Sahaj Solar Ltd. (SAHAJSOLAR)
SME CapIndustrials stocks · SME cap · NSE
Sahaj Solar Ltd. is a fast-growing, vertically integrated renewable energy company. It powers the entire clean-energy value chain, from high-performance PV module manufacturing to large-scale water pumping solutions and end-to-end EPC projects.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 72/100Rev +120% YoY · PAT +108% YoY · +177% QoQ · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹308 Cr | +120.0% | +177.5% |
| EBITDA | ₹41 Cr | +20.6% | +272.7% |
| Operating margin | 13.0% | -200 bps | +300 bps |
| PAT | ₹25 Cr | +108.3% | +400.0% |
| PAT margin | 8.1% | -179 bps | +362 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 revenue grew ~27% YoY to ₹419.2 Cr, with PAT up 8% to ₹29.6 Cr. H2 FY26 revenue increased 33% YoY to ₹308 Cr, and PAT rose 9% YoY to ₹25 Cr.
Strong revenue growth and maintained profitability in FY26, driven by robust demand and improved execution. Strategic partnerships and vertical integration support future expansion, though increased borrowings need monitoring.
Expanding Global & Domestic Footprint
Expanding our footprint across key Indian states and fast-growing African markets like Uganda and Zambia to capture rising demand in pumps and EPC.
Deepening Vertical Integration
Manufacturing modules, structures, and controllers in-house to improve margins, ensure reliable supply, and deliver faster, more efficient project execution.
Strategic Partnership with IDMC
Exclusive partnership with IDMC (NDDB) to solarize India’s dairy cold-chain network by deploying hybrid solar-battery systems for ~10,000 Bulk Milk Coolers over the next 3 years.
Emerging EPC Growth Engine
Expanding EPC portfolio across rooftop, ground-mount and multi-MW government & international tenders, supported by strong execution capability and a growing order pipeline.
Zambia EPC Project
Producing power in Zambia for a 10 MW project related to EPC by ~FY’27.
Dairy Cold Chain Solarization
Plans to solarize ~10,000 Bulk Milk Coolers over the next three years across Gujarat, Uttar Pradesh, Rajasthan and the North-East.
Government Support
Continued Government Support and Budgetary allocations to Solar Initiatives like PM-KUSUM Scheme.
Global Solar Growth
Global solar capacity is projected to exceed ~7,000 GW by 2030, making solar the biggest renewable technology worldwide.
Sustained Demand
Sustained demand tailwinds in the renewable energy sector.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation provides both full-year (FY26 vs FY25) and half-year (H2 FY26 vs H2 FY25) comparisons. Full-year shows overall performance, while half-year highlights recent momentum and execution.
Order Book
402 Cr Order Book as of March 31, 2026.
Revenue Growth (FY26)
Revenue from operations increased to ₹419.2 crore in FY26 as compared to ₹329.8 crore in FY25, reflecting a growth of ~27%.
EBITDA Margin (FY26)
EBITDA Margin 13% in FY26.
PAT Margin (FY26)
PAT Margin 7% in FY26.
Long-term Growth Focus
Remain focused on driving long-term growth while maintaining financial discipline and delivering long-term value for all stakeholders.
EBITDA Margin Target
Targeting EBITDA Margin of 12%+ in 3 years.
Revenue Growth Target
Targeting Revenue Growth (3 Years CAGR) of 30%+.
International Market Entry
Entering International Markets.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book | 402 Cr as of March 31, 2026 | Growth in order book and conversion to revenue. |
| Debt-Equity Ratio | 1.27x as of March 31, 2026 (₹100 Cr working capital loan repaid in April 2026) | Further reduction in debt post working capital loan repayment. |
| Dairy Cold Chain Project | Plans to solarize ~10,000 BMCs over 3 years | Execution progress and revenue contribution from IDMC partnership. |
| Zambia Project Commissioning | 10 MW project by ~FY’27 | Timely commissioning and revenue generation from international projects. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
34Bearishfull bear SMA stack · SMA20 -12.7% / mo · MACD + · near 52W low
Technical chart
SAHAJSOLARdaily · 1Y · AUTO-9.9%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 35. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~14.5% over last month) — short-term momentum negative.
- RSI(14) at 35 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 62% off 52W high · 10% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 73 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 73 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 81.2%.
- Valuation contributes 28/30 to the score.
- Growth contributes 22/25 to the score.
Main drags
- Penalty bucket subtracts 2 points.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Balance sheet is weaker at 7/15; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 35th percentile of the scored universe and 32nd percentile within Industrials. Main check: cash conversion is weak at 40/100.
Healthy Trust Lite: Promoter holding is 71.3%. Key concern: Operating cash flow is negative at ₹-78 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 32nd pctile, median 68 · SME: 41st pctile, median 64
8 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 71.3%.
- ▸Promoter pledge is zero.
- ▸ROCE is 21.6%.
Trust risks
- ▸Operating cash flow is negative at ₹-78 Cr.
- ▸Debt/equity is 1.28.
- ▸ROCE trend is -9.7%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 7.43
- P/B
- 1.59
- EV/EBITDA
- 7.33
- Market Cap
- 220.00Cr
Profitability
- ROE
- 24.00%
- ROCE
- 21.60%
- ROA
- 6.26%
- Dividend Y
- 0.50%
Growth (CAGR)
- Revenue 5Y
- 47.00%
- EPS 5Y
- 111.00%
- Revenue 3Y
- 31.00%
- EPS 3Y
- 67.00%
Balance Sheet
- Debt/Equity
- 1.28
- Interest Coverage
- 4.73×
- Altman Z
- 2.06
- Book Value
- 62.90
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -78.00 Cr
- EPS TTM
- 13.46
Shareholding
- Promoter Hold
- 71.28%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 5%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
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