Slides
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Saatvik Green Energy Limited Investor Presentation Q2 FY2026
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Disclaimer 2 This presentation and the accompanying slides (the “Presentation”), which have been prepared by Saatvik Green Energy Limited (the “Company”), are solely for information purposes and do not constitute, and should not be construed as, any offer, recommendation, or invitation to purchase or subscribe for any securities. Nothing contained in this Presentation shall form the basis of, or be relied upon in connection with, any contract or binding commitment whatsoever. Any offering of securities of the Company, if made, will be by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared based on information and data which the Company considers reliable; however, the Company makes no representation or warranty, express or implied, regarding the accuracy, completeness, fairness, or reasonableness of the contents of this Presentation. The Company expressly disclaims any liability in respect of any loss or damage arising from the use of, or reliance on, this Presentation or its contents. This Presentation may not be all inclusive and may not contain all of the information that a prospective investor may consider material. Certain statements in this Presentation, including those relating to the Company’s business prospects, future opportunities, growth strategy, competitive strengths, and industry outlook, may be forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and assumptions, many of which are beyond the Company’s control and difficult to predict. Such risks and uncertainties include, but are not limited to: general economic conditions in India and international markets, industry performance, competitive pressures, the Company’s ability to successfully implement its strategy, technological developments, regulatory changes, availability or withdrawal of governmental incentives, fluctuations in revenue, income or cash flows, and exposure to market risks. Actual results, performance, or achievements of the Company may differ materially from those expressed or implied in such forward-looking statements. The Company assumes no obligation to update or revise any information contained in this Presentation, including forward-looking statements, whether as a result of new information, future events, or otherwise. All maps, charts, data, and visuals in this Presentation are not to scale and are provided “as is” without any warranty, express or implied, as to their accuracy, completeness, or timeliness.
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Result Highlights01 TABLE OF CONTENT 3 About us02 Industry Highlights03 Financial performance and Business Updates04 Appendix05
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Result Highlights 4
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16.80 % 21.85 % 0.44 (Improved leverage from 1.36 in FY25) INR 832.38 Mn +36.39 % Y-on-Y INR 7,680.29 Mn +61.59 % Y-on-Y INR 1,235.24 Mn +38.96 % Y-on-Y RESULT HIGHLIGHTS – Q2 FY26 5 Revenue EBITDA PAT ROE ROCE Debt Equity Ratio Note : ROE (Return on Equity) and ROCE (Return on Capital Employed) are not annualized (They are based on H1FY26 figures)
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About us 6
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2024 OUR STORY SO FAR 7 2025 2023 2022 2016 2015• Company Incorporated as “Saatvik Green Energy Private Limited” Incorporation • Commenced manufacturing operations with annual installed capacity of 125 MW Started Manufacturing • Launched EPC Services & MonoPerc and Recognized as T op leading solar module supplier in India Quarter-1 organised by JMK Research and Analytics Diversification & Recognition • Expanded operations to North American market. • Awarded ‘Best Performing Solar Module Manufacturing Company of the year’ at Annual Solar Awards, 2023 organized by EQ Global Expansion & Industry Recognition • Launched TOPCon T echnology. • Bagged CC+ rating in PV Module T ech Bankability Ratings Quarterly by PV T ech Research . • Recognised as 'T op Performer - 2024' by PV Evaluation Labs in the PV Module reliability scorecard. Innovating For Excellence • Company got listed on both NSE and BSE, enhancing its visibility, credibility, and access to capital markets. • Launched UDAY Series of on-grid inverters, expanding into comprehensive solar ecosystem solutions. • Achieved Module Manufacturing capacity of 4.8GW . A Listed Company Pioneering Progress & Expansion
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Our Core Values MANUFACTURING CAPABILITY 2016-19 2019-21 2023-24 Apr-24 Dec-24 Sep-25 4.8 GW2.8 GW1.8 GW564 MW285 MW125 MW QUALITY RELIABILITY INTEGRITY TEAMWORK TRUST
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EXPANDING FOOTPRINT NATIONWIDE 9 19 Resellers 31 Distributors 13 Channel Partners Total 63 Selling partners Selling partners Note: The map of India shown is for illustrative purposes only and does not represent political boundaries or exact locations.
