Saatvik Green Energy Limited has informed the Exchange about Investor Presentation
Ref.: SGEL/SE/2025-26/29
November 06, 2025
To, Listing Department BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street Mumbai – 400001
To, Listing Department National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex Bandra (E), Mumbai – 400 051
Scrip Code: 544526
Symbol: SAATVIKGL
Sub: Investor Presentation on Unaudited Financial Results (Standalone and Consolidated) for
the quarter and half year ended on September 30, 2025
Dear Sir/Madam,
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Please find enclosed Investor Presentation on the Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended September 30, 2025.
The Investor Presentation is also available on the website of the Company https://saatvikgroup.com/
The same is for your information and record please.
Thanking you,
For Saatvik Green Energy Limited (Formerly known as Saatvik Green Energy Private Limited)
Bhagya Hasija Company Secretary & Compliance Officer
Enc.: a/a
Saatvik Green Energy Limited (formerly known as Saatvik Green Energy Private Limited) (a Saatvik Group Company) Corporate Office: Tower A, IFFCO Complex, Plot No. 3, Institutional Area, Sector 32, Gurugram, Haryana- 122001, Tel.: 1800-547-1151 | W.: www.saatvikgroup.com | E.: info@saatvikgroup.com| CIN: U40106HR2015PLC075578 Registered Office: Village Dubli, V.P.O. Bihta, Tehsil Ambala, Haryana- 133101, India
Investor Presentation Q2 FY2026
Saatvik Green Energy Limited
Disclaimer
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Saatvik Green Energy Limited (the “Company”), are solely for information purposes and do not constitute, and should not be construed as, any offer, recommendation, or invitation to purchase or subscribe for any securities. Nothing contained in this Presentation shall form the basis of, or be relied upon in connection with, any contract or binding commitment whatsoever. Any offering of securities of the Company, if made, will be by means of a statutory offering document containing detailed information about the Company.
This Presentation has been prepared based on information and data which the Company considers reliable; however, the Company makes no representation or warranty, express or implied, regarding the accuracy, completeness, fairness, or reasonableness of the contents of this Presentation. The Company expressly disclaims any liability in respect of any loss or damage arising from the use of, or reliance on, this Presentation or its contents. This investor may consider material. Presentation may not be all
inclusive and may not contain all of the
information that a prospective
Certain statements in this Presentation, including those relating to the Company’s business prospects, future opportunities, growth strategy, competitive strengths, and industry outlook, may be forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and assumptions, many of which are beyond the Company’s control and difficult to predict. Such risks and uncertainties include, but are not limited to: general economic conditions in India and international markets, industry performance, competitive pressures, the Company’s ability to successfully implement its strategy, technological developments, regulatory changes, availability or withdrawal of governmental incentives, fluctuations in revenue, income or cash flows, and exposure to market risks.
Actual results, performance, or achievements of the Company may differ materially from those expressed or implied in such forward-looking statements. The Company assumes no obligation to update or revise any information contained in this Presentation, including forward-looking statements, whether as a result of new information, future events, or otherwise.
All maps, charts, data, and visuals in this Presentation are not to scale and are provided “as is” without any warranty, express or implied, as to their accuracy, completeness, or timeliness.
2
TABLE OF CONTENT
01
Result Highlights
02
About us
03
Industry Highlights
04
Financial performance and Business Updates
05
Appendix
3
Result Highlights
4
RESULT HIGHLIGHTS – Q2 FY26
Revenue
EBITDA
PAT
INR 7,680.29 Mn +61.59 % Y-on-Y
INR 1,235.24 Mn +38.96 % Y-on-Y
INR 832.38 Mn +36.39 % Y-on-Y
ROE
ROCE
Debt Equity Ratio
16.80 %
21.85 %
0.44 (Improved leverage from 1.36 in FY25)
Note : ROE (Return on Equity) and ROCE (Return on Capital Employed) are not annualized (They are based on H1FY26 figures)
5
About us
6
OUR STORY SO FAR
A Listed Company Pioneering Progress & Expansion • Company got listed on both NSE and BSE, enhancing its visibility, credibility, and access to capital markets. • Launched UDAY Series of on-grid inverters, expanding into comprehensive solar ecosystem solutions. • Achieved Module Manufacturing capacity of 4.8GW .
