Saatvik Green Energy IPO will open for subscription on September 19, 2025, and close on September 23, 2025. Incorporated in 2015, Saatvik Green Energy Limited is a solar module manufacturer and EPC (engineering, procurement, and construction) services provider.
This blog will decode all the details about the Saatvik Green Energy IPO, including proceeds usage, financials, peers, and key risk factors.
Saatvik Green Energy IPO Date
The key pointers for the Saatvik Green Energy IPO dates are:
- Bidding Opening Date: September 19, 2025
- Bidding Closing Date: September 23, 2025
- Allotment Date: September 24, 2025
- Initiation of Refunds (in case of less or no allotment): September 25, 2025
- Shares Credited to Your Demat Account: September 25, 2025
- IPO Listing Date: September 26, 2025
- Listing on Exchange: BSE and NSE
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- 20 Lac+ unique clients
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Saatvik Green Energy: IPO Issue Size
Saatvik Green Energy IPO valuation, as denoted by the market capitalisation, stood at ₹5,910.19 crores. Here are the essential details:
- Saatvik Green Energy IPO Price Band: ₹442 to ₹465 per share
- Lot Size: 32 Shares
- Issue Size and Amount: 1.94 crore shares (aggregating up to ₹900 crores)
- Fresh Issue: 1.51 crore shares (aggregating up to ₹700 crores)
- Offer for Sale: 43 lakh shares of ₹2 (aggregating up to ₹200 crores)
Saatvik Green Energy IPO Proceeds Usage
The net proceeds from the Saatvik Green Energy IPO are proposed to be utilised for the following purposes:
- Repayment of Borrowings: To prepay or repay, either fully or partially, certain outstanding loans availed by the company.
- Subsidiary Debt Reduction: To infuse funds into its wholly owned subsidiary, Saatvik Solar Industries Private Limited, in the form of debt or equity, for repayment or prepayment of its existing borrowings, either fully or partially.
- Expansion of Manufacturing Capacity: To invest in its wholly owned subsidiary, Saatvik Solar Industries Private Limited, for setting up a 4 GW solar PV module manufacturing facility at Gopalpur Industrial Park, Odisha (Project Site).
- General Corporate Purposes: To be utilised towards general business requirements and other corporate objectives.
Saatvik Green Energy IPO Reservations
Saatvik Green Energy IPO reservations to different investors are:
- For QIBs: Not more than 50% of the Net Offer
- For NIIs: Not less than 15% of the Net Offer
- For Retail Investors: Not less than 35% of the Net Offer
Saatvik Green Energy IPO Lot Size
Saatvik Green Energy IPO lot size is 32 shares, wherein bidding can be done in multiples. The minimum amount that each category of investor needs to bid in this IPO is:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 32 | ₹14,880 |
| S-HNI (Min) | 14 | 448 | ₹2,08,320 |
| B-HNI (Min) | 68 | 2,176 | ₹10,11,840 |
Saatvik Green Energy IPO Details: Promoter Holding
Neelesh Garg, Manik Garg, Manavika Garg, and SPG Trust are the company promoters.
Saatvik Green Energy Limited: Company Overview
Saatvik Green Energy Limited was incorporated in 2015 and is engaged in manufacturing solar modules along with providing engineering, procurement, and construction (EPC) services.
The company began production in 2016 and has steadily scaled up its capacity, from 125 MW in March 2017 to nearly 3.80 GW as of June 2025. It operates two extensive manufacturing facilities in Ambala, Haryana, spread across about 724,225 square feet.
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- 20 Lac+ unique clients
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Products and Employees
Saatvik offers a wide range of solar modules designed to improve efficiency and reduce energy loss. Its product portfolio includes Monocrystalline PERC modules and N-TopCon solar modules, both available in mono-facial and bifacial variants. These products are suitable for residential, commercial, and large utility-scale projects.
The company has also grown its workforce significantly, employing 618 people as of June 2025, compared with 566 in March 2025, 270 in March 2024, and 138 in March 2023.
Key Strengths
Its strengths lie in a strong and loyal customer base with a healthy order pipeline, making it one of the leading integrated solar module manufacturers in India.
The company is known for adopting innovative technologies, offering multiple revenue streams, and being well-positioned to benefit from the favourable policy push and rising demand for renewable energy in the country.
Saatvik Green Energy Limited: Financial Performance
Saatvik Green Energy IPO key financials for different periods are as follows:
| Particulars (in ₹ Cr) | 31 Mar 2025 | 31 Mar 2024 | YoY Change |
|---|---|---|---|
| Revenue from operations | 2,158.39 | 1,087.97 | 98% |
| Profit After Tax (PAT) | 213.93 | 100.47 | 113% |
| EBITDA | 353.93 | 156.84 | 126% |
| Total Borrowing | 458.10 | 263.42 | 74% |
| Assets | 1,635.74 | 688.04 | 138% |
| Installed Capacity (MW) | 3,742 | 1,154 | 224% |
- Revenue Growth: Operating revenue almost doubled from ₹1087.97 crores in FY24 to ₹2158.39 crores in FY25, reflecting rapid capacity expansion and strong demand for solar solutions.
