Saatvik Green's standalone profit plunged 60% as subsidiary drove group growth

What's new

• Standalone net profit fell 60% to ₹62.3 cr; Q4 profit slumped 88% YoY to ₹11.5 cr
• Consolidated revenue more than doubled to ₹4,548 cr; net profit rose 64% to ₹357 cr
• Inventory valuation changed from FIFO to weighted average; prior periods restated

Why it matters

The stark split between standalone and consolidated numbers reveals Saatvik Green as a story of two entities: a parent struggling with margin compression and technology-driven write-downs, and a subsidiary that dominates growth. The impairment and depreciation from the Monoperc shift suggest the core business is under structural pressure, making the subsidiary the sole engine of profitability.

What we're watching

• Whether the margin compression in standalone operations persists into FY27
• Impact of the inventory valuation change on reported profitability in coming quarters
• Any strategy update on gradually phasing out Monoperc technology

The full read

Saatvik Green Energy's full-year numbers tell a tale of two businesses under one roof. On a standalone basis, the solar manufacturer barely grew revenue — up just 4% to ₹2,262 crore — while net profit cratered 60% to ₹62.3 crore, with the fourth quarter nearly wiped out at ₹11.5 crore, down 88% year-on-year. The culprit: margin compression tied to impairment and depreciation charges as the company pivots away from Monoperc technology, plus a retroactive change in inventory valuation from FIFO to weighted average that distorted comparables. Yet the consolidated picture, which folds in a fully-owned subsidiary, shows a company where revenue doubled to ₹4,548 crore and net profit climbed 64% to ₹357 crore. That divergence means Saatvik Green has become reliant on the subsidiary for growth — leaving investors to question whether the parent's operational challenges are structural or transitional.