Saatvik Green Energy Reports 77% Sequential Revenue Growth in Q2 FY27; Commences Commercial Production at Odisha Facility

Mumbai: Saatvik Green Energy Limited (“the Company”) (NSE: SAATVIKGL, BSE: 544526), one of India’s leading solar PV module manufacturers, today announced its unaudited financial results for the quarter and half year ended September 30, 2026. During the quarter, the Company reported revenue of ₹9,026 Mn and PAT of ₹202 Mn. Its confirmed order book stood at 6.68 GW as of September 2026. The Company continued to advance its integrated clean energy manufacturing strategy, including the commencement of commercial production at its Odisha facility, and secured a ₹1,041.63 crore order from Solar Energy Corporation of India Limited (SECI) for 600 MWp of solar modules manufactured using domestic solar cells.

Financial Highlights: –

Operational Highlights:

• Module Production stood at 658 MW and sales at 640 MW during Q2 FY27, compared to production of 792 MW and sales of 538 MW in Q2 FY26
• Module Production stood at 1,066 MW and sales at 973 MW during H1 FY27, compared to production of 1,477 MW and sales of 1,137 MW in H1 FY26
• Capacity utilization stood at approximately 58.5% during the quarter, compared to 83.1% in Q2 FY26
• Confirmed order book stood at 8800 crore as of September 2026, equivalent to ~110% of installed module capacity of 6.1 GW.
• Added 1.76 GW of new orders and executed 0.97 GW of orders during H1 FY27.
• Debt-to-equity ratio stood at 1.37x as of September 2026, compared to 0.99x as of June 2026
• Secured an order of ₹476 crore from Vikran Engineering Limited for solar PV modules (August 2026)
• Secured a ₹1,041.63 crore order from SECI for 600 MWp of domestically manufactured solar modules using domestic solar cells in September, to be executed by December 2027.
• Secured orders of ₹297.5 crore (September 2026) and ₹190 crore (August 2026) from Independent Power Producers/EPC players for solar PV modules, to be executed by March 2027, along with a ₹138 crore order for domestic solar PV modules (July 2026)
• Post quarter-end, received an order of approximately ₹100 crore (excl. GST) from MSEDCL for 5,000 off-grid DC solar water pumping systems under the Magel Tyala Saur Krushi Pump Yojana / PM-KUSUM B scheme (October 2026)

Commenting on the performance, Mr. Prashant Mathur, Chief Executive Officer, Saatvik Green Energy Limited, said: “H1 FY27 is best read as a period of investment ahead of the curve. Our reported numbers reflect the transition as we build our next phase, and we chose to prioritise long-term positioning over short-term optics. What gives us confidence is the quality of demand. Customers across government, utility and C&I segments continue to place repeat and large-scale orders with us, and our order book gives us clear visibility well beyond this financial year.

The industry is shifting from a module-led to a cell-led market, where access to domestic cells will decide who can compete for the most attractive projects. That is why Odisha matters so much to us. As our cell and module capacities come online together, Saatvik moves from assembling modules to controlling a critical part of its own supply chain, with better cost, quality and delivery certainty.

Our focus for the rest of the year is simple: deliver on our commitments, ramp up Odisha without compromising quality, and protect margins and working capital. We believe this integration will make Saatvik a stronger, more resilient and more profitable business over the coming years.”