Saatvik Green Energy Limited is among the leading module manufacturers in India in terms of operational solar photovoltaic ('PV') module manufacturing capacity, with an operational capacity of about 3.80 gigawatt ('GW') modules as of March 31, 2025. Since inception, they have supplied more than 2.50 GW high-efficiency solar PV modules domestically and internationally. Company is recognized as one of the few companies with capabilities in module manufacturing as well as engineering, procurement and construction ('EPC') and operations and maintenance ('O&M') services. They offer EPC services in India and had an installed EPC base of 69.12 MW as of March 31, 2025. They also provide O&M services to customers primarily in relation to the EPC projects undertaken by them. Company commenced the manufacturing operations in 2016 and have over the years expanded the annual installed capacity, from 125 MW as of March 31, 2017 to about 3.80 GW as of June 30, 2025. The revenue from operations has grown from Rs 6,085.88 million in Fiscal 2023 to Rs 21,583.94 million in Fiscal 2025 at a CAGR of 88.32%. The EBITDA in Fiscal 2023 was Rs 238.66 million and has grown to Rs 3,539.32 million in Fiscal 2025 at a CAGR of 285.10%. Company currently operates three module manufacturing facilities in Ambala, Haryana spread across a total land area of 724,225 square feet. The Ambala Facilities are equipped with fully automated machinery that ensures precision, quality, and efficiency in every stage of the production process. In Fiscal 2025, they recorded a high capacity utilization of 83.70%. They are in the process of adding a capacity of 1.00 GW in one of the module manufacturing facilities in Ambala, which is expected to be operational in the second quarter of Fiscal 2026, thereby increasing the installed capacity at the Ambala Facilities to a cumulative 4.80 GW. Company is also expanding the manufacturing capacity and are in the process of setting up an integrated cell and module manufacturing facility in Odisha. The new facility will have a cell line manufacturing capacity of 4.80 GW, which is expected to be operational in Fiscal 2027; and a module production capacity of 4.00 GW, which is expected to be operational in Fiscal 2026. In addition, they also intend to establish a manufacturing facility for the production of ingots, cells and wafers in Mohasa – Babai, Madhya Pradesh. As per financial performance, Urban Company Limited has posted total income / net profits of Rs 617.63 Cr / 4.74 Cr (FY23), Rs 1,097.18 Cr / Rs 100.47 Cr (FY24) and Rs 2,192.46 Cr / 213.93 Cr (FY25). So as per previous financials data, company has shown good sales growth, but net profit margin is very low and just started to make profits. Company has an average EPS of Rs 0.23 and average RoNW of 0.40% for last three fiscals. Issue is priced at a P/BV of 8.25 as per NAV of Rs 12.48/- as on 30.06.25. If we attribute latest earnings of FY24, FY25, TTM and annualised FY26 on equity post issue, then asking price is at a P/E of around NA, 61.68, 63.18 and 532.92 respectively. As per RHP, there is no listed peers. On BRLM's front, Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, Goldman Sachs (India) Securities Private Limited and JM Financial Limited are associated with this IPO, and have handled 101 IPOs in last three fiscal years. ( As on 11.09.25 ) As per financials, Urban Company Limited has shown good sales growth, RoNW is 13.35% and P/E is NA, 61.68, 63.18 and 532.92 respectively as per FY24, FY25, TTM and annualised FY26 earnings. So issue looks very aggressively priced and higher net profit in FY25 is due to tax credit. Company operates a technology-driven, full-stack online services marketplace for services and solutions across various home and beauty categories, which is highly competitive & growing business segment. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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