Saatvik Green Energy
Corporate brand
UnclaimedIndian renewable-energy company focused on solar photovoltaic manufacturing, solar EPC services, and related clean-energy equipment.
Last updated August 31, 2026
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Overview
Saatvik Green Energy is an Indian renewable-energy company headquartered in Gurgaon, Haryana. Founded in 2015 and operational from 2016, it is principally engaged in the manufacture of solar photovoltaic modules and the delivery of engineering, procurement, and construction services for solar power projects. Through its operating businesses, the company serves utility-scale, commercial, industrial, residential, and public-sector renewable-energy programs. The company began with an installed manufacturing capacity of 125 MW and expanded substantially during the 2020s. Its principal manufacturing operations are located in Ambala, Haryana, where the company operates module-production facilities with reported capacity of 4.8 GW as of 2026. It also operates a 2 GW in-house EPE encapsulant facility and has been developing an integrated manufacturing complex in Odisha. The planned first phase at Gopalpur, in Ganjam district, includes 2.4 GW of solar-cell capacity and 4 GW of module capacity, while a further 3.6 GW of cell capacity has been proposed for a later phase. Saatvik’s module portfolio includes mono-PERC and N-TOPCon products, including half-cut-cell and multi-busbar designs. Reported module ratings extend to 580 Wp. The business also offers on-grid, hybrid, and off-grid inverters, battery energy-storage systems, and solar kits. Its EPC division develops and constructs solar plants, while wholly owned subsidiaries support equipment manufacturing and project execution. Saatvik Solar is associated with solar-equipment manufacturing, and Saatvik EPC manages the engineering, procurement, and construction business. The company has participated in several large Indian solar projects. Its reported work includes module supply for the Raghansesda Solar Park project in Gujarat, the floating solar project at NTPC’s Ramagundam facility in Telangana, and renewable-energy projects in Punjab. It has also supplied equipment for government-linked programs such as PM-KUSUM and undertaken rooftop, pumping, and utility-scale solar work. In 2024, it commissioned a 12 MW rooftop installation at a Jindal Steel and Power facility in Angul, Odisha, described in coverage as one of Asia’s largest single-rooftop solar plants. Saatvik expanded its international reach in 2023 by establishing a Texas subsidiary to market its photovoltaic modules in the United States. It has also broadened its manufacturing scope beyond modules. In 2026, the company commissioned an encapsulant facility and acquired an 80% stake in Melcon Transformers and Electricals, entering transformer manufacturing. A proposed Odisha investment would further integrate solar-cell and module production. The company became publicly listed in September 2025 following a ₹900 crore initial public offering, consisting of a fresh issue and an offer for sale. Its reported financial results for fiscal 2025–26 included revenue of ₹4,548.4 crore, EBITDA of ₹581.1 crore, and net profit of ₹357.1 crore; fiscal 2024–25 revenue and net profit were reported as ₹2,158.4 crore and ₹217.1 crore respectively. These figures and the associated listing information should be read with their stated fiscal periods and source context. Brand promotion has included cricket player Ravindra Jadeja, appointed in 2023, and actor Kartik Aaryan, appointed in 2025.
History
Saatvik Green Energy was founded in India in 2015 and began operating in 2016 with 125 MW of solar-module manufacturing capacity. Its early business combined photovoltaic manufacturing with project-oriented supply and execution. A significant early contract came in 2021, when Bharat Heavy Electricals Limited ordered 141.76 MW of modules for the Raghansesda Ultra Mega Solar Park in Gujarat. In 2022, Saatvik supplied 62 MW of modules for the floating solar project at NTPC’s Ramagundam facility in Telangana. The company began international expansion in April 2023 by establishing a Texas subsidiary to sell its modules in the United States. During the period from fiscal 2023–24 through February 2025, its production capacity reportedly grew from 564 MW to 3.7 GW. Its manufacturing and project footprint continued to broaden through rooftop solar, utility-scale supply, EPC contracts, and solar-pumping programs. In February 2024, it commissioned a 12 MW rooftop project at a Jindal Steel and Power site in Angul, Odisha. Later in 2024, it supplied 70.2 MW of modules for a renewable-energy project associated with Satluj Jal Vidyut Nigam in Punjab, won a 200 MW module-supply contract from Maharashtra State Power Generation Company, and received a 213 MW module order from Larsen & Toubro for a battery-storage-linked project in Bihar. In November 2024, Saatvik partnered with Maharashtra State Electricity Distribution Company to supply solar-powered submersible pumps at 250 sites. In January 2025, it won two EPC contracts from Himachal Pradesh Power Corporation for plants totaling 23 MW: an 11 MW mono-PERC project at Lamlehri and a 12 MW N-TOPCon project at Gondpur Bulla. The company also signed a reported agreement exceeding ₹1,500 crore for 1 GW of N-TOPCon modules. In August 2025, Saatvik Solar was included in the Ministry of New and Renewable Energy’s Approved List of Models and Manufacturers, with listed capacity of 1,941 MW. The company and its subsidiary later reported further module orders in October 2025. Saatvik entered public markets in September 2025. Its ₹900 crore IPO comprised a ₹700 crore fresh issue and a ₹200 crore offer for sale; the issue was reported as subscribed 6.57 times. The shares listed on the BSE and NSE on 26 September 2025. The company also continued consumer-facing brand activity, appointing Ravindra Jadeja in 2023 and Kartik Aaryan in 2025 as brand ambassadors. In 2026, the business continued to pursue vertical integration and adjacent infrastructure manufacturing. Saatvik Solar Industries received a reported ₹638.26 crore order for G12R TOPCon cells. Saatvik Green Energy acquired 80% of Melcon Transformers and Electricals, adding transformer manufacturing to its portfolio. The group also signed an Odisha investment memorandum covering a proposed 3.6 GW solar-cell facility at Gopalpur. By 2026, reported operations included 4.8 GW of module capacity in Ambala, a 2 GW EPE encapsulant facility, an EPC capacity of 69.12 MW, and an Odisha integrated manufacturing project under development.
