Saatvik Green Q1 FY27 Results (NSE: SAATVIKGL)
Signal: Revenue declined
The read
The near-term earnings trajectory has deteriorated sharply: consolidated revenue fell 44.2% YoY to ₹511.01 Cr and EBITDA margin contracted 1110bps to 8.3% from 19.4%, driving PAT down 95.4% to ₹5.51 Cr, while the 6.35 GW order book and planned 2.4 GW cell and 4 GW module ramp-ups preserve medium-term visibility but still require execution and margin recovery.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹511.01 Cr | -44.2% | N/A |
| EBIT | ₹29.14 Cr | -82.7% | |
| Net profit | ₹5.51 Cr | -95.4% | |
| EPS | ₹0.43 | -95.9% | |
| EBIT margin | 8.3% |
P&L walk
Consolidated revenue declined 44.2% YoY to ₹511.01 Cr, EBITDA fell 76.5% to ₹42.55 Cr and EBITDA margin contracted to 8.3% from 19.4%; EBIT declined 82.7% to ₹29.14 Cr and PAT fell 95.4% to ₹5.51 Cr, with ₹8.72 Cr of other income exceeding consolidated PBT of ₹7.41 Cr.
Segments
No segment table is disclosed; the consolidated result was materially weaker than standalone, with consolidated revenue of ₹511.01 Cr versus standalone revenue of ₹333.24 Cr and consolidated PAT of ₹5.51 Cr versus standalone PAT of ₹6.86 Cr.
Key positives
- Confirmed order book stood at 6.35 GW, equivalent to 132% of the current 4.8 GW operational module capacity, providing medium-term revenue visibility.
- Debt-to-equity improved to 0.99x from 1.28x in Q1FY26 while the company continued investing in its expansion roadmap.
- The Odisha roadmap adds 2.4 GW of cell and 4 GW of module capacity, with ramp-up milestones scheduled for August and September 2026.
- Portfolio diversification expanded through the launch of the SuryaConnect Solar Kit and UDAY Plus Hybrid Inverter, alongside EPC, transformers and BESS.
Key concerns
- Consolidated revenue declined 44.2% YoY to ₹511.01 Cr and EBITDA margin fell 1110bps to 8.3% from 19.4%, reversing the margin expansion seen in Q1FY26.
- Consolidated EBITDA declined 76.5% YoY to ₹42.55 Cr and PAT declined 95.4% to ₹5.51 Cr, indicating that order visibility has not yet translated into current-quarter earnings.
- Standalone EBITDA margin was only 5.0% and standalone EBIT declined 26.1% YoY to ₹12.83 Cr, pointing to pressure in the parent operating business as well.
Earnings quality: includes non-operating other income
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