Haryana-based solar module manufacturer Saatvik Green Energy has reported a revenue of ₹5.11 billion (~$53.56 million) in the first quarter (Q1) of the financial year (FY) 2027, a 44.2% year-over-year (YoY) decrease compared to ₹9.16 billion (~$96 million).

Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹425 million (~$4.45 million), down 76.1% YoY compared to ₹1.78 billion (~$18.62 million).

Profit after tax (PAT) for the quarter was ₹54 million (~$565,995), declining 95.4% YoY compared to ₹1.17billion (~$12.22 million).

The company attributed the quarter’s performance to the transitional impact of its ongoing manufacturing capacity expansion in Odisha.

Saatvik Green reported revenue of ₹16.07 billion (~$167 million) in Q4 FY 2026.

Business Updates

Saatvik Green’s confirmed order book stood at 5.89 GW as of June 2026, representing approximately 123% of installed module capacity. The company executed 1.05 GW of orders during the quarter.

Its capacity utilization improved to roughly 90%, from 81% in Q1 FY 2026.

Saatvik Green said its 4.8 GW module manufacturing facility in Ambala, Haryana, continued to support order execution. The company has substantially completed civil and structural work for the 4 GW module manufacturing line at Gopalpur, Odisha.

It also completed the civil and structural work for the 2.4 GW solar cell line.

Saatvik Green said it is increasing encapsulant manufacturing capacity from 2 GW to 5 GW and advancing longer-term plans for ingot and wafer manufacturing.

It launched the Saatvik SuryaConnect Solar Kit for residential and commercial applications and the UDAY Plus Hybrid Inverter, combining solar power with battery backup.

The company’s debt-to-equity improved to 0.99x as of June 2026, compared with 1.28x in Q1 FY 2026.

Saatvik said it continued expanding across engineering, procurement, and construction (EPC); transformers; battery energy storage systems; distributed solar; solar pumps; and inverters.

This April, Saatvik Green acquired an 80% equity stake in Melcon Transformers and Electricals, a Jaipur-based transformer manufacturer.

CEO Prashant Mathur said the company was making steady progress on its Odisha manufacturing roadmap, while deepening capabilities across cells, encapsulants and other critical parts of the solar value chain. “Alongside manufacturing, we are expanding across inverters, EPC, transformers, energy storage and distributed solar solutions.”