To understand the operational stage created by Saatvik Green Energy in Ambala (its home-turf production-wise, even as the company is headquartered in Gurugram), you don’t really need to enter the city. Saatvik’s three plants are located within a 2-3 km radius on both sides of the highway that takes you from Delhi to Chandigarh (NH44). Once you have reached Ambala, on the left-hand side, you get a glimpse of its latest and biggest unit, which became operational recently. In fact, as you walk through the 14-acre facility, you will come across three production lines (in the process of attaining their peak) – two of them semi-automated, whereas the third is a state-of-the-art, fully automated unit where human intervention is minimal.
Within a 2-3 km radius, Saatvik is probably offering one of the largest single-location solar panel production facilities in the country – certainly the largest in northern India. In a dynamic market dominated by the likes of Tata Power Solar, Adani Solar, Waaree Energy, Vikram Solar and others, a relatively young entity (created in 2015) in Haryana’s Ambala seems to be upping the ante in its own way. And its moment of being included in the premier club of the complete solar play domain (not just panel manufacturing) seems to have arrived. The company is all geared up to float its IPO in the next few weeks (it has obtained SEBI’s nod), under which it intends to generate Rs1,150 crore. Out of this, about Rs850 crore will be raised via a fresh issue and Rs300 crore via OFS. Reaching this milestone will unlock new possibilities for the company in capacity building vis-à-vis taking a vital backward integration step in an eastern state. Plus, it is eyeing other aligned services such as EPC and O&M, with a view to building more robust verticals.
Base created in 10 years
The young company also has young hands spearheading its journey. Two brothers (third-generation entrepreneurs from a local business family) – Chairman Neelesh Garg (31) and MD Manik Garg (30) – are wielding the baton, trying to play a bigger game. And the brothers have the support of a very experienced management team comprising of professionals like Prashant Mathur (CEO) and Abani Jha (Group CFO). Both of them bring to the table sizeable experience across various domains, including renewable energy. Mathur, who came on board in 2022, has also been associated with Vikram Solar in the past – among the leading domestic players in the
solar space, which made a successful debut at the bourses recently, raising Rs1,500 crore.
Saatvik clearly seems to be in the mood to be counted among the leading entities, and an IPO would certainly help in creating more buzz for the company, apart from raising funds for its future expansion. Ask Manik Garg why the company chose to approach Dalal Street when it could have invited fund infusion from the PE side, and he responds with a clear answer. “There are multiple ways today to raise capital. But if you look at our space, PEs have typically been more inclined to invest in the IPP space. They’re not very comfortable with manufacturing,” Garg reasons.
The company seems to have been emboldened by recent sterling performances – of course, on a low base. On several performance parameters, particularly after FY22, there has been a major uptick. The company commenced its manufacturing operations in 2016 and has, over the years, expanded its annual installed capacity from 125 MW as of March 2017 to close to 4 GW now. Between 2023-24 and the end of February 2025, production capacity has been on a skyrocketing trajectory – rising from 564 MW to 3.7 GW. The addition of the third plant in Ambala, its biggest to date, is the reason for this sudden spike in capacity. “We have invested close to Rs300 crore in adding capacity in recent years,” says Jha. Meanwhile, in the last 3 years, its topline has doubled, growing from Rs479.5 crore to Rs1,087 crore. During the same period, EBITDA has also grown commendably – from Rs14.7 crore to Rs156.4 crore. “We have been quite agile in tapping market opportunities. Our current capacity utilisation ratio is close to 80 per cent, which is far higher than the industry average of 60-65 per cent,” Mathur underlines.
The company is also drawing mileage from the fact (as mentioned in its DRHP) that it is one of the largest module manufacturers in North India, which is a high solar incidence area comprising states like Rajasthan and Madhya Pradesh. And, as per the information shared in the prospectus, some of its prominent clients include Solarcraft Power India 21, Enrich Energy, Shree Cement, SJVN Green Energy, Prozeal Green Energy, Amplus KN One Power, JSW Neo Energy, Stockwell Solar Services, and Megha Engineering and Infrastructure Limited.
Game changer
The company is now eyeing full capitalisation on its recent gains and is working on creating a 4.8 GW integrated cell manufacturing facility (the core component of panel production) in Odisha, which will give it better control of the entire production cycle, both in terms of quality and margin. “This is going to be a very big facility, and we estimate an investment of R500 crore in this project,” says Garg. “Cell manufacturing is very critical for our future growth as it delivers several advantages. We want to build the entire ecosystem in the country. If you develop expertise here, cost benefit will come into play,” adds Mathur.
The plant is being set up in Gopalpur Industrial Park in the Ganjam district of Odisha and is slated to become operational in FY27. It is also scheduled to have a module manufacturing facility. Plus, the company is working on an additional facility in Ambala for panel manufacturing, with a capacity of 1 GW. Following these additions, the company is looking at a cumulative capacity of 8.8 GW in the next couple of years.
Simultaneously, the company is also looking to make a larger splash in the EPC arena, which is currently a sideshow. “Currently, its contribution to our topline is in single digit. But we are expecting it to become a better contributor. We have undertaken some prestigious projects which give us that confidence,” Mathur underlines, while adding that Saatvik Energy’s solar EPC solutions comprise design and engineering, construction, quality assurance and procurement. By the end of December 2024, the company had completed 12 solar power projects with an aggregate capacity of 69.12 MW. It executed marquee projects such as a 12 MW installation for Jindal Steel and Power in FY24.
As Mathur underlines, the company is looking at other growth drivers in the form of government programmes aimed at paving the way for larger solarisation in the country. “We foresee plenty of action triggered by programmes like the PM Kusum Scheme (for solar pumps) and the PM Surya Ghar Muft Bijli Yojna. There will be opportunities for specialists like us there,” he says. The PM Kusum Scheme, for instance, offers government subsidies for the installation of solar pumps by farmers. To respond to this segment, Saatvik Green has come out with three categories of sets which have been approved by the designated agency.
Its future growth, however, will be centred around panel manufacturing, where it has marked its presence with some prestigious projects – the 61.42 MW floating solar power project at Ramagundam, Telangana; 72.15 MW of solar modules for the Raghanseda Solar Park in Banaskantha district, Gujarat; 70.2 MW of solar modules to SJVN Green Energy in Punjab; and others. Quite clearly, the 10-year-old firm has made some formidable preliminary moves and, with an enlistment expected before the end of October, its positioning may get a major boost.