Good morning, everyone, and welcome to the Q3 and nine-months FY '26 earnings call of Saattvic Green Energy Limited. Today, we have with us Mr.

Neelesh Garg, Chairman and MD; Mr. Prashant Mathur, CEO; Mr.

Abani Jha, CFO; and Adfactors IR team. We will begin the call with the opening remarks from the management, after which we will have the forum open for the interactive Q&A session.

I must remind you that this conference call may include forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on the date of this call. The statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict.

I now hand over the conference to Mr. Neelesh Garg, Chairman and MD of Saattvic Green Energy Limited, for opening remarks.

Thank you, and over to you, sir.

Hi, good morning, everyone, and a warm welcome to Saattvic Green Energy Limited's earnings conference call to discuss our performance for the third quarter and nine months ended FY '26. Thank you for joining us today and for your continued interest in Saattvic.

On behalf of the Board and the management team, I would like to sincerely thank our investors, analysts, and stakeholders for the trust and confidence you continue to place with us. The first nine months of FY '26 have been a period of steady operational execution, disciplined capacity utilization, and continued strategic progress.

While the second quarter saw temporary headwinds due to monsoon-related execution delays, logistics disruptions, and the impact of GST rate reductions, the operating environment improved meaningfully in quarter three, allowing execution momentum to normalize. India's renewable energy sector continues to remain structurally strong.

Government initiatives such as PM Surya Ghar, PM-KUSUM, CPSU Scheme Phase-II, and the national target of achieving 500 GW of non-fossil fuel capacity by 2030 continue to support long-term demand for solar energy. The progressive increase in government allocations for rooftop solar schemes over the past few years reflects rising policy intensity and provides greater confidence in the sustainability of demand growth.

Simultaneously, the industry is witnessing a clear shift towards high-efficiency technologies, reinforcing the importance of scale, reliability, and technology leadership. Against this backdrop, Saattvic continues to strengthen its position as one of India's leading solar module manufacturers.

Our Ambala manufacturing facility is fully operational at an annual capacity of 4.8 GW, supported by high utilization levels of over 81% during quarter three and a diversified customer base across utility-scale, C&I, EPC, and distributed segments. During the period, we successfully commissioned and operationalized our 2 GW in-house EVA film manufacturing facility in Ambala.

Moreover, we continue to make steady progress on our greenfield integrated manufacturing project in Odisha, which will comprise 4 GW of module capacity and 4.8 GW of solar cell capacity. The project is a critical milestone in our journey towards backward integration, improved cost competitiveness, and long-term margin sustainability.

In parallel, our module businesses continue to secure repeat domestic orders, and we remain focused on expanding selectively across adjacencies such as solar pumps and inverters while maintaining capital discipline. With that, I would like to now invite our Chief Financial Officer, Mr.

Abani Jha, to take you through our financial performance for quarter three and nine months ended FY '26.

Thank you, Neelesh, and good morning, everyone. I will now take you through the financial performance for the third quarter and nine months ended FY '26.

For the nine-month period, Saattvic delivered a strong year-on-year growth across revenue and profitability, driven by higher volumes, stable realizations, and disciplined cost management. Revenue for the quarter stood at 12,570 million, registering a 143% growth over Q3 FY '25.

EBITDA was 1,647.6 million, up 134% year-on-year, translating into EBITDA margin of 13.11%. Profit after tax came in at 987.2 million, reflecting a 144% year-on-year increase.

The sequential improvement in Q3 was driven by normalization of dispatch and logistics schedules, pick-up in project execution post the monsoon season, and continued strong demand across utility-scale and C&I segment. From an operational standpoint, total production during Q3 was 759 MW.

Capacity utilization remained robust at 81% in Q3 and an annualized 82% for nine-months FY '26, underscoring the strength of our execution capabilities. Revenue for the period stood at 29,407.8 million, registering a 137% growth over nine-months FY '25.

EBITDA was 4,693.4 million, up 135% year-on-year, translating into an EBITDA margin of 15.96%, reflecting sustained operating efficiency. PAT came in 3,007.9 million, reflecting a 145% year-on-year increase with a PAT margin of 10.23%, supported by operating leverage.

Our greenfield integrated project in Odisha remains on track with 4 GW of module capacity scheduled for commissioning by the end of FY '26 and 4.8 GW of cell capacity scheduled for FY '27. This expansion enhances vertical integration, improved cost control, and supports sustainable margin performance in the future.

During the quarter, we successfully commissioned and operationalized our 2 GW in-house EVA film manufacturing facility at Ambala, making a major step in our vertical integration journey. This investment strengthens supply chain security, enhances quality control, and improves margin stability, reinforcing our focus on long-term operational resilience.

