Saatvik Green Energy Ltd IPO

Quality Customer Base and Large Order Book.

Among the Leading Module Manufacturing Companies in India Offering Integrated Solutions to Independent Power Producers.

Innovative Technology Solutions for the Solar Industry.

Multiple Sales and Revenue Channels.

Well-Positioned to Capture Favourable Industry Tailwinds.

Experienced Promoters and Management Team with a Committed Employee Base.

There are risks associated with solar module manufacturing. If such risks materialize, our business, financial condition and results of operations, among others, could be adversely affected.

Our business is dependent on certain key customers, and our top 10 customers contributed 57.77%, 63.86% and 79.38% of our revenue from operations in Fiscals 2025, 2024 and 2023, respectively. The loss of revenue from any of these customers could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Changes in the price of solar PV cells and other raw materials could adversely affect our manufacturing of solar PV modules.

We intend to utilise a major portion of the Net Proceeds for funding our capital expenditure requirements. This includes investment in our wholly owned Subsidiary, Saatvik Solar Industries Private Limited, for setting up of a 4.00 GW solar PV module manufacturing facility at National Highway - 16, Chamakhandi, Gopalpur Industrial Park, Gopalpur, Ganjam, Odisha 761 020 (Project Site), which may be subject to the risk of unanticipated delays in implementation, cost overruns and other risks.

We intend to utilise a major portion of the Net Proceeds for funding our capital expenditure requirements by way of investment in our wholly owned Material Subsidiary, Saatvik Solar Industries Private Limited, which has limited operational experience in the renewable energy business and in operating a manufacturing facility.

We will avail subsidy from the Industries Department, Government of Odisha for investment in our wholly owned Subsidiary, Saatvik Solar Industries Private Limited, for setting up of the Project Site, and usage of which is subject to monitoring by our Audit Committee on a quarterly basis, which our Company may not receive on time or at all.

We intend to utilise a major portion of the Net Proceeds for funding our capital expenditure requirements. This includes investment in our wholly owned Subsidiary, Saatvik Solar Industries Private Limited, for setting up of a 4.00 GW solar PV module manufacturing facility (Project Site), which shall be set-up on the land admeasuring 14.12 acres (Sub-Lease Land) sub-leased from Tata Steel Special Economic Zone Limited (TSSEZL) out of total 57 acres located at National Highway - 16, Chamakhandi, Gopalpur Industrial Park, Gopalpur, Ganjam - 761 020, Odisha, India. Further, we cannot assure you that the lease deed entered into for the Sub-Lease Land can be further extended.

The determination of the Price Band is based on various factors and assumptions and the Offer Price, price to earnings ratio and market capitalization to revenue multiple based on the Offer Price of our Company, may not be indicative of the market price of our Company on listing or thereafter.

The business and prospects of our Company is significantly dependent on the success of a limited number of products, with income from the sale of Mono PERC modules constituting 38.72%, 86.72% and 71.72% of our revenue from operations in Fiscals 2025, 2024 and 2023, respectively.

Our ability to obtain financing on commercially acceptable terms depends on our credit ratings. Non-availability of credit ratings or a poor rating may restrict our access to capital and thereby adversely affect our business, financial conditions, cash flows and results of operations.