Sahaj Solar Ltd
Incorporated in 2010, Sahaj Solar Ltd manufactures solar energy based products and provides EPC services[1]
- Market Cap ₹ 272 Cr.
- Current Price ₹ 124
- High / Low ₹ 268 / 91.0
- Stock P/E 10.2
- Book Value ₹ 60.1
- Dividend Yield 0.40 %
- ROCE 20.0 %
- ROE 22.6 %
- Face Value ₹ 10.0
Pros
- Company has delivered good profit growth of 116% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 30.8%
Cons
- Company has high debtors of 297 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
Part of Nifty SME Emerge
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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| 3 | 32 | 55 | 66 | 183 | 179 | 307 | 390 | |
| 3 | 29 | 52 | 62 | 173 | 157 | 268 | 344 | |
| Operating Profit | -0 | 2 | 3 | 4 | 11 | 22 | 39 | 46 |
| OPM % | -3% | 7% | 5% | 6% | 6% | 12% | 13% | 12% |
| 0 | 1 | -0 | 0 | 0 | 0 | 1 | 2 | |
| Interest | 0 | 1 | 1 | 2 | 2 | 3 | 4 | 10 |
| 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% | 26% |
| 0 | 0 | 0 | 1 | 6 | 12 | 26 | 27 | |
| EPS in Rs | 0.60 | 0.38 | 0.44 | 0.98 | 3.70 | 7.61 | 11.73 | 12.17 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 4% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 48% |
| 3 Years: | 29% |
| TTM: | 27% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 116% |
| 3 Years: | 67% |
| TTM: | 4% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -53% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 31% |
| 3 Years: | 31% |
| Last Year: | 23% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.26 | 5 | 5 | 5 | 8 | 8 | 11 | 22 |
| Reserves | 0 | 3 | 4 | 5 | 8 | 23 | 94 | 110 |
| 0 | 16 | 15 | 17 | 12 | 52 | 57 | 170 | |
| 2 | 13 | 8 | 34 | 60 | 61 | 136 | 166 | |
| Total Liabilities | 2 | 37 | 32 | 61 | 87 | 144 | 298 | 468 |
| 0 | 8 | 8 | 8 | 7 | 6 | 6 | 23 | |
| CWIP | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 9 |
| Investments | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 |
| 1 | 29 | 23 | 53 | 80 | 137 | 292 | 435 | |
| Total Assets | 2 | 37 | 32 | 61 | 87 | 144 | 298 | 468 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| -0 | 3 | -2 | 9 | -32 | -52 | -75 | ||
| -1 | -1 | 0 | -1 | -1 | 0 | -27 | ||
| 1 | -2 | 1 | -7 | 42 | 50 | 103 | ||
| Net Cash Flow | 0 | -0 | -1 | 1 | 9 | -2 | 1 | |
| Free Cash Flow | -1 | 2 | -3 | 9 | -32 | -53 | -102 | |
| CFO/OP | -10% | 110% | -36% | 124% | -119% | -112% | -162% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 15 | 71 | 57 | 206 | 105 | 176 | 233 | 297 |
| Inventory Days | 13 | 258 | 69 | 74 | 22 | 35 | 29 | 24 |
| Days Payable | 181 | 167 | 52 | 211 | 124 | 111 | 178 | 145 |
| Cash Conversion Cycle | -152 | 162 | 73 | 69 | 3 | 100 | 85 | 176 |
| Working Capital Days | -134 | 69 | 25 | 40 | 16 | -1 | 71 | 59 |
| ROCE % | 8% | 11% | 36% | 38% | 32% | 20% |
Insights
In beta| Mar 2014 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Government Orders Share of Total Orders % |
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| Solar Water Pumps Share of Revenue % |
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| PV Module Installed Capacity MW |
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| Cumulative Solar Water Pumps Executed Count |
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| Top 10 Customer Concentration % |
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| Order Book INR Crores |
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| Projects Signed with Companies Industrial Parks and IPPs MW |
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| PV Module Segment Share of Revenue % |
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Extracted by Screener AI
Documents
Announcements
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Reply to Clarification- Financial results
8 July 2026 - Sahaj Solar clarifies IPO proceeds were fully utilized by March 31, 2025.
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Certificate under SEBI (Depositories and Participants) Regulations, 2018
7 July 2026 - Submitted Regulation 74(5) certificate for quarter ended June 30, 2026.
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Appointment
4 July 2026 - Board appointed secretarial auditor for FY25-26 and cost auditor for FY26-27; noted secretarial auditor resignation.
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Appointment
4 July 2026 - Board approved secretarial auditor resignation, appointed new secretarial auditor and cost auditor on July 04, 2026.
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Outcome of Board Meeting
4 July 2026 - Board approved secretarial auditor resignation, new secretarial auditor, and FY27 cost auditor appointment on July 4, 2026.
Annual reports
Concalls
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May 2026Transcript PPT
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Nov 2025Transcript PPT
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Jun 2025TranscriptAI SummaryPPT
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Apr 2025Transcript PPT REC
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Feb 2025TranscriptAI SummaryPPT
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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.