Saatvik Green Q2 FY27 Results (NSE: SAATVIKGL)
Signal: Margin pressure
The read
The operating inflection remains incomplete: Q2FY27 revenue grew 17.53% YoY to ₹9,026 million and sales rose 18.96% to 640 MW, but utilisation fell to 58.5%, EBITDA margin contracted 874bps to 7.71% and PAT fell 76.15% to ₹202 million. Odisha commercial production and domestic-cell access are the central catalysts for reversing the fourth consecutive quarter of YoY margin contraction, but leverage has already risen to 1.37x from 0.99x in June.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹902.6 Cr | +17.53% | N/A |
| Net profit | ₹20.2 Cr | -76.15% | |
| EBIT margin | 7.71% |
P&L walk
Revenue recovered 17.53% YoY to ₹9,026 million as module sales rose 18.96% to 640 MW, but lower utilisation at 58.5% and transition-related cost pressures reduced EBITDA 44.89% to ₹696 million, compressed EBITDA margin by 874bps to 7.71% and drove PAT down 76.15% to ₹202 million.
Key positives
- Revenue increased 17.53% YoY to ₹9,026 million while module sales rose 18.96% YoY to 640 MW.
- The confirmed order book was reported at ₹8,800 crore, equivalent to approximately 110% of installed module capacity of 6.1 GW.
- The company added 1.76 GW of orders and executed 0.97 GW during H1 FY27, with a ₹1,041.63 crore SECI order for 600 MWp of domestically manufactured modules.
- Commercial production commenced at the Odisha facility with approximately 1.3 GW of Phase I module capacity operational; the facility's full 4 GW module capacity is expected by December 2026.
Key concerns
- EBITDA declined 44.89% YoY to ₹696 million and EBITDA margin compressed 874bps to 7.71%, extending the margin contraction seen in the prior three quarters.
- Capacity utilisation fell to 58.5% from 83.1% in Q2FY26 despite module sales rising 18.96%, indicating under-absorption of manufacturing costs.
- PAT fell 76.15% YoY to ₹202 million, while H1 FY27 PAT declined 87.28% to ₹256 million.
- Debt-to-equity increased to 1.37x in September 2026 from 0.99x in June 2026 as the company funds its Odisha expansion and integration programme.
- The 2.4 GW cell-line ramp-up is targeted for December 2026 and ALMM List-II inspection is expected only in November 2026, delaying the earnings contribution from domestic-cell integration.
Research and educational content only. Not investment advice.