2025
Innovating For Excellence • Launched TOPCon Technology. • Bagged CC+ rating in PV Module Tech Bankability Ratings Quarterly by PV Tech Research . • Recognised as 'Top Performer - 2024' by PV Evaluation Labs in the PV Module reliability
2024
scorecard.
2023
Global Expansion & Industry Recognition
• Expanded operations to North American market. • Awarded ‘Best Performing Solar Module Manufacturing Company of the year’
at Annual Solar Awards, 2023 organized by EQ
Diversification & Recognition • Launched EPC Services & MonoPerc and Recognized as Top
leading solar module supplier in India Quarter-1 organised by JMK Research and Analytics
2022
Started Manufacturing • Commenced manufacturing operations with
annual installed capacity of 125 MW
2016
Incorporation • Company Incorporated as
“Saatvik Green Energy
Private Limited”
2015
7
MANUFACTURING CAPABILITY
125 MW
285 MW
564 MW
1.8 GW
2.8 GW
4.8 GW
2019-21
Apr-24
2016-19
2023-24
Dec-24
Sep-25
Our Core Values
QUALITY
RELIABILITY
INTEGRITY
TEAMWORK
TRUST
EXPANDING FOOTPRINT NATIONWIDE
19 Resellers
31 Distributors
13 Channel Partners
Total 63 Selling partners
Selling partners
9
Note: The map of India shown is for illustrative purposes only and does not represent political boundaries or exact locations.
Leading Manufacturer offering Integrated Solutions
One of the fastest growing solar modules manufacturing company in India with ~4.8 GW operational capacity.
Recently secured LoA from MSEDCL for the installation of 1,500 solar pumps.
Solar Cells
Solar EPC / O&M
Inverters
Solar cell facility to be operational by Q3FY27.
Solar Modules
Saatvik offers end-to- end EPC solutions and O&M Services, delivering efficient, high-quality, and reliable solar projects backed by strong in-house expertise.
Solar Pumps
Launched the UDAY Series, a key step in Saatvik’s journey toward full-spectrum solar solutions.
Industry Highlights
11
Recent Industry Developments
GST Relief for Renewable Energy Sector
• The GST Council has reduced the tax rate on solar modules, cells and inverters from 12% to 5%, providing a
major boost to India’s clean energy sector.
• This move is expected to lower project costs, improve affordability, and accelerate adoption of solar and
other renewable technologies.
India Becomes the World’s Third-Largest Solar Power Producer
• According to the International Renewable Energy Agency (IRENA), India made 1,08,494 GWh of solar power,
more than Japan’s 96,459 GWh, and became the world’s third-biggest solar energy producer.
• This commitment is seen as a key step in India's clean energy transition and its broader climate goals.
Aligned with India’s Energy Transition
• Aims to install 10 million rooftop solar
systems across India.
• Provides up to 300 units of free electricity per
month for households.
• Expected to add 10–12 GW of capacity by
PM Surya Ghar: Muft Bijli Yojana
FY2030.
•
PM-KUSUM Scheme
• Promotes solarization of agriculture through pumps and grid-connected systems.
• Targets 30.8 GW capacity, supporting farmers and reducing diesel use.
• Comprises three components: standalone solar pumps, grid-connected systems, and decentralized solar plants.
• Focuses on self-reliance in solar
manufacturing for government projects.
• Mandates use of domestic cells and
modules (DCR).
• Target: 12 GW of grid-connected solar
capacity for government use.
CPSU Scheme (Phase-II)
Renewable Energy Parks & Solar City Programme
•
•
Encourages development of large-scale solar parks and solar cities. Reduces land and infrastructure hurdles for developers.
