Saatvik Green Energy Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Saatvik Green Energy Ltd filed with BSE on 25 May 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 FY26 revenue of Rs 45,484 million, up around 111% year-on-year, with EBITDA of Rs 5,811 million and PAT of Rs 3,571 million. Management said fourth-quarter EBITDA margins declined due to higher silver, aluminum, copper and oil-linked input costs along with rupee depreciation against the dollar, which could not be fully passed through on fixed-price contracts placed before the increase. The company also detailed expansion of its solar cell manufacturing plan from 4.8 gigawatt to 6 gigawatt, entry into ingot and wafer manufacturing, and progress on its Odisha integrated manufacturing project.
Numbers mentioned
Revenue from operations: 45,484 million (FY26)
p. 6
“For the full year FY26, revenue from operations increased to 45,484 million, registering a strong growth of around 111% year-on-year and representing the highest ever annual revenue achieved by the company.”
Rishabh Mehtta, page 6 of the filed PDF · View the filing
EBITDA: 5,811 million (FY26)
p. 6
“EBITDA for FY26 stood at 5,811 million, reflecting a growth of around 62% year-on-year.”
Rishabh Mehtta, page 6 of the filed PDF · View the filing
EBITDA margin: 12.78% (FY26)
p. 6
“EBITDA margin for FY26 stood at 12.78%.”
Rishabh Mehtta, page 6 of the filed PDF · View the filing
Profit after tax: 3,571 million (FY26)
p. 6
“Profit after tax increased to 3,571 million, registering a growth of around 64% year-on-year and representing the highest ever profitability achieved by Saatvik.”
Rishabh Mehtta, page 6 of the filed PDF · View the filing
PAT margin: 7.85% (FY26)
p. 6
“PAT margin for FY26 stood at 7.85%.”
Rishabh Mehtta, page 6 of the filed PDF · View the filing
Total production: 3,162 megawatt (FY26)
p. 6
“Total production during the year stood at 3,162 megawatt, as compared to 1,459 megawatt in FY25.”
Rishabh Mehtta, page 6 of the filed PDF · View the filing
Total sales volumes: 3,138 megawatt (FY26)
p. 6
“Total sales volumes increased significantly to 3,138 megawatt during FY26, as against 1,389 megawatt in FY25.”
Rishabh Mehtta, page 6 of the filed PDF · View the filing
Capacity utilization: over 84% (FY26)
p. 6
“Capacity utilization remained healthy at over 84% during the year, demonstrating strong operational efficiency and demand visibility.”
Rishabh Mehtta, page 6 of the filed PDF · View the filing
Debt-equity ratio: 0.65 (FY26)
p. 6
“Our debt-equity ratio improved significantly to 0.65, as compared to 1.34 in FY25, reflecting prudent financial management, reduction in leverage, and improved financial flexibility even as we continue to invest towards future expansion and initiatives.”
Rishabh Mehtta, page 6 of the filed PDF · View the filing
Order book: approximately 5.89 gigawatt (as of March 2026)
p. 6
“Our confirmed order book remains robust at approximately 5.89 gigawatt, as of March 2026, providing strong forward revenue visibility for the coming quarters.”
Rishabh Mehtta, page 6 of the filed PDF · View the filing
Q4 revenue from operations: 16,077 million (Q4 FY26)
p. 7
“For quarter four FY26, the company reported its highest-ever quarterly revenue performance, with the revenue from operations standing at 16,077 million, while EBITDA and profit after tax stood at 1,166 million and 604 million, respectively.”
Rishabh Mehtta, page 7 of the filed PDF · View the filing
Order book value: INR8,000 crores
p. 14
“So order book pipeline is 5.89 gigawatt, which is about INR8,000 crores.”
Prashant Mathur, page 14 of the filed PDF · View the filing
EPC revenue contribution: about 3%-4% of top line (FY26)
p. 15
“Our EPC contribution was about 150 megawatt, which is about 3%-4% of our bottom line.”
