Saatvik Green Energy's long-term value unlocking has just begun, says CEO Prashant Mathur

Saatvik Green Energy may have listed on the bourses only recently (September 26, 2025), but CEO Prashant Mathur believes the company’s best chapters are still ahead. With revenue and profit surging in the first half of the year, an order book approaching 5 GW, and a new integrated plant coming up in Odisha, Saatvik is betting big on backward integration, B2C expansion and new verticals such as pumps and inverters. In an interaction with Business Today, Mathur explains why the company’s long-term value unlocking has just begun despite 20% fall in share price against the issue price.

Saatvik’s revenue grew 60% YoY in Q2 and PAT grew 36%. What supported this performance?

Saatvik’s growth has primarily been driven by a strong focus on high-quality, volume-led expansion. In the first half of the year, sales grew 133% YoY and PAT grew 146% YoY. This momentum comes from building a robust customer base across utility, commercial & industrial and retail segments, while also strengthening the EPC and pump divisions. The company has gradually evolved from a module-only manufacturer to a fully value-integrated energy solutions provider, with offerings now spanning modules, inverters, pumps, EPC services and upcoming backward integrations such as ingot/wafer and cell manufacturing.
 
How is the pump business performing and how much has it contributed to revenue?

The pump business was launched only in the second half of last year and began with initial orders of up to 500 pumps. Revenue contribution last year was around Rs 1-2 crore, but the division has scaled rapidly and is now receiving orders in the range of 2,000-2,500 pumps. With a proven execution track record and improving market confidence, the company expects this segment to multiply further, potentially reaching 10,000 pumps next year. Saatvik is targeting the pump vertical to contribute 5-10% of total revenue over time.
 
What is Saatvik’s current order book and revenue visibility for the next 12-15 months?

Saatvik’s order book stood at 4.68 GW as of the end of September. With its existing module manufacturing capacity of 4.8 GW nearly sold out for the coming year, the company already has strong revenue visibility. Additional retail and spot orders contribute another 15-20% of monthly sales on top of the order book. The upcoming Odisha module plant, expected to be installed by February-March with commercial production beginning early next year, will take total module manufacturing capacity to 8.8 GW and further strengthen the order pipeline.
 
How much capacity will the Odisha plant add?

The Odisha facility will add 4 GW of module capacity and 4.8 GW of cell capacity. Together with the expansion at Ambala, Saatvik is moving towards a truly integrated manufacturing model.
 
What has improved operationally and strategically post IPO fundraising?

The funds raised through the IPO have been strategically deployed for capacity expansion at the Odisha plant. The company has also repaid all long-term debt and today operates with only working capital exposure on its books. At the same time, new business verticals-including inverters, encapsulants (Ambala), pumps and EPC-have been launched. The distribution network has been strengthened significantly, helping Saatvik transition from a pure B2B manufacturer to a more diversified solutions-based company with both B2B and B2C offerings.
 
Do you see more opportunity in B2C vs B2B?

Saatvik sees both segments as important. However, consumer awareness around renewable energy is growing rapidly, especially through schemes like the PM Surya Ghar Muft Bijli Yojana and PM Kusum Yojana. Demand from the residential and agricultural consumer base continues to strengthen.
 
Solar-related stocks have corrected recently in the equity markets. What industry challenges do you see?

The stock correction reflects broader market sentiment around mid- and small-cap equities rather than company-specific concerns. There is a perception of “industry overcapacity,” but the sector’s average capacity utilization is around 40%, compared to Saatvik’s sustained utilisation of over 80%. The key industry transition underway is from Mono PERC to TOPCon technology — and Saatvik is already ahead of this curve. Overall, demand drivers such as green hydrogen, storage, EVs and green ammonia create strong long-term visibility for the solar sector.
 
Saatvik shares are down 20% from issue price. What KPIs should investors track?

The company believes investors should monitor sustained revenue growth, profitability expansion driven by backward integration and cell manufacturing, the scale-up of B2C and new business verticals, and the cumulative growth of the ancillary ecosystem. Saatvik maintains that its long-term value unlocking has only just begun.
 
Who are Saatvik’s marquee clients? And how do you see the company’s revenue growth in the next 2-3 years or by 2030?

Saatvik does not provide forward-looking revenue guidance, but the company’s internal vision since 2023 has been to become a billion-dollar enterprise by 2028. Execution progress so far has been ahead of expectations. Saatvik supplies to some of the most prominent names in the energy sector, including Adani Green, JSW Energy, Sterling Wilson, Surintika (Vedanta), ReNew, NTPC, NHPC, SJVN and Mazagon, among others.
 
What are the immediate capital expenditure plans?

The Odisha project (cell + module) is the company’s current priority and is supported by IPO funding. After commissioning, Saatvik plans to move towards fully integrated ingot-to-module manufacturing with a large-scale project planned in Madhya Pradesh, requiring capital deployment of approximately Rs 8,000-10,000 crore. The company is also investing in ancillaries such as encapsulants and inverters and evaluating opportunities in batteries and other emerging solutions.
 
How do you view the broader renewable energy landscape?

India’s long-term manufacturing ecosystem is shifting decisively towards domestic renewable energy security. As the country moves towards energy independence and developed-economy status by 2047, renewable power will need to shoulder a major share of incremental demand — especially as EVs, green hydrogen and industrial electrification expand. With more than 300 solar days annually and strong policy momentum, solar energy remains the most scalable pathway to India’s COP30 and net-zero-by-2070 commitments.
 
What role will data centres play in renewable energy demand?

Data centres, powered increasingly by AI and hyperscale computing, consume large amounts of energy. Relying on non-renewable sources for this would not be sustainable in the long term. As digital infrastructure expands across India, demand for renewable power — especially solar — will accelerate sharply, creating a sustained growth cycle for the sector.