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Leading Manufacturer offering Integrated Solutions Solar Cells Solar Modules Solar EPC / O&M Inverters Solar cell facility to be operational by Q3FY27. Launched the UDAY Series, a key step in Saatvik’s journey toward full-spectrum solar solutions. One of the fastest growing solar modules manufacturing company in India with ~4.8 GW operational capacity. Solar Pumps Recently secured LoA from MSEDCL for the installation of 1,500 solar pumps. Saatvik offers end-to- end EPC solutions and O&M Services, delivering efficient, high-quality, and reliable solar projects backed by strong in-house expertise.
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Industry Highlights 11
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Recent Industry Developments GST Relief for Renewable Energy Sector • The GST Council has reduced the tax rate on solar modules, cells and inverters from 12% to 5%, providing a major boost to India’s clean energy sector. • This move is expected to lower project costs, improve affordability, and accelerate adoption of solar and other renewable technologies. India Becomes the World’s Third-Largest Solar Power Producer • According to the International Renewable Energy Agency (IRENA), India made 1,08,494 GWh of solar power, more than Japan’s 96,459 GWh, and became the world’s third-biggest solar energy producer. • This commitment is seen as a key step in India's clean energy transition and its broader climate goals.
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Aligned with India’s Energy Transition CPSU Scheme (Phase-II) Renewable Energy Parks & Solar City Programme PM Surya Ghar: Muft Bijli Yojana PM-KUSUM Scheme • Aims to install 10 million rooftop solar systems across India. • Provides up to 300 units of free electricity per month for households. • Expected to add 10–12 GW of capacity by FY2030. • • Focuses on self-reliance in solar manufacturing for government projects. • Mandates use of domestic cells and modules (DCR). • Target: 12 GW of grid-connected solar capacity for government use. • Promotes solarization of agriculture through pumps and grid-connected systems. • Targets 30.8 GW capacity, supporting farmers and reducing diesel use. • Comprises three components: standalone solar pumps, grid-connected systems, and decentralized solar plants. • Encourages development of large-scale solar parks and solar cities. • Reduces land and infrastructure hurdles for developers. CPSU Scheme (Phase-II) Solar parks
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Well-Positioned to Capture Favorable Industry Tailwinds Increase in Energy demand by Fiscal 2030 (in BU) 35% 38% 11% 8% 3%2% 3% 47% 22% 11% 10% 5%2% 3% FY25 475 GW FY30P 700-725 GW Coal Solar Wind Large Hydro Oil & Gas Nuclear Other RE Source: CRISIL Report, Internal Assessment 1,627 1,694 1,783 1,900 1,995 2,100 2,250 1,623 1,692 1,785 1,907 2,000 2,105 2,252 FY24 FY25 FY26P FY27P FY28P FY29P FY30P Energy Requirement Energy Availability Renewable energy capacity of over 190GW-200GW is expected to be installed between FY25-30P at a CAGR of 16-17% Energy Demand CAGR: 5.5 - 6.0% 14
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Financial Performance and Business Updates 15
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1,295 3,046 H1FY25 H1FY26 889 1,235 Q2FY25 Q2FY26 4,753 7,680 Q2FY25 Q2FY26 SUMMARY OF FINANCIAL PERFORMANCE Revenue from Operations (INR Mn) EBITDA (INR Mn) EBITDA Margin % 18.70% 16 7,213 16,838 H1FY25 H1FY26 62% 133% 39% 135% 16.08% 17.95% 18.09%
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SUMMARY OF FINANCIAL PERFORMANCE PAT (INR Mn) Debt/Equity (x) 17 823 2,021 H1FY25 H1FY26 610 832 Q2FY25 Q2FY26 PAT Margin % 12.84% 36% 146% 10.84% 11.41% 12.00% 2.18 1.37 1.36 0.44 Q4FY24 Q2FY25 Q4FY25 Q2FY26
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SUMMARY OF FINANCIAL PERFORMANCE Net Debt (INR Mn)2 ROCE & ROE (%)2 2,625 2,702 4,942 5,155 Q4FY24 Q2FY25 Q4FY25 Q2FY26 CRISIL A- rated as on April 21, 2025 64.07% 60.45% 21.85% 83.20% 63.41% 16.80% FY24 FY25 H1FY26 ROCE % ROE% Note: 1. While calculating net debt, the IPO proceeds and restricted cash have not been considered. 2. H1FY26 ROCE and ROE are not annualized. 18
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SUMMARY OF FINANCIAL PERFORMANCE Production (in MW) and Capacity Utilization 19 314 792 Q2FY25 Q2FY26 486 1,477 H1FY25 H1FY26 Strong Order book (As on 30th Sep 2025) Effective Capacity Utilization % 87.56% 83.10% 71.62% 82.34% 152% 204% 4.68 GW 97% of current installed capacity
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Recent Company updates ₹638.85 Crore Repeat Orders for Solar PV Modules • Received repeat domestic orders from three leading Independent Power Producers (IPPs) / EPC players for supply of solar PV modules. • The contracts, valued at ₹638.85 crore, are scheduled for execution by June 2026. Launch of ‘UDAY Series’ On-Grid Inverters • Launched the UDAY Series features single-phase (1.1–6 kW) and three-phase (6–50 kW) inverters tailored for residential, commercial, and industrial applications. New Orders Secured Worth ₹219.62 Crore • Received repeat domestic orders from three prominent Independent Power Producers (IPPs) and EPC players for the supply of solar PV modules. • The contracts are scheduled for execution during FY 2025–26, reflecting continued customer trust and strong market presence.
