Saatvik Solar Industries, the material subsidiary of Saatvik Green Energy, has secured an order worth ₹476 crore from Vikran Engineering for the supply of solar photovoltaic (PV) modules. The order is scheduled to be executed by March 2027, according to a company exchange filing.
The order strengthens Saatvik Green Energy’s position in India’s growing solar manufacturing and supply chain ecosystem, as demand for photovoltaic modules continues to rise amid the expansion of renewable energy capacity across the country.
Saatvik Solar Industries received and accepted the order from Vikran Engineering for the supply of solar PV modules. The company did not disclose further technical specifications of the modules or the project for which they will be supplied.
According to the exchange filing, the order is expected to be completed by March 2027. The company also clarified that the transaction does not qualify as a related-party transaction.
Saatvik Green Energy further stated that neither its promoters nor members of the promoter group have any interest in the order.
Order adds to solar manufacturing business
The latest contract provides additional business visibility for Saatvik Solar Industries and comes as India continues to expand its domestic solar manufacturing capacity.
Solar PV modules are a key component of utility-scale and commercial solar projects, and manufacturers are increasingly scaling production to meet demand from developers and engineering, procurement and construction (EPC) companies.
Saatvik Green Energy operates as an integrated solar energy solutions provider. Its business includes the manufacturing of high-efficiency photovoltaic modules as well as engineering, procurement and construction (EPC) services for utility-scale, commercial and industrial solar projects.
The company’s manufacturing and project capabilities position it across multiple segments of the solar value chain, from module production to project execution.
The ₹476 crore order from Vikran Engineering is therefore expected to contribute to the company’s module supply business over the coming months, with execution extending into the next financial year.
Financial performance
The order comes against the backdrop of mixed financial performance for Saatvik Green Energy.
The company reported a 36% decline in net profit to ₹60.61 crore in the quarter ended March 2026, compared with ₹94.71 crore in the corresponding quarter ended March 2025.
However, revenue from sales increased significantly during the same period. Sales rose 74.95% to ₹1,607.66 crore in the quarter ended March 2026, compared with ₹918.94 crore in the quarter ended March 2025.
The contrasting movement in revenue and profit highlights the impact of costs and margins on the company’s financial performance even as its business scale expands.
Growing demand for solar modules
India’s renewable energy sector continues to witness substantial investment, with solar power accounting for a major share of new renewable energy capacity additions.
The expansion of utility-scale solar projects, along with increasing adoption across commercial and industrial segments, is supporting demand for PV modules and related equipment.
For domestic manufacturers, large supply contracts provide an opportunity to expand production volumes and strengthen order books. At the same time, the sector remains competitive, with manufacturers facing pressure related to input costs, pricing and project execution.
With the latest ₹476 crore contract, Saatvik Solar Industries has added another sizeable module supply order to its business pipeline. The company is expected to execute the order by March 2027, supporting its presence in India’s rapidly expanding solar PV market.
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