Founded in 2015, Saatvik Green Energy is a leading Indian solar PV module manufacturer based in Ambala, Haryana. It specialises in high-efficiency Mono PERC and N-Type TOPCon modules for IPPs, EPC contractors, and commercial clients in India and select global markets. With a current capacity of 3.2 GW, the company is expanding with a 4.0 GW Odisha plant and a 4.8 GW cell line, aiming for full backward integration. Supported by strong customer ties, government incentives, and experienced leadership, it is well-positioned in India’s growing renewable energy sector.
IPO schedule
Issue open date
2025-09-19
Issue close date
2025-09-23
UPI mandate deadline
2025-09-23 (5 PM)
Allotment finalization
2025-09-24
Refund initiation
2025-09-25
Share credit
2025-09-25
Listing date
2025-09-26
Mandate end date
2025-10-08
Lock-in end date for anchor investors (50%)
2025-10-24
Lock-in end date for anchor investors (remaining)
2025-12-24
Financials
Financial Year Ended
March 2023
March 2024
March 2025
Total Assets
262.9
688
1635.74
Revenue
617.6
1097.1
2192.47
Profit After Tax
4.75
100.47
213.93
Issue size
Funds Raised in the IPO
Amount
Overall
₹900 crores
Fresh Issue
₹700 crores
Offer for sale
₹200 crores
Utilisation of proceeds
Purpose
INR crores (%)
Repayment/pre-payment of outstanding borrowings
10.82 (1.54%)
Repayment/pre-payment of outstanding borrowings of subsidiary
166.44 (23.77%)
Capital expenditure of the subsidiary
477.23 (68.17%)
General corporate purposes
45.51 (6.5%)
Strengths
Established customer base with a strong and diversified order book.
Among India’s leading module manufacturers with integrated IPP offerings.
Known for innovation and technology-driven solar solutions.
Well-positioned to capitalise on favourable industry dynamics.
Backed by strong promoters and seasoned leadership team.
Risks
Mono PERC modules constitute up to 87% of operational income.
Odisha manufacturing project is vulnerable to delays and cost escalations.
Significant dependence on Chinese imports for critical raw materials.
Global supply glut is exerting downward pressure on solar module pricing.
Only 10 top customers contribute to 80% of the total revenue.