CPSU Scheme (Phase-II)
Solar parks
Well-Positioned to Capture Favorable Industry Tailwinds
Increase in Energy demand by Fiscal 2030 (in BU)
Renewable energy capacity of over 190GW-200GW is expected to be installed between FY25-30P at a CAGR of 16-17%
Energy Requirement
Energy Availability
Energy Demand CAGR: 5.5 - 6.0%
1,627
1,623
1,694
1,692
1,783
1,785
1,900
1,907
1,995
2,000
2,100
2,105
2,250
2,252
3%
5%2%
Coal
Solar
Wind
3%
3%2%
8%
35%
10%
11%
FY25 475 GW
47%
Large Hydro
11%
FY30P 700-725 GW
FY24
FY25
FY26P
FY27P
FY28P
FY29P
FY30P
22%
38%
Oil & Gas
Nuclear
Other RE
Source: CRISIL Report, Internal Assessment
14
Financial Performance and Business Updates
15
SUMMARY OF FINANCIAL PERFORMANCE
Revenue from Operations (INR Mn)
EBITDA (INR Mn)
133%
16,838
EBITDA Margin % 18.70%
16.08%
17.95%
18.09%
135%
3,046
62%
7,680
4,753
7,213
39%
1,235
1,295
889
Q2FY25
Q2FY26
H1FY25
H1FY26
Q2FY25
Q2FY26
H1FY25
H1FY26
16
SUMMARY OF FINANCIAL PERFORMANCE
PAT (INR Mn)
Debt/Equity (x)
PAT Margin % 12.84%
10.84%
11.41%
12.00%
146%
2,021
2.18
36%
832
610
823
1.37
1.36
0.44
Q2FY25
Q2FY26
H1FY25
H1FY26
Q4FY24
Q2FY25
Q4FY25
Q2FY26
17
SUMMARY OF FINANCIAL PERFORMANCE
Net Debt (INR Mn)2
ROCE & ROE (%)2
CRISIL A- rated as on April 21, 2025
4,942
5,155
ROCE %
ROE%
2,625
2,702
83.20%
64.07%
63.41%
60.45%
16.80%
21.85%
Q4FY24
Q2FY25
Q4FY25
Q2FY26
FY24
FY25
H1FY26
Note: 1. While calculating net debt, the IPO proceeds and restricted cash have not been considered. 2. H1FY26 ROCE and ROE are not annualized.
18
SUMMARY OF FINANCIAL PERFORMANCE
Production (in MW) and Capacity Utilization
Strong Order book (As on 30th Sep 2025)
Effective Capacity Utilization %
87.56%
83.10%
71.62%
82.34%
204%
1,477
152%
792
314
486
Q2FY25
Q2FY26
H1FY25
H1FY26
4.68 GW 97% of current installed capacity
19
Recent Company updates
₹638.85 Crore Repeat Orders for Solar PV Modules
• Received repeat domestic orders from three leading Independent Power Producers
(IPPs) / EPC players for supply of solar PV modules. The contracts, valued at ₹638.85 crore, are scheduled for execution by June 2026.
•
Launch of ‘UDAY Series’ On-Grid Inverters
•
Launched the UDAY Series features single-phase (1.1–6 kW) and three-phase (6–50 kW) inverters tailored for residential, commercial, and industrial applications.
New Orders Secured Worth ₹219.62 Crore
• Received repeat domestic orders from three prominent Independent Power
•
Producers (IPPs) and EPC players for the supply of solar PV modules. The contracts are scheduled for execution during FY 2025–26, reflecting continued customer trust and strong market presence.
