Saatvik Green Energy IPO - Listing Performance & Details

Saatvik Green Energy Limited was incorporated in 2015 and is headquartered in Gurugram, Haryana. It works in the renewable energy sector as a solar photovoltaic module manufacturer with integrated EPC and O&M services.

The company manufactures Mono PERC and N-TopCon solar modules, offered in mono-facial and bifacial variants for residential, commercial and utility-scale installations, and provides engineering, procurement and construction services along with operations and maintenance support for its EPC projects. It has supplied over 2.50 GW of solar modules since inception, with operational capacity reaching about 3.80 GW as of March 2025 from two manufacturing facilities in Ambala, Haryana, and has contributed modules to projects including the Ramagundam floating solar plant in Telangana and the Raghanseda Solar Park in Gujarat. Its top five customers accounted for about 44% of FY25 revenue. The promoters are Neelesh Garg, Manik Garg, Manavika Garg and the SPG Trust.

Revenue from operations rose from Rs 608.59 crore in FY23 to Rs 1,087.96 crore in FY24 and Rs 2,158.39 crore in FY25, with profit after tax rising from Rs 4.74 crore in FY23 to Rs 100.47 crore in FY24 and Rs 213.93 crore in FY25, as per the RHP. The IPO was a mainboard book-built issue of Rs 900 crore on the NSE and BSE, comprising a fresh issue of Rs 700 crore and an offer for sale of Rs 200 crore by the promoters, priced at Rs 442-465 per share, and it listed in late September 2025. Net proceeds from the fresh issue were earmarked for setting up a 4 GW solar PV module manufacturing facility in Odisha (about Rs 477.22 crore), investment in wholly owned subsidiary Saatvik Solar Industries for repayment of its borrowings (about Rs 166.43 crore), repayment of the company's own debt (about Rs 10.8 crore), and general corporate purposes.