SAATVIKGL Q3 FY26 earnings call.
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Revenue
₹1,257.02 Cr
verified against source
Revenue YoY
143%
reported change
EBITDA
₹164.76 Cr
latest reported figure
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Actual signal trajectory
Where this quarter sits.
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What the record says.
Saatvik Green Energy delivered outstanding Q3 FY26 results with 143% YoY revenue growth to Rs 1,125.7 crore and 144% PAT growth to Rs 98.7 crore, driven by robust execution post-monsoon normalization and strong demand across utility scale and CNI segments. EBITDA margin contracted 285bps YoY to 13.11% due to silver price volatility (now comprising 25% of module costs vs. 15-16% previously) and dollar fluctuations, though management expects recovery in Q4. The 9-month performance remains strong at 15.96% EBITDA margin with 145% PAT growth. The company commissioned a 2 GW EPE film facility, advancing vertical integration, while the Odisha greenfield project remains on track for 4 GW module commissioning by March FY26 and 4.8 GW cell capacity by H2 FY27. With a 5.05 GW order book (~Rs 6,500 crore) providing clear revenue visibility and 81% capacity utilization, management targets 100%+ growth sustainability into FY27. Key risks include silver/commodity price volatility, margin pressure on spot orders, and intensifying competition from expanding cell capacities (30 GW to 50-60 GW).
Colored figures show movement against the previous available record.
Guidance to track
- Management targets 100%+ growth in revenue, EBITDA, and PAT for FY26 and expects similar trajectory into FY27 with new 4 GW module capacity ramp-up.
- Odisha greenfield project: 4 GW module capacity equipment installation starts now, commercial production from Q1 FY27 with 3-4 month ramp-up period.
- Cell manufacturing commercial production expected from October 2026, adding DCR-related margins due to additional policy benefits for domestic cell manufacturers.
- Targeting to increase revenue contribution from EPC, solar pumps, and inverters from current 5% to 15% over the next 2 years.
Risks flagged
- Silver prices now comprise 25% of module costs vs. 15-16% historically. Daily 9% swings create margin uncertainty on spot/short-term orders where pass-through is limited.
- Analyst questioned why EBITDA margin contracted ~285bps QoQ despite management stating 13% is realistic; management attributed it to commodity/dollar fluctuations but didn't quantify the impact.
- Net debt stands at Rs 749 crore including working capital due to inventory procurement to hedge against commodity volatility, temporarily increasing interest costs.
- Analyst repeatedly asked for per-watt module/cell realization figures; management declined to share, stating 'we cannot tell' and citing price volatility concerns.
Key quotes
- Prices dipped a little bit in the last quarter but it has gone back to the original level again in this quarter because of the rising prices. The market adapts to the prices with a lag but it actually adapts to the prices.
- Silver prices used to be about 15-16% of the module prices. Today it is close to 25%. So that is the kind of impact the fluctuation has given to the input price of silver only in the module price.
- This year also we have grown over 100% in all be it revenue, EBITDA or PAT. This number should we should we will try to defend these numbers for the for the year and this is the kind of growth which we are also expected to grow for the next year as well.
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