Saatvik Green Energy

About the Company

Founded in 2015, Saatvik Green Energy is a leading Indian solar PV module manufacturer based in Ambala, Haryana. It specialises in high-efficiency Mono PERC and N-Type TOPCon modules for IPPs, EPC contractors, and commercial clients in India and select global markets. With a current capacity of 3.2 GW, the company is expanding with a 4.0 GW Odisha plant and a 4.8 GW cell line, aiming for full backward integration. Supported by strong customer ties, government incentives, and experienced leadership, it is well-positioned in India’s growing renewable energy sector.

Strengths

• Established customer base with a strong and diversified order book.
• Among India’s leading module manufacturers with integrated IPP offerings. 
• Known for innovation and technology-driven solar solutions. 
• Well-positioned to capitalise on favourable industry dynamics.  
• Backed by strong promoters and seasoned leadership team.

Risks

• Mono PERC modules constitute up to 87% of operational income.  
• Odisha manufacturing project is vulnerable to delays and cost escalations.  
• Significant dependence on Chinese imports for critical raw materials.  
• Global supply glut is exerting downward pressure on solar module pricing.
• Only 10 top customers contribute to 80% of the total revenue.