in FY27?
p. 8
“We are going to start the ramp-up sometime by the end of this month or early September, and we are planning to apply for an ALMM inspection sometime in September.”
Management, page 8 of the filed PDF · View the filing
Management cited a crowded module market, geopolitical impact on commodity and freight costs, forex fluctuation, and a selective order execution approach amid low demand.
Answered by Management
Asked by Mahesh Kumar: Why did EBITDA margins compress this quarter despite a strong order book?
p. 8
“So one, one factor is that it has become a crowded market. But the other factor has been the geopolitical situation, which has impacted commodity prices, freight costs, and forex -- foreign currency also.”
Management, page 8 of the filed PDF · View the filing
Management said about 30% of orders are DCR, with roughly 70% utility and 30% C&I/open access in the mix.
Answered by Management
Asked by Mahesh Kumar: What is the mix of the order book between utility and C&I, and DCR vs non-DCR?
p. 9
“So almost 30% of these orders are DCR Domestic Cell Orders, in terms of the mix, about 70% of them are utility and about 30% is C&I, and open access.”
Management, page 9 of the filed PDF · View the filing
Management estimated total capex of roughly INR3,500 crores across phases, with net debt expected to peak around INR2,200-2,400 crores.
Answered by Management
Asked by Prakhar Porwal: What is the total capex plan for Phase 1 and Phase 2, and where will net debt peak?
p. 10
“So net debt wait what we are looking at would be at around INR2,200 crores, approximately INR2,200 crores to INR2,400 crores.”
Management, page 10 of the filed PDF · View the filing
Prashant Mathur explained that the Iran war raised input costs, led to force majeure notices and project extensions, and created a dual-tariff situation before/after the ALMM-2 deadline, causing customers to delay purchases.
Answered by Prashant Mathur
Asked by Prakhar Porwal: Why did Q1 see weaker-than-expected demand despite expectations of pre-ALMM-2 preponement?
p. 11
“So there were two types of tariff going on in the market. if the project gets commissioned before 30th June then this tariff and if it is after 1st of July then this tariff.”
Prashant Mathur, page 11 of the filed PDF · View the filing
Management said non-module business is targeted to grow from 4-5% currently to 15% of revenue by next year.
Answered by Management
Asked by Maria Mittal: Which business segment (EPC, IPP, storage, B2C, transformers) will contribute more to EBITDA over the next two to three years?
p. 12
“Our target is to take it to 15% of our revenue. This year our target is to get to 7%, 8%, 10%.”
Management, page 12 of the filed PDF · View the filing
Management said DCR orders in the order book are mostly based on internal manufacturing, earning 18-20% margins on cells.
Answered by Management
Asked by Preksha: What margins does the company earn on DCR orders using internally manufactured cells versus procured cells?
p. 14
“So the DCR orders which we are talking here are based on our manufacturing mostly, because the ones which we are doing from buying cells are mostly spot orders.”
Management, page 14 of the filed PDF · View the filing
Management declined to give firm FY28 guidance now, saying they would address it in Q3, but expect FY28 to be a milestone year as utility DCR demand ramps up.
Answered by Management
Asked by Preksha: Can management give guidance for FY28?
p. 15
“So we feel that FY28 will be a milestone year for us and for the industry.”
Management, page 15 of the filed PDF · View the filing
Risks flagged
Geopolitical situation and supply chain uncertainty affecting global markets
p. 4
“The ongoing geopolitical situation and associated supply chain uncertainties continued to influence global markets.”
Neelesh Garg, page 4 of the filed PDF · View the filing
Volatility in commodity prices, elevated logistics costs, and foreign currency fluctuations
p. 4
“Commodity prices remained volatile, logistics costs remained elevated, and foreign currency fluctuations added further variability to the cost environment.”
Neelesh Garg, page 4 of the filed PDF · View the filing
Customers adopting wait-and-watch approach amid regulatory uncertainty
p. 4
“On the customer side, certain customers adopted a wait-and-watch approach during the quarter, as they sought greater clarity around regulatory developments, domestic sourcing requirements, and the prevailing market environment.”
Neelesh Garg, page 4 of the filed PDF · View the filing
Force majeure notices and project delays due to war situation
p. 11
“And secondly, what happened is when the war situation happened then force majeure notices were given by manufacturers.”
Prashant Mathur, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.