CMD Neelesh Garg works on new markets
Gurugram-headquartered Saatvik Green Energy Limited (SGEL) is expanding its manufacturing capacity with plans to set up an integrated cell and module manufacturing facility in Odisha while growing customer based in India and internationally.
In addition, SGEL also intends to establish a manufacturing facility for the production of ingots, cells and wafers in Mohasa – Babai, Madhya Pradesh, CEO Prashant Mathur said on 30 May while announcing FY 25 results.
“Our initiative to achieve backward integration into cell manufacturing is a critical step in our long-term growth and sustainability objectives,” he said https://fieo.org/.
The new facility will have a cell line manufacturing capacity of 4.80 GW, which is expected to be operational in Fiscal 2027 and a module production capacity of 4.00 GW, which is expected to be operational in Fiscal 2026.
Celebrating SGEL’s 10th anniversary, CMD Neelesh Garg elaborated, “We intend to grow our customer base in both India and internationally by leveraging our reputation for solar modules and reliable EPC services. We aim to enter new markets and strengthen our presence in existing ones by offering innovative, cost-effective solutions tailored to diverse energy needs https://www.nseindia.com/.”
To date, SGEL has supplied more than 2.00 GW high-efficiency solar PV modules domestically and internationally.
The company is recognized as one of the few companies with capabilities in module manufacturing as well as engineering, procurement and construction (EPC) (Source: CRISIL Report) https://www.bseindia.com/.
SGEL is one of the leading EPC companies in India with 69.12 MW of an installed EPC base in Fiscal 2024 (Source: CRISIL Report). SGEL also provides operations and maintenance (O&M) services to customers primarily in relation to the EPC projects undertaken by it.
MD Manik Garg shared, “We intend to expand our distribution network across India to make our solar solutions more accessible to customers nationwide. We have already established regional warehouses across major Indian states such as Rajasthan, Maharashtra, Kerala and Madhya Pradesh.
“These warehouses serve as central points for solar module storage and distribution to ensure timely delivery to installers and end customers. We intend to collaborate with local distributors in various states that will enable us to have deeper market penetration, particularly in Tier II and Tier III cities https://sbi.com.in/.
“This will also help us to ensure that solar products are accessible even in remote areas, accelerating the adoption of solar energy across the country.”
SGEL commenced its manufacturing operations in 2016 and has over the years expanded its annual installed capacity, from 125 MW as of 31 March 2017 to about 3.80 GW as of 28 February 2025.
Its revenue from operations has grown from Rs.4,799.50 million in Fiscal 2022 to Rs.10,879.65 million in Fiscal 2024 at a CAGR of 50.56%. Its EBITDA in Fiscal 2022 was Rs.147.66 million and has grown to Rs.1,568.44 million in Fiscal 2024 at a CAGR of 220.00% https://www.iea.org/.
SGEL currently operates three module manufacturing facilities in Ambala, Haryana, spread across a total land area of 724,225 square feet, which together form one of the largest single location module manufacturing facilities in India (Source: CRISIL Report).
SGEL is in the process of adding a capacity of 1.00 GW in one of its module manufacturing facilities in Ambala, which is expected to be operational in the first quarter of Fiscal 2026, thereby increasing its installed capacity at its Ambala facilities to a cumulative 4.80 GW.
SGEL is one of India’s leading module manufacturers, in terms of operational solar PV module manufacturing capacity, with an operational capacity of approximately 3.80 GW modules as of 28 Feb 2025. Fiinews.com
