Shares of Saatvik Green Energy closed Friday’s session 4.5% higher at ₹419 apiece, as investors reacted positively to the company’s latest order win, which boosted its revenue visibility. The rally also marked the stock’s biggest single-day gain in over a month and helped trim its monthly losses to 3.3%.
The company, in a post-market filing on Thursday, announced that its material subsidiary, Saatvik Solar Industries, had secured an order worth Rs190 crore for the supply of solar PV modules from a renowned independent power producer (IPP)/EPC player.
This marked the second major order win for the company in recent weeks. Last week, the subsidiary secured an order worth ₹476 crore from Vikran Engineering for the supply of solar PV modules.
Earlier in May, the company had secured a similar order worth ₹171.45 crore from a domestic independent power producer.
The order involved the supply of TOPCon bifacial glass-glass solar PV modules, a next-generation solar technology that generates power from both sides of the panel rather than just the front, significantly increasing energy output compared with conventional modules, the company said in its May exchange filing.
Last week, Saatvik Solar Industries also signed an initial pact with the Industrial Promotion and Investment Corporation of Odisha Ltd. (IPICOL) to set up a 3.6 GW solar cell manufacturing facility at Gopalpur in Odisha.
The proposed facility will form part of Saatvik Solar’s broader manufacturing expansion at Gopalpur, where the company is already progressing with its Phase I integrated manufacturing facility.
Saatvik Green Energy is one of India’s leading solar photovoltaic module manufacturers, with a presence across utility-scale, commercial and industrial (C&I), EPC, and distributed solar segments.
The company operates a 4.8 GW module manufacturing facility in Ambala, Haryana, and is developing a greenfield integrated manufacturing facility in Odisha with 4 GW of module capacity and 4.8 GW of solar cell capacity.
Shares remain volatile since listing
The company’s shares have remained volatile since their listing in September 2025 and have largely traded below their issue price. Although the stock gained momentum soon after its debut, it failed to sustain those gains and fell below ₹330 in March before staging a recovery.
From those levels, the stock has rebounded 22% to trade at the current price of ₹419. However, it still remains 14% below its issue price and 29.3% lower than its post-listing high of ₹567.
For the quarter ended June, the company reported a 95.45% decline in consolidated net profit to ₹5.3 crore, impacted by weak revenue. It had posted a net profit of ₹116.6 crore in the same quarter a year earlier.
Revenue from operations declined to ₹511 crore from ₹915.7 crore in the April-June quarter of the previous financial year.
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