Saatvik Green Energy shares climb 5% as Motilal Oswal sees up to 23% upside

According to fresh market updates, Saatvik Green Energy Ltd (SGEL) shares advanced 5% to Rs 432.6 apiece on September 21 as domestic brokerage Motilal Oswal Financial Services reiterated 'Buy' rating and ascribed target price of Rs 508, which implies upside of up to 23%.

"SGEL recently secured a 600 MWp DCR module order from SECI worth Rs 1,040 crore, implying a realization of Rs 17.36/Wp, with deliveries scheduled for Dec’27. While the pricing is below prevailing utility-scale module prices of $.20-.21/Wp, it helps the firm build base utilisation and establish a steady order pipeline from large utilities," stated the brokerage.

SGEL’s order book stood at Rs 8,200 crore as of Aug 18, 2026, comprising 30% DCR and 70% non-DCR orders. The firm has secured an additional Rs 1,530 crore of orders since then, taking the order book to Rs 9,700 crore, with deliveries for the entire order book scheduled across FY27-28.

The brokerage stated India’s solar capacity addition stays on track, with installed solar capacity reaching 168 GW by August 2026. It anticipates the firm to benefit from continued solar expansion, a growing order book and rising domestic demand for cells and modules.

"SGEL’s Rs 9,700 crore order book provides visibility for 100% of FY27E topline (2QFY27E-4QFY27E) and 60% of FY28E topline, supporting firm near-term execution visibility. We build in module sales of 3.6 GW/4.7 GW in FY27E/FY28E, with the DCR mix set to gain as the 2.4 GW cell manufacturing line starts in 3QFY27. We estimate a CAGR of 36%/50% in topline/EBITDA over FY26-28E, fuelled by a favorable shift to elevated DCR volumes," stated the brokerage.

"We believe valuations are reasonable, given the growing order book, firm topline visibility and improving margin profile as cell manufacturing capacity ramps up. We reiterate our BUY rating with a target price of INR508 (23% upside).