Saatvik Green Energy IPO 2025: Solar Module Maker’s Big Push Into Odisha + Capacity Expansion
Saatvik Green Energy Limited is launching a ₹900 crore IPO (₹700 crore fresh, ₹200 crore OFS), with operational capacity of ~3.8 GW, plans for a 4 GW manufacturing facility in Odisha, strong financials and rising profits. Here’s a full investor guide to its growth, projects and risks.
From 3.8 GW of module capacity to a ₹900 crore IPO and a 4 GW expansion in Odisha — Saatvik Green Energy aims to ride India’s solar boom with strong financial momentum and strategic projects.
Company Background
- Saatvik Green Energy Limited (SGEL), headquartered in Gurugram, Haryana, is a solar photovoltaic (PV) module manufacturer founded in 2015 (incorporated as “Saatvik Green Energy Private Limited”). It became a public company in late 2024.
- The company supplies solar modules domestically and internationally, and engages in EPC (Engineering, Procurement, Construction) services, including ground-mounted, rooftop, floating solar PV plants. It also offers O&M (operations & maintenance) services.
- Its product portfolio includes high-efficiency mono-PERC and N-TopCon modules. It has been steadily increasing its manufacturing capacity.
Saatvik Green Energy IPO Details
India’s solar energy sector continues to attract strong attention from investors, and Saatvik Green Energy Limited (SGEL) is poised to capitalize on that momentum. With a ₹900 crore IPO set to open from September 19 to 23, 2025, the company brings strong growth, ambitious expansion plans, and a growing order book to the table.
The IPO Snapshot
Saatvik’s ₹900 crore issue comprises a ₹700 crore fresh equity raise and a ₹200 crore offer-for-sale (OFS) by its promoters. At the upper price band of ₹465 per share (face value ₹2), the company is expected to list on NSE & BSE by September 26, 2025, with allotment on September 24. Retail investors can bid for a minimum of 32 shares per lot.
About 50% of the issue is reserved for qualified institutional investors (QIBs), 35% for retail investors, and 15% for non-institutional investors.
| Parameter | Detail |
|---|---|
| IPO Size | ~ ₹900 crore total. Consists of fresh issue of ₹700 crore + Offer for Sale (OFS) of ₹200 crore by promoters. |
| Price Band | ₹ 442 to ₹ 465 per share. |
| Face Value | ₹ 2 per share. |
| Minimum Lot Size (Retail) | 32 shares. |
| IPO Dates | Opens: September 19, 2025. Closes: September 23, 2025. |
| Allotment Date | September 24, 2025. |
| Listing Date | Expected: September 26, 2025 on NSE and BSE. |
| Issue Allocation | QIBs (Qualified Institutional Buyers): ~50%, Retail: ~35%, Non-Institutional Investors: ~15%. |
Financial Growth & Key Metrics
| Metric | FY 2022-23 | FY 2023-24 | FY 2024-25 / Recent |
|---|---|---|---|
| Revenue | ~ ₹608.58 crore in FY23 | ~ ₹1,087.96 crore in FY24 — ~78.8% YoY growth | Further growth; some reports (Samco etc.) mention revenues ~ ₹2,192.47 crore in FY25. |
| Profit After Tax (PAT) | ~ ₹4.74 crore in FY23 | ~ ₹100.47 crore in FY24 — a sharp rise (≈2,000% growth) | Latest numbers show stronger profit in FY25 — reports quote ~ ₹213.93 crore. |
| Borrowings / Debt | Total borrowing as of June 2024 ~ ₹256 crore. | The IPO is intended partially to repay outstanding borrowings. | Post-IPO, promoter stake reduces; debt servicing: part of IPO proceeds earmarked for repayment. |
Projects & Future Plans
- Capacity Expansion in Odisha: A major part of the fresh issue proceeds (~₹477.23 crore) will be invested in a 4 GW solar PV module manufacturing facility in Gopalpur Industrial Park, Odisha. Repayment of Debt: Certain funds will be used to repay or prepay borrowings in both the subsidiary (Saatvik Solar Industries) and parent company level.
