What Is the Order?
Saatvik Green Energy Limited has accepted a domestic commercial order from the Solar Energy Corporation of India Limited (SECI) for the supply of Solar PV Modules. The contract is valued at ₹1,041.63 crore, marking one of the company's largest individual wins in recent periods. Execution of the supply is slated to be completed by December 2027.
This order is a significant addition to the company's existing domestic pipeline and was awarded following a competitive bidding process. The disclosure confirms that no promoters or group companies have any interest in the awarding entity, and the transaction is not a related party deal.
Client Profile
The Solar Energy Corporation of India (SECI) is a Central Public Sector Undertaking operating under the administrative control of the Ministry of New and Renewable Energy. SECI is the primary implementing agency for several large-scale renewable energy schemes in India, including the National Solar Mission. It plays a critical role in facilitating the procurement of renewable energy and equipment, acting as a bridge between manufacturers and power developers.
By securing an order of this magnitude from SECI, Saatvik Green Energy reinforces its positioning as a key vendor in India’s state-led renewable energy infrastructure expansion.
Business Impact
- The ₹1,041.63 crore contract provides strong revenue visibility for the company through late 2027
- This order further expands an already robust confirmed order book, which stood at 6.35 GW as of June 2026
- Winning a central government PSU contract enhances the company's brand credibility in the utility-scale solar segment
- The order helps mitigate the impact of recent quarterly revenue fluctuations by securing steady long-term volume
- The project aligns with the company's strategy to utilize its 4.8 GW manufacturing capacity in Ambala and upcoming Odisha facility
Business Overview
Founded in 2015, Saatvik Green Energy has emerged as a major player in the Indian solar manufacturing landscape, specializing in high-efficiency Mono PERC and N-TOPCon modules. The company operates a 4.8 GW manufacturing facility in Ambala, Haryana, and is currently developing a large-scale integrated plant in Odisha with 4 GW of module and 4.8 GW of cell capacity. Beyond manufacturing, Saatvik provides turnkey EPC services and has recently expanded into energy storage and transformer manufacturing.
This multi-pronged approach allows the company to serve residential, commercial, and utility-scale solar projects across both domestic and international markets.
Financial Context
Saatvik Green Energy maintains a market capitalization of ₹5,002.22 crore, with a trailing twelve-month P/E ratio of 20.16. This valuation is notably lower than the industry P/E average of 41.09 and the sector average of 45.4. While the company achieved record annual revenue of ₹4,548.44 crore in FY26, the first quarter of FY27 saw a revenue dip of 44.2% year-on-year.
However, the company continues to demonstrate operational efficiency with an annual ROE of 26.25%. The SECI order, representing roughly 25% of annual revenue, serves as a significant stabilizer for the company’s future financial performance.
