For investors, it can be quite challenging to decide if the Saatvik Green Energy IPO is a good investment or not. If you are unsure and still thinking about whether to apply or skip this IPO, don’t worry. In this article, we present the top key factors and a detailed review of the Saatvik Green Energy IPO. This will help you analyze the strengths, risks, and financial details of the Saatvik Green Energy IPO, making your investment decision better.
About Company
Incorporated in 2015, Saatvik Green Energy is one of the leading solar PV module manufacturers in India with an operational capacity of about 3.80 GW as of March 31, 2025. They are one of the growing module manufacturing companies in India and have established themselves as a key player in India’s solar energy market. Since its establishment, the company has supplied more than 2.50 GW of high-efficiency solar PV modules nationally and internationally.
Among others, Saatvik Green Energy is one of the few companies that have excellent expertise in module manufacturing as well as engineering, procurement, and construction (“EPC”) and operations and maintenance (“O&M”) services. The company’s portfolio comprises a wide range of products, including: Mono PERC modules and (ii) N-TopCon solar modules, available in both mono-facial and bifacial options, suitable for residential, commercial, and utility-scale projects.
Strengths
- The company consists of a quality customer base and a large order book.
- Saatvik Green Energy is one of the leading module manufacturing companies in India, known to offer integrated solutions to independent power producers.
- They offer Advanced technology solutions for the solar industry.
- Saatvik Green Energy consists of experienced promoters and management, supported by a dedicated employee base.
Weaknesses
- Solar module manufacturing involves various risks, if any of these risks occur, then it can badly impact the business, cash flow, and financial condition.
- The company generates most of its revenue from 10 top customers, meaning losing any of these customers can badly affect the financial condition, cash flow, and overall business.
- If any fluctuation happens in the price of solar PV cells and other raw materials, it can adversely affect the business and financial condition.
- The company depends on third-party suppliers for the components and raw materials. Any interruption, shortage, or price fluctuation that happens can badly affect the cash flow and overall business.
Saatvik Green Energy IPO Review
| Reviewer | Recommendation |
| IPO Watch | May Apply |
| Kunvarji Finstock Pvt Ltd | Apply |
| Lakshmishree Investment & Securities Ltd | Apply |
| DRChoksey Finserv Private Limited | Apply |
| BP Wealth | Apply |
| Canara Bank Securities Ltd | Apply |
| Capital Market | May Apply |
| SMC Global | Neutral |
| Systematix Shares and Stocks (India) Limited | Not Rated |
Saatvik Green Energy IPO Details
| IPO Open Date: | September 19, 2025 |
| IPO Close Date: | September 23, 2025 |
| Face Value: | ₹2 Per Equity Share |
| IPO Price Band: | ₹442 to ₹465 Per Share |
| Issue Size: | ₹900 Crores |
| Fresh Issue | ₹700 Crores |
| Offer-for-Sale | Up to 43,01,075 equity shares |
| Registrar | Kfin Technologies Ltd. |
| IPO Lead Managers | Dam Capital Advisors Ltd.Ambit Pvt.Ltd.Motilal Oswal Investment Advisors Ltd. |
| Basis of Allotment | September 24, 2025 |
| IPO Listing Date: | September 26, 2025 |
| Listing | BSE, NSE |
Financial Performance Trend Details
| Particulars | For the year ended March 31, 2025 | For the year ended March 31, 2024 |
| Revenue from Operations | 11,852.52 | 35.95 |
| EBITDA | 1,160.76 | 7.23 |
| EBITDA Margin (%) | 16.40% | 14.42% |
| Profit after Tax (PAT) | 2,139.30 | 1,004.72 |
| Net Worth | 3,376.59 | 1,206.73 |
| Return on Capital Employed | 60.45% | 64.07% |
| Total Borrowings | 458.10 | 263.42 |
Peer Comparison with the Company
| Name of the Company | Face Value per Equity Share (₹) | P/E | EPS (Basic) (₹) | RoNW (%) | NAV per Equity Share (₹) |
| Saatvik Green Energy Limited | ₹2 | [●] | ₹19.09 | 63.41% | ₹30.14 |
| Waaree Energies Limited | ₹10 | 55.02x | ₹68.24 | 19.48% | ₹158.13 |
| Premier Energies Limited | ₹1 | 49.96x | ₹21.35 | 33.14% | ₹15.33 |
Promoters & Track Records, if any
- Neelesh Garg, aged 33 years, is one of the Promoters and is the Chairman and Managing Director of the company. He holds 15,933,600 shares, representing 14.22% of the paid-up Equity Share capital.
- Manik Garg, aged 30 years, is one of the Promoters and is the Managing Director of the Company, and holds 16,940,940 shares, representing 15.12% of the shares in the company.
- Manavika Garg, aged 31 years, is one of the Promoters and is the Non-Executive Director of the Company. He holds 1,014,000 shares, representing 0.91% of the paid-up Equity Share Capital.
- SPG Trust holds 48,671,340 shares, representing 43.44% of the paid-up Equity Share Capital in the company.
Information on Industry’s P/E Ratio
The company Saatvik Green Energy IPO did not show the P/E ratio in the RHP. However, let’s check out the solar/renewable energy industry’s P/E ratio to understand it more.
Among industry peers, Waaree Energies Limited has the highest P/E ratio at 55.02 with a face value of ₹10 per equity share, while Premier Energies Limited has the lowest P/E ratio at 49.96 with a face value of ₹1 per equity share, and the industry average P/E stands at 52.49.
Object of the IPO
- The proceeds raised from the fresh issue will be utilized for the prepayment and repayment of certain borrowings taken by the company.
- Investment in our wholly owned subsidiary, Saatvik Solar Industries Private Limited, through debt or equity, to repay or prepay, fully or partly, its existing borrowings.
- Investment in our wholly owned subsidiary, Saatvik Solar Industries Private Limited, to set up a 4 GW solar PV module manufacturing facility at Gopalpur Industrial Park, Odisha.
- Lastly, the remaining funds will be used for the company’s general corporate purposes.
Saatvik Green Energy IPO – Should You Apply or Not?
Saatvik Green Energy is a prominent solar module manufacturer in India with an integrated business model, which comes with a quality customer base and a large order book, experienced promoters, and strong financials. However, dependency on limited customers, price fluctuations in raw materials, and debt and competition are some risks. If we talk about the company’s GMP, as of September 18, the GMP of Saatvik Green Energy is ₹76, indicating an expected listing gain of 15% to 20%.
The positive GMP and attractive financial performance make this IPO a good choice for investors who see growth in the renewable energy sector for long-term listing gains. Cautious Investors may choose to apply for this IPO for short-term listing gains after evaluating the Grey Market Premium trends (GMP) and market sentiment and demand.
Please note:
Investors are advised to make their own decisions and apply entirely at their own risk. This article is written using information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.