- Increase in Existing Capacity: The Ambala facility is already operating ~3.8 GW capacity. There are plans to expand capacity further, including adding 1 GW capacity at Ambala by Q2 FY 2026, bringing it to ~4.8 GW.
- Upcoming Product / Project Deployments: Examples include floating solar power plants (e.g. 61.42 MW floating solar in Ramagundam, Telangana), supply of modules for Raghanseda Solar Park in Gujarat, large EPC / rooftop / floating projects.
- Geographic & Distribution Expansion: They are developing warehouses in different states, expanding distributor/reseller networks. Expanding reach into Tier II / III cities.
Strengths & Risks
Strengths:
- Strong revenue & profit growth (very high YoY growth in recent years).
- Good order book: ~4 GW domestic module orders.
- Strategic expansion in Odisha, taking advantage of favorable industrial parks and possible subsidies.
- Capacity additions in existing facilities (Ambala) to meet rising demand and improve scale.
Risks:
- Dependence on government policies, solar incentives, and subsidy frameworks; any changes or delays could impact cash flows.
- Raw material / module component cost fluctuations (polysilicon, cells, etc.) could compress margins.
- Execution risk in setting up new facilities (e.g. Odisha) on time and within budget.
- Competition from other module manufacturers in India and abroad; also trade / import pressures.
Financial Trajectory: From Modest to Strong
SGEL has seen explosive growth:
- Revenue jumped ~79% from FY23 to FY24, rising from ~ ₹608.6 crore to ~ ₹1,088 crore.
- Profit after tax (PAT) rose dramatically – from ~ ₹4.74 crore in FY23 to ~ ₹100.47 crore in FY24; over 2,000% growth.
- Operational capacity for manufacturing modules has scaled up too: from ~1.8 GW as of mid-2024 to ~3.8 GW as of mid-2025.
This growth reflects rising demand, policy tailwinds, and increased scale of operations.
What the IPO Funds Will Be Used For
The fresh issue proceeds are earmarked primarily for:
- Building a 4 GW solar PV module manufacturing facility in Gopalpur Industrial Park, Odisha. This is a key project to increase capacity and strengthen geographic spread.
- Repaying / prepaying borrowings of the subsidiary Saatvik Solar Industries Ltd. and some debt at the parent company.
- General corporate purposes including working capital, operational expansion, and supporting ongoing projects.
Projects, Order Book & Market Position
Saatvik has been executing multiple solar projects:
- Floating solar project of ~61.42 MW at Ramagundam, Telangana (Fiscal 2023) is one example.
- Supply of modules for Raghanseda Solar Park in Gujarat.
- State government EPC contracts such as 23 MW in Himachal Pradesh (split between two sites).
Their order pipeline is strong: about 4.01 GW of domestic orders for solar modules as of mid-2025. Capacity utilisation has been high (~83.7%) in existing facilities.
Strengths, Risks & Investor Take
SGEL comes with several strengths: accelerating revenue, sharp profit growth, modern manufacturing facilities, strategic expansion into Odisha, and a diversified customer base across utility, rooftop, EPC, floating solar, etc. Furthermore, policy support in India for solar manufacturing is strong.
However, there are risks. Delays in new facility commissioning, rising input costs (polysilicon, etc.), competition, and dependence on government incentives/schemes are real challenges. Moreover, as the facilities scale, maintaining margin discipline and efficient operations will be critical.
For long-term investors betting on India’s clean energy push, Saatvik Green Energy IPO offers a promising proposition, provided one is comfortable with sector risk and execution timelines.
(Disclaimer: Recommendations, suggestions, views and opinions expressed by experts are their own. Investors are advised to consult certified financial advisors before making any investment decisions.)
