Solar equipment manufacturer Saatvik Group is looking to secure ₹1,000 crore in private equity funding this fiscal year to support its expansion efforts, according to Group CFO Abani Kant Jha. “We are in discussions with bankers for private equity funding,” Jha stated, highlighting the company’s goal to go public in the coming years. The funds will cover the equity portion of the group’s planned capital expenditure of ₹2,200 crore. The company currently carries a debt of ₹400 crore.
Saatvik Green, the holding entity of the Gurgaon-based group, oversees two subsidiaries: Saatvik Solar, which focuses on solar equipment manufacturing, and Saatvik EPC, responsible for engineering, procurement, and construction operations. In the 2023-24 fiscal year, Saatvik Green achieved revenues of ₹1,107 crore with a profit of ₹115 crore. The EPC segment contributed 15% to the group’s total revenue.
With new production capacities coming online, it aims to nearly double its revenue to ₹2,000 crore this year. The company’s current module manufacturing capacity stands at 1.8 GW, which is set to expand to 3.8 GW by November. CEO Prashant Mathur outlined that the planned capital expenditure will be executed over the next two years, enabling the group to scale up to 7.8 GW in module production and 2 GW in cell production.
Saatvik recently secured a significant order worth ₹650 crore to supply solar modules to L&T, with its entire operational capacity of 1.8 GW fully booked and an order backlog of ₹2,900 crore. Currently, 600 MW of module-making capacity is located at it’s facility, while all new capacities are being developed under it in Odisha, complementing its existing plants in Haryana.