- 2026
Expansion into transformers
[1]Saatvik acquired an 80% stake in Melcon Transformers and Electricals.
- 2025
Public listing
[1]The company completed its IPO and listed on the BSE and NSE on 26 September 2025.
- 2024
12 MW Odisha rooftop project commissioned
[1]Saatvik commissioned a rooftop solar project at a Jindal Steel and Power facility in Angul.
- 2023
United States market entry
[1]The company established a Texas subsidiary to support module sales in the United States.
- 2022
Ramagundam floating-solar supply
[1]Saatvik supplied 62 MW of modules for an NTPC floating-solar project in Telangana.
- 2021
141.76 MW BHEL order
[1]Saatvik received a module order from BHEL for the Raghansesda solar-park project in Gujarat.
- 2016
Operations begin with 125 MW capacity
[1]The company began operations with installed solar-module manufacturing capacity of 125 MW.
- 2015
Company founded
[1]Saatvik Green Energy was founded in India as a renewable-energy and solar-manufacturing company.
Products and positioning
An Indian integrated solar-energy manufacturer and EPC provider combining photovoltaic module production, project construction, distributed solar equipment, and expanding upstream and adjacent manufacturing capabilities.
Solar modules
Mono-PERC photovoltaic modules
Saatvik manufactures mono-PERC photovoltaic modules for utility, commercial, industrial, and distributed solar installations. Reported designs include half-cut cells and multi-busbar configurations intended to improve conversion performance and reduce electrical losses. The company has supplied these modules for large public and private solar projects in India.
Solar modules
N-TOPCon photovoltaic modules
N-TOPCon modules are a higher-efficiency product family used in Saatvik’s utility-scale supply contracts and EPC projects. Reported products reach ratings of up to 580 Wp. The company has also secured agreements involving large volumes of N-TOPCon modules for Indian energy producers.
Solar components
Solar cells
Through Saatvik Solar Industries and planned Odisha facilities, the group is expanding upstream into solar-cell manufacturing. Its reported 2026 order for G12R TOPCon cells reflects the company’s move toward a more integrated photovoltaic supply chain.
Power electronics
UDAY Series inverters
The UDAY Series is Saatvik’s range of on-grid solar inverters. The company also offers hybrid and off-grid inverter products for systems that require different grid, backup, or standalone operating configurations.
Energy storage
Battery energy-storage systems
Saatvik offers battery energy-storage systems as part of its broader solar-equipment portfolio. These systems can be integrated with photovoltaic installations and are relevant to commercial, utility, and backup-power applications.
Engineering and construction
Solar EPC services
Saatvik EPC provides engineering, procurement, and construction services for solar plants. Its work includes project design, equipment procurement, construction, and commissioning. Reported assignments include solar plants in Himachal Pradesh and rooftop installations in Odisha.
Distributed solar
Solar water-pumping systems
The company supplies solar-powered submersible pumps for irrigation and rural water access. Its Maharashtra programs include installations undertaken through the PM-KUSUM framework and a project covering 1,500 pumps across multiple districts.
Marketing campaigns
- 2025Kartik Aaryan brand ambassadorship
India
Actor Kartik Aaryan was appointed as a brand ambassador as Saatvik continued its consumer and corporate brand-building activity.
Outcome. The reported appointment broadened celebrity representation for the brand; specific campaign results were not reported.
- 2023Ravindra Jadeja brand ambassadorship
India
Saatvik appointed cricketer Ravindra Jadeja as a brand ambassador to support its public-facing positioning in the Indian renewable-energy market.
Outcome. The appointment increased the brand’s association with a nationally recognized sports personality; broader campaign performance was not specified.
Brand decisions
2026
Acquisition of Melcon Transformers and Electricals stakeM&ABackground
Saatvik pursued adjacent manufacturing capabilities connected to electrical infrastructure and renewable-energy deployment.
Action taken
Saatvik Green Energy acquired an 80% stake in Melcon Transformers and Electricals.
Aftermath
The transaction expanded the group into transformer manufacturing. Its financial consideration was not specified.
2026
Proposed Odisha integrated manufacturing expansionStrategyBackground
The company sought to increase upstream solar-cell production and integrate more of its photovoltaic manufacturing chain in India.
Action taken
Saatvik Solar Industries signed an MoU with IPICOL concerning an additional 3.6 GW solar-cell manufacturing facility at Gopalpur in Odisha.
Aftermath
The project represented a proposed second phase of Odisha expansion; completion status and final investment were not specified.
2025
Initial public offering and listingOtherBackground
The company pursued public-market financing after filing a draft prospectus with SEBI in November 2024.
Action taken
Saatvik completed a reported ₹900 crore IPO, comprising a ₹700 crore fresh issue and a ₹200 crore offer for sale, and listed on the BSE and NSE on 26 September 2025.
Aftermath
The issue was reported as subscribed 6.57 times. Shares opened at ₹460 on the BSE against an issue price of ₹465 and listed flat on the NSE.
IPO size. ₹900 crore (Issue period 19–23 September 2025; listing on 26 September 2025)
2023
Establishment of a United States sales subsidiaryStrategyBackground
Saatvik sought to expand beyond India as its photovoltaic manufacturing and project business grew.
Action taken
The company established a subsidiary in Texas to sell its solar PV modules in the United States.
Aftermath
The move created an international sales platform, although subsequent sales figures were not specified.
Sources1 sources
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