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Saatvik Green Energy Shares Soar 5% on Motilal Oswal's 23% Upside Forecast
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Moneycontrol•21-09-2026, 15:39
Saatvik Green Energy Shares Soar 5% on Motilal Oswal's 23% Upside Forecast
- •Saatvik Green Energy Ltd (SGEL) shares climbed 5% to Rs 432.6 after Motilal Oswal reiterated a 'Buy' rating with a target price of Rs 508, implying a 23% upside.
- •SGEL recently secured a 600 MWp DCR module order from SECI worth Rs 1,040 crore, with deliveries scheduled for Dec’27, helping build base utilization despite lower pricing.
- •The company's order book stands at Rs 9,700 crore as of August 2026, with deliveries scheduled across FY27-28, providing strong revenue visibility.
- •Motilal Oswal expects SGEL to benefit from India's continued solar expansion, a growing order book, and rising domestic demand for cells and modules.
- •The brokerage projects a CAGR of 36% in revenue and 50% in EBITDA over FY26-28E, driven by a favorable shift to higher DCR volumes and ramping cell manufacturing capacity.
Key Questions Answered
Motilal Oswal Financial Services reiterated a 'Buy' rating on Saatvik Green Energy Ltd with a target price of Rs 508, implying an upside potential of up to 23%.
Saatvik Green Energy's order book stands at Rs 9,700 crore, providing revenue visibility for 100% of FY27E and 60% of FY28E.
SGEL recently secured a 600 MWp DCR module order from SECI worth Rs 1,040 crore, with deliveries scheduled for December 2027.
