35% up from 52-week low! Motilal Oswal sees more steam left in this renewable energy player
The company's order book stood at around Rs 8,200 crore as of August 18, and it secured another Rs 1,530 crore of orders over the following month
- Sep 23, 2026,
- Updated Sep 23, 2026 4:21 PM IST
Motilal Oswal Financial Services maintained its bullish view on a renewable energy player despite rallying more than 35% from its 52-week low scaled on March 9, 2026. This is Saatvik Green Energy. The brokerage, in a research report, said that the valuations are reasonable, given the growing order book, strong revenue visibility and improving margin profile as cell manufacturing capacity ramps up.
In its September 18 report, when Saatvik Green Energy was trading at Rs 412 a share, Motilal Oswal maintained its ‘Buy’ rating and set a target price of Rs 508. The target implied an upside of nearly 23% from the stock’s price at the time of the report. The stock closed at Rs 446 on September 22, leaving an upside of nearly 14% to the brokerage’s target.
The key trigger for the brokerage is the sharp improvement in Saatvik's order book. The company's order book stood at around Rs 8,200 crore as of August 18, and it secured another Rs 1,530 crore of orders over the following month. This took the order book to around Rs 9,700 crore, with deliveries scheduled across FY27 and FY28. Motilal Oswal Financial Services added that the order book provides visibility for nearly 100% of FY27 estimated revenue and around 60% of FY28 revenue.
A major part of the growth story is the company's move into solar cell manufacturing. Saatvik's 2.4 GW Phase I cell manufacturing capacity is progressing as planned, with production expected to begin in the third quarter of FY27 and ramp up through the fourth quarter. The company plans to add another 3.6 GW under Phase II by the end of FY28, taking total cell manufacturing capacity to around 6 GW.
Motilal Oswal added that the higher level of backward integration and increasing contribution from cells to improve profitability. An assessment by the brokerage showed that Saatvik's EBITDA margin could rise to around 15% in FY28 from 8% in FY27. The brokerage also expects revenue and EBITDA to grow at a compound annual growth rate of 36% and 50%, respectively, between FY26 and FY28.
The broader industry backdrop is also supportive. India's installed solar capacity reached 168 GW by August 2026, following around 18 GW of additions between April and August. Motilal Oswal expects the country to surpass the Central Electricity Authority's FY27-end target of 176 GW. At the same time, domestic cell manufacturing capacity remains significantly below module capacity, with around 35 GW of ALMM-II-listed cell capacity versus nearly 215 GW of ALMM-I-listed module capacity.
Financially, the brokerage expects Saatvik's revenue to rise from Rs 4,548 crore in FY26 to Rs 8,351 crore in FY28, while adjusted profit after tax is projected to increase from Rs 361 crore to Rs 662 crore over the same period.
Global brokerage Jefferies in its latest report also said that India has emerged as the world’s second-largest solar PV manufacturer, with 35GW of solar cell capacity already operational and another 100GW under construction. "Policy measures such as ALMM (Approved list of Model and Manufacturers, a regulatory quality register), domestic content requirements and PLI (Production-linked incentives) are accelerating backward integration across cells, wafers and ingots. We expect 90% of the solar manufacturing value chain to be localised by 2030,” Jefferies said.
Motilal Oswal Financial Services maintained its bullish view on a renewable energy player despite rallying more than 35% from its 52-week low scaled on March 9, 2026. This is Saatvik Green Energy. The brokerage, in a research report, said that the valuations are reasonable, given the growing order book, strong revenue visibility and improving margin profile as cell manufacturing capacity ramps up.
In its September 18 report, when Saatvik Green Energy was trading at Rs 412 a share, Motilal Oswal maintained its ‘Buy’ rating and set a target price of Rs 508. The target implied an upside of nearly 23% from the stock’s price at the time of the report. The stock closed at Rs 446 on September 22, leaving an upside of nearly 14% to the brokerage’s target.
The key trigger for the brokerage is the sharp improvement in Saatvik's order book. The company's order book stood at around Rs 8,200 crore as of August 18, and it secured another Rs 1,530 crore of orders over the following month. This took the order book to around Rs 9,700 crore, with deliveries scheduled across FY27 and FY28. Motilal Oswal Financial Services added that the order book provides visibility for nearly 100% of FY27 estimated revenue and around 60% of FY28 revenue.
A major part of the growth story is the company's move into solar cell manufacturing. Saatvik's 2.4 GW Phase I cell manufacturing capacity is progressing as planned, with production expected to begin in the third quarter of FY27 and ramp up through the fourth quarter. The company plans to add another 3.6 GW under Phase II by the end of FY28, taking total cell manufacturing capacity to around 6 GW.
Motilal Oswal added that the higher level of backward integration and increasing contribution from cells to improve profitability. An assessment by the brokerage showed that Saatvik's EBITDA margin could rise to around 15% in FY28 from 8% in FY27. The brokerage also expects revenue and EBITDA to grow at a compound annual growth rate of 36% and 50%, respectively, between FY26 and FY28.
The broader industry backdrop is also supportive. India's installed solar capacity reached 168 GW by August 2026, following around 18 GW of additions between April and August. Motilal Oswal expects the country to surpass the Central Electricity Authority's FY27-end target of 176 GW. At the same time, domestic cell manufacturing capacity remains significantly below module capacity, with around 35 GW of ALMM-II-listed cell capacity versus nearly 215 GW of ALMM-I-listed module capacity.
Financially, the brokerage expects Saatvik's revenue to rise from Rs 4,548 crore in FY26 to Rs 8,351 crore in FY28, while adjusted profit after tax is projected to increase from Rs 361 crore to Rs 662 crore over the same period.
Global brokerage Jefferies in its latest report also said that India has emerged as the world’s second-largest solar PV manufacturer, with 35GW of solar cell capacity already operational and another 100GW under construction. "Policy measures such as ALMM (Approved list of Model and Manufacturers, a regulatory quality register), domestic content requirements and PLI (Production-linked incentives) are accelerating backward integration across cells, wafers and ingots. We expect 90% of the solar manufacturing value chain to be localised by 2030,” Jefferies said.