Sahaj Solar Ltd
Incorporated in 2010, Sahaj Solar Ltd manufactures solar energy based products and provides EPC services[1]
- Market Cap ₹ 369 Cr.
- Current Price ₹ 168
- High / Low ₹ 324 / 138
- Stock P/E 13.9
- Book Value ₹ 50.2
- Dividend Yield 0.30 %
- 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 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 3 | 32 | 55 | 66 | 183 | 179 | 307 | 315 | |
| 3 | 29 | 52 | 62 | 173 | 157 | 268 | 273 | |
| Operating Profit | -0 | 2 | 3 | 4 | 11 | 22 | 39 | 41 |
| OPM % | -3% | 7% | 5% | 6% | 6% | 12% | 13% | 13% |
| 0 | 1 | -0 | 0 | 0 | 0 | 1 | 1 | |
| Interest | 0 | 1 | 1 | 2 | 2 | 4 | 4 | 5 |
| Depreciation | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | 0 | 1 | 1 | 1 | 8 | 18 | 35 | 36 |
| Tax % | 25% | 37% | 30% | 28% | 26% | 32% | 26% | |
| 0 | 0 | 0 | 1 | 6 | 12 | 26 | 26 | |
| EPS in Rs | 0.60 | 0.38 | 0.44 | 0.98 | 3.70 | 7.61 | 11.73 | 12.02 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 57% |
| 5 Years: | 58% |
| 3 Years: | 67% |
| TTM: | 44% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 119% |
| 5 Years: | 131% |
| 3 Years: | 221% |
| TTM: | 76% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -35% |
| 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 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.26 | 5 | 5 | 5 | 8 | 8 | 11 | 22 |
| Reserves | 0 | 3 | 4 | 5 | 8 | 23 | 94 | 88 |
| 0 | 16 | 15 | 17 | 12 | 52 | 57 | 88 | |
| 2 | 13 | 8 | 34 | 60 | 60 | 136 | 125 | |
| Total Liabilities | 2 | 37 | 32 | 61 | 87 | 144 | 298 | 324 |
| 0 | 8 | 8 | 8 | 7 | 6 | 6 | 6 | |
| CWIP | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 11 |
| Investments | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 |
| 1 | 29 | 23 | 53 | 80 | 137 | 292 | 305 | |
| Total Assets | 2 | 37 | 32 | 61 | 87 | 144 | 298 | 324 |
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
-
Bagging/Receiving of orders/contracts
11 December 2025 - LoE and rate contract from MSEDCL for Rs.35.75 Crore solar pumping systems; completion by March 31, 2026.
-
General Updates
8 December 2025 - Co-ALMM approval for Sahaj Solar Topcon modules; MNRE ALMM listing dated 08-Dec-2025, validity until 23.06.2027.
-
Analysts/Institutional Investor Meet/Con. Call Updates
5 December 2025 - Investor group meeting Dec 10, 2025 (11:00–12:00) with Phillip Capital Bharat Conclave 2026, virtual.
-
General Updates
2 December 2025 - Correction: Post-preferential Non-Institutional 61,18,347; B3(a) up to Rs2L 36,67,100; excess Rs2L 12,13,647.
-
Demise
24 November 2025 - Internal auditor Rohan Thakkar deceased; M/s. Rohan Thakkar & Co. ceased effective November 22, 2025.
Annual reports
Concalls
-
Nov 2025Transcript PPT
-
Jun 2025TranscriptAI SummaryPPT
-
Apr 2025Transcript PPT REC
-
Feb 2025TranscriptAI SummaryPPT
-
Nov 2024TranscriptAI SummaryPPT
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.