🔷 Object of the issue : Open: 19 to 23 September Price: 465 ₹ Size: 900 Cr (700 Cr fresh + 200 Cr OFS) 🔷 Utilisation of IPO Fund : ➡️Capex : 477.2 Cr For 4 GW module plant in Odisha ➡️Debt Repayment : 177.2 Cr For both parent & subsidiary ➡️Remaining funds for GCP.

🔷KPIs : ➡️ Order Book : 3,522 MW worth ₹ 5077 Cr as on March 25 ROCE : 60.45% ROE : 63.41% EBITDA margins : 16.40% Debt considerably higher than peers Waaree & Premier Energies though 177 Cr is being paid via IPO

🔷Risk factors ➡️ 96% Revenue from modules only & new 4 GW plant for modules via IPO Solar cells production planned for FY 2027 End ➡️ Significant Contingent Liabilities of ₹626.8 Cr + some legal proceedings

➡️ High dependency on imports, with 42% of materials (especially solar cells) sourced from China. ➡️ Modarate (Not High) Revenue concentration from top 1 , 5 & 10 customers

🔷 Peer Comparison : Saatvik P/E : 27.6 ➡️ Waaree & Premier trading at ~45 TTM PE but both having solar modules & also operational capacity for solar cells, while Saatvik only have solar modules capacity After discounting that , still Saatvik coming at reasonable valuations.

🔷 Industry Overview : ⚡India's Energy demand outlook from FY 2026➡️30 to grow at 5.5-6% CAGR 💹 CRISIL Intelligence expects solar PV module manufacturing capacity to reach 175-185 GW by FY30 🛡️ Mandatory DCR & safeguard BCD are key policy tools ensuring that this new mfg-

-Capacities have protected market in India 🏢 Government Policy & Aatmanirbhar Bharat Abhiyan : ➡️Supporting Schemes: PM Surya Ghar , PM KUSUM & The CPSU Scheme Phase-II 12 GW 🛣️ Annual Bidding Trajectory: MNRE has mandated an annual bidding trajectory of 50 GW of RE capacity

🔷 Company Overview : ➡️ One of India's fastest growing module mfg, operating one of the largest single location facilities in Ambala with a capacity of 3.7 GW. ➡️ A technology leader & early adopter of high-efficiency N-Type TOPCon & G12R modules with efficiencies up to 22.84%

➡️Supplied modules for various marquee projects(largest floating solar plant, largest single rooftop solar plant)to clients named NTPC, SJVN & Jindal 🔷 Clientele: ▫️SJVN Green ▫️Solarcraft Power ▫️Enrich Energy ▫️Kiana Energy ▫️Prozeal Green ▫️JSW NeoEnergy ▫️Megha Engineering

🔷Key Strength : ➡️Customer base CAGR growth of 42.76% from FY 23-25 ➡️One of the 1st Indian companies to adopt & produce N-TopCon & G12R-TopCon based solar modules ➡️Strong Pan India network of 53 distributor & 15 warehouses to efficiently manage inventory & delivery time

🔷Promoter & BOD : 👨🏻‍💼Management : ➡️Neelesh Garg : Chairman & MD ➡️ Abani Kant Jha : CFO ➡️Prashant Mathur: CEO ➡️Deepak Koul : Head of Operations ➡️ Pushpendr Nath : Head of Sales 🔷Promoter Holding Pre IPO: Neelesh Garg: 14.22% Manik Garg: 15.12% SPG Trust: 43.44%

🔷Consolidated financial summary : 💹FY 25 YoY : ➡️Revenue up 98% to ₹2,158 Cr ➡️Profit up 113% to ₹214 Cr Showing significant growth track with margin expansion but it also faced significant jump in debt & receivables which weakens balance sheet to achieve exponential growth

💰 Positive Operating Cash Flow at ₹42.6 Cr but despite soaring profits, OCF not increased YoY, That's due to huge ₹659 Cr of cash was used in new inventory & receivables ➡️These should probably sort out from next FY with improved execution & working cycle, Watch on Q1 result.

🔷TL;DR #Saatvik ✅Robust Growth ✅Decent Order Book 5077 Cr ✅Fair Valuation ❌High competition ❌Concerning debt,receivables & cashflow 🔷Rating 6.8/10 🙏🏻Thanks for Reading Follow @EngineerStockks 🤝🏻For more such analysis & Retweet This🧵 The 🔚.. https://x.com/EngineerStockks/...

@EngineerStockks @Alchemist1320 @Tanmay_31_ @ChartAtlas @LuckyInvest_ARK @adeshjainj @Anvith_ @manishlalwani9 @bansalabhishek5 @money_theory Great breakdown. How do you see the listing? Is it a good bet?

@sai_shankarg @Alchemist1320 @Tanmay_31_ @ChartAtlas @LuckyInvest_ARK @adeshjainj @Anvith_ @manishlalwani9 @bansalabhishek5 @money_theory Thank you 🙏🏻 Listing should be moderate gain , the main thing dependent on how they execute in future from now on , based on that market will give valuation to Saatvik. They will soon release quarterly results after listing so that will give more clarity

@EngineerStockks @Alchemist1320 @Tanmay_31_ @ChartAtlas @LuckyInvest_ARK @sai_shankarg @adeshjainj @Anvith_ @manishlalwani9 @bansalabhishek5 @money_theory Good analysis 👍🏻👍🏻

@boy_daze @Alchemist1320 @Tanmay_31_ @ChartAtlas @LuckyInvest_ARK @sai_shankarg @adeshjainj @Anvith_ @manishlalwani9 @bansalabhishek5 @money_theory Thank you 🙏🏻