Sahaj Solar Ltd
Incorporated in 2010, Sahaj Solar Ltd manufactures solar energy based products and provides EPC services[1]
- Market Cap ₹ 534 Cr.
- Current Price ₹ 243
- High / Low ₹ 355 / 150
- Stock P/E 19.4
- Book Value ₹ 49.4
- Dividend Yield 0.21 %
- ROCE 32.6 %
- ROE 38.9 %
- Face Value ₹ 10.0
Pros
- Company has a good return on equity (ROE) track record: 3 Years ROE 43.2%
Cons
- Company might be capitalizing the interest cost
- Company has high debtors of 219 days.
- Working capital days have increased from 39.3 days to 72.2 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
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Half Yearly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 62 | 67 | 185 | 201 | 330 | |
| 59 | 63 | 174 | 177 | 288 | |
| Operating Profit | 3 | 4 | 11 | 24 | 42 |
| OPM % | 5% | 6% | 6% | 12% | 13% |
| 0 | 1 | 0 | 1 | 1 | |
| Interest | 1 | 2 | 2 | 4 | 4 |
| Depreciation | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | 1 | 1 | 9 | 20 | 38 |
| Tax % | 29% | 28% | 24% | 32% | 26% |
| 1 | 1 | 6 | 13 | 28 | |
| EPS in Rs | 0.58 | 0.98 | 4.04 | 8.17 | 12.52 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 70% |
| TTM: | 64% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 228% |
| TTM: | 109% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -27% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 43% |
| Last Year: | 39% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 5 | 5 | 8 | 8 | 11 |
| Reserves | 4 | 5 | 9 | 25 | 98 |
| 15 | 17 | 14 | 57 | 57 | |
| 10 | 34 | 61 | 60 | 138 | |
| Total Liabilities | 35 | 61 | 91 | 149 | 304 |
| 10 | 8 | 8 | 7 | 6 | |
| CWIP | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| 25 | 53 | 83 | 142 | 298 | |
| Total Assets | 35 | 61 | 91 | 149 | 304 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 4 | -2 | 10 | -35 | -47 | |
| -2 | 0 | -1 | -0 | -0 | |
| -2 | 1 | -7 | 44 | 45 | |
| Net Cash Flow | -0 | -1 | 1 | 9 | -2 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Debtor Days | 53 | 204 | 106 | 161 | 219 |
| Inventory Days | 71 | 73 | 26 | 36 | 31 |
| Days Payable | 59 | 210 | 124 | 103 | 168 |
| Cash Conversion Cycle | 64 | 67 | 8 | 94 | 83 |
| Working Capital Days | 20 | 39 | 17 | 28 | 72 |
| ROCE % | 11% | 36% | 39% | 33% |
Documents
Announcements
-
Credit Rating- New
12 September 2025 - India Ratings assigned IND BBB-/Stable/IND A3 to Sahaj Solar bank facilities on Sept 11, 2025.
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Updates
9 September 2025 - Sahaj Solar submitted promoter-group to public reclassification application to NSE on September 8, 2025.
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Shareholders meeting
6 September 2025 - Annual Report FY2024-25 filed; 16th AGM on September 29, 2025; e-voting Sept 26–28; expansion plans to 1,500 MW.
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Outcome of Board Meeting
4 September 2025 - Board approved reclassification of Sustainable Planet Green Energies to public; request dated Aug 25, 2025; subject to exchange approval.
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Appointment
4 September 2025 - Board approved Rs.46.02Cr preferential share-swap to acquire 20% each of VPPL and VEIPL; borrowing/mortgage limits raised to Rs500Cr.
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.