Sahaj Solar Ltd
Incorporated in 2010, Sahaj Solar Ltd manufactures solar energy based products and provides EPC services[1]
- Market Cap ₹ 491 Cr.
- Current Price ₹ 223
- High / Low ₹ 324 / 150
- Stock P/E 17.8
- Book Value ₹ 49.4
- Dividend Yield 0.22 %
- 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
Industrials Capital Goods Electrical Equipment Other Electrical Equipment
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: | -10% |
| 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
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General Updates
16 October 2025 - Valuation asset-approach price revised to ₹49.44/share (was ₹48.97); no impact on final valuation.
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Certificate under SEBI (Depositories and Participants) Regulations, 2018
13 October 2025 - RTA certificate under Reg 74(5) confirming dematerialisation details for quarter ended Sep 30, 2025.
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Analysts/Institutional Investor Meet/Con. Call Updates
9 October 2025 - Plant and office visit for investors/analysts scheduled Oct 15, 2025, 09:00–18:00 at Rajoda, Bavla, Ahmedabad.
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Shareholders meeting
1 October 2025 - AGM voting results: all 17 resolutions passed including preferential allotment, capital increase, RPTs; AGM Sep 29, 2025.
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Trading Window
29 September 2025 - Trading window closed from Oct 1, 2025 until 48 hours after results for half-year ended Sep 30, 2025.
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.