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Consolidated Statements of Profit and Loss : Particulars Quarter Ended Six Months Ended September 30, 2025 June 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenue from operations 7,680.29 9,157.28 4,752.96 16,837.57 7,212.72 Other income 151.53 40.06 208.26 191.59 289.44 Total income (I + II) 7,831.82 9,197.34 4,961.22 17,029.16 7,502.16 Expenses (a) Cost of materials and services consumed 8,416.70 7,261.56 2,212.61 15,678.26 3,794.15 (b) Purchase of Stock-in-Trade 159.31 115.29 1,356.20 274.60 1,938.60 (c) Changes in inventories of finished goods, stock-in -trade and work-in-progress -3,168.04 -933.72 33.39 -4,101.76 -391.03 (d) Employee benefits expense 296.27 276.75 93.08 573.02 172.43 (e) Finance costs 136.34 190.44 86.09 326.78 152.56 (f) Depreciation and amortization expense 136.87 124.59 54.37 261.46 97.83 (g) Other expenses 892.34 666.88 377.05 1,559.22 693.20 Total expenses 6,869.79 7,701.79 4,212.79 14,571.58 6,457.74 Profit before tax 962.03 1,495.55 748.43 2,457.58 1,044.42 Tax expense (i) Current tax 168.76 272.37 153.96 441.13 256.79 (ii) Deferred tax -39.11 34.94 -15.82 -4.18 -35.11 Total tax expense 129.65 307.31 138.14 436.95 221.68 Profit for the period/year 832.38 1,188.24 610.29 2,020.63 822.74 Figures in INR Mn FINANCIAL RESULTS 21
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Consolidated Statement of Assets and Liabilities (1/2) FINANCIAL RESULTS 22 Particulars As at September 30, 2025 As at March 31, 2025 (Unaudited) (Audited) ASSETS (1) Non-current assets Property, plant and equipment 3,071.27 2,592.94 Intangible assets 0.90 1.18 Capital work in progress 333.87 15.45 Right-of-use assets 958.47 603.24 Financial assets (i) Trade Receivables 0.00 67.30 (iI) Other financial assets 794.22 23.03 Deferred tax asset (net) 87.14 81.38 Other non-current assets 409.13 360.30 Total non-current assets 5,655.00 3,744.82 (2) Current assets Inventories 8,197.38 6,504.76 Financial assets (i) Investments - (ii) Trade receivables 3,825.47 3,995.17 (iii) Cash and cash equivalents 2,813.40 53.94 (iv) Bank balances other than (iii) above 4,031.58 30.82 (v) Loans 75.89 80.39 (vi) Other financial assets 507.08 538.13 Current tax assets (net) 12.23 16.99 Other current assets 2,850.37 1,392.42 Total current assets 22,313.40 12,612.62 Total assets 27,968.40 16,357.44 Figures in INR Mn
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Consolidated Statement of Assets and Liabilities (2/2) Figures in INR Mn FINANCIAL RESULTS 23 Particulars As at September 30, 2025 As at March 31, 2025 (Unaudited) (Audited) EQUITY AND LIABILITIES (1) EQUITY Equity share capital 254.22 224.10 Other equity 11,775.84 3,152.49 Total equity 12,030.06 3,376.59 (2) LIABILITIES Non-current liabilities Financial liabilities (i) Borrowings 1,250.83 (ii) Lease liabilities 325.67 351.14 Provisions 98.85 76.02 Deferred tax liabilities (net) 0.00 0.00 Other non-current liabilities 289.01 285.10 Total non-current liabilities 713.53 1,963.09 Current liabilities Financial liabilities (i) Borrowings 5,285.71 3,330.13 (ii) Lease liabilities 69.25 94.54 (iii) Trade payables - Total outstanding dues of micro enterprises and small enterprises 509.76 355.77 - Total outstanding dues of creditors other than micro enterprises and small enterprises 6,127.73 5,234.94 (iv) Other financial liabilities 279.82 214.40 Provisions 161.04 141.83 Contract liabilities 2,350.52 1,233.83 Current tax liabilities(net) 375.54 339.69 Other current liabilities 65.44 72.63 Total current liabilities 15,224.81 11,017.76 Total liabilities 15,938.34 12,980.85 Total equity and liabilities 27,968.40 16,357.44
