Saatvik Green Energy Secures ₹1,041.63 Crore Solar PV Module Order From SECI

Market snapshot: Saatvik Green Energy Limited has secured a landmark supply contract from the Solar Energy Corporation of India (SECI) to deliver 600 MWp of domestically manufactured solar PV modules for the 700 MW ground-mounted solar plant at Radhanesda, Gujarat. The order is valued at ₹1,041.63 crore (excluding taxes) and is slated for completion by December 2027. This monumental contract represents one of the largest single supply orders for the company, significantly boosting its domestic order book.

Data Snapshot

• SECI awarded a 600 MWp solar PV module supply package to Saatvik Green Energy.
• The contract value inclusive of taxes stands at ₹10,93.71 crore (or ₹1,041.63 crore exclusive of taxes).
• The turnkey project has a completion schedule of 19 months (targeted for December 2027).

What's Changed

• FY26 Revenue: ₹4,548.4 crore vs ₹2,155.6 crore in FY25 (up 111% YoY)
• FY26 PAT: ₹357.1 crore vs ₹162.3 crore in FY25 (up 120% YoY)
• Debt-to-Equity Ratio: Improved significantly to 0.65 in FY26 from 1.34 in FY25
• Order Book Visibility: Added ₹1,041.63 crore (excl. taxes) SECI order representing ~23% of FY26 revenue

Key Takeaways

• Saatvik Green Energy has won a massive turnkey supply contract for 600 MWp of solar modules from SECI.
• The contract is part of a 870 MWp procurement tender for a 700 MW ground-mounted solar PV project in Radhanesda, Gujarat.
• The order is worth ₹1,041.63 crore excluding taxes, or ₹10,93.71 crore inclusive of taxes, providing heavy revenue visibility.
• Under the contract conditions, Saatvik will supply domestically manufactured solar modules using domestically produced solar cells.

SAHI Perspective

This SECI contract is a watershed moment for Saatvik Green Energy, proving its competitiveness in high-stake government auctions. SECI's strict domestic sourcing guidelines require the modules to use domestically manufactured solar cells, which aligns perfectly with Saatvik's massive backward integration push in Odisha. With its debt-to-equity ratio drastically improving from 1.34 to 0.65 in FY26, the company is financially primed to execute large-scale, capital-intensive orders. It also underscores a wider market trend where tier-1 local manufacturers are capturing public sector utility pipelines as import barriers tighten.

Market Implications

The Radhanesda solar module tender allocation signals robust momentum in India’s domestic solar manufacturing ecosystem, driven by government mandate and the Approved List of Models and Manufacturers (ALMM). By splitting the 870 MWp tender between Saatvik (600 MWp) and Kosol Energie (300 MWp), SECI is diversifying its supply chain while backing local capacity. The large order values will likely trigger positive sentiment across listed domestic solar players, including wafer, cell, and module manufacturers, as India moves closer to its target of 500 GW of renewable energy by 2030.

Trading Signals

Market Bias: Bullish

The ₹1,041.63 crore (ex-tax) order win from SECI provides massive revenue visibility, representing nearly 23% of the company's FY26 revenue of ₹4,548.4 crore. This win, coupled with a robust order book of 5.89 GW (as of March 31, 2026), strengthens its position in the domestic solar PV module manufacturing sector.

Overweight: Renewable Energy, Solar Infrastructure, Electrical Equipment

Trigger Factors:

• Successful delivery progress of the 600 MWp module supply contract over the 19-month timeline.
• Commissioning of the 3.6 GW cell manufacturing facility in Gopalpur, Odisha (Phase II).
• Upcoming ALMM-II inspection scheduled for September 2026, enabling further government project participation.

Time Horizon: Medium-term (3-12 months)

Industry Context

India's solar module manufacturing capacity has reached a milestone of 100 GW in 2026, though upstream import dependence for wafers and polysilicon remains elevated above 90% (per NITI Aayog). To mitigate these supply-chain risks, companies like Saatvik are aggressively investing in backward integration. SECI's designated role as a Renewable Energy Implementing Agency (REIA) means a steady flow of multi-gigawatt utility-scale tenders, ensuring that ALMM-enlisted domestic manufacturers have massive, long-term market opportunities.

Key Risks to Watch

• Raw material supply volatility, especially for imported polysilicon and wafers, which still represent a significant portion of upstream inputs.
• Turnkey execution delays over the 19-month timeframe that could trigger contract performance penalties under SECI guidelines.
• Tightening of local sourcing requirements and potential delays in ALMM-II inspection clearance scheduled for late 2026.

Recent Developments

Saatvik Green Energy has been extremely active, securing several multi-crore supply agreements and entering strategic pacts. In late August 2026, the company signed an MoU with the Government of Odisha for a 3.6 GW Phase II cell manufacturing plant in Gopalpur. Furthermore, between August and September 2026, its material subsidiary secured domestic solar PV module supply contracts from Vikran Engineering (₹476 crore), another domestic IPP (₹190 crore), and two other developers (₹297.5 crore), vastly expanding its commercial backlog.

Closing Insight

Saatvik Green Energy’s ₹1,041.63 crore SECI win is not just a commercial victory, but a validation of its domestic manufacturing scale. As the company expands its cell and module footprint across Haryana, Odisha, and Madhya Pradesh, it is positioned to remain a dominant player in India's transition to localized, clean power generation.

High Performance Trading with SAHI.