FINANCIAL RESULTS
Consolidated Statements of Profit and Loss :
Particulars
Revenue from operations
Other income
Total income (I + II)
Expenses
(a) Cost of materials and services consumed
(b) Purchase of Stock-in-Trade
(c) Changes in inventories of finished goods, stock-in -trade and work-in-progress
(d) Employee benefits expense
(e) Finance costs
(f) Depreciation and amortization expense
(g) Other expenses
Total expenses
Profit before tax
Tax expense
(i) Current tax
(ii) Deferred tax
Total tax expense
Profit for the period/year
September 30, 2025 (Unaudited)
Quarter Ended
June 30, 2025
(Unaudited)
Figures in INR Mn
Six Months Ended
September 30, 2024 (Unaudited)
September 30, 2025 (Unaudited)
September 30, 2024 (Unaudited)
7,680.29
151.53
7,831.82
8,416.70
159.31
-3,168.04
296.27
136.34
136.87
892.34
6,869.79
962.03
168.76
-39.11
129.65
832.38
9,157.28
40.06
9,197.34
7,261.56
115.29
-933.72
276.75
190.44
124.59
666.88
7,701.79
1,495.55
272.37
34.94
307.31
1,188.24
4,752.96
208.26
4,961.22
2,212.61
1,356.20
33.39
93.08
86.09
54.37
377.05
4,212.79
748.43
153.96
-15.82
138.14
610.29
16,837.57
191.59
17,029.16
15,678.26
274.60
-4,101.76
573.02
326.78
261.46
1,559.22
14,571.58
2,457.58
441.13
-4.18
436.95
2,020.63
7,212.72
289.44
7,502.16
3,794.15
1,938.60
-391.03
172.43
152.56
97.83
693.20
6,457.74
1,044.42
256.79
-35.11
221.68
822.74
21
FINANCIAL RESULTS
Consolidated Statement of Assets and Liabilities (1/2)
Particulars
As at September 30, 2025
As at March 31, 2025
(Unaudited)
(Audited)
Figures in INR Mn
ASSETS
(1) Non-current assets
Property, plant and equipment
Intangible assets
Capital work in progress
Right-of-use assets
Financial assets
(i) Trade Receivables
(iI) Other financial assets
Deferred tax asset (net)
Other non-current assets Total non-current assets
(2) Current assets
Inventories
Financial assets
(i) Investments
(ii) Trade receivables
(iii) Cash and cash equivalents
(iv) Bank balances other than (iii) above
(v) Loans
(vi) Other financial assets
Current tax assets (net)
Other current assets Total current assets
Total assets
3,071.27 0.90 333.87 958.47
0.00 794.22 87.14 409.13
5,655.00
8,197.38
- 3,825.47 2,813.40 4,031.58 75.89 507.08 12.23 2,850.37
22,313.40 27,968.40
2,592.94 1.18 15.45 603.24
67.30 23.03 81.38 360.30
3,744.82
6,504.76
3,995.17 53.94 30.82 80.39 538.13 16.99 1,392.42
12,612.62 16,357.44
22
FINANCIAL RESULTS
Consolidated Statement of Assets and Liabilities (2/2)
Particulars
EQUITY AND LIABILITIES (1) EQUITY
Equity share capital Other equity Total equity (2) LIABILITIES Non-current liabilities
Financial liabilities (i) Borrowings (ii) Lease liabilities Provisions Deferred tax liabilities (net) Other non-current liabilities Total non-current liabilities Current liabilities
Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Trade payables - Total outstanding dues of micro enterprises and small enterprises - Total outstanding dues of creditors other than micro enterprises and small enterprises (iv) Other financial liabilities Provisions Contract liabilities Current tax liabilities(net) Other current liabilities Total current liabilities Total liabilities Total equity and liabilities
As at September 30, 2025
As at March 31, 2025
Figures in INR Mn
(Unaudited)
254.22 11,775.84 12,030.06
325.67 98.85 0.00 289.01 713.53
5,285.71 69.25
509.76 6,127.73 279.82 161.04 2,350.52 375.54 65.44 15,224.81 15,938.34 27,968.40
(Audited)
224.10 3,152.49 3,376.59
1,250.83 351.14 76.02 0.00 285.10 1,963.09
3,330.13 94.54
355.77 5,234.94 214.40 141.83 1,233.83 339.69 72.63 11,017.76 12,980.85 16,357.44
23
FINANCIAL RESULTS
