Saatvik Green Energy IPO: Powering India’s Solar Future
Saatvik Green Energy Ltd, a Gurugram-based solar PV module manufacturer, is set to launch its ₹900 crore Initial Public Offering (IPO) from September 19 to 23, 2025. With a robust order book, advanced manufacturing capabilities, and an integrated business model spanning EPC and O&M services, Saatvik is emerging as a key player in India’s renewable energy transition.
The IPO comprises a ₹700 crore fresh issue and a ₹200 crore Offer for Sale (OFS), with shares expected to list on September 26, 2025, on both the BSE and NSE. The company aims to use the proceeds from the fresh issue to fund capital expenditure, expand manufacturing capacity, and meet working capital requirements.
IPO Details
|
Parameter |
Value |
|
Issue Size |
₹900 Cr (₹700 Cr
Fresh + ₹200 Cr OFS) |
|
Price Band |
₹442–₹465 |
|
Lot Size |
32 shares |
|
Minimum
Investment |
₹14,880 |
|
IPO Dates |
Sep 19–23, 2025 |
|
Listing Date |
Sep 26, 2025 |
|
Registrar |
KFin Technologies |
|
Lead Managers |
DAM Capital,
Ambit, Motilal Oswal |
|
GMP (Grey Market
Premium) |
₹65–₹70 approx |
The IPO has already attracted strong anchor investor interest, with institutions like ICICI Prudential MF, HDFC MF, SBI Life Insurance, and Goldman Sachs participating in the anchor round held on September 18, 2025.
About Saatvik Green Energy
Founded in 2015, Saatvik Green Energy has rapidly scaled its operations to become one of India’s leading solar PV module manufacturers. The company specializes in:
- Mono PERC and N-TopCon modules (both mono-facial and bifacial)
- EPC services for rooftop and utility-scale solar installations
- O&M services for long-term asset performance and reliability
Saatvik operates three manufacturing facilities in Ambala, Haryana, with a combined installed capacity of 3.80 GW. As of June 2025, the company boasts an order book of 4.05 GW, with a majority of orders coming from domestic clients.
Its client portfolio includes marquee names such as Jindal Steel, Dalmia Bharat, Ramagundam Floating Solar Project, and Raghanseda Solar Park, reflecting its credibility in executing large-scale solar projects.
Financial Highlights
Saatvik’s financial performance has shown impressive growth over the past two fiscal years:
|
Metric |
FY24 |
FY25 |
|
Revenue |
₹1,097 Cr |
₹2,192 Cr |
|
Net Profit |
₹100.47 Cr |
₹213.93 Cr |
|
EPS (Pre/Post IPO) |
₹19.09 |
₹16.83 |
|
P/E (Pre/Post IPO) |
~24.35 |
~27.63 |
|
ROE / ROCE |
~63.41% |
~60.45% |
|
PAT Margin |
~9.76% |
|
|
Price to Book |
~43.18× |
|
The company’s Return on Equity (ROE) and Return on Capital Employed (ROCE) are among the highest in the renewable energy sector, indicating efficient capital utilization and strong profitability.
Why Investors Are Watching
1. Green Energy Momentum
India’s solar energy sector is experiencing exponential growth, driven by government incentives, climate commitments, and rising demand for clean power. Saatvik is well-positioned to benefit from this momentum, especially with its focus on high-efficiency modules and turnkey solutions.
2. Integrated Business Model
Unlike pure-play manufacturers, Saatvik offers a vertically integrated model that includes manufacturing, EPC, and O&M services. This allows the company to maintain control over margins, ensure quality across the value chain, and offer end-to-end solutions to clients.
3. Robust Order Book
With 4.05 GW in confirmed orders, Saatvik has strong revenue visibility for the coming quarters. The company’s ability to secure large-scale projects from reputed clients adds credibility and reduces demand-side risk.
4. Anchor Investor Confidence
The anchor round saw participation from top-tier institutional investors, signaling strong market confidence in Saatvik’s business model and growth trajectory. This backing often translates into better subscription rates and post-listing performance.
Risks to Consider
While the IPO presents a promising opportunity, investors should be mindful of certain risks:
???? High Valuation
Saatvik’s Price-to-Book (P/B) ratio of ~43× is significantly higher than industry averages. This elevated valuation may limit short-term upside and increase sensitivity to market corrections.
???? Capital-Intensive Sector
Solar manufacturing requires substantial investment in technology, machinery, and infrastructure. Any delays in capacity expansion or cost overruns could impact margins.
???? Policy Sensitivity
The renewable energy sector is heavily influenced by government policies, subsidies, and import/export regulations. Changes in duty structures or incentive schemes could affect profitability.
Final Word
The Saatvik Green Energy IPO offers a compelling opportunity for investors looking to tap into India’s clean energy revolution. With a strong financial track record, integrated business model, and a robust order pipeline, Saatvik is well-positioned to scale in a sector that’s both economically and environmentally vital.
However, the high valuation and policy-linked risks warrant careful consideration. For long-term investors with a focus on sustainability and infrastructure, Saatvik Green Energy could be a valuable addition to a diversified portfolio.
