SGEL was incorporated as a private limited company under the provisions of the Companies Act, 2013, under the name ‘Saatvik Green Energy Private Limited’, pursuant to a certificate of incorporation dated May 29, 2015. SGEL was subsequently converted from a private company to a public company, pursuant to resolutions passed by its Board on September 20, 2024 and by its Shareholders dated September 21, 2024, consequent to which its name was changed to “Saatvik Green Energy Limited.”
Since inception, SGEL has supplied more than 2.00 GW high-efficiency solar PV modules domestically and internationally. The company is recognized as one of the few companies with capabilities in module manufacturing as well as engineering, procurement and construction (“EPC”). (Source: CRISIL Report) SGEL is one of the leading EPC companies in India with 69.12 MW of an installed EPC base in Fiscal 2024. (Source: CRISIL Report) SGEL also provides operations and maintenance (“O&M”) services to customers primarily in relation to the EPC projects undertaken by it.
Reflecting on this journey and the road ahead, Mr. Prashant Mathur, CEO, Saatvik Green Energy Limited, said: “Our initiative to achieve backward integration into cell manufacturing is a critical step in our long-term growth and sustainability objectives. The company is expanding its manufacturing capacity with plans to set up an integrated cell and module manufacturing facility in Odisha. The new facility will have a cell line manufacturing capacity of 4.80 GW, which is expected to be operational in Fiscal 2027; and a module production capacity of 4.00 GW, which is expected to be operational in Fiscal 2026. In addition, SGEL also intends to establish a manufacturing facility for the production of ingots, cells and wafers in Mohasa – Babai, Madhya Pradesh.”
Celebrating the 10th anniversary of SGEL, Mr. Neelesh Garg, Chairman and Managing Director, added: “We intend to grow our customer base in both India and internationally by leveraging our reputation for solar modules and reliable EPC services. We aim to enter new markets and strengthen our presence in existing ones by offering innovative, cost-effective solutions tailored to diverse energy needs.”
Mr. Manik Garg, Managing Director, shared: “We intend to expand our distribution network across India to make our solar solutions more accessible to customers nationwide. We have already established regional warehouses across major Indian states such as Rajasthan, Maharashtra, Kerala and Madhya Pradesh. These warehouses serve as central points for solar module storage and distribution to ensure timely delivery to installers and end customers. We intend to collaborate with local distributors in various states that will enable us to have deeper market penetration, particularly in Tier II and Tier III cities. This will also help us to ensure that solar products are accessible even in remote areas, accelerating the adoption of solar energy across the country.”
SGEL commenced its manufacturing operations in 2016 and has over the years expanded its annual installed capacity, from 125 MW as of March 31, 2017 to about 3.80 GW as of February 28, 2025. Its revenue from operations has grown from ₹4,799.50 million in Fiscal 2022 to ₹10,879.65 million in Fiscal 2024 at a CAGR of 50.56%. Its EBITDA in Fiscal 2022 was ₹147.66 million and has grown to ₹1,568.44 million in Fiscal 2024 at a CAGR of 220.00%.
SGEL currently operates three module manufacturing facilities in Ambala, Haryana (together, the “Ambala Facilities”) spread across a total land area of 724,225 square feet, which together form one of the largest single location module manufacturing facilities in India. (Source: CRISIL Report) SGEL is in the process of adding a capacity of 1.00 GW in one of its module manufacturing facilities in Ambala, which is expected to be operational in the first quarter of Fiscal 2026, thereby increasing its installed capacity at its Ambala facilities to a cumulative 4.80 GW.
About Saatvik Green Energy Limited
Headquartered in Gurugram, SGEL is one of India’s leading module manufacturers, in terms of operational solar PV module manufacturing capacity, with an operational capacity of approximately 3.80 GW modules as of February 28, 2025. The SGEL offers Mono PERC and N-TopCon modules,EPC services, and O&M capabilities.
Disclaimer:
SAATVIK GREEN ENERGY LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, an initial public offering of its Equity Shares and has filed the DRHP with SEBI and Stock Exchanges on March 13, 2025. The DRHP is available on the websites of SEBI, BSE and NSE at www.sebi.gov.in, www.bseindia.com and www.nseindia.com, respectively, and on the websites of the Book Running Lead Managers i.e. DAM Capital Advisors Limited at www.damcapital.in, Ambit Private Limited at www.ambit.co and Motilal Oswal Investment Advisors Limited at www.motilaloswalgroup.com, respectively and also at the website of the Company at https://saatvikgroup.com/Potential investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see “Risk Factors” on page 54 of the DRHP. Potential investors should not rely on the DRHP for making any investment decisions.
The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (“U.S. Securities Act”), or any state securities laws in the United States, and unless so registered may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, such Equity Shares are being offered and sold (i) outside of the United States in offshore transactions in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales occur; and (ii) within the United States to “qualified institutional buyers” (as defined in Rule 144A under the U.S. Securities Act), pursuant to the private placement exemption set out in Section 4(a) of the U.S. Securities Act.
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