Saatvik Solar, based in Gurugram, is preparing for significant expansion, including a potential initial public offering (IPO) in the next fiscal year. The company, which currently boasts a solar module manufacturing capacity of 3.8 gigawatts (GW), plans to invest Rs 1,500 crore to enhance its production capabilities. This investment will support the establishment of a 2-GW cell manufacturing unit and an additional 4-GW module manufacturing capacity.
In an interview with a news agency, Saatvik Solar’s senior executives discussed their growth trajectory and future plans. The company, which started with a 200-megawatt (MW) capacity a decade ago, has seen its revenue surge from Rs 100 crore to over Rs 1,100 crore last year. Saatvik Solar now operates three manufacturing facilities and is focusing on both forward and backward integration to strengthen its market position.
Prashant Mathur, CEO of Saatvik Solar, outlined the company’s expansion strategy, stating, “We are adding 2 GW of cell manufacturing capacity and an additional 4 GW of module production. Initially, we will expand cell manufacturing by 2 GW and module production by 2 GW, with the potential to increase module production by another 2 GW. By next year, we aim to achieve a total capacity of 5.86 GW for modules and 2 GW for cells.”
Regarding the IPO, Mathur noted that while the company is considering going public, it is still in the preliminary stages of planning. Saatvik Solar is expected to follow in the footsteps of other solar companies like Premier Energies, Waaree Energies, and Vikram Solar, which have either debuted on the stock market or announced similar intentions. The IPO is projected for fiscal year 2026.
In the short term, Saatvik Solar’s focus remains on the domestic market, with exports currently playing a minor role. The company is wary of the impact of Chinese solar module pricing on global markets. Mathur stated, “Exports are part of our strategy, but not a primary focus at the moment. Due to the low prices driven by Chinese dumping, we are not prioritizing North America right now. However, as the market conditions improve, we plan to target 10-15 percent of our revenues from North America.”
Saatvik Solar is also exploring a 1-GW module manufacturing facility in the U.S., though this project is on hold pending the outcome of upcoming presidential elections. Beyond solar manufacturing, the company is looking into expanding into green hydrogen and battery manufacturing as part of its long-term growth strategy.
