Sahaj Solar Ltd
Incorporated in 2010, Sahaj Solar Ltd manufactures solar energy based products and provides EPC services[1]
- Market Cap ₹ 319 Cr.
- Current Price ₹ 145
- High / Low ₹ 280 / 91.0
- Stock P/E 11.9
- Book Value ₹ 60.1
- Dividend Yield 0.34 %
- 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: | -45% |
| 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 2010 | Mar 2014 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Solar PV Module Manufacturing Installed Capacity MW |
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| Cumulative Solar Water Pumps Executed Numbers |
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| Customer Concentration (Top 10 Clients) % |
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| Order Book INR Crores |
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| Capacity Utilization (Solar PV Module) % |
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| Employee Headcount (Consolidated) Numbers |
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| Employee Headcount (Standalone) Numbers |
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| In-house Raw Material Fabrication (Vertical Integration) % |
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Extracted by Screener AI
Documents
Announcements
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Analysts/Institutional Investor Meet/Con. Call Updates
22 May 2026 - FY26 earnings call transcript: revenue rose to Rs419 crore, order book Rs402 crore, FY27 growth guided at 30%+
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Agreements
19 May 2026 - Sahaj Solar subsidiary signed SHA with Clarion for a 750 MW solar panel manufacturing JV in UAE.
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Analysts/Institutional Investor Meet/Con. Call Updates
18 May 2026 - Audio recording shared for earnings call on audited FY26 and H1 results, held May 18, 2026.
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Investor Presentation
17 May 2026 - Investor presentation for H2 and FY26; revenue rose 27% to ₹419.2 crore, PAT ₹29.6 crore.
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Acquisition
16 May 2026 - Board approved audited FY26 results, AED 2 lakh WOS investment, and UAE JV for 750 MW facility.
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.