Prashant Mathur, page 15 of the filed PDF · View the filing
Solar pump revenue: about 50 crore (FY26)
p. 15
“In terms of the breakup of our other part of EPC, which is the solar pump projects, also, that was 1% of our top line, which was about 50 crore of our revenue came from solar pumps.”
Prashant Mathur, page 15 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.
Solar cell manufacturing capacity — 6 gigawatt
stated firmly by Neelesh Garg
p. 4
“Saatvik has now scaled its solar cell manufacturing ambition to 6 gigawatt.”
Neelesh Garg, page 4 of the filed PDF · View the filing
Ingot and wafer manufacturing capacity — 6 gigawatt
stated firmly by Neelesh Garg
p. 5
“Saatvik is also progressing towards entry into ingot and wafer manufacturing with a planned capacity of 6 gigawatt.”
Neelesh Garg, page 5 of the filed PDF · View the filing
Encapsulant manufacturing capacity — 5 gigawatt
stated firmly by Neelesh Garg
p. 5
“we have now expanded our encapsulant manufacturing roadmap from 2 gigawatt to 5 gigawatt, further strengthening supply chain control, operational resilience, and long-term integration capabilities.”
Neelesh Garg, page 5 of the filed PDF · View the filing
Cell production start (Phase I, 2.4 GW) — start of cell production · second half of the year beginning
stated firmly by Prashant Mathur
p. 8
“we believe that in the second half of the year beginning, we'll be able to start our cell production and then ramp up.”
Prashant Mathur, page 8 of the filed PDF · View the filing
Total 6 gigawatt cell capacity commissioning — 6 gigawatt · June-July 2027
stated conditionally by Prashant Mathur
p. 8
“So we'll be 6 gigawatt by somewhere around mid of -- around July -- yes, June-July 2027.”
Prashant Mathur, page 8 of the filed PDF · View the filing
FY27 capex — about 1,700 crores · FY27
stated firmly by Prashant Mathur
p. 10
“So, for FY27, our capex requirement for this expansion is about 1,700 crores.”
Prashant Mathur, page 10 of the filed PDF · View the filing
FY28 capex — 1,800 crore to 2,000 crore · FY28
stated conditionally by Prashant Mathur
p. 10
“So we see around 1,800 crore to 2,000 crore capex will be required in FY28 as well.”
Prashant Mathur, page 10 of the filed PDF · View the filing
Debt-equity ratio ceiling — between 1 and 1.5 times
stated as an aspiration by Prashant Mathur
p. 10
“Our current debt-equity is 0.65, but we feel that our debt-equity will remain at around 1.1 -- between 1 and 1.5 times ratio, not more than that.”
Prashant Mathur, page 10 of the filed PDF · View the filing
FY27 margins — FY27, from second quarter
stated conditionally by Prashant Mathur
p. 14
“So in overall '27 we see that margins are going to be stable and good because firstly we feel that from the second quarter of this year, the industry is going to be back because we see that the war should ultimately come to a halt.”
Prashant Mathur, page 14 of the filed PDF · View the filing
Margin recovery to historical level — a healthy number that existed
stated as an aspiration by Prashant Mathur
p. 14
“Difficult to give a number, but yes, we feel that it will return to a healthy number that existed.”
Prashant Mathur, page 14 of the filed PDF · View the filing
EPC contribution to revenue — 3-4% range · FY27
stated firmly by Prashant Mathur
p. 16
“No. We'll be in that same range.”
Prashant Mathur, page 16 of the filed PDF · View the filing
C&I and large utility segment entry for cells — end of third or beginning of fourth quarter
stated conditionally by Prashant Mathur
p. 13
“we believe that because we have gone in with the same set of equipment and technical know-how, the technical staff will also be coming along with it. So we are very confident that we'll be able to stabilize our efficiencies in a very short period of time, wherein we'll be able to get into C&I and the large utility segment also by the end of the third or beginning of the fourth quarter of this year.”
Prashant Mathur, page 13 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 attributed the margin decline to sharp increases in silver, aluminum and other commodity prices plus rupee depreciation, which could not be passed through on fixed-price contracts, and confirmed ALMM-III is set to start from June 2028.
