India’s “Make in India” vision on cutting-edge solar tech just got a massive boost. Green energy player, Saatvik Green Energy, is stepping up its game, pouring a colossal ₹3,150 crore into a state-of-the-art solar cell and module manufacturing facility in Odisha.
Saatvik Green Energy Powers Odisha’s Green Future
On Thursday, October 9, 2025, Saatvik Green Energy Limited (SGEL) made waves by announcing its substantial capital expenditure plan for its upcoming facility in Odisha. This ambitious project, spearheaded by its wholly-owned subsidiary Saatvik Solar Industries Private Limited (SSIPL), is set to transform the Gopalpur Industrial Park in the Ganjam district. The company has sub-leased 57 acres of land from Tata Steel Special Economic Zone Limited for this integrated manufacturing powerhouse.
According to Prashant Mathur, CEO of Saatvik Green Energy, this hefty investment is designed to expand production capacity, allowing the company to maintain its market share amidst rapid industry expansion and to further cement its footing in India’s booming solar manufacturing sector.
Unpacking the Gigantic Gigawatt Plans
The ₹3,150 crore capex will unfold in two strategic phases. The first phase alone will establish an impressive 4 GW of solar module manufacturing capacity, backed by an investment of ₹550 crore, alongside 2.4 GW of cell manufacturing capacity, requiring ₹1,300 crore. Not stopping there, the second phase will add another 2.4 GW to the cell manufacturing capacity with an additional ₹1,300 crore. Once fully operational, the Odisha facility will boast a formidable combined capacity of 4 GW for solar modules and 4.8 GW for solar cells.
The module manufacturing unit is slated to be operational by the end of Fiscal Year 2026, with the cell manufacturing line following by the end of Fiscal Year 2027. This structured rollout underscores Saatvik’s commitment to strategic growth and backward integration, moving towards becoming a fully integrated renewable energy solutions provider.
Reacting to the positive news, Saatvik Green Energy’s share price hit the 10% upper circuit on Thursday, closing at ₹551.70 on the NSE.
Atmanirbhar Bharat
This massive expansion by Saatvik Green Energy is more than just corporate growth; it’s a significant stride towards India’s “Atmanirbhar Bharat” (Self-Reliant India) vision in renewable energy. By boosting domestic manufacturing of solar cells and modules, India aims to reduce its reliance on imports and become a global hub for green technology. The country’s solar cell manufacturing capacity is projected to surge fivefold from 10 GW in FY24 to 50-55 GW by FY27. Companies like Saatvik are at the forefront of this transformation.
Saatvik Green Energy has been on a strong growth trajectory, evidenced by its robust financial performance in Q1 FY26. The company reported a staggering 272% year-on-year increase in revenue from operations, reaching ₹915.7 crore, with net profit surging over 4.5 times to ₹118.8 crore. Their module production hit 685 MW with an impressive 81.47% capacity utilization, supported by a solid order book of 4.05 GW.
The announcement comes on the heels of Saatvik Green Energy’s successful Initial Public Offering (IPO) in September 2025, which was oversubscribed 6.57 times, raising ₹900 crore. A substantial portion of these IPO proceeds, specifically ₹553 crore, was earmarked for establishing the 4 GW solar module production facility in Odisha. This indicates strong investor confidence in the company’s expansion plans and the broader renewable energy market in India. The IPO had a price band of ₹442 to ₹465 per equity share, with a Grey Market Premium (GMP) of ₹38 suggesting positive listing expectations.
With existing operations at its 3.8 GW Ambala facility and plans to add another 1 GW there by Q1 2026, Saatvik’s total integrated cell and module capacity will reach 8.8 GW across its facilities. This strategic expansion positions Saatvik not just as a module manufacturer, but as a holistic player in the clean energy ecosystem, with future diversification into solar inverters, EPC services, and ancillary offerings.
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