Extract of Consolidated Cashflow Statement
Six Months Ended
Figures in INR Mn
Figures in INR Mn
Particulars
September 30, 2025
September 30, 2024
A. Cash flow from operating activities :
Operating cash flows before movements in working capital
Cash generated from operations Income taxes paid
Net cash generated from operating activities
B. Cash flow from Investing activities :
Net cash used in investing activities
C. Cash flow from financing activities
Net cash generated from/(used in) financing activities
Net increase/(decrease) in cash and cash equivalents (A+B+C)
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
(Unaudited)
(Unaudited)
2,992.52
2,379.06 -400.52
1,978.54
1,038.85
796.68 -283.42
513.26
-6,174.45
-275.35
6,955.37
2,759.46
53.94
2,813.40
-3.50
234.41
123.32
357.73
24
CAPACITY EXPANSION PLANS
Expanding plans and Backward Integration
2026
2027
Added a capacity of 1.0 GW in Ambala in Q2 FY26
Current module capacity of 4.8 GW as on Sept 30, 2025
Expanding in Odisha with plans to set up 4.00 GW module capacity to be operational in FY26
Setting up cell facility in Odisha of capacity 4.80 GW to be operational in FY27
25
Appendix
MANAGEMENT TEAM
Neelesh Garg Promoter, Chairman & Managing Director
Manik Garg Promoter & Managing Director
Prashant Mathur Chief Executive Officer
Abani Kant Jha Chief Financial Officer
• Over 9 years of experience in the
renewable energy sector
• Responsible for handling, defining
strategy as well as establishing technical parameters & operating procedures
• B.Tech. in computer science & engineering from the IIT, Delhi.
• Master’s degree in science
(management and strategy) from the LSE
• Responsible for handling matters related to finance and economics
• Successfully completed 36th session of
the program for leadership development from Harvard Business School
• B.Com (honours) from the University of
Delhi
• MSc. (finance) from the LSE
• Over 21 years of experience in
• Over 21 years of experience in finance
renewable sector
• Previously associated with Mundra
Solar PV Limited1, Vikram Solar Private Limited, Targray India Private Limited and Solis Solar Group.
• Bachelor’s degree in textile engineering from Amaravati University & Master's degree in management studies from Rizvi Institute of Management Studies of University of Mumbai
sector
• Previously associated with Intangles Lab Private Limited, Aditya Birla Chemicals (Thailand) Limited, Ease Trip Planners Private Limited, Reliance Retail Limited, Container Rail Road Services Private Limited and Upcurve Consumer Technologies Private Limited
• CA & MBA from GlobalNxt University,
Malaysia
Note: 1. Formerly known as Adani Solar; B.Tech – Bachelor’s Degree (Technology), IIT – Indian Institute of Technology, B.com – Bachelor’s degree in commerce, LSE – London School of Economics and Political Science, MSc. – Master’s degree in Science, MBA – Masters’ Degree in Business Administration
27
MANAGEMENT TEAM
Manavika Garg Promoter & Non Executive Director
Bhagya Hasija Company Secretary & Compliance Officer
Sudhir Kumar Bassi Independent Director
Narendra Mairpady Independent Director
• Over 7 years of experience in the information technology sector • Full time employee in Accenture
Solutions Private Limited
• MBA from Nirma University and master’s degree in computer applications from Mody University of Science and Technology.
• Over 9 years of experience in
secretarial sector
• Previously associated with Dalmia Cement (Bharat) Limited and Heidelberg Cement India Limited. • Associate member of Institute of Company Secretaries of India.
