Subscribe for Saatvik Green Energy Ltd IPO; Ajcon Global

Ajcon Global, Saatvik Green Energy Ltd

Saatvik Green Energy Ltd. (SGEL) is one of India's largest solar photovoltaic ("PV") module manufacturers, having an operational capacity of around 3.80 gigawatt ("GW") modules as of March 31, 2025. It is one of India's fastest growing module manufacturing enterprises, having established itself as a major player in the solar energy sector. Since its start, the company has provided over 2.50 GW of highefficiency solar PV modules locally and globally. SGEL is known as one of the few companies that can provide module manufacturing, engineering, procurement and construction ("EPC"), and operations and maintenance ("O&M") services . It provides EPC services in India, with an installed EPC base of 69.12 MW as of March 31, 2025. The company also provides O&M services to customers, especially for EPC projects. The company provides a broad array of solar module solutions, which are now created using technologies that help reduce energy loss and boost overall efficiency.

Valuation and Outlook

The Indian renewable energy sector is gaining traction, mainly to government initiatives, the growing acceptance of clean energy, and rising demand for solar solutions. Saatvik Green Energy has established itself as a fast-growing solar module manufacturer with a strong brand and an expanding distribution network. The organization's revenue from operations increased from ₹10,879.65 million in FY24 to ₹21,583.94 million in FY25, while PAT increased from ₹1,004.72 million to ₹2,139.30 million over the same period. At the upper price band of ₹465, the issue is valued at a P/E multiple of about 27.63× on its FY25 post-IPO EPS of ₹16.83. We give a ‘SUBSCRIBE’ rating to the issue for the following reasons