CREDIT RISK UPDATESCapital Goods

Saatvik Green sees a credit rating action

Saatvik GreenSAATVIKGL

TL;DR

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What is the specific underlying debt facility (amount, tenor, and interest rate) being secured by the newly intimated corporate guarantees, and does this facility represent incremental debt for capacity expansion or the refinancing of existing obligations?

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Following the recent intimation of equity pledge, what is the total percentage of promoter shareholding currently encumbered, and how does this compare to the company's internal policy or covenants regarding maximum permissible promoter pledge levels?

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How does the current level of corporate guarantees and equity pledges relative to the company's net worth compare to the leverage profiles of listed solar module manufacturing peers, and does this event signal a shift in the company's capital structure strategy?

Corporate guarantees and equity pledges relative to net worth are not separately disclosed in the available financial data for Saatvik Green or its listed peers. Consequently, an empirical assessment of contingent liabilities or promoter pledging versus net worth cannot be performed, and whether such commitments signal a strategic shift in capital structure remains a disclosure gap.

However, the on-balance-sheet leverage profiles of Saatvik Green and its solar module manufacturing and component peers can be directly compared using Q4 FY26 consolidated financial data.

Leverage Profiles Across Peers (Q4 FY26)

  • Notes: Fujiyama Power (UTLSOLAR) is excluded from the table due to unpopulated equity disclosures [21]. Diamond Power reflects negative shareholders' equity.*

Key Observations

  • Moderate On-Balance-Sheet Leverage: Saatvik Green operates with a consolidated debt-to-equity ratio of 0.65x [3] and net debt-to-equity of 0.63x [4] as of Q4 FY26, representing a higher direct leverage burden than component or module peers like Websol Energy (0.19x) [7] and Avalon Technologies (0.25x) [11], but far below distressed entities like Diamond Power.
  • Capital Structure Implications: While on-balance-sheet debt metrics show moderate utilization of debt for expansion, evaluating off-balance-sheet credit support (such as corporate guarantees issued for subsidiaries or project SPVs) requires supplementary disclosures that are absent from the current reporting set.*
CompanyBasisTotal Debt (Rs Crores)Total Equity (Rs Crores)Debt-to-Equity RatioNet Debt-to-Equity Ratio
Saatvik Green (SAATVIKGL)Consolidated881.29 [1]1,361.1 [2]0.65 x [3]0.63 x [4]
Websol Energy (WEBELSOLAR)Consolidated117.97 [5]630.70 [6]0.19 x [7]0.08 x [8]
Avalon Technologies (AVALON)Consolidated183.42 [9]721.71 [10]0.25 x [11]0.16 x [12]
Shilchar Technologies (SHILCTECH)Standalone0.00 [13]490.85 [14]0.00 x [15]-0.04 x [16]
Diamond Power (DIACABS)Consolidated2,530.0 [17]-604.20 [18]-4.19 x [19]-4.13 x [20]

Sources

  1. [1]Latest Total Debt
  2. [2]Total Equity
  3. [3]Debt Equity Ratio
  4. [4]Net Debt to Equity
  5. [5]Total Debt
  6. [6]Total Equity
  7. [7]Debt Equity Ratio
  8. [8]Net Debt to Equity
  9. [9]Total Debt
  10. [10]Total Equity
  11. [11]Debt Equity Ratio
  12. [12]Net Debt to Equity
  13. [13]Latest Total Debt
  14. [14]Total Equity
  15. [15]Debt Equity Ratio
  16. [16]Net Debt to Equity
  17. [17]Latest Total Debt
  18. [18]Total Equity
  19. [19]Debt Equity Ratio
  20. [20]Net Debt to Equity
  21. [21]Total Equity

Keep digging

What is the specific underlying debt facility (amount, tenor, and interest rate) being secured by the newly intimated corporate guarantees, and does this facility represent incremental debt for capacity expansion or the refinancing of existing obligations?

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