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Extract of Consolidated Cashflow Statement Figures in INR Mn FINANCIAL RESULTS 24 Particulars Six Months Ended September 30, 2025 September 30, 2024 (Unaudited) (Unaudited) A. Cash flow from operating activities : Operating cash flows before movements in working capital 2,992.52 1,038.85 Cash generated from operations 2,379.06 796.68 Income taxes paid -400.52 -283.42 Net cash generated from operating activities 1,978.54 513.26 B. Cash flow from Investing activities : Net cash used in investing activities -6,174.45 -275.35 C. Cash flow from financing activities Net cash generated from/(used in) financing activities 6,955.37 -3.50 Net increase/(decrease) in cash and cash equivalents (A+B+C) 2,759.46 234.41 Cash and cash equivalents at the beginning of the period 53.94 123.32 Cash and cash equivalents at the end of the period 2,813.40 357.73 Figures in INR Mn
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CAPACITY EXPANSION PLANS Expanding plans and Backward Integration Added a capacity of 1.0 GW in Ambala in Q2 FY26 Expanding in Odisha with plans to set up 4.00 GW module capacity to be operational in FY26 Setting up cell facility in Odisha of capacity 4.80 GW to be operational in FY27 25 2026 2027 Current module capacity of 4.8 GW as on Sept 30, 2025
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Appendix
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• Over 21 years of experience in finance sector • Previously associated with Intangles Lab Private Limited, Aditya Birla Chemicals (Thailand) Limited, Ease Trip Planners Private Limited, Reliance Retail Limited, Container Rail Road Services Private Limited and Upcurve Consumer Technologies Private Limited • CA & MBA from GlobalNxt University, Malaysia • Responsible for handling matters related to finance and economics • Successfully completed 36th session of the program for leadership development from Harvard Business School • B.Com (honours) from the University of Delhi • MSc. (finance) from the LSE • Over 21 years of experience in renewable sector • Previously associated with Mundra Solar PV Limited1, Vikram Solar Private Limited, Targray India Private Limited and Solis Solar Group. • Bachelor’s degree in textile engineering from Amaravati University & Master's degree in management studies from Rizvi Institute of Management Studies of University of Mumbai • Over 9 years of experience in the renewable energy sector • Responsible for handling, defining strategy as well as establishing technical parameters & operating procedures • B.Tech. in computer science & engineering from the IIT, Delhi. • Master’s degree in science (management and strategy) from the LSE MANAGEMENT TEAM 27 Neelesh Garg Promoter, Chairman & Managing Director Manik Garg Promoter & Managing Director Prashant Mathur Chief Executive Officer Abani Kant Jha Chief Financial Officer Note: 1. Formerly known as Adani Solar; B.Tech – Bachelor’s Degree (Technology), IIT – Indian Institute of Technology, B.com – Bachelor’s degree in commerce, LSE – London School of Economics and Political Science, MSc. – Master’s degree in Science, MBA – Masters’ Degree in Business Administration
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• Over 9 years of experience in secretarial sector • Previously associated with Dalmia Cement (Bharat) Limited and Heidelberg Cement India Limited. • Associate member of Institute of Company Secretaries of India. 28 Bhagya Hasija Company Secretary & Compliance Officer MANAGEMENT TEAM • Over 21 years of experience in the banking sector • Previously associated with Adani Enterprises Limited, IPCA Laboratories Limited, LIC Finance Limited, Sequent Scientific Limited, Mahindra Manulife Trustee Pvt. Ltd., Manappuram Home Finance Limited among many others. • B. Com & L.L.B. from University of Mysore. • Over 32 years of experience in the security markets • Presently serving as Executive Director (Capital Markets) with Khaitan & Co. and member of primary market advisory committee of SEBI since 2022. • Previously associated with PNB Capital Services, JM Morgan Stanley Limited and Morgan Stanley India Private Limited. Sudhir Kumar Bassi Independent Director Narendra Mairpady Independent Director • Over 7 years of experience in the information technology sector • Full time employee in Accenture Solutions Private Limited • MBA from Nirma University and master’s degree in computer applications from Mody University of Science and Technology. Manavika Garg Promoter & Non Executive Director
