Saatvik Green Energy IPO Price: ₹442 to ₹465 per share
IPO Dates: 19th September 2025 – 23rd September 2025
Company Overview
Incorporated in May 2015 as Saatvik Green Energy Private Limited in Chandigarh, the company was later converted into a public limited company in September 2024 under the name Saatvik Green Energy Limited. It is among India’s leading solar photovoltaic (PV) module manufacturers, with an operational capacity of about 3.80 GW as of June 30, 2025. Over the years, it has positioned itself as one of the fastest-growing solar module producers in the country.
The company commenced manufacturing operations in 2016 with an initial installed capacity of 125 MW, which has since grown nearly thirty-fold. Saatvik manufactures high-efficiency solar PV modules and also provides engineering, procurement and construction (EPC) services along with operations and maintenance (O&M) for solar projects.
Manufacturing Facilities
Saatvik Green Energy operates three large-scale module manufacturing facilities in Ambala, Haryana, spread across a total land area of 724,225 square feet. Collectively, these Ambala facilities form one of the largest single-location module manufacturing hubs in India.
As of FY 2025, the company achieved a high-capacity utilization rate of 83.70%. Expansion is already underway to add an additional 1 GW of capacity at Ambala, which is expected to be operational in Q2 FY 2026, raising its cumulative capacity there to 4.80 GW.
Further, the company is establishing an integrated cell and module facility in Odisha, with a 4.80 GW cell line targeted for FY 2027 and a 4.00 GW module line scheduled for FY 2026. In addition, it plans to develop a facility for ingot, cell, and wafer production in Mohasa–Babai, Madhya Pradesh, strengthening its backward integration.
Products and Technology
Saatvik’s product portfolio includes:
- Monocrystalline Passive Emitter and Rear Cell (Mono PERC) modules
- N-TopCon solar modules
Both are available in mono-facial and bifacial options, catering to diverse applications across residential, commercial, and utility-scale projects.
The company employs advanced technologies such as M10, G12, M10R and G12R for its N-TopCon modules, which help minimize energy loss and enhance efficiency. It has also supplied modules for high-impact projects, including one of India’s largest floating solar power plants – the 61.42 MW project at Ramagundam, Telangana in FY 2023.
EPC and O&M Services
Beyond manufacturing, Saatvik Green Energy provides turnkey EPC services, offering end-to-end solutions from concept to commissioning for both ground-mounted and rooftop solar installations. Notable projects include:
- 12 MW rooftop solar installation for Jindal Steel & Power (FY 2024) – one of the largest single rooftop projects.
- 16 MW and 8.08 MW ground-mounted projects for Dalmia Bharat Group companies.
- Large-scale projects in FY 2025, including solar PV plants in Punjab, Himachal Pradesh, Bihar, and Maharashtra, with capacities ranging from 5 MW to 40 MW.
These EPC projects highlight the company’s expertise in delivering integrated solar solutions at scale.
Market Presence and Customers
Saatvik caters to a diverse customer base including utility-scale developers, Independent Power Producers (IPPs), EPC contractors, PSUs, and commercial & industrial clients. Its geographic reach spans India, North America, Africa, and South Asia.
Key customers include Shree Cement, SJVN Green Energy, JSW Neo Energy, Prozeal Green Energy, Megha Engineering, and Infrastructure Pvt. Ltd. The company is also listed under the Approved List of Models and Manufacturers (ALMM) of the Ministry of New and Renewable Energy, Government of India, enabling it to supply modules for marquee projects.
As of June 30, 2025, Saatvik’s domestic solar PV module order book stood at about 4.01 GW, supported by absales network of 53 partners (23 resellers, 19 distributors, and 11 channel partners) across India.
Competitive Strengths
- Strong Customer Base & Large Order Book – Long-standing relationships with marquee clients and a pipeline exceeding 4 GW.
- Leading Module Manufacturer – Among the top integrated solar module producers in India.
- Technology Edge – Advanced products like Mono PERC and N-TopCon modules, with mono-facial and bifacial options.
- Diverse Revenue Channels – Direct sales to developers and a growing reseller/distributor network.
