Saatvik Green Energy Limited — Q2FY27 earnings call summary

Filed 11 November 2026 · Official transcript

Order book at 6.68 GW (60% DCR, 40% non-DCR); new orders 1.76 GW in H1 FY27
Cell capacity target 6 GW by FY28; module utilization expected to rise to ~80% in FY28; cell utilization target above 90%
Q2 FY27 revenue grew 77% sequentially to INR9,026 million; EBITDA margin 7.7%, PAT INR202 million
FY28 revenue guidance INR6,000 crore with 12% EBITDA margin; EBITDA improvement expected in H2 FY27
Backward integration into ingot and wafer manufacturing planned by FY29 to reduce import dependence
Odisha integrated manufacturing phase one: 1.3 GW module capacity started Nov 2, full 4 GW by Dec 2026; 2.4 GW cell line trial runs, ramp-up by Dec
Management focused on ramping Odisha capacity, ALMM compliance, order execution, and balance sheet discipline
Expansion into B2C with SuryaConnect solar kits; non-module revenue to reach 15% in 2 years