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Pine Labs Shares May Rally 30%: Motilal Oswal Initiates ‘Buy’ Call, Sets ₹250 Target

Posted on 23rd Sep 2026 02:02 pm by rohit kumar

Shares of Saatvik Green Energy Limited (SGEL) have come under focus after domestic brokerage Motilal Oswal Financial Services reiterated its ‘Buy’ rating on the solar energy company and assigned a target price of ₹508. According to the brokerage report, the target implies an upside of about 23% from its reference price of around ₹412.

 

The brokerage's bullish view is supported by the company's rapidly expanding order book, upcoming solar-cell manufacturing capacity and expectations of stronger operating margins as new capacity comes on stream.

 

Motilal Oswal Target Price for Saatvik Green Energy

 

Motilal Oswal has maintained its ‘Buy’ recommendation on Saatvik Green Energy and set a target price of ₹508 per share.

 

The brokerage's report, dated September 18, 2026, cited the company's improving business visibility and capacity expansion as key factors behind its positive view. Moneycontrol reported the same ₹508 target and 23% implied upside.

 

It is important to note that a brokerage target price represents the analyst firm's estimate and is not a guaranteed future share price or return.

 

Saatvik Green Energy Order Book Reaches ₹9,700 Crore

 

One of the major factors highlighted by Motilal Oswal is Saatvik Green Energy's strong order momentum.

 

According to the brokerage, the company's order book stood at around ₹8,200 crore as of August 18, 2026. Since then, SGEL secured additional orders worth approximately ₹1,530 crore, taking the total order book to about ₹9,700 crore.

 

The brokerage said deliveries for the current order book are scheduled across FY27 and FY28. It estimates that the order book provides visibility for roughly 100% of FY27 estimated revenue and around 60% of FY28 estimated revenue.

 

Among the recent wins was a 600 MWp DCR module order from SECI worth ₹1,040 crore, with deliveries scheduled for December 2027, according to the brokerage report.

 

New Cell Manufacturing Capacity Could Boost Margins

 

Another important part of Motilal Oswal's investment thesis is Saatvik's move toward backward integration through domestic solar-cell manufacturing.

 

The brokerage expects the company's 2.4 GW Phase-I cell manufacturing capacity to begin production in 3QFY27. A further expansion is planned, which could take total cell capacity to around 6 GW by FY28-end, according to the report.

 

Motilal Oswal estimates that the company's EBITDA margin could improve from approximately 8% in FY27E to around 15% in FY28E as the new capacity ramps up and the product mix shifts toward higher domestic-content-requirement (DCR) volumes.

 

The brokerage estimates revenue and EBITDA could record compound annual growth rates of approximately 36% and 50%, respectively, between FY26 and FY28, according to its report.

 

India's Solar Capacity Expansion Supports Outlook

 

Motilal Oswal also pointed to India's rapidly expanding solar-power capacity as a key industry-level catalyst.

 

Data from the Ministry of New and Renewable Energy (MNRE) shows India's cumulative installed solar capacity reached 168.04 GW as of August 31, 2026. During April-August 2026, the country added approximately 17.78 GW of solar capacity.

 

The brokerage said this trajectory puts India on track to surpass the Central Electricity Authority's FY27-end target of 176 GW of installed solar capacity.

 

Motilal Oswal also highlighted a significant gap between domestic solar-cell and module manufacturing capacity, which could support demand for integrated domestic manufacturers as India's solar supply chain develops.

 

Saatvik Green Energy Manufacturing Capacity

 

Saatvik Green Energy is an integrated solar-energy company with operations spanning solar PV module manufacturing, EPC and other renewable-energy solutions.

 

The company's current consolidated module manufacturing capacity is reported at around 4.8 GW, while its latest company disclosure says its module manufacturing capacity stands at 4.86 GW. It is also developing additional module and cell capacity in Odisha as part of its backward-integration strategy.

 

The company has said its Odisha expansion includes additional module capacity and large-scale solar-cell manufacturing capacity. Its strategy is aimed at increasing vertical integration and improving cost competitiveness.

 

Saatvik Green Energy Financial Performance

 

Saatvik Green Energy reported strong FY26 operating growth. According to the company's audited FY26 results, revenue from operations increased 111% year-on-year to ₹4,548.4 crore, while EBITDA rose 62% to ₹581.1 crore. Profit after tax increased 64% to ₹357.1 crore.

 

The company also reported an order book of approximately 5.89 GW as of March 31, 2026, before the subsequent order additions highlighted in Motilal Oswal's September report.

 

Why Motilal Oswal Is Bullish on Saatvik Green Energy

 

The brokerage's positive view can broadly be attributed to three factors:

 

Strong order inflow: The order book has increased to around ₹9,700 crore following fresh orders of approximately ₹1,530 crore.

Capacity expansion: Upcoming solar-cell manufacturing capacity could increase vertical integration and support the company's product mix.

Margin improvement potential: Motilal Oswal expects EBITDA margins to rise toward 15% by FY28E from around 8% in FY27E.

 

The brokerage said the combination of growing order visibility, capacity expansion and improving margins supports its ₹508 target price.

 

Saatvik Green Energy Share: Key Points for Investors

 

Saatvik Green Energy has emerged as a company to watch in India's expanding solar manufacturing ecosystem. Its expanding order book and planned cell-manufacturing capacity are central to the growth thesis outlined by Motilal Oswal.

 

However, investors should distinguish between brokerage expectations and actual future performance. The ₹508 target is Motilal Oswal's estimate and is subject to factors such as execution, solar-module pricing, capacity utilisation, raw-material costs, policy changes and overall market conditions.

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