Saatvik Green Energy Limited is a leading manufacturer of solar photovoltaic modules with integrated offerings in engineering, procurement, and construction (EPC) services, along with operations and maintenance (O&M) support for EPC projects.
The company’s product portfolio includes:
- Monocrystalline PERC (Mono PERC) modules
- N-TopCon solar modules
Both are offered in mono-facial and bifacial options, suitable for residential, commercial, and utility-scale solar installations. Saatvik uses advanced M10 technology for Mono PERC modules, and M10, G12, M10R, and G12R technologies for N-TopCon modules, enabling high efficiency and durability.
The company has contributed to prominent projects, including floating solar PV modules at Ramagundam, Telangana and solar modules for the Raghanseda Solar Park in Banaskantha, Gujarat, both executed in Fiscal 2023.
Saatvik operates two large-scale manufacturing facilities in Ambala, Haryana, spread across 724,225 sq. ft. The company has also established a growing distribution network comprising 34 selling partners — 13 resellers, 16 distributors, and five channel partners across India — ensuring strong market penetration.
Saatvik Green Energy IPO – Details
| IPO Opening Date | 19 September 2025 |
| IPO Closing Date | 23 September 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 1,93,54,838 Shares Worth ₹900.00 Crore Fresh Issue: 1,50,53,763 Shares Worth ₹700.00 Crore Offer For Sale: 43,01,075 Shares Worth ₹200.00 Crore |
| Face Value | ₹2 per equity share |
| IPO Price | ₹442 – ₹465 per share |
| Market Lot | 32 Shares |
| Min Order | 32 Shares [ 1 Lot ] |
| Employee Discount | ₹44 |
| Listing At | BSE, NSE |
| Register | Kfin Technologies Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Saatvik Green Energy IPO – Date Schedule
| IPO Open Date | 19 September 2025 |
| IPO Close Date | 23 September 2025 |
| Basis of Allotment | 24 September 2025 |
| Initiation of Refund | 25 September 2025 |
| Credit of Shares to Demat Account | 25 September 2025 |
| IPO Listing Date | 26 September 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 23, 2025 |
Saatvik Green Energy IPO – Lots Size & Price
| 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 |
Competitive Strength
- Quality Customer Base and Large Order Book.
- Among the Leading Module Manufacturing Companies in India Offering Integrated Solutions to Independent Power Producers.
- Innovative Technology Solutions for the Solar Industry.
- Multiple Sales and Revenue Channels.
- Well-Positioned to Capture Favourable Industry Tailwinds.
- Experienced Promoters and Management Team with a Committed Employee Base.
Company Promoters
- Neelesh Garg
- Manik Garg
- Manavika Garg
- SPG Trust
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2023 | ₹617.63 Cr | ₹610.96 Cr | ₹4.75 Cr | ₹144.49 Cr |
| 31 March 2024 | ₹1,097.18 Cr | ₹965.31 Cr | ₹100.47 Cr | ₹263.42 Cr |
| 31 March 2025 | ₹2,192.47 Cr | ₹1,912.85 Cr | ₹213.93 Cr | ₹458.10 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 63.41% |
| ROCE | 60.45% |
| Debt/Equity | 1.36 |
| RoNW | 63.41% |
| PAT Margin | 9.76% |
| EBITDA Margin | 16.40% |
| Price to Book Value | 43.18 |
| Pre IPO | Post IPO | |
| EPS (₹) | 19.09 | 16.83 |
| P/E (x) | 24.35 | 27.63 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Prepayment or scheduled re-payment, in full or in part, of all or a portion of certain outstanding borrowings availed by the Company. | ₹10.82 |
| Investment in the wholly owned Subsidiary, Saatvik Solar Industries Private Limited, in the form of debt or equity for repayment/prepayment of borrowings, in full or in part, of all or a portion of certain outstanding borrowings availed by such Subsidiary. | ₹166.44 |
| Investment in the wholly owned Subsidiary, Saatvik Solar Industries Private Limited, for setting up of a 4 GW solar PV module manufacturing facility at National Highway – 16, Chamakhandi, Gopalpur Industrial Park, Gopalpur, Ganjam – 761 020, Odisha. | ₹477.23 |
| General corporate purposes. | – |
Saatvik Green Energy IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | Waaree Energies Limited | 55.02 |
| 2 | 1 | Premier Energies Limited | 49.96 |
✅Strengths
- Integrated player with module manufacturing, EPC & O&M.
- Advanced Mono PERC & N-TopCon modules using latest tech.
- Track record in large projects (Ramagundam, Raghanseda).
- Two Ambala facilities with large capacity.
- Strong sales network of 34 partners across India.
⚠️Risks
- Intense competition with thin margins.
- Dependence on govt. policies & subsidies.
- Raw material price fluctuations.
- Both plants concentrated in Ambala.
- First-time IPO with no listing history.
Saatvik Green Energy IPO Promoter Holding
| Pre Issue Share Holding | 90.05% |
| Post Issue Share Holding | 76.00% |
Saatvik Green Energy IPO Prospectus
Company Contact Information
| Saatvik Green Energy Ltd. Vill. Dubli, V.P.O Bihta Tehsil, Ambala, Haryana, 133101 Phone: 0124-3626755 Email: investors@saatvikgroup.com Website: https://saatvikgroup.com/ |
Saatvik Green Energy IPO Registrar
| Kfin Technologies Ltd. Phone: 04067162222, 04079611000 Email: saatvik.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
Saatvik Green Energy IPO Lead Manager(s)
| 1. Ambit Private Limited 2. DAM Capital Advisors Limited 3. Motilal Oswal Investment Advisors Limited |
Saatvik Green Energy IPO FAQs
| What is Saatvik Green Energy IPO? Saatvik Green Energy IPO is a main-board IPO. The issue is priced at ₹442 to ₹465 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will Saatvik Green Energy IPO open? The IPO is to open on 19 September 2025 for QIB, NII, and Retail Investors. |
| What is Saatvik Green Energy IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is Saatvik Green Energy IPO Size? Saatvik Green Energy IPO size is ₹900.00 Crore. |
| What is the Saatvik Green Energy IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 32 Shares with ₹14,880, while the maximum bid is 416 Shares with ₹1,93,440. |
| What is the Saatvik Green Energy IPO Allotment Date? Saatvik Green Energy IPO allotment date is 24 September 2025. |
| What is the Saatvik Green Energy IPO Listing Date? Saatvik Green Energy IPO listing date is 26 September 2025. The IPO is to be listed on BSE and NSE. |
