Subscribe for Saatvik Green Energy Ltd IPO; Anand Rathi

Anand Rathi, has come out with its report on Saatvik Green Energy Ltd. The research firm has recommended to “ Subscribe” the ipo in its research report as on September 18, 2025.

Broker Research

September 19, 2025 / 14:30 IST

IPO

Anand Rathi, Saatvik Green Energy Ltd

Incorporated in 2015, Saatvik Green Energy is amongst the leading module manufacturers in India in terms of operational solar photovoltaic (“PV”) module manufacturing capacity, with an operational capacity of about 3.80 gigawatt (“GW”) modules as of March 31, 2025. Operating 2 facilities in Ambala, Haryana, the company offers Mono PERC and N-TopCon modules in mono-facial and bifacial variants, catering to residential, commercial, and utility-scale solar projects with enhanced efficiency. It manufactures products through the use of M10 technology for Mono PERC modules and M10, G12, M10R and G12R technologies for N-TopCon modules.

Valuation and Outlook

On the valuation front, based on annualized FY25 earnings, the company is seeking a P/E of 27.4 times, and a post-issue market capitalization of approximately Rs 59,102 million, making the issue appears to be fully priced. Based on benefits of backward integration, module capacity expansion, and cell integration which could capitalize in long run in its profitability. Hence, we assign Subscribe for long term rating for the issue.

For all IPO report, click here