From a balance sheet perspective, the company remains financially strong with healthy return ratios and continued focus on prudent capital deployment even as we invest for future growth. As of the end of the quarter, our order book remains healthy at approximately 5.05 GW, providing clear visibility for the coming quarters.

Overall, the financial performance for Q3 and nine-months FY '26 demonstrates Saattvic's ability to scale profitably, maintain balance sheet discipline, and execute consistently in a dynamic operating environment. With that, I open the floor for the questions.

We will be answering your questions.

Hello, sir. Can you hear me?

Yes, sir. Very clear.

Thank you, sir. Thank you for the opportunity, and congratulation on good set of numbers.

Sir, my first question is with respect to the capacity expansion. We will be adding 4 GW of module by the end of FY '26.

My assumption is around 8.8 GW of module will be operating in FY '27. When will the cell capacity of 4.8 GW cell will be starting to operationalize?

Yes, good morning. This is Prashant Mathur.

The module plant commissioning will happen in the last around March of '26, the equipment installation will start. Then there is a ramp-up which happens.

In the first quarter, we will start the commercial production from the module plant, and this is in one stroke it is 4 GW of module. The ramp-up happens over 3-4 months' time.

This will start revenues in the first quarter, around mid of the first quarter of next financial year. Cell will installation machines will also start around the same time, but cell takes little more time to stabilize and ramp up the efficiencies.

We expect the commercial production from the second half of next financial year. Assuming around October is the timeline which we are planning for commercial production of a cell line.

Understood, sir. Sir,

due to the rising silver prices as well as China stopping export rebate in solar cells and modules, there has been slight increase in module and cell prices. Can you give the ballpark number realization figures for the module as well as cell for the quarter?

The inherent nature of this industry is that the price volatility is always there, and prices are determined by not only the commodity prices, but also various government policies, taxation, duties. All these factors, and that is where a strong and decision-making management is very important in any operations.

The way we structure our business is we take care of the fluctuations in the commodities. The prices also has risen because of the silver and aluminium and copper prices impact, and so the effect could be marginal in a short term, but long term, the prices adjust in the market according to the behavior of the commodities and the input material prices.

Understood. Sir, and what is the realization figure for the quarter?

For the quarter, our EBITDA is 13.11%, and for the year, our EBITDA is 15.96%, close to 16%. No, sir.

I meant the module and cell price realization, module realization, per rupees per watt, how much are we selling it for? Absolute number, we cannot tell.

What we can say is that prices dipped a little bit in the last quarter, but it has gone back to the original level again in this quarter because of the rising prices. Understood, sir.

As I said, the prices fluctuate up and down due to all these factors. Since there's been lot of fluctuation in the silver prices, silver prices used to be about 15%-16% of the module prices, today it is close to 25%.

That is the kind of impact the fluctuation has given to the input price of silver only in the module price. Understood, sir.

Sir, my final question is during the quarter, how much of the total revenue at the consolidated level was from modules and how much was from solar pumps? Solar pump is a very recent of our business.

This year this year, we target to make it a business unit, a stand-alone business unit. As of now, the solar pump revenue mix in our business is close to 0.5%, 0.35%.

3.5%? No, no, no.

No, no, no. 0.35%.

Basically, this entire 1,250 crores of revenue is basically from sale of module, if my understanding is right. No, around 95% of the sales is in the module sales.

In EPC also, there is module involved. In pumps also, there are module involved.

These are all counted in the module sales. Understood, sir.

Sir, can you give the guidance with respect to solar pumps? How are you planning to expand the revenue or this business segment in the coming year?

Our solar module versus the rest of the business this year expected to be 95% and 5%. As we are expanding into EPC business, pump, inverter, the target for going forward is to make it to 15%, which we are trying to achieve in the next couple of years.

Also, this quarter, we have started our encapsulant plant. So 2 GW manufacturing of encapsulant.

We are also setting up now manufacturing assembly of inverters also. We are also getting into cell manufacturing.

Cell manufacturing gives us additional margins because you have a DCR policy which is giving extra margins for if you are a cell manufacturer. All that will add on to our overall numbers in the period to come.

Understood, sir. Thank you, sir.

Thank you.

Hello. Am I audible?

Yes, please. Good morning.

Please go ahead.

Yeah. Good morning, sir.

Congratulation for your results. Sir, my question would be is very from the bidding point of view, all of the order book that you have is how the pricing works, because given the volatility in the silver and the copper price, which is a very critical input for your raw material, is it a pass-through formula or there is something hit that normally company has to take?

