Saatvik Green Q1 FY27: consolidated PAT sinks 95% YoY to ₹5.4 Cr as revenue nearly halves

Saatvik Green Energy's consolidated PAT fell 95.5% YoY to ₹5.4 Cr (from ₹118.8 Cr in Q1 FY26) and 91.1% QoQ (from ₹60.4 Cr in Q4 FY26), on revenue that dropped 44.2% YoY to ₹511.0 Cr and 68.2% QoQ from Q4 FY26's ₹1,607.7 Cr. Basic consolidated EPS fell to ₹0.43 from ₹10.41 a year ago. No confirmed Street consensus for this specific quarter could be located; broader analyst commentary going into FY27 had pencilled in 15-20% full-year PAT growth, a bar this quarter's print runs directly counter to, though three more quarters remain to close the gap.

Management's prior guidance (Q4 FY26 concall) was for "healthy and stable margins for FY27," anchored on in-house solar cell production commencing and industry conditions stabilizing post the recent price war — with operating profit improvement explicitly flagged as an H2 FY27 story tied to backward integration. This quarter's results, reported before that catalyst has kicked in, show margins moving the opposite direction: consolidated NPM compressed to ~1.1% from 12.9% YoY and 3.7% QoQ, and PBT itself was thin at ₹7.4 Cr on ₹511 Cr of revenue. On that basis the quarter reads as a miss against the trajectory management had set out, even allowing for the guided H2 skew.

The stock went into the print at ₹431, down 7.7% over the past month of trading.

No exceptional items this quarter vs Q4 FY26's ₹3.95 Cr Monoperc CGU impairment — the decline is purely operational, not one-off driven

The standalone print tells a materially different story and the divergence is large enough to flag: standalone PAT was ₹6.9 Cr, down only 21.9% YoY on a 11.8% YoY revenue decline to ₹333.2 Cr — a much milder slowdown than the consolidated numbers show. The gap implies the Group's subsidiaries (the 4 GW module manufacturing unit and EPC operations) drove almost all of the consolidated revenue collapse, with their combined contribution falling from roughly ₹537.9 Cr a year ago to about ₹177.8 Cr this quarter, a decline of nearly two-thirds. No standalone management press release was available in the context to cross-check this framing; the filing itself contains only the SEBI-mandated financial statements and auditor review reports, with no separate results commentary from management.