Saatvik Green Energy Secures ₹639 Crore Solar Module Orders — India’s Mid-Tier Manufacturers on the Rise
Saatvik Green Energy Secures ₹639 Crore Solar Module Orders — India’s Mid-Tier Manufacturers on the Rise
By SolSetu News Desk |
New Delhi: In a major boost to India’s solar manufacturing ecosystem, Saatvik Green Energy Ltd announced that its subsidiary has secured fresh solar module orders worth approximately ₹638.85 crore from leading Independent Power Producers (IPPs) and EPC companies. The contracts are expected to be executed by June 2026, underscoring the growing confidence in India’s domestic module suppliers.
A New Contender in India’s Solar Manufacturing Race
Once a relatively small player, Saatvik has emerged as one of India’s fastest-growing solar module manufacturers. Based in Haryana, the company has consistently invested in high-efficiency module lines and automation technology to compete with larger rivals such as Waaree Energies and Adani Solar.
With an installed capacity now exceeding 3 GW annually, Saatvik is actively working toward backward integration by setting up cell manufacturing lines and sourcing Indian-made raw materials. The company’s new orders reflect the market’s appetite for local products amid India’s import duties and global supply chain uncertainties.
“Our latest orders reaffirm the trust of developers and EPCs in Saatvik’s quality and reliability,” said a senior company spokesperson. “We are proud to contribute to India’s renewable energy growth while supporting the government’s ‘Atmanirbhar Bharat’ vision.”
Mid-Tier Manufacturers Gain Momentum
Analysts say the ₹639 crore deal marks a significant shift in India’s solar manufacturing landscape. While top-tier companies dominate headlines, it’s the mid-tier producers like Saatvik, Navitas Solar, and Goldi Solar that are filling critical demand gaps for smaller developers and regional EPCs.
“The second wave of Indian module makers are finding niches — offering flexible order sizes, faster turnaround, and customized module specs,” explained renewable energy analyst Ananya Mukherjee. “They’re the backbone of the decentralized solar growth story in India.”
Market Dynamics: Price, Policy, and Partnerships
The Indian solar market continues to be shaped by evolving policies such as the Basic Customs Duty (BCD) on imported modules and the Approved List of Models and Manufacturers (ALMM) framework. These regulations, while creating short-term cost pressures, have opened the door for domestic players to expand rapidly.
Industry insiders note that module prices in India have stabilized at around ₹21–23 per W, down 15% from 2024 levels. Competitive pricing combined with improved module efficiency (TOPCon and HJT technologies) is helping Indian firms win both domestic and export contracts.
In this context, Saatvik’s new contracts could be a precursor to broader supply deals with state utilities and rooftop integrators — especially under schemes like PM Surya Ghar Muft Bijli Yojana and PM-KUSUM.
Boost for Vendors and EPC Ecosystem
The ripple effect of such large orders extends well beyond module production. Solar EPC vendors, transporters, glass suppliers, junction-box makers, and system integrators all stand to gain. For India’s vendor community — including those listed on SolSetu.com — this trend means more collaboration opportunities and stronger domestic supply networks.
“Each ₹100 crore module order creates roughly 300–400 direct and indirect jobs across India’s solar value chain,” said energy economist Dr. Harish Bhatia. “Mid-tier players like Saatvik are quietly strengthening India’s renewable energy backbone.”
Future Outlook
Experts believe the coming 18 months will define the pecking order in India’s solar manufacturing sector. As gigafactories for cells, wafers, and ingots come online, competition will intensify. However, firms that balance quality with agile supply chain management — like Saatvik — could emerge as vital mid-segment leaders bridging utility and rooftop demand.
For the broader industry, this development underscores India’s steady march toward solar self-reliance and global competitiveness.
Published by SolSetu.com — Your Solar Bridge to Trusted Vendors.