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RECOGNISED WITH GLOBAL CERTIFICATIONS, HIGHLIGHTING PRODUCTS HIGH QUALITY Product Certifications Crystalline silicon terrestrial photovoltaic (PV) modules (poly- crystalline) IEC 61215:2005 PV module type, with mono-crystalline solar cells IEC 61215-2:2021 For photovoltaic (PV) module from domestic and international bodies such as UL India Private Limited UL 61730-1:2022, UL 61730-2:2022 Cleared the test criterion for PVEL KIWA Certified by multiple International certification bodies for quality & performance, further facilitating the generation of business from international customer Bagged CC+ rating in PV Module Tech Banakability Ratings Quarterly by PV Tech Research Manufacturing facility has obtained various certifications 29 Credit rating CRISIL A- rated as on April 21, 2025
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SDG ALIGNED SUSTAINABILITY INITIATIVES Comprehensive employee health programs including regular check-ups, medical camps, and occupational safety training. Educational CSR: Developing smart classrooms in government schools, providing scholarships, installing safety infrastructure and technical solar technology training for local youth. Equal opportunity employment practices with special safety support initiatives for girls in educational institutions. Board diversity achievement: 2 out of 6 board positions held by women, demonstrating commitment to gender representation in leadership. Advanced water management: 350 KL rainwater harvesting capacity and 40 KLD water treatment facility targeting Zero Liquid Discharge (ZLD). Installing RO units for safe drinking water in rural Gram Panchayats. Leading by example with rooftop solar installations across internal operations and manufacturing plants, demonstrating renewable energy adoption. Comprehensive skill-building programs ensuring safe working conditions and structured employee growth pathways. Focus on professional development and career advancement opportunities. 30
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SDG ALIGNED SUSTAINABILITY INITIATIVES Technology excellence through energy-efficient equipment deployment including IE3+ motors, advanced compressors, and comprehensive LED lighting systems. Dedicated R&D team focusing on circular economy solutions Comprehensive waste management: Systematic waste segregation, hazardous waste handling, and e-waste recycling through CPCB authorized vendors. Full RoHS compliance ensuring harmful substance restrictions. Significant renewable energy adoption with 1,600 KW solar installations, directly reducing GHG emissions and carbon footprint. Environmental stewardship through extensive tree plantation initiatives across factory peripheries, enhancing biodiversity and green cover Governance excellence: Comprehensive Code of Conduct, anti-bribery policies, whistleblower mechanisms, and robust data privacy protections. Strong oversight and governance frameworks. Strategic collaborations with NGOs, training institutions, CSR partners, and industry associations for maximum impact and knowledge sharing. 31
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COMMUNITY EMPOWERMENT ACTIVITIES 2 Smart Classrooms, Rajkiy Vidyalaya, Itawa Bhopji, Rajasthan Safe Drinking water project, Itawa Bhopji, Rajasthan Running Eye Care Unit at Sri Sathya Sai Manav Seva Education Sponsorship through Bhartiya Vidya Bhavan, Chandigarh Artificial Limbs Donation Camp, Chandigarh 27 CCTV cameras for girl student safety 32
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THANK YOU SAATVIK GREEN ENERGY LIMITED Registered Office : Vill. Dubli, V.P.O Bihta Tehsil, Ambala – 133 101, Haryana, India Corporate Office : Tower A, IFFCO Complex, Plot No. 3, Sector 32, Gurugram-122 001 Haryana, India Telephone : 0124-3626755 Email : investors@saatvikgroup.com Website : https://saatvikgroup.com/