Solar equipment maker Saatvik Group is looking to raise ₹1,000 crore through private equity funding this financial year to support its growth plans, according to its Chief Financial Officer, Abani Kant Jha. The company is in talks with bankers to secure the funding and aims to go public in a few years.
The funds will help cover part of the group’s planned ₹2,200 crore capital expenditure, Jha said. Currently, Saatvik Group has a total debt of ₹400 crore.
Saatvik Green is the parent company of the group, based in Gurgaon. Its subsidiary, Saatvik Solar, handles solar equipment manufacturing, while another subsidiary, Saatvik EPC, focuses on engineering, procurement, and construction.
In the financial year 2023-24, Saatvik Green recorded revenue of ₹1,107 crore and a profit of ₹115 crore. The EPC business contributed 15% to the group’s total revenue. With new production capacities now operational, the group aims to almost double its revenue to ₹2,000 crore this year, according to Jha.
Currently, Saatvik has a solar module production capacity of 1.8 GW, which will increase to 3.8 GW by November. The ₹2,200 crore capex will be spread over two years and is expected to boost capacity to 7.8 GW for modules and 2 GW for solar cells, CEO Prashant Mathur said.
Recently, Saatvik won a contract to supply solar modules worth ₹650 crore to L&T. The company’s 1.8 GW operational capacity is fully booked, with an order book of ₹2,900 crore. While the current manufacturing plants are in Haryana, new capacities are being added in Odisha under Saatvik Solar.
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