Saatvik Green Energy shares jump 8% as subsidiary secures Rs 190 crore solar PV module order

Shares of Saatvik Green Energy jumped nearly 8% on the NSE, hitting the day’s high of Rs 433 on Friday after its subsidiary secured a Rs 190 crore order for solar PV modules.

According to a filing with the exchange on Thursday, the company said that its material subsidiary, i.e., Saatvik Solar Industries, has received and accepted an order aggregating to Rs 190 crore from one renowned Independent Power producer/EPC Player for the supply of Solar PV Modules.

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The company further mentioned that this order will be executed by March 2027 and was awarded by a domestic entity. No promoter/ promoter group/group companies have any interest in the entity that awarded the order(s)/contract(s).

According to a filing with the exchange on Monday, Saatvik Solar has signed a MoU with the Industrial Promotion and Investment Corporation of Odisha Limited (IPICOL), Government of Odisha, for setting up a 3.6 GW Solar Cell Manufacturing Facility at Gopalpur in Ganjam district, Odisha.

This proposed facility will further expand its manufacturing capabilities in Odisha and contribute to the development of the state’s renewable energy manufacturing ecosystem. The project is also expected to create employment opportunities and support the development of the wider industrial ecosystem in the region.

The new facility will form part of Saatvik Solar’s broader manufacturing development at Gopalpur, where the company is already progressing with its Phase I integrated manufacturing facility. Phase I has achieved key construction and installation milestones and is now advancing towards commissioning.

The Phase II 3.6 GW cell capacity expansion is being planned to support the growing demand for domestically manufactured solar products and deepen the company’s presence across the solar value chain.

The company’s phased development at Gopalpur is its long-term approach to building an integrated, technologically advanced solar manufacturing ecosystem, with a focus on scale, operational excellence, quality and supply chain resilience.

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In the last one year, the stock went up 2.02% and nearly 40% in the last three years. In the current calendar year so far, the stock is down 0.96%.

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