Saatvik Q2 FY27 revenue up 76.63% QoQ, H1 profit down 87.28%

Saatvik Green Energy reported Q2 FY27 revenue of ₹902.61 crore, representing a 76.63% increase from the previous quarter and a 17.52% rise year-on-year.

For the first half of FY27, the company recorded a profit of ₹25.61 crore. This figure represents an 87.28% decline from the ₹201.32 crore profit reported in the corresponding period of the previous fiscal year.

Profitability and Margin Pressures

While top-line growth accelerated, bottom-line performance contracted sharply. Saatvik Green Energy’s profit after tax for Q2 FY27 stood at ₹20.25 crore, a 76.10% decline year-on-year from ₹84.72 crore in the same quarter last year. The sequential picture improved, with profit rising 277.49% from ₹5.36 crore in Q1 FY27.

The first half of FY27 saw total revenue reach ₹1,413.52 crore, combining the Q1 figure of ₹511.01 crore with the Q2 result of ₹902.61 crore. Despite this substantial top-line accumulation, the H1 profit of ₹25.61 crore remained heavily suppressed compared to the prior year’s ₹201.32 crore. The Q2 revenue base of ₹902.61 crore also represented a 76.63% jump from the ₹768.03 crore recorded in Q2 FY26.

Manufacturing Output and Utilisation

Module production fell to 658 MW in Q2 FY27 from 792 MW in the same quarter last year, while sales decreased to 640 MW from 538 MW. For the first half, total production stood at 1,066 MW against 1,477 MW in H1 FY26, and sales reached 973 MW compared to 1,137 MW previously.

Metric	Q2 FY27	Q2 FY26	H1 FY27	H1 FY26
Production (MW)	658	792	1,066	1,477
Sales (MW)	640	538	973	1,137

Capacity utilisation dropped to 58.5% in Q2 FY27, down from 83.1% a year earlier.

Order Book and Recent Contracts

• As of September 2026, the confirmed order book totaled 6.68 GW, carrying a value of ₹8,800 crore.
• During the first half of FY27, the company secured new orders of 1.76 GW and completed 0.97 GW.
• SECI awarded a deal for 600 MWp of solar modules, priced at ₹1,041.63 crore, with delivery slated for December 2027.
• Vikran Engineering Limited placed an order for solar PV modules worth ₹476 crore in August 2026.
• September 2026 saw contributions of ₹297.5 crore from IPP and EPC clients, following ₹190 crore in August 2026; both sets of orders are scheduled for execution by March 2027.
• A domestic contract for solar PV modules valued at ₹138 crore was recorded in July 2026.
• In October 2026, MSEDCL agreed to purchase 5,000 off-grid DC solar water pumping systems, an order estimated at approximately ₹100 crore.

Strategic Shift and Operational Status

The debt-to-equity ratio climbed to 1.37x by September 2026, from 0.99x in June 2026. CEO Prashant Mathur characterized the first half of FY27 as a phase of proactive investment, highlighting the sector’s transition from a module-centric to a cell-centric model.

In terms of operations, the firm is progressing with its vertical integration strategy. The cell plant is in the final testing phase, awaiting an official announcement. Concurrently, the Odisha site has begun commercial output, although commissioning and stabilization activities continue. Mathur emphasized that the primary objective for the remainder of the year is fulfilling existing commitments.

Forward-looking, the company intends to scale up its 2.4 GW solar cell production line and finalize its inclusion on the ALMM List-II.

CEO Commentary on Industry Dynamics

Prashant Mathur, Chief Executive Officer of Saatvik Green Energy Limited, characterized the first half of FY27 as a strategic window for forward-looking investment. He emphasized that the company’s financial results capture the ongoing transition into its next growth phase, noting a deliberate decision to prioritize long-term market positioning over immediate financial appearances. Mathur highlighted a structural industry movement from a module-centric to a cell-centric landscape, asserting that control over domestic cell resources will determine which players can secure the most lucrative projects. He explained that the simultaneous commissioning of cell and module facilities enables the firm to shift from mere module assembly to managing a vital segment of its internal supply chain, thereby enhancing cost efficiency, product quality, and delivery reliability. Looking ahead, Mathur outlined a clear objective for the remaining year: fulfilling contractual obligations, scaling operations in Odisha without sacrificing quality standards, and safeguarding both margins and working capital.