Credit rating
Credit Rating- Revision 11 Sep - Ind-Ra withdrew rating on ₹1,750 million bank facilities; previous IND BBB-/Stable revised to IND WD.
Source: Nse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result20 May, 10:16 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
33Bearishfull bear SMA stack · SMA20 -9.5% / mo · MACD + · near 52W low
Stock trend: 24
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SAHAJSOLARD candles · FIT view-47.5%Latest close ₹82.50 on 2026-10-21
Bar
-1.1%
RSI
34
MACD hist
0.11
52W pos
1%
2026-10-21O ₹83.45H ₹85.00L ₹80.65C ₹82.50Vol 10,400 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SAHAJSOLARNifty India ManufacturingNifty 500
- SAHAJSOLAR
- -33.7%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- -27.2 pp
Chart stats
21 Oct 2026- From 52W high
- -64.0%
- 52W range position
- 1%
- ATR (14)
- 5.1%
- Volume vs 20D
- 0.69x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹80.7 - ₹94.8
₹229
₹80.7 - ₹229
₹4.2
Latest completed session
20-session average
38.3% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · UNDERVALUED71
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good72
Revenue +120.0% · PAT +108.3% YoY
Technical
Bearish33
Price trend and sector-relative-strength timing.
Valuation
Legacy model+84.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence62
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Good · 72/100Rev +120% YoY · PAT +108% YoY · +177% QoQ · margin compression
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹308 Cr | +120.0% | +177.5% |
| EBITDA | ₹41 Cr | NDF | +272.7% |
| Operating margin | 13.0% | NDF | +300 bps |
| PAT | ₹25 Cr | +108.3% | +400.0% |
| PAT margin | 8.1% | NDF | +362 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 6.51
- P/B
- 1.39
- EV/EBITDA
- 6.81
- Market Cap
- 192.00Cr
Profitability
- ROE
- 24.00%
- ROCE
- 21.60%
- ROA
- 6.26%
- Dividend Y
- —
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
- 2.01
- 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
- 2%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 308+177.5% vs prev
Net Profit
₹ CrLatest: 25.0+400.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 34.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~10.5% over last month) — short-term momentum negative.
- RSI(14) at 34 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & peers
U-Score 71 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 71 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · UNDERVALUEDValuation30/30
Growth22/25
Quality14/20
Balance Sheet8/15
Cash Flow1/10
Piotroski
5/9 (+3)
Penalties
-7
Raw sum
71
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
71/100 · legacy band UNDERVALUED
Positive drivers
- Fair-value margin of safety is positive at 84.4%.
- Valuation contributes 30/30 to the score.
- Growth contributes 22/25 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
6.5
PB
1.4
EV/EBITDA
6.8
ROE
24.0%
ROCE
21.6%
FCF Yield
—
Debt/Equity
1.3
MoS
+84.4%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
71
Previous: 71
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+84.4%
Previous: +84.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
71
71
71
71
71
71
71
71
71
71
71
71
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹138.02
+40.2% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹528.98
+84.4% MoS
PEG
0.07
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
APS
SME
Australian Premium Solar (India) Limited
Industrials
match 119
76
8.2
46.0%
+80%
DEEP VALUE
ALPEXSOLAR
SME
Alpex Solar Ltd.
Industrials
match 115
80
9.7
52.8%
+75%
DEEP VALUE
GGBL
SME
Ganesh Green Bharat Ltd.
Solar EPC
match 115
89
7.0
31.0%
+81%
DEEP VALUE
WAAREEENER
Mid
Waaree Energies Limited
Solar Manufacturing
match 110
71
18.0
32.5%
+52%
UNDERVALUED
WAAREERTL
Micro
Waaree Renewable Technologies Limited
Solar EPC
match 110
72
18.1
68.3%
+54%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-08-22T10:41:08.109Z
Management commentary snapshot
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.
Growth engines
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.
Capacity and execution
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.
Tailwinds
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
62Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
8 docs text-extracted · 3 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
35th percentile
overall median 67 · Industrials: 32nd pctile, median 68 · SME: 41st pctile, median 64
Evidence depth
Financial-only
8 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
40
weak · profit to cash conversion
Balance sheet
53
watch · leverage and solvency
Discipline
80
strong · capital discipline
Results
55
watch · quarterly consistency
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.
Continue researching Sahaj Solar Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual report
Corrigendum 3 Aug - Revised FY2025-26 annual report issued after correcting omitted CS and CFO signatures.
Source: Nse
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Annual reportMar 2026
Aug 2026 · General Updates 12 Aug - 17th AGM on August 24, 2026; annual report FY 2025-26 shared with shareholders.
Source: Nse
Annual reportMar 2026
Aug 2026 · Shareholders meeting 31 Jul - 17th AGM on August 24, 2026; annual report and e-voting schedule disclosed.
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationJun 2025
Jun 2025 · PPT
Source: Company Ir
Concall transcriptApr 2025
Apr 2025 · Transcript
Source: Nse
Investor presentationApr 2025
Apr 2025 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.