- Favorable Industry Outlook – Positioned to benefit from India’s renewable energy targets and global clean energy transition.
Bidding Starts In
Saatvik Green Energy IPO Specifics:
| IPO Date | September 19, 2025 to September 23, 2025 |
| Face Value | ₹2 per share |
| Price Band | ₹442 to ₹465 per share |
| Lot Size | 32 Shares |
| Total Issue Size | 1,93,54,838 shares (aggregating up to ₹900.00 Cr) |
| Fresh Issue | 1,50,53,763 shares (aggregating up to ₹700.00 Cr) |
| Offer For Sale | 43,01,075 shares (aggregating up to ₹200.00 Cr) |
| Employee Discount | ₹44 |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 11,20,47,000 shares |
| Share Holding Post Issue | 12,71,00,763 shares |
Saatvik Green Energy IPO Timetable (Important Dates)
| IPO Open Date | Friday, September 19 2025 |
| IPO Close Date | Tuesday, September 23 2025 |
| Basis of Allotment | Wednesday, September 24 2025 |
| Initiation of Refunds | Thursday, September 25 2025 |
| Credit of Shares to Demat | Thursday, September 25 2025 |
| Listing Date | Friday, September 26 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 23, 2025 |
Saatvik Green Energy IPO Lot Size
Bidders have the opportunity to bid for a minimum of 32 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 32 | ₹14,880 |
| Retail (Max) | 13 | 416 | ₹1,93,440 |
| S-HNI (Min) | 14 | 448 | ₹2,08,320 |
| S-HNI (Max) | 67 | 2,144 | ₹9,96,960 |
| B-HNI (Min) | 68 | 2,176 | ₹10,11,840 |
Saatvik Green Energy IPO Reservation
| QIB Shares Offered | Not more than 50% of the Net offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Offer |
Saatvik Green Energy Limited IPO Financial Information
| Period Ended | 31 Mar 2023 | 31 Mar 2024 | 31 Mar 2025 |
|---|---|---|---|
| Assets | 263 | 688.04 | 1635.74 |
| Total Income | 617.63 | 1097.18 | 2192.47 |
| Profit After Tax | 4.75 | 100.47 | 213.93 |
| EBITDA | 23.87 | 156.84 | 353.93 |
| Net Worth | 20.27 | 120.67 | 337.66 |
| Reserves and Surplus | 16.89 | 117.36 | 315.25 |
| Total Borrowing | 144.49 | 263.42 | 458.10 |
Key Performance Indicator – Saatvik Green Energy IPO
| KPI | Values |
|---|---|
| Market Cap | ₹5910.19 Cr |
| EPS | ₹19.09 |
| P/E (x) | 24.35 |
| ROE | 63.41% |
| ROCE | 60.45% |
| Debt/Equity | 1.36 |
| RoNW | 63.41% |
| PAT Margin | 9.76% |
Objects of the Issue:
Saatvik Green Energy Limited proposes to utilize the net proceeds from its Initial Public Offering (IPO) for the following purposes:
- Repayment/Prepayment of Borrowings: An amount of ₹10.82 crore will be used for prepayment or scheduled repayment, in full or in part, of certain outstanding borrowings availed by the company, thereby reducing debt obligations.
- Investment in Wholly Owned Subsidiary for Debt Reduction: ₹166.44 crore will be invested in the company’s wholly owned subsidiary, Saatvik Solar Industries Private Limited, in the form of debt or equity, for repayment/prepayment, in full or in part, of borrowings availed by the subsidiary.
- Investment in Wholly Owned Subsidiary for New Project: ₹477.23 crore will be allocated to Saatvik Solar Industries Private Limited for setting up a 4 GW solar PV module manufacturing facility at National Highway – 16, Chamakhandi, Gopalpur Industrial Park, Ganjam, Odisha.
- General Corporate Purposes: The balance of the proceeds will be utilized for general corporate activities, including administrative expenses, business development, and other strategic initiatives to support long-term growth.
Prospectus Links:
Prospectus: Official documents that provide detailed information about the IPO and the company.
