Gurugram-based Saatvik Green Energy To Make Market Listing

Gurugram-based Saatvik Green Energy is set to hit the Indian capital market with a ₹900 crore IPO. 

Established in 2015, Saatvik Green Energy is a solar panel manufacturer, specialising in high-efficiency solar photovoltaic (PV) modules and integrated renewable energy solutions. 

The company has advanced facilities in Ambala, Haryana, and manufactures a range of solar PV modules, prominently including Mono PERC monofacial and bifacial modules and N-TOPCon bifacial modules. In addition, Saatvik Green manufactures solar-powered DC surface and submersible pumps for agriculture and industry. 

Solar modules are engineered for residential, commercial, and utility-scale solar projects, with efficiencies up to about 21.5% and technologies that allow for high performance even in low-light conditions. Its current production capacity is 3.8–4.8 GW per year, and it has ambitious expansion plans.

The company plans to expand with extensive new facilities, including a planned 4 GW module unit in Odisha and accompanying solar cell facilities by FY26-27.

Saatvik Green offers comprehensive EPC (engineering, procurement, and construction) services, providing turnkey solutions from design through commissioning of solar plants, and ongoing operations and maintenance.

According to the company, it has supplied solar modules for large projects such as the 61.42 MW floating solar project at Ramagundam, Telangana, and the 72.15 MW Raghanseda Solar Park in Gujarat, and supplies panels to large utility and rooftop projects for major corporations like Jindal Steel and Dalmia Group.

In terms of its financials, Saatvik Green Energy reported robust financial growth for FY25, with revenues and profits nearly doubling compared to the previous year. 

Revenue is almost doubled from ₹1,087.9 crore in FY 2024 to ₹2,158.4 crore in FY 2025. Net Profit for FY 2025 was ₹213.9 crore, up from ₹100.5 crore in FY24, a surge of over 112% year-on-year. 

India’s solar module market is getting highly competitive and increasingly crowded, with a rapid expansion of both capacity and the number of manufacturers, including Waaree Energies, Adani Solar, Tata Power Solar, Gautam Solar, and Premier Energies, among others. 

Saatvik Green Energy IPO closely follows Kolkata-based Vikram Solar’s public listing in August 2025. Another major Solar module manufacturer in India, Goldi Solar, has raised more than ₹737 crore (~ US$86 million) through private investments.

Government policies, especially the PLI Scheme for High-Efficiency Solar PV Modules and Solar Rooftop initiative, have spurred significant investment and led to the domestic manufacturing capacity for solar modules. 

In August, India achieved a landmark milestone of 100 GW of solar PV module manufacturing capacity listed under the Approved List of Models and Manufacturers (ALMM) for Solar PV Modules. Saatvik Green Energy is part of the approved manufacturers included in the ALMM list under India’s Ministry of New and Renewable Energy (MNRE).

The price band of the Saatvik Green Energy IPO is set between ₹442 and ₹465 per share, with a minimum lot size of 32 shares. The tentative IPO allotment date is September 24, 2025.