Saatvik Green Energy, one of India’s leading solar photovoltaic module manufacturers, on Monday said its material subsidiary, Saatvik Solar Industries, has secured an order worth ₹190 crore for the supply of solar PV modules. While the company did not disclose the name of the awarding entity in its regulatory filing, it said the order was received from a renowned independent power producer (IPP)/EPC player.
The company also clarified that neither its promoters nor members of the promoter group have any interest in the awarding authority and that the contract does not qualify as a related-party transaction.
This marks the second major order win for the company in recent weeks. Last week, the subsidiary secured an order worth ₹476 crore from Vikran Engineering for the supply of solar PV modules.
Earlier this week, Saatvik Solar Industries signed a Memorandum of Understanding (MOU) with the Industrial Promotion and Investment Corporation of Odisha Limited (IPICOL), Government of Odisha, to set up a 3.6 GW solar cell manufacturing facility at Gopalpur in Odisha’s Ganjam district.
The company said the proposed facility marks an important step in Saatvik Solar’s plans to further expand its manufacturing capabilities in Odisha. The new facility will form part of the company’s broader manufacturing development at Gopalpur, where it is already progressing with its Phase I integrated manufacturing facility. Phase I has achieved key construction and installation milestones and is now advancing towards commissioning.
In the same filing, the company also provided an update on its Gopalpur manufacturing facility, stating that Phase I has made substantial progress, with major construction and infrastructure work completed. Equipment installation and testing activities are also advancing across the facility.
Shares remain volatile since listing
The company’s shares have remained volatile since their listing in September 2025 and have largely traded below the issue price. Although the stock gained momentum soon after its debut, it failed to sustain those gains and fell below ₹330 in March before staging a recovery.
From those levels, the stock has rebounded 22% to trade at the current price of ₹401. However, it still remains 14% below its issue price and 29.3% lower than its post-listing high of ₹567.
For the quarter ended June, the company reported a 95.45% decline in consolidated net profit toRs 5.3 crore, impacted by weak revenue. It had posted a net profit of ₹116.6 crore in the same quarter a year earlier.
Revenue from operations declined to ₹511 crore from ₹915.7 crore in the April-June quarter of the previous financial year.
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