Answered by Prashant Mathur
Asked by Naman Jain: Why did profitability drop this quarter despite higher realizations, and what is the outlook on order margins and ALMM-III?
p. 7
“So the major reasons for the decrease in EBITDA are, as you rightly mentioned, correct, because there was an increase in commodity pricing, which really impacted our input costs across the value chain.”
Prashant Mathur, page 7 of the filed PDF · View the filing
About 65% of the order book relates to large utility customers which are mostly pass-through, while C&I customers are on fixed price; management declined to give a precise margin number for FY27 but expects softness in the first quarter and improvement in the second half.
Answered by Prashant Mathur
Asked by Kunal Shah: What proportion of the order book is fixed price, and what will FY27 non-DCR margins look like?
p. 9
“In the order book, the large utility customers, is almost 65% wherein we will be able to -- most of it will be pass-through and the rest C&I customers will be on a fixed price basis.”
Prashant Mathur, page 9 of the filed PDF · View the filing
Management explained that LCs and proforma invoices fix the dollar rate at order time, so the rapid depreciation from 88 to 94 during the quarter created an unexpected cost impact rather than a realization benefit.
Answered by Prashant Mathur
Asked by Sahil Sheth: Does rupee depreciation help realizations given dollar-denominated orders, and why did costs rise?
p. 11
“And what happened is that the dollar rapidly went from 88 to 94 in no time. And that was like 5%-6% of dollar impact, which was there -- which was an extraordinary situation.”
Prashant Mathur, page 11 of the filed PDF · View the filing
Management pointed to PSU orders with 90-120 day recovery cycles, LC-related delays of 45-60 days, and geographic dispatch lead times as reasons for weak cash conversion.
Answered by Rishabh Mehtta
Asked by Prakhar Porwal: Why has cash conversion been low over the past two-three years?
p. 12
“So, in the past year, I mean, we have had many orders which are from large-scale PSU orders. So the recovery cycle on those are about 90 to 120 days.”
Rishabh Mehtta, page 12 of the filed PDF · View the filing
Management said it was difficult to commit to a specific number but expected margins to return to a healthy historical range.
Answered by Prashant Mathur
Asked by Nishita: Will FY27 margins return to the prior 15% level?
p. 14
“Difficult to give a number, but yes, we feel that it will return to a healthy number that existed.”
Prashant Mathur, page 14 of the filed PDF · View the filing
Risks flagged
Rising commodity prices (silver, aluminum, copper) and high oil prices increased input costs across the value chain
p. 7
“solar cell procurement cost was driven by a high increase in silver prices. Aluminum frame cost also risen due to rise in aluminum prices.”
Prashant Mathur, page 7 of the filed PDF · View the filing
Rupee depreciation against the dollar increased import and procurement costs
p. 7
“the depreciation of the Indian rupee against the dollar results in higher import and procurement costs for key components.”
Prashant Mathur, page 7 of the filed PDF · View the filing
Fixed-price contracts limited ability to pass on rising input costs immediately
p. 7
“it was not possible for us to pass on the increase in the input cost and the dollar cost immediately and, you know, that compressed our margin for that period.”
Prashant Mathur, page 7 of the filed PDF · View the filing
War-related force majeure situation causing extraordinary fluctuations in dollar and commodity prices
p. 9
“But what we are seeing now is a war situation, a force majeure situation right now.”
Prashant Mathur, page 9 of the filed PDF · View the filing
Anticipated softer first quarter of FY27 due to continued high fluctuation in dollar and commodity prices
p. 9
“And we expect that the first quarter, because this war still continues. The first quarter will be a little softer, because there's high fluctuation, which is really extraordinary fluctuations both in, you know, the US dollars and commodities and oil prices, and all these are key components in manufacturing.”
Prashant Mathur, page 9 of the filed PDF · View the filing
Margin compression from oil price rise affecting encapsulant and freight costs across the industry
p. 13
“Oil has gone up from $60 to $100, which is also encapsulant, and oil-based; freight costs have gone up, and commodities, you know, the dollar is going up every day.”
Prashant Mathur, page 13 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.