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Gurugram-based solar module maker Saatvik Solar is preparing for an Initial Public Offering (IPO), with Chief Financial Officer (CFO) Abani Kant Jha indicating that the public listing is anticipated in early Fiscal Year (FY) 2026. Jha stated, “We are considering this option and expect it may occur sooner rather than later.”
Saatvik aims to double its production capacity to 8 gigawatts (GW) by FY26 and achieve sales of 2.5 million units by FY27. Jha said, “We foresee surpassing $1 billion in sales by FY27,” highlighting the company’s ambitious long-term goals. To support this expansion, Saatvik plans to invest Rs 2,200 crore, with Rs 1,500 crore allocated for the first phase by FY26 and an additional Rs 700-800 crore by FY27.
Strategic Investment for Expansion
To facilitate its growth, Saatvik is dedicating Rs 1,500 crore to the first phase of an integrated cell and module manufacturing facility in Odisha. Jha noted, “This investment is essential for our growth trajectory,” emphasizing its strategic importance.
Saatvik is targeting Rs 2,000 crore in topline revenue this fiscal year, aiming for 100 per cent growth. The company expects its profit after tax (PAT) to reach around Rs 170-180 crore, representing an 80 per cent increase from the previous year.Abani Kant Jha, CFO, Saatvik Solar
Jha expressed confidence in achieving these targets, stating, “We’ve already secured confirmed orders worth Rs 1,800 to ₹1,900 crore.”Current Capacity and Future Prospects
Jha provided insights into the company’s journey: “I’d like to break my response into two parts—where we started and where we are now, along with what’s on the horizon for us.” The fiscal year began with a capacity of 600 megawatts (MW), enabling the company to achieve a topline of Rs 1,100 crore. However, starting from April 2024, Saatvik significantly boosted its capacity by adding 1.2 GW, bringing the total to 1.8 GW. This includes both monofacial and bifacial modules, expanding market reach. In the first half of the fiscal year, the company has already crossed Rs 700 crore in revenue, even during a traditionally lean sales period.
The third quarter will likely generate as much revenue as the combined total of the first two quarters, while the fourth quarter is expected to surpass the combined revenue of the first three. By November, Saatvik plans to add 2 GW of capacity using Topcon technology, increasing total capacity to 3.8 GW by year-end.…
Exploring New Technologies
As part of its long-term vision, Saatvik is also exploring new technologies, including green hydrogen and battery storage systems. Jha commented, “We are still in the early stages, but it is certainly an area of interest for us,” indicating the company’s commitment to innovation.
Jha acknowledged the government’s proactive support for the solar sector, highlighting measures like the requirement that any cell needing to connect to the power grid must be produced in India. “This policy has significantly reduced imports from China,” he stated, underscoring the favorable business environment.
Compliance Management Through Technology
On compliance, Jha described the importance of establishing a robust framework to ensure regulatory adherence while minimizing operational disruption. The company is investing around Rs 40-50 million to upgrade its compliance technology, achieving about 95 per cent satisfaction in compliance processes.
As Saatvik prepares for its IPO, Jha emphasized the importance of corporate governance and Environmental, Social, and Governance (ESG) principles in the company’s operations. “My role as CFO is to support management in business growth by arranging capital at the right time and price,” he noted.
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