Order book is a mix of large utility customer, C&I, but the order book does not consist spot orders and retail, which is also a sizable chunk of our business. If you see our order book, we have executed close to a gigawatt in this quarter.

We have also added new orders, and today our order book is over 5 GW, which translates to about 6,500 crore. Now some of the orders which are long-term are devised in a way which takes care of the change in the dollar fluctuation, a change in the input cost, either the end customer secures the cell or gives us financial instrument for us to secure the cell.

Also change in law. These are the three things which we take care of while devising any long-term contract.

These long-term contracts, I'm talking of is between 6 to 12 months cycle. Then there are other orders also, which are short-term, which needs to be executed in a month or till 4-5 months period, and those could be fixed as well.

It's a mix.

Sir. Sir, second question and the last question is in the recent budget, government have exempted the critical raw material to manufacture the glass.

Would that be would have a advantage in the maybe not immediately, but in maybe coming 1 year or 2 years, in terms of the better margin being glass being locally manufactured? If any inputs can be highlighted.

I understand it's too early to say, but just to understand.

Yes. It's too early to say because we are not into glass manufacturing.

We expect it to have a positive impact on the glass prices, and it should help reducing the input cost for modules.

Okay. That's it from my side.

Thank you, sir.

Thank you very much.

Hello, sir. Thank you for the opportunity.

Sir, just wanted to know what are the market prices for DCR and non-DCR modules in the market today?

It is not fair for me to comment on the market prices. Sure.

Fair enough. Second question is what is the share of DCR versus non-DCR in our sales, what we are selling?

Since we are not manufacturing cells as of now, DCR is only in our retail part. I would say it's maybe around 3%-4% of our monthly sales.

Fair enough. As

yeah, that's what in the earlier answer I was saying that with Saattvic, the value unlocking is around the corner. That is because since our cell manufacturing is about to begin, and so the value unlocking from cell manufacturing and DCR is going to come in the year next year.

Fair enough. Just last question, sir.

What is the capex that we are planning for the cell line that we're setting up?

The capex for cell plus module is about 1,850 crores. For cell part is 1,500 crores.

1,350. Sorry, 1,350 crores.

Understood. Understood.

Fair enough, sir. Thank you so much.

That's all.

Thank you.

Hello, sir. Just two questions.

One is what is the sales volume of this number? I understand 756 MW is production.

Wanted to know the megawatt sales.

920 MW in December in Q3. In Q3.

Overall sales is 2,058 MW.

Sure, sir. Sir, on your margins, if I see 13% or this, including other income, ex of that is around 12.2%.

I understand prices would not fluctuate so sharply in just a matter of one quarter. Maybe it was some commodity inflation that you couldn't pass through on the spot orders.

What was the reason for this margin contraction?

Prakhar, if you see, even in our guidance, we have said that 13% EBITDA is a realistic expectations for the year. However, if you see for the year, we are at 16%.

The marginal dip in this quarter was, as you have rightly said, was the impact of the fluctuation in the commodity pricing and

also the dollar.

The dollar. These were the two fluctuations.

This impact will show positively should show positively in the fourth quarter of this financial year because the market adapts to the prices with a lag, but it actually adapts to the prices.

Understood. Sir, just lastly, on exports, given all this duty with US, how do you see exports to US given we had around some exposure back in '24?

Any outlook there?

We are still evaluating the policy, trade policy. It is a very welcome and a positive step.

18% from 50% is definitely good for us. As you said, rightly said, last year, we were doing exports.

We were building the business there. We are still exporting, though it is less than 1% of our overall sales, but we are still exporting, but we were exporting which where we were not taking any tariff risk for the US market.

We have the foot in the door, and we will be pursuing the US market, especially now when our cell manufacturing is also going to start soon. We will be positively pursuing the US market, both for our cells and modules.

This is

18 is over and above the Section 201 duty, right, which is 14%? The 18%

Yeah, so that nitty-gritties needs to be evaluated because the announcement has happened, but we have not got the full details of the policy. I think it is still not signed.

The more details we should be seeing in the following weeks, then we can really comment on that.

Sure, sir. Thank you so much.

Thank you.

Yeah. Hello.

Am I audible?

Yeah.

Yes, you're audible. Good morning.

I just have two questions. Firstly, on the realizations, since you said that we are back on the original realizations, do we see them staying the same going forward?

Again, I really cannot comment because silver prices are really going 9% up and down on a daily basis. What I was saying was that the module prices which were at a number in the first half of the year dipped in the third quarter, but is again back to those numbers.

If the prices commodity prices keeps rising, obviously, that will reflect in the module prices also. If it is stabilizes, which is actually good for any business, then we should see around the same prices.