- Profitability: PAT grew by 113%, increasing from ₹100.47 crores in FY24 to ₹213.93 crores in FY25, showing robust earnings momentum supported by operating efficiency.
- EBITDA Performance: EBITDA jumped 126%, moving from ₹156.84 crores in FY24 to ₹353.93 crores in FY25, indicating sustained operational scalability and margin improvement.
- Debt Position: Borrowings rose by 74%, from ₹263.42 crores in FY24 to ₹458.10 crores in FY25, mainly due to funding requirements for expansion projects.
- Asset Base: Total assets expanded significantly by 138%, increasing from ₹688.04 crores in FY24 to ₹1,635.74 crores in FY25, reflecting large-scale resource deployment.
- Installed Capacity: The company’s installed capacity nearly tripled, rising from 1,154 MW in FY24 to 3,742 MW in FY25.
Saatvik Green Energy IPO: Peer Comparison
Here’s the peer comparison table for Saatvik Green Energy IPO with its listed peers:
| Company Name (FY25) | EPS (Basic ₹) | P/E (x) | RoNW (%) |
|---|---|---|---|
| Saatvik Green Energy Limited | 19.09 | 24.35 | 63.41 |
| Waaree Energies Limited | 68.24 | 55.02 | 19.48 |
| R S Premier Energies Limited | 21.35 | 49.96 | 33.14 |
- EPS: Saatvik’s EPS is lower than Waaree (₹68.24) but close to Premier (₹21.35), showing it’s still behind the leader in profitability per share.
- P/E: Saatvik’s pre-IPO PE ratio is 24.35, highlighting that it has a much more reasonable valuation than Waaree (55.02) and Premier (49.96), indicating it’s relatively cheaper.
- RoNW: Saatvik significantly outperforms both Waaree (19.48%) and Premier (33.14%), showcasing the strongest return efficiency among peers.
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- 20 Lac+ unique clients
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Saatvik Green Energy IPO Risk Factors
Saatvik Green Energy IPO GMP is ₹71 as of September 18, 2025 (at 15:58). It is expected to list at a 15.27% gain at a price of ₹536. However, GMP is not a safe or assured criterion to bid for an IPO. It is important to do your own analysis before investing in any IPO.
Saatvik Green Energy IPO is exposed to various risk factors that can eventually affect its business and investors’ perception:
- Intense Competition: The company operates in a highly competitive market with both domestic and international solar module manufacturers. This may put pressure on market share and force adjustments in pricing strategies.
- High Debt Levels: Elevated borrowings could strain financial stability and reduce flexibility for funding new projects or expansions in the future.
- Raw Material Dependency: Fluctuations in raw material prices can directly impact production costs, leading to volatility in profit margins.
- Regulatory Uncertainty: Any changes in renewable energy regulations may bring additional compliance requirements, potentially increasing costs and operational challenges.
- Reliance on Government Policies: The company’s growth is closely tied to government incentives and renewable energy policies. Any shift or reduction in such support could create uncertainties in revenue and long-term stability.
For all the insights on Saatvik Green Energy IPO and detailed expert advice, you can download the SMC ACE App or visit the SMC telegram channels. Take smart decisions and apply for the Saatvik Green Energy IPO easily on the SMC ACE Apply by opening free demat account now.
Frequently Asked Questions – FAQs
1. When is the Saatvik Green Energy IPO, and where will it list?
The IPO will open on 19 September 2025 and close on 23 September 2025. Allotment is expected on 24 September 2025, refunds/credits to Demat on 25 September 2025, and listing on 26 September 2025 on both BSE and NSE.
2. What is the price band, lot size, and minimum investment?
The price band is ₹442 – ₹465 per share with a lot size of 32 shares. The minimum retail application is 1 lot (32 shares), i.e., ₹14,880 at the upper band.
3. How big is the issue and how will the proceeds be used?
The company is raising ₹900 crore through a fresh issue and offer for sale. The proceeds will be used to repay debt, support its subsidiary, set up a 4 GW solar PV module facility in Odisha, and for general corporate purposes.
References:
https://saatvikgroup.com/wp-content/uploads/2025/09/Red-Herring-Prospectus.pdf
https://www.investorgain.com/gmp/saatvik-green-energy-ipo-gmp/1441/
Author: All Content is verified by SMC Global Securities.
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