Solar Module Maker Saatvik Solar is eyeing more engineering, procurement and construction (EPC) projects as part of its bid to slowly expand into international markets. The module manufacturer, which has a capacity of 1.8 Giga Watts (GW) presently, clocked revenue of Rs 1,107 crore in the financial year 2024.
The company’s chief executive officer Prashant Mathur said that the company is bullish on the opportunities in the domestic and international markets. “At the moment we are more focused on the Indian market but there are good opportunities globally as well. Middle East and North America are some of the markets where there is potential for good growth,” he said.
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As per the leadership, the company is more focused on EPC projects rather than module exports to establish presence in the international markets. EPC makes up 15 per cent of the total revenue. Its revenue is expected to grow to Rs 2,000 crore in the current financial year.
To continue its expansion spree, the company will spend Rs 2,200 crore on capex in the next two years. Its module manufacturing capacity will expand to 3.8 GW in November this year and 7.8 GW by 2026. It is also establishing a 2 GW cell manufacturing plant for which it has identified locations in Jammu and Odisha. It currently has three module units in Ambala, Haryana.
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“The idea is to be fully backward and forward integrated. In our expansion, we are cognisant of the fact that profitability should be maintained,” Mathur said. The company has recently bagged projects worth Rs 650 crore from L&T and Vedanta’s Serentica for modules. In EPC, it has so far worked on 100 MW of capacity.
The funds for the massive expansion spree will come from internal accrurals, debt from existing bankers and from international institutions like Asian Development Bank. The company’s Chief Financial Officer Abani Kant Jha said that the company is also looking to work with private equity funds. “There are many options on our table. We are also mulling over plans to list at the bourses in the near future,” he said.
Saatvik Solar is sitting on an order book close to Rs 3,000 crore and its current capacity is fully booked for the next year.
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