Okay. Secondly, on the interest cost, there has been a sharp increase in the interest cost in this quarter.

Any one-off reasons for that? Or is it going to sustain at this level?

Yeah. Upward trends in the commodity prices was actually impacting the sales prices also.

We have taken some short-term position for sale, and to finance that, we have taken some short-term borrowings. Because of that, the interest cost is temporarily shot up, which will be normalized by March.

Okay. Lastly, any sort of targets you have for the output in FY '27, or also you can guide for us on the module manufacturing side?

For FY '27? Yes, please, sir.

Okay. Future can be seen from the past.

If you see, our growth pattern has been 88% CAGR growth in revenues and 250% growth in PAT for last few years. This year also, we have grown over 100% in all, be it revenue, EBITDA, or PAT.

We will try to defend these numbers for the year, and this is the kind of growth which we are also expected to grow for the next year as well.

Okay. That is all from my side.

Thank you.

Thank you.

Thank you for the follow-up. I just want to understand with respect to cell, which is currently our raw material, for how many months did we procure cell in our inventory?

Cell, normally, it depends. We keep inventory for about 3 to 4 weeks and then in transit, about 6 weeks inventory.

Because of the fluctuation in the silver prices and others,

Sorry, we missed your question, sir.

Yes, please.

Yeah. Hi.

Thanks for the opportunity. On the raw material price increase, wanted to understand, are you able to fully pass on these raw material prices?

Or because of rising capacity, rising competition, do you also have to take a hit?

Good morning, Mr. Sarang.

As I said earlier, your order book is a mix of long-term orders where you have the ability to pass through, and then you have short-term orders wherein these are inbuilt in the prices. There's a background noise.

It is inbuilt in the prices. In some, you are able to pass through, and some, you are not able to pass through.

If you see material procurement, though we try to keep inventory to minimum level, but if you see our interest cost risen is because we have secured our inventory because when you have fluctuating prices of this magnitude, then you try to secure your raw material. We have done that also.

Fluctuations up and down are part of this industry, and any person who operates in the industry has the understanding of when to secure the material and what prices to book the orders.

Got it. Understood.

On the cell side, I'm sorry if I missed it, but when will you be commissioning the plant?

Cell commercial production, we should start somewhere in October '26. Commissioning of the plant will happen in the second quarter, which is in July to September.

Commercial production should start somewhere around October.

Got it. How much time did it take for this, from groundbreaking to October '26, how much period is this?

It took us almost 15 to 18 months.

Understood. Sir, one last question on the competition.

How are you thinking about it? Because on the module side at least, there has already been about 140 GW of ALMM capacity.

Even on the cell, many players are increasing their capacity. It's about 30 right now, expected to go to 50-60 GW in a year.

How do you look at that?

Competition is always welcome because that also expands the market. If you see this year also, last year, about 32 GW, 32-34 GW installation happened.

This year itself, the pace which is going on, I think India should be over 50-55 GW already. With the rising energy demand in India, electric vehicle, battery storage, green hydrogen, India wants to be a rising economy, developed economy, all this will drive the energy demand and installations in India.

Even at this level, with average capacity utilization of the industry somewhere around 40% to 50%, we don't see overcapacity. Also with the India-US trade deal, the risk which was in some forums have been talked about that those capacities which were made for export market will now end up in India, I think that has also got addressed.

We don't see market flooded with that. In cell manufacturing also, there's a difference between the cup and the lip.

These are announcements. The reality is today only 26 GW of cell manufacturing is there, out of which 12 about 12 GW is mono PERC, which, as more cell capacities will come, they'll become obsolete because that's a outdated technology.

Cell manufacturing, it takes time for a new player to understand the dynamics and enter the manufacturing and be able to fully commit doing it for a longer period of time. We welcome all competition, and I think we have spent 10 years in this business, and we should be able to handle the market dynamics.

Understood. Got it.

Thank you. That was very helpful.

Thank you.

Hi, sir. Sir, just to follow up on the previous question.

What kind of DCR demand do you foresee coming in in the next 2-3 years once ALCM is in?

The mandate which is to develop the ecosystem in India, and that from module to now cell, and which is expected to shift in '28 to ingot and wafer. The vision is very clear that we want to manufacture everything in India.

The shift from module to cell will start happening once ALMM and there is a transition time. If I'm assuming that from June June '26 onwards, the tenders which will be bid out, and then the tenders takes 18 to 24 months to see the light of installations.

When the market will be 60-70 GW, then that kind of a demand is expected for Indian-made cells because once ALCM comes in fully, then the mandatory requirement will be that the cell and module have to be made in India.

