Sahaj Solar Ltd
Incorporated in 2010, Sahaj Solar Ltd manufactures solar energy based products and provides EPC services[1]
- Market Cap ₹ 198 Cr.
- Current Price ₹ 90.2
- High / Low ₹ 250 / 90.0
- Stock P/E 7.41
- Book Value ₹ 60.1
- Dividend Yield 0.55 %
- 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 % | -3.3% | 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: | -62% |
| 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 % |
|
||||||
| Solar Water Pumps Share of Revenue % |
|||||||
| PV Module Installed Capacity MW |
|||||||
| Cumulative Solar Water Pumps Executed Count |
|||||||
| Top 10 Customer Concentration % |
|||||||
| Order Book INR Crores |
|||||||
| Projects Signed with Companies Industrial Parks and IPPs MW |
|||||||
| PV Module Segment Share of Revenue % |
|||||||
Extracted by Screener AI
Documents
Announcements
-
Analysts/Institutional Investor Meet/Con. Call Updates
- Management to meet Arihant Bharat Connect virtual conference investors on September 29, 2026 at 2:00 PM.
-
Analysts/Institutional Investor Meet/Con. Call Updates
- Sahaj Solar to hold virtual analyst/institutional investor meeting with Smart Sync on September 22, 2026.
-
Credit Rating- Revision
- Ind-Ra withdrew rating on ₹1,750 million bank facilities; previous IND BBB-/Stable revised to IND WD.
-
Shareholders meeting
- Sahaj Solar disclosed 17th AGM voting results; all 3 ordinary resolutions passed on August 24, 2026.
-
Shareholders meeting
- Sahaj Solar held its 17th AGM on August 24, 2026; shareholders approved FY26 accounts and reappointment.
Annual reports
-
Annual Report 2026
from nse
-
Annual Report 2025
from nse
Concalls
-
May 2026Transcript PPT
-
Nov 2025Transcript PPT
-
Jun 2025PPT
-
Apr 2025Transcript PPT REC
-
Feb 2025PPT
-
Nov 2024PPT
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.