Indian solar PV module manufacturer Saatvik Green Energy Ltd has reported strong financial performance for the third quarter of FY26 and nine months (April-Dec) of FY 2026, driven by higher volumes, robust capacity utilization, and disciplined cost management.
The company posted INR 12,570.2 million revenue in Q3 FY26, up 143% year-on-year, while profit after tax (PAT) rose 144% YoY to INR 987.2 million. EBITDA increased 134% YoY to INR 1,647.6 million, with margins at 13.11%.
For 9M FY26, revenue stood at INR 29,407.8 million, reflecting 137% growth over the corresponding period last year. PAT for 9M FY26 increased 145% YoY to INR 3,007.9 million, with a PAT margin of 10.23%. EBITDA rose 135% YoY to INR 4,693.4 million, translating into an EBITDA margin of 15.96%, supported by operating efficiencies and cost discipline.
Operational highlights
In Q3 FY26, Saatvik produced 759 MW of PV modules with capacity utilization at approximately 81%–significantly above industry averages.
The company said its Ambala manufacturing facility is operating at an annual capacity of 4.8 GW, supported by strong demand across utility-scale and C&I segments.
Order book remains healthy at approximately 5.05 GW, providing clear visibility for the coming quarters.
Commenting on the performance, Prashant Mathur, CEO, Saatvik Green Energy Ltd, said: “Q3 FY26 was a strong quarter for Saatvik Green Energy, with revenues reaching INR 12,570.2 million, driven by robust demand for solar modules, high-capacity utilization and continued traction from repeat customers. EBITDA stood at INR 1,647.6 million, with margins at 13.11%, reflecting operating leverage and improved cost efficiencies.”
“Profit after tax increased to INR 987.2 million, with PAT margins of 7.85%, underscoring the strength of our operating model. For the nine months ended FY26, we delivered healthy year-on-year growth across key financial metrics, supported by higher volumes, improved asset utilization and disciplined execution. Return ratios remained strong, with ROE at 23.10% and ROCE at 26.03%, reflecting efficient capital deployment and improving profitability.”
Saatvik Green Energy currently operates a 4.8 GW module manufacturing facility in Ambala, Haryana, and is developing a Greenfield integrated manufacturing facility in Odisha with 4 GW module and 4.8 GW solar cell capacity. It has commissioned and operationalized a 2 GW in-house EPE (Protective Encapsulant) film manufacturing facility at its Ambala campus in Haryana. The facility is co-located within the company’s existing module manufacturing complex. It has strengthened its integrated solutions portfolio with the UDAY Series of on-grid solar inverters, expanding into the B2C and distributed solar ecosystem.
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