IPO Details
Issue Opening Date: September 19, 2025
Issue Closing Date: September 23, 2025
Issue Size: ₹ 900 Cr (@ upper price band of ₹ 465)
Fresh Issue: ₹ 700 Cr
Offer for Sale: ₹ 200 Cr
Our View: Subscribe for Long Term Horizon
Price Band: ₹ 442 to ₹465 per Equity Share
Employee Discount: ₹ 44/Share
Lot Size: 32 Shares & multiples thereafter
Minimum Application Amount: ₹ 14,880 (98 Shares)
Maximum Retail Application Amount: ₹ 1,93,440 (416 Shares)
Small HNI: ₹ 2,08,320 (448 Shares)
Big HNI: ₹ 10,11,840 (2,176 Shares)
Company Overview
Incorporated in 2015, Saatvik Green Energy is a solar photovoltaic module manufacturer with an operational capacity of about 3.80 GW as of June 30, 2025. Its product portfolio includes Mono PERC modules and N-TopCon solar modules, offered in mono-facial and bifacial variants for residential, commercial, and utility-scale projects.
The company also provides EPC services for solar installations and O&M services for projects. Major clients include Shree Cement, SJVN Green Energy, JSW Neo Energy, and Megha Engineering. Saatvik Green Energy is listed under the MNRE’s Approved List of Models and Manufacturers (ALMM) and maintains an order book of 4.05 GW as of June 30, 2025.
Its manufacturing facilities are located in Ambala, Haryana, covering 724,225 sq. ft., making it one of India’s largest single-location module production sites. The company has a network of 53 selling partners across India.
Key Highlights
Quality customer base and strong order book
Leading solar module manufacturer offering integrated solutions
Innovative technology for the solar industry
Diversified sales and revenue channels
Well-positioned to benefit from renewable energy growth
Objects of the Issue
Prepayment/repayment of certain outstanding borrowings – ₹10.82 Cr
Investment in subsidiary Saatvik Solar Industries Pvt. Ltd. for repayment of borrowings – ₹166.44 Cr
Investment in subsidiary for setting up a 4 GW solar PV module facility in Odisha – ₹477.23 Cr
General Corporate Purposes
Offer for Sale of equity shares aggregating to ₹200 Cr (proceeds go to selling shareholders)
Our View
Saatvik Green Energy has diversified operations across module manufacturing, EPC services, O&M contracts, and solar pumps under PM-KUSUM scheme. The company is expanding further with a 4.8 GW cell line (FY27) and a 4 GW module line (FY26).
Risks: Intense competition, reliance on imports, pricing pressures, policy dependence, revenue concentration, and under-utilization of capacity.
Financials: Revenue/EBITDA/PAT CAGR of 88%, 285%, and 571% (FY23–FY25). EBITDA margin: 16.4%; PAT margin: 9.76%; ROE: 63.41%; ROCE: 60.45%. Debt-to-Equity improved to 1.36x in FY25 from 7.13x in FY23. Valuation at P/E 24x compared to industry average 53x.
Conclusion: With strong growth, industry tailwinds, and attractive valuations, Saatvik Green Energy IPO presents an opportunity for long-term investors in India’s renewable energy revolution.
Frequently Asked Questions (FAQs)
When does Saatvik Green Energy IPO open and close?
The IPO opens on September 19, 2025, and closes on September 23, 2025.
What is the IPO size of Saatvik Green Energy?
The issue size is ₹900 Cr, including a ₹700 Cr fresh issue and a ₹200 Cr OFS.
What is the price band and lot size?
The IPO price band is ₹442 to ₹465 per equity share. Lot size is 32 shares and multiples thereof.
What is Sushil Finance’s recommendation?
We recommend subscribing to the IPO with a long-term horizon given the company’s growth potential and valuation comfort.
Brief Financials
| PARTICULARS |
₹ in Million |
| FY ’25 |
FY ‘24 |
FY ‘23 |
| Total Income |
21,924.65 |
10,971.81 |
6,176.27 |
| Total Expenditure |
19,128.48 |
9,653.08 |
6,109.63 |
| EBITDA |
3,539.32 |
1,568.44 |
238.66 |
| Profit before Tax |
2,804.23 |
1,318.73 |
66.64 |
| Profit after Tax |
2,139.30 |
1,004.72 |
47.45 |
| E.P.S. (Diluted) |
19.07 |
8.96 |
0.42 |
| P/E (x) (Diluted) |
24 |
- |
- |
| RONW (%) |
13.35 |
(7.18) |
(23.33) |
PRICE CHART (@ ₹ 465) (Retail Category)
| LOT SIZE |
| Amount |
| 32 |
14,880 |
| 64 |
29,760 |
| 96 |
44,640 |
| 128 |
59,520 |
| 160 |
74,400 |
| 192 |
89,280 |
| 224 |
104,160 |
| 256 |
119,040 |
| 288 |
133,920 |
| 320 |
148,800 |
| 352 |
163,680 |
| 384 |
178,560 |
| 416 |
193,440 |
HNI Payment Chart
| Category |
| No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
448 |
208,320 |
| Big HNI |
2,176 |
1,011,840 |
Indicative Time Table
| Tentative Events |
| Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
24/9/2025 |
| Initiation of refunds/unblocking ASBA Fund |
25/9/2025 |
| Credit of Equity Shares to demat accounts of Allottees |
25/9/2025 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
26/9/2025 |
Disclaimer:
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
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