• Over 32 years of experience in the
• Over 21 years of experience in the
security markets
• Presently serving as Executive Director (Capital Markets) with Khaitan & Co. and member of primary market advisory committee of SEBI since 2022. • Previously associated with PNB Capital Services, JM Morgan Stanley Limited and Morgan Stanley India Private Limited.
banking sector
• Previously associated with Adani
Enterprises Limited, IPCA Laboratories Limited, LIC Finance Limited, Sequent Scientific Limited, Mahindra Manulife Trustee Pvt. Ltd., Manappuram Home Finance Limited among many others.
• B. Com & L.L.B. from University of
Mysore.
28
RECOGNISED WITH GLOBAL CERTIFICATIONS, HIGHLIGHTING PRODUCTS HIGH QUALITY
Manufacturing facility has obtained various certifications
Credit rating
CRISIL A- rated as on April 21, 2025
Product Certifications
IEC 61215:2005
IEC 61215-2:2021
Crystalline silicon terrestrial photovoltaic (PV) modules (poly- crystalline)
PV module type, with mono-crystalline solar cells
UL 61730-1:2022, UL 61730-2:2022 For photovoltaic (PV) module from domestic and international bodies such as UL India Private Limited
Certified by multiple International certification bodies for quality & performance, further facilitating the generation of business from international customer
Cleared the test criterion for PVEL KIWA
Bagged CC+ rating in PV Module Tech Banakability Ratings Quarterly by PV Tech Research
29
SDG ALIGNED SUSTAINABILITY INITIATIVES
Comprehensive employee health programs including regular check-ups, medical camps, and occupational safety training.
Educational CSR: Developing smart classrooms in government schools, providing scholarships, installing safety infrastructure and technical solar technology training for local youth.
Equal opportunity employment practices with special safety support initiatives for girls in educational institutions. Board diversity achievement: 2 out of 6 board positions held by women, demonstrating commitment to gender representation in leadership.
Advanced water management: 350 KL rainwater harvesting capacity and 40 KLD water treatment facility targeting Zero Liquid Discharge (ZLD). Installing RO units for safe drinking water in rural Gram Panchayats.
Leading by example with rooftop solar installations across internal operations and manufacturing plants, demonstrating renewable energy adoption.
Comprehensive skill-building programs ensuring safe working conditions and structured employee growth pathways. Focus on professional development and career advancement opportunities.
30
SDG ALIGNED SUSTAINABILITY INITIATIVES
Technology excellence through energy-efficient equipment deployment including IE3+ motors, advanced compressors, and comprehensive LED lighting systems. Dedicated R&D team focusing on circular economy solutions
Comprehensive waste management: Systematic waste segregation, hazardous waste handling, and e-waste recycling through CPCB authorized vendors. Full RoHS compliance ensuring harmful substance restrictions.
Significant renewable energy adoption with 1,600 KW solar installations, directly reducing GHG emissions and carbon footprint.
Environmental stewardship through extensive tree plantation initiatives across factory peripheries, enhancing biodiversity and green cover
Governance excellence: Comprehensive Code of Conduct, anti-bribery policies, whistleblower mechanisms, and robust data privacy protections. Strong oversight and governance frameworks.
Strategic collaborations with NGOs, training institutions, CSR partners, and industry associations for maximum impact and knowledge sharing.
31
COMMUNITY EMPOWERMENT ACTIVITIES
2 Smart Classrooms, Rajkiy Vidyalaya, Itawa Bhopji, Rajasthan
Running Eye Care Unit at Sri Sathya Sai Manav Seva
Artificial Limbs Donation Camp, Chandigarh
Safe Drinking water project, Itawa Bhopji, Rajasthan
Education Sponsorship through Bhartiya Vidya Bhavan, Chandigarh
27 CCTV cameras for girl student safety
32
THANK YOU
SAATVIK GREEN ENERGY LIMITED Registered Office : Vill. Dubli, V.P.O Bihta Tehsil, Ambala – 133 101, Haryana, India Corporate Office : Tower A, IFFCO Complex, Plot No. 3, Sector 32, Gurugram-122 001 Haryana, India Telephone : 0124-3626755 Email : investors@saatvikgroup.com Website : https://saatvikgroup.com/