Saatvik Green Energy IPO: Key Details, Subscription Dates & Investment Outlook

If you’ve been following India’s renewable energy story, you’ll know solar power is at the heart of it. Every year, the government raises the targets, and every year new players enter or expand. Among them, Saatvik Green Energy is now stepping into the spotlight with its much-anticipated IPO.Let’s unpack what the Saatvik Green Energy IPO is about, why it’s creating buzz, and what you should know before considering it.

 

What is Saatvik Green Energy?

Saatvik Green Energy Ltd is one of India’s fast-growing solar photovoltaic (PV) module manufacturers. Alongside manufacturing, it also provides engineering, procurement, and construction (EPC) services, plus operations and maintenance (O&M) for solar projects.

As of March 2025, the company already had a 3.8 GW module manufacturing capacity. With India’s push toward renewable energy, Saatvik is aiming even higher.

Key Details of the Saatvik Green Energy IPO

Here are the main highlights of the issue:

• Issue size: ₹900 crore (Fresh issue ₹700 crore + Offer for Sale ₹200 crore)
• Price band: ₹442 – ₹465 per share
• Lot size: 32 shares (minimum for retail investors)
• Employee benefit: A ₹44 per share discount for eligible employees
• Dates: Opens 19 September 2025, closes 23 September, allotment on 24 September, and listing on 26 September on both NSE and BSE
• Allocation: QIBs up to 50%, Retail at least 35%, NIIs at least 15%

How the IPO Money Will Be Used

Whenever a company raises funds, it’s important to know where that money is going. Saatvik has laid out its plan:

• Around ₹477 crore will fund a new 4 GW solar module manufacturing facility in Odisha
  
• About ₹166 crore will help its subsidiary repay or pre-pay loans
• Roughly ₹10.8 crore will go toward reducing debt at the parent level
• The rest is earmarked for general corporate purposes

In short, most of the money is being pumped back into growth and strengthening the balance sheet.

Financials and Valuation

At the upper price band, Saatvik is valued at about ₹5,910 crore. In FY25, the company reported:

• Revenue: ₹2,192 crore
• Profit after tax: ₹213.9 crore
• EPS: ₹19.09
• ROE: 63.4%
• ROCE: 60.45%

The IPO’s price-to-earnings (P/E) ratio works out to ~20x. That’s lower than Waaree Energies, a leading peer trading above 40x, but reasonable for a growing company.

Why Investors Are Interested

1. Riding the solar wave – With India’s ambitious renewable energy targets, the demand for solar modules is only going up.
2. Capacity expansion – The Odisha project doubles down on growth.
3. Strong numbers – High returns on equity and strong revenue growth inspire confidence.
4. Reasonable valuation – Not cheap, but more affordable compared to larger peers.

Risks to Keep in Mind

Like any IPO, this one carries risks:

• Capital intensity – Solar module manufacturing requires heavy investment.
• Policy dependency – Any changes in subsidies or import duties could affect margins.
• Execution risk – The new Odisha facility must be delivered on time and within cost.
• Debt & working capital – Borrowings remain a factor to watch.
• Valuation pressure – At the higher end of the price band, there’s less room for error.

The Bottom Line

The Saatvik Green Energy IPO is an opportunity to invest in a sector that’s central to India’s energy future. The company has shown strong financial performance, and its expansion plans align with rising demand.

That said, investors should weigh the risks — particularly around execution and policy dependency. If you believe in India’s solar story and are comfortable with IPO risks, Saatvik could be worth considering as part of a long-term renewable energy bet.