Analysts/Institutional Investor Meet/Con. Call Updates

Ref.: SGEL/SE/2026-27/71 November 11, 2026 To, To, Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Dalal Street Exchange Plaza, C-1, Block G, Bandra Kurla Mumbai – 400001 Complex Bandra (E), Mumbai – 400 051 Scrip Code: 544526 Symbol: SAATVIKGL Dear Sir/Madam, Sub: Transcript of Earnings Conference Call held on November 05, 2026 Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the transcript of the Earnings Conference Call held on Thursday, November 5, 2026 at 6:00 P.M. (IST), on the Unaudited Standalone and Consolidated Financial Results of the Company for the Quarter and Half Year ended September 30, 2026. The aforesaid transcript of the earnings conference call is also available on the website of the Company i.e., https://www.saatvikgroup.com/ You are requested to kindly take the above information on your record. Thanking you, For Saatvik Green Energy Limited Jyoti Verma Company Secretary & Compliance Officer Enc.: a/a Saatvik Green Energy Limited (a Saatvik Group Company) Corporate Office: Tower A, IFFCO Complex, Plot No. 3, Institutional Area, Sector 32, Gurugram, Haryana- 122001, Tel.: 1800-547-1151 | W.: www.saatvikgroup.com | E.: info@saatvikgroup.com| CIN: L40106HR2015PLC075578 Registered Office: Village Dubli, V.P.O. Bihta, Tehsil Ambala, Haryana- 133101, India “Saatvik Green Energy Limited Q2 FY27 Earnings Conference Call” November 05, 2026 MANAGEMENT: MR. NEELESH GARG – CHAIRMAN AND MANAGING DIRECTOR – SAATVIK GREEN ENERGY LIMITED MR. PRASHANT MATHUR – CHIEF EXECUTIVE OFFICER – SAATVIK GREEN ENERGY LIMITED MR. RISHABH MEHTTA – INTERIM CHIEF FINANCIAL OFFICER – SAATVIK GREEN ENERGY LIMITED MODERATOR: MS. PREKSHA DAGA – MOTILAL OSWAL FINANCIAL SERVICES LIMITED Saatvik Green Energy Limited November 05, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Saatvik Green Energy Q2 FY27 Earnings Conference Call, hosted by Motilal Oswal Financial Services Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note, this conference is being recorded. I now hand the conference over to Ms. Preksha Daga. Thank you, and over to you, ma'am. Preksha Daga: Thank you. Good evening, everyone. On behalf of Motilal Oswal, I welcome you all to the Q2 and H1 FY27 earnings conference call of Saatvik Green Energy Limited. We have with us today the senior management team of the company, Mr. Neelesh Garg, Chairman and Managing Director; Mr. Prashant Mathur, Chief Executive Officer; and Mr. Rishabh Mehtta, Interim Chief Financial Officer. Before we begin, I would like to remind you that some of the statements made on today's call may be forward-looking in nature and must be viewed in conjunction with the risks the company faces. A detailed disclaimer is included in the earnings presentation, which has been shared with the stock exchanges and is available on the company's website. We will begin with the management's opening remarks, followed by a question-and-answer session. Before asking your question, we request you to kindly mention your name and the name of your organization. With that, I now hand over the call to Mr. Neelesh Garg. Over to you, sir. Neelesh Garg: Thank you, Preksha. Good evening, everyone, and a warm welcome to the quarter 2 and half 1 FY27 earnings conference call of Saatvik Green Energy Limited. Thank you all for joining us today and for your continued trust, confidence, and support towards Saatvik. I am joined by Mr. Prashant Mathur, our Chief Executive Officer; and Mr. Rishabh Mehtta, our Interim Chief Financial Officer. Quarter 2 of financial year '27 marks an important step in Saatvik's journey. It was a quarter in which our execution caught up with our order book and one of significant progress on our strategic priority, the transition to a more integrated solar manufacturing platform. Before I take you through the quarter, let me place it in the context of where Saatvik stands today. Our established manufacturing base is at Ambala in Haryana, where we have 4.8 gigawatt of module capacity and 2 gigawatt of encapsulant capacity. Our next-generation integrated hub is at Gopalpur in Odisha, which is where the next phase of our growth is being built. Our scale and quality have been recognized externally. We were ranked among the world's top 21 solar PV module manufacturers by Terawatt PV Research in the first quarter of 2026 and amongst India's top four leading module suppliers by Mercom India. Page 2 of 14 Saatvik Green Energy Limited November 05, 2026 Let me begin with an update on our Odisha integrated manufacturing project, which is the key milestone in this transition. The phase one project, spread across 57 acres, comprises 2.4 gigawatt of cell manufacturing capacity and 4 gigawatt of module manufacturing capacity. I am pleased to share that commercial production at our 1.3 gigawatt module manufacturing facility in Gopalpur commenced successfully on 2nd November, 2026, and we expect the full 4 gigawatt capacity to be in place by December 2026. This will take our operational module capacity from 4.8 gigawatt at Ambala to 8.8 gigawatt, both combined Ambala and Odisha. On the cell manufacturing side, the 2.4 gigawatt line has moved from installation to trial run, which has commenced, and we are targeting production ramp-up by December 2026. The ALMM List-II inspection has been called for and is planned within November 2026. The Odisha facility represents a significant step forward in strengthening our manufacturing capabilities. With both cell and module capacities coming up at the same location, we will be able to serve customers with a more integrated and resilient manufacturing platform. Beyond phase one, we are progressing with the next stages of our manufacturing expansion. Phase two, spread across 27 acres, envisages an additional 3.6 gigawatt of cell manufacturing capacity, taking our total cell capacity to 6 gigawatt, with completion targeted in FY 2028. In parallel, we have initiated planning for phase three, which envisages 6 gigawatt of ingot and wafer manufacturing capacity. Phase three is targeted for completion in FY 2029 and is aligned with the ALMM List-III requirement, which applies from June 2028. Taken together, this is how our value chain is being built. In modules, we have 6.1 gigawatt live today and will add 2.7 gigawatt by December 2026, taking us to 8.8 gigawatt. In cells, the 2.4 gigawatt line has commenced trial runs, with production ramp-up targeted for December 2026, followed by 3.6 gigawatt in phase two in FY 2028. In encapsulants, we have 2 gigawatt live and are adding 3 gigawatt by FY 2028, taking us to 5 gigawatt. In ingots and wafers, 6 gigawatt is planned for FY 2029. Each stage has a defined capital plan and a defined timeline, and together, they will progressively deepen our backward integration, strengthen supply chain resilience, and build a more comprehensive domestic solar manufacturing ecosystem. Against this backdrop, Q2 FY27 was a quarter of improved execution. Revenue from operations grew 77% sequentially, and we ended the first half with a confirmed order book of 6.68 gigawatt. Our approach remains to build a business with healthy economics and long-term value creation, rather than to pursue volumes at any cost. Let me now take you through our operational performance. In quarter 2, we produced 658 megawatt of modules compared with 408 megawatt in quarter 1 and 792 megawatt in quarter 2 last year. Sales stood at 640 megawatt compared with 334 megawatt in quarter 1 and 538 megawatt in quarter 2 last year. Page 3 of 14 Saatvik Green Energy Limited [Showing first 8,000 characters — download PDF for full document]