Sahaj Solar Ltd
Incorporated in 2010, Sahaj Solar Ltd manufactures solar energy based products and provides EPC services[1]
- Market Cap ₹ 519 Cr.
- Current Price ₹ 236
- High / Low ₹ 355 / 150
- Stock P/E 20.1
- Book Value ₹ 47.8
- Dividend Yield 0.21 %
- ROCE 31.6 %
- ROE 37.8 %
- Face Value ₹ 10.0
Pros
- Company has delivered good profit growth of 131% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 41.8%
Cons
- Company might be capitalizing the interest cost
- Company has high debtors of 233 days.
- Working capital days have increased from 37.4 days to 70.8 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Electrical Equipment Other Electrical Equipment
Half Yearly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| 3 | 32 | 55 | 66 | 183 | 179 | 307 | |
| 3 | 29 | 52 | 62 | 173 | 157 | 268 | |
| Operating Profit | -0 | 2 | 3 | 4 | 11 | 22 | 39 |
| OPM % | -3% | 7% | 5% | 6% | 6% | 12% | 13% |
| 0 | 1 | -0 | 0 | 0 | 0 | 1 | |
| Interest | 0 | 1 | 1 | 2 | 2 | 4 | 4 |
| Depreciation | 0 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | 0 | 1 | 1 | 1 | 8 | 18 | 35 |
| Tax % | 25% | 37% | 30% | 28% | 26% | 32% | 26% |
| 0 | 0 | 0 | 1 | 6 | 12 | 26 | |
| EPS in Rs | 0.60 | 0.38 | 0.44 | 0.98 | 3.70 | 7.61 | 11.73 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 57% |
| 5 Years: | 58% |
| 3 Years: | 67% |
| TTM: | 71% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 119% |
| 5 Years: | 131% |
| 3 Years: | 221% |
| TTM: | 110% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -29% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 37% |
| 3 Years: | 42% |
| Last Year: | 38% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0.26 | 5 | 5 | 5 | 8 | 8 | 11 |
| Reserves | 0 | 3 | 4 | 5 | 8 | 23 | 94 |
| 0 | 16 | 15 | 17 | 12 | 52 | 57 | |
| 2 | 13 | 8 | 34 | 60 | 60 | 136 | |
| Total Liabilities | 2 | 37 | 32 | 61 | 87 | 144 | 298 |
| 0 | 8 | 8 | 8 | 7 | 6 | 6 | |
| CWIP | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
| 1 | 29 | 23 | 53 | 80 | 137 | 292 | |
| Total Assets | 2 | 37 | 32 | 61 | 87 | 144 | 298 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| -0 | 3 | -2 | 9 | -32 | -52 | ||
| -1 | -1 | 0 | -1 | -1 | 0 | ||
| 1 | -2 | 1 | -7 | 42 | 50 | ||
| Net Cash Flow | 0 | -0 | -1 | 1 | 9 | -2 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 15 | 71 | 57 | 206 | 105 | 176 | 233 |
| Inventory Days | 13 | 258 | 69 | 74 | 22 | 36 | 29 |
| Days Payable | 181 | 167 | 52 | 211 | 124 | 114 | 178 |
| Cash Conversion Cycle | -152 | 162 | 73 | 69 | 3 | 98 | 85 |
| Working Capital Days | -134 | 69 | 25 | 40 | 16 | 25 | 71 |
| ROCE % | 8% | 11% | 36% | 39% | 32% |
Documents
Announcements
-
Analysts/Institutional Investor Meet/Con. Call Updates
19 September 2025 - Virtual investor/analyst meeting on Sept 22, 2025 at 4:00 PM with multiple institutions.
-
Analysts/Institutional Investor Meet/Con. Call Updates
19 September 2025 - Investor/analyst meeting with Arihant Capital on Sept 25, 2025, 11:00–12:00 IST (virtual).
-
Updates
19 September 2025 - NSE approved reclassification of Sustainable Planet Green Energies to Public; holds nil shares (Sept 18, 2025).
-
Credit Rating- New
12 September 2025 - India Ratings assigned IND BBB-/Stable/IND A3 to Sahaj Solar bank facilities on Sept 11, 2025.
-
Updates
9 September 2025 - Sahaj Solar submitted promoter-group to public reclassification application to NSE on September 8, 2025.
Business Overview:[1]
SSL develops small to large Photovoltaic Solar pv power plant projects for its clients & investors. This includes carrying out the initial economic feasibility forecasts, finding a suitable location, securing title to the land (including obtaining all necessary permits) and taking care of all feed-in contracts or Power Purchase Agreements (PPA) with energy off-takers.