Archive · 23 Sep 2026
Motilal Oswal sees further growth in Saatvik renewable energy
Saatvik makes equipment for solar power projects.
Its order book grew to about Rs 9,700 crore after the company won more orders.
These orders are expected to be delivered mainly in FY27 and FY28.
Motilal Oswal believes this gives the company strong visibility for future sales.
Saatvik is also building factories to make solar cells.
Its first 2.4 GW factory is expected to start production in the third quarter of FY27.
A larger planned expansion could take its total cell capacity to about 6 GW.
The brokerage expects profits and margins to improve as Saatvik makes more parts itself.
Jefferies also said India’s solar manufacturing industry is expanding because of government policies.
Saatvik’s order book rose from about Rs 8,200 crore on August 18 to around Rs 9,700 crore after securing Rs 1,530 crore in additional orders.
Motilal Oswal said the order book covers nearly 100% of estimated FY27 revenue and about 60% of FY28 revenue.
Saatvik’s 2.4 GW Phase I solar cell plant is expected to begin production in the third quarter of FY27, with another 3.6 GW planned by the end of FY28.
The brokerage projects Saatvik’s EBITDA margin to rise from 8% in FY27 to about 15% in FY28 as cell manufacturing increases backward integration.
India’s solar capacity reached 168 GW by August 2026, while domestic cell capacity remained far below module capacity.
- Who
- Saatvik, as assessed by Motilal Oswal Financial Services and Jefferies.
- What
- Motilal Oswal highlighted Saatvik’s expanding order book, planned solar cell manufacturing and expected financial growth.
- When
- The order book was reported as of August 18 and after the following month; production is expected to begin in the third quarter of FY27, with broader industry data reported through August 2026.
- Where
- India.
- Why
- The positive outlook is based on Saatvik’s larger order book, planned backward integration into solar cells and supportive growth in India’s solar industry.
- Saatvik order book
- Around Rs 9,700 crore after Rs 1,530 crore of additional orders following August 18.
- Revenue visibility
- Nearly 100% of estimated FY27 revenue and around 60% of FY28 revenue.
- Planned cell capacity
- 2.4 GW in Phase I and an additional 3.6 GW in Phase II, totaling about 6 GW.
- Expected EBITDA margin
- About 8% in FY27, rising to around 15% in FY28, according to Motilal Oswal.
- Revenue forecast
- Rs 4,548 crore in FY26 increasing to Rs 8,351 crore in FY28.
- Adjusted profit forecast
- Rs 361 crore in FY26 increasing to Rs 662 crore in FY28.
- India solar capacity
- Installed solar capacity reached 168 GW by August 2026.