Got it, sir. Any internal discussions or do you plan to integrate further back to ingots and wafers as of now?

Yes, we are working on it, and we'll be making announcement in the future. Our first priority is to get our first project started and running.

Those developments are also in the line, and also there is a draft policy from June '28 for ingot and wafer. Once there is some kind of clarity on this policy, our plans are ready and we will firm it up.

Sure, sir. Thank you, and all the best.

Thank you very much.

Hi. Thank you.

Am I audible?

Yes, sir.

Hello, sir. Good morning.

Sir, I have a few questions. One is that you have said about your capex plan of about 1,850 crore.

Can you give me the capex schedule? How much is for '27 and '28?

This project is entirely for the 4 GW module and 2.4 GW cell. Everything is on track.

Both the equity and debt are raised fully. The project which we were talking for Odisha, which will start from the first quarter of 27 FY '27, and October '26, these are all for this project only, and it's already in the stage wherein it will be commissioned very soon.

This 1,850 crore will be deployed by the end of FY '27, H2 FY '27, right, fully deployed?

Yes.

Okay. Sir, can you tell me what is the current debt today by the end of nine month?

You are asking the term part of it, or you are asking the all together?

Gross debt level, or net debt, whatever, nine-month FY '26.

It is seven 749 crores, to be precise.

It's a net debt, or it's a gross?

Net debt.

Including Short-term, yeah, including working capital.

Okay. Sir, is there any change in working capital as a percentage of sales, if I see net working capital over the same period last year?

Or is it the same, or has it increased? What is the change?

The change is as explained in the previous questions that there was a high volatility in the raw material prices. We have taken certain position to ensure a smooth operation.

To that extent, our leverage is increased. Otherwise, we are at the same level.

Okay. Sir, other thing was that that the next capacity, you said earlier that will be the addition will ramp up from Q1 FY '27 onwards.

Does that mean the Q-on-Q for this quarter is with that kind of 81%-82% of utilization level, which you reported in Q3, to that extent, there would be kind of a flattish revenue on a Q-on-Q basis, sorry, volume on a Q-on-Q basis?

You mean quarter three versus quarter four?

Quarter four, yes.

Yes. Normally quarter four is the busiest quarter.

Now all our 4.8 GW is operational. I cannot give a absolute statement, but we will continue to give decent growth over quarter-on-quarter and year-on-year.

Got it, sir. Just a clarification.

Thing is that you had operated 4.8 with the capacity of 4.8 GW by the end of nine-month FY '25, right? Additional capacity is going to add Q1 FY '27 only.

I was asking with that kind of utilization level of 80%, that volume is likely to be remain flat on a Q-on-Q basis. That is what the clarification.

I am not asking absolute number or any growth or anything. I'm just

talking about Q-on-Q. For next year,

our Q3 and Q4, Q3 to Q4.

For next year, our 4 GW module will start. From 4.8, we will become 8.8.

Obviously, there is a ramp-up, we are not saying we will have entire 8 GW available for the next year. We will have sizable growth expected next year also.

Okay.

Our cell will start giving revenue from the second half of the year. That will be an additional cell profitability will also add.

No, sir. I am not going next year, sir.

I am not going next year.

No, I understand, Hitesh, what we are trying to communicate here is that your question was right that from Q4 to Q1 comparison, the capacity will be flat because it will take some time to ramp up. That is to that extent, we are right.

What we were trying to tell you that additional capacity will be available, but it may not be available fully from the Q1.

Okay. Right.

That's all. That's it.

Got it, sir. Thank you, sir.

Thanks for this call.

Thank you.

Hello, sir. Yeah.

Sir, yeah, I just missed the debt figures. What is our current net debt figure?

Current net debt figure. Seven 749 crores, to be precise, which includes term debt and the working capital.

Understood, sir. Thank you, sir.

Sir.

Thank you. Thank you very much.

To summarize, Saattvic continues to execute on its long-term strategy of building scale, integration, and resilience in a rapidly evolving solar manufacturing landscape. Our focus remains on sustaining high utilization of existing capacities, timely execution and stabilization of the Odisha integrated facility, selective expansion across EPC solar business, inverters, storage while maintaining capital discipline.

We are on track to transitioning into a fully integrated solar energy solution provider. We remain mindful of industry cycles and continue to prioritize disciplined growth over aggressive volume expansion.

Our diversified customer base, technology-focused approach, and execution capabilities provides us confidence in navigating industry transitions effectively. With a strong order pipeline, improving execution environment, and a clear strategic roadmap, we believe Saattvic is well positioned to deliver sustainable growth and long-term value creation.

Thank you once again for your continued support and participation. Have a very good day.

Thank you.