Saatvik Green Energy Limited is coming up with its Initial Public Offering (IPO), opening on September 19, 2025 and closing on September 23, 2025. Investors are keen to know whether this issue is worth subscribing to, given the company’s strong position in the renewable energy sector. In this detailed IPO Review, we will cover Saatvik Green Energy IPO Date, IPO Price, IPO Size, Financial Performance, Valuation Analysis, Grey Market Premium (GMP), Reasons to Invest, Key Risk Factors, and finally whether you should Subscribe or Avoid this IPO.
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About Saatvik Green Energy Ltd.
Incorporated in 2015, Saatvik Green Energy Ltd. is one of India’s leading solar module manufacturers. The company manufactures Monocrystalline PERC modules and N-TopCon solar modules, offered in both mono-facial and bifacial options. These are widely used in residential, commercial, and utility-scale solar projects.
- Headquartered in Ambala, Haryana, Saatvik operates two large module manufacturing facilities with a combined capacity of 3.8 GW as of June 2025, a massive growth from 125 MW in 2017.
- The company also undertakes EPC (Engineering, Procurement and Construction) projects, providing integrated renewable energy solutions.
- As of June 2025, the company employed over 600 professionals and continues to expand aggressively.
Promoters include Neelesh Garg, Manik Garg, Manavika Garg, and SPG Trust.
Competitive Strengths
- Strong Customer Base and Large Order Book – Multiple long-term contracts with Independent Power Producers (IPPs).
- Leading Position in Solar Module Manufacturing – Among the top players in India’s fast-growing renewable energy sector.
- Technology Edge – Focus on innovative solutions such as N-TopCon solar modules with higher efficiency.
- Diversified Sales Channels – Domestic and international revenue streams.
- Industry Tailwinds – Supportive government policies, rising demand for renewable energy.
Saatvik Green Energy IPO Issue Details
- IPO Opening Date: September 19, 2025
- IPO Closing Date: September 23, 2025
- Allotment Date: September 24, 2025
- Listing Date (Tentative): September 26, 2025
- IPO Price Band: ₹442 – ₹465 per share
- Face Value: ₹2 per share
- Lot Size: 32 shares
- Minimum Investment (Retail): ₹14,880 (1 lot)
- IPO Size: ₹900 Crores (Fresh Issue ₹700 Cr + OFS ₹200 Cr)
- Lead Managers: DAM Capital, Ambit, Motilal Oswal
- Registrar: KFin Technologies Ltd.
- Listing At: BSE & NSE
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Financials of Saatvik Green Energy
Saatvik has shown exceptional growth in the last 3 years.
| Particulars | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue (₹ Cr) | 617.63 | 1,097.18 | 2,192.47 |
| EBITDA (₹ Cr) | 23.87 | 156.84 | 353.93 |
| PAT (₹ Cr) | 4.75 | 100.47 | 213.93 |
| Net Worth (₹ Cr) | 20.27 | 120.67 | 337.66 |
| Borrowings (₹ Cr) | 144.49 | 263.42 | 458.10 |
Key Ratios (FY25):
- ROE: 63.41%
- ROCE: 60.45%
- EBITDA Margin: 16.4%
- PAT Margin: 9.76%
- Debt/Equity: 1.36
Objects of the IPO
The company proposes to utilise IPO proceeds for:
- Debt Repayment / Prepayment: ₹10.82 Cr
- Investment in Subsidiary (Saatvik Solar Industries Pvt Ltd.) for debt repayment: ₹166.44 Cr
- Setting up 4 GW Solar PV Module Facility in Odisha: ₹477.23 Cr
- General Corporate Purposes
Valuation – P/E Ratio Compared to Peers
- Saatvik Green Energy EPS (Post Issue): ₹16.83
- At the upper price band (₹465), P/E works out to 27.63x.
Peer Comparison (FY25 basis):
- Waaree Energies – P/E ~ 33x (Highest)
- Websol Energy – P/E ~ 18x (Lowest)
- Industry Average – ~25x
👉 Saatvik’s P/E of 27.63x is slightly above industry average, but lower than Waaree Energies, making valuations reasonable given its strong growth.
Reasons to Invest in Saatvik Green Energy IPO
- Explosive Revenue Growth – Revenues doubled in FY25 vs FY24.
- Strong Profitability – PAT surged 113% YoY.
- High ROE & ROCE – Over 60%, showing efficient capital utilisation.
- Capacity Expansion – Upcoming 4 GW plant in Odisha will double capacity.
- Government Push for Renewable Energy – Favourable sector tailwinds.
- Reasonable Valuation compared to peers.
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Risk Factors in the IPO
- High Debt Levels – Debt/Equity ratio at 1.36; debt repayment is a key IPO objective.
- Capital-Intensive Industry – Large investments needed for capacity expansion.
- Dependence on Policy Support – Renewable sector heavily dependent on government incentives.
- Competition – Strong players like Waaree, Adani Solar, Tata Power Solar.
- Global Pricing Pressure – Solar module prices fluctuate due to global supply-demand dynamics.
- Investors should go through all internal and external risk factors from Saatvik Green Energy IPO RHP / DRHP.
Grey Market Premium (GMP)
As of today, market reports indicate that Saatvik Green Energy IPO GMP is around ₹120 per share, meaning investors expect listing gains of 25–27% over the issue price. (This figure may fluctuate as the IPO date nears.)
How to Apply for Saatvik Green Energy IPO
You can apply for the IPO through:
- ASBA (via Net Banking) – Available with most banks.
- UPI Mandate – Via broker apps like Zerodha, Upstox, Groww, Paytm Money.
- Offline through Brokers – By filling ASBA forms and submitting at designated banks/brokers.
Conclusion – Saatvik Green Energy IPO – Subscribe or Avoid?
Saatvik Green Energy is a high-growth renewable energy company with strong fundamentals, expanding capacity, and solid profitability. While risks exist in terms of debt and competition, the company is well-placed to benefit from India’s solar growth story. At a P/E of 27.6x, valuations look fair compared to peers.
✅ Our View: Investors looking for long-term exposure to the renewable energy sector may consider Subscribing to this IPO. Short-term investors may also benefit from expected listing gains, supported by healthy GMP.
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FAQs about Saatvik Green Energy IPO
1. What is the Saatvik Green Energy IPO Date?
The IPO opens on September 19, 2025 and closes on September 23, 2025.
2. What is the Saatvik Green Energy IPO Price Band?
The price band is fixed at ₹442 to ₹465 per share.
3. What is the Saatvik Green Energy IPO Size?
The total issue size is ₹900 Crores, including fresh issue of ₹700 Cr and OFS of ₹200 Cr.
4. What is the Saatvik Green Energy IPO Lot Size?
Investors can bid for a minimum of 32 shares (₹14,880).
5. Who are the promoters of Saatvik Green Energy?
Promoters include Neelesh Garg, Manik Garg, Manavika Garg, and SPG Trust.
6. What is the Grey Market Premium (GMP) of Saatvik Green Energy IPO?
Currently around ₹120 per share (subject to market changes).
7. Should I invest in Saatvik Green Energy IPO?
Given strong financials, capacity expansion, and reasonable valuations, this IPO looks attractive for long-term investors.
Disclaimer: This article is for informational purposes only and is not a recommendation to buy, sell or hold any shares or apply for any IPO. The securities market is subject to risks, and readers should consult their financial advisor before making any investment decisions.
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