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Sahaj Solar Limited

Sahaj Solar Limited

NNSE:SAHAJSOLAR
80.40
INR
-2.10
(-2.55%)
2.03BMarket Cap
Sahaj Solar Limited
NSE:SAHAJSOLAR
(National Stock Exchange of India)

Recent

price

80.40

P/E

ratio

- -

div

yld

- -

ROIC.AI

2021
2022
2023
2024
2025
2026
TTM
INR
28.14
30.36
82.45
91.56
162.91
190.79
- -
Revenue per Share
0.27
0.47
2.89
5.99
13.61
13.46
- -
Basic EPS, GAAP
0.77
-0.76
4.21
-16.08
-23.42
-49.21
- -
Free Cash Flow per Basic Share
- -
- -
- -
- -
0.54
- -
- -
Dividend per Share
4.22
4.56
7.47
14.83
49.44
62.87
62.87
Book Value per Share
4.22
4.54
7.45
14.79
49.4
62.78
62.78
Tangible Book Value per Share
22
22
22
22
20
22
22
Basic Weighted Avg Shares
618
667
1,812
2,012
3,298
4,192
- -
Sales/Revenue/Turnover
3.28
4.74
5.6
12.09
12.91
12
- -
Operating Margin (%)
12
12
12
12
13
15
- -
Depreciation Expense
6
10
63
132
275
296
- -
Net Income, GAAP
29.02
27.58
24.24
31.76
25.89
26.15
- -
Effective Tax Rate (%)
0.97
1.53
3.5
6.54
8.35
7.05
- -
Profit Margin (%)
54
82
114
147
743
807
807
Working Capital
54
65
37
25
32
459
459
LT Debt
97
100
167
332
1,096
1,400
1,400
Total Equity
- -
7.09
25.77
24.72
22.69
14.87
- -
Return on Invested Capital (%)
- -
7.12
25.52
24.35
23.02
14.74
- -
Return on Capital (%)
- -
10.6
48.02
53.68
39.01
23.97
- -
Return on Common Equity (%)

Capital Structure

INR

•

in mil. unless spec.
Mar'25
Sep'26
Mar'26
ST Debt
542
744
1,296
LT Borrowings
32
143
459
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
22
22
22
Market Capitalization
4,090
5,139
2,027

Working Capital

INR

•

in mil. unless spec.
Mar'25
Sep'26
Mar'26
Total Current Assets
2,565
3,009
3,684
Cash, Cash Equivalents & STI
102
184
104
Accounts Receivable, Net
1,968
2,348
3,225
Inventories
228
198
232
Total Current Liabilities
1,821
1,944
2,877
Payables & Accruals
- -
- -
- -
ST Debt
542
744
1,296
Deferred Revenue
- -
- -
- -

Growth Rates

INR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
85.38%
27.67%
Free Cash Flow
- -
-234.87%
128.01%
Net Income, GAAP
- -
163.09%
7.37%
Sales/Revenue/Turnover
- -
56.3%
27.11%
Total Cash Common Dividend
- -
- -
- -

Semi-annual Revenue

INR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
2,012
2025
- -
- -
3,298
2026
- -
- -
4,192

Semi-annual Earnings Per Share

INR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
5.99
2025
- -
- -
13.61
2026
- -
- -
13.46

Semi-annual Dividends Per Share

INR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
- -
2025
- -
- -
0.54
2026
- -
- -
- -
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Business
Sahaj Solar Ltd. manufactures photovoltaic (PV) modules and provides renewable energy solutions in India. The company produces mono PERC, multi-crystalline, and Topcon solar PV modules with efficiencies exceeding 21%; solar water pumping systems; solar mobile trolleys; solar home lights; solar streetlights; and off-grid and rooftop solar power plant solutions. It also offers comprehensive engineering, procurement, and construction (EPC) services, including design, supply, installation, testing, commissioning, and maintenance for projects ranging from residential installations to large-scale solar power plants. Founded in 2010 and headquartered in Ahmedabad, Gujarat, Sahaj Solar operates a 100 MW integrated PV module manufacturing facility in Bavla, Ahmedabad, with production capabilities for customized glass-to-glass modules. The company serves government entities such as MGVCL, DGVCL, PGVCL, GEDA, HAREDA, and MEDA; private customers including Mahindra Susten and Secured Meters; and exports to African markets. It maintains subsidiaries including Veracity Energy and Infrastructure Private Limited, Veracity Powertronics Private Limited, and Sustainable Plant Green Energies Private Limited. In recent developments, Sahaj Solar received co-ALMM approval for Topcon modules from the Ministry of New and Renewable Energy in December 2025. The company entered a memorandum of agreement with Wincyril Enterprises in September 2024 and a business collaboration with IDMC Limited, a subsidiary of NDDB, for solarizing India's dairy cold chain with battery storage systems. It secured a 357.5 million rupees order in December 2025, a $4.3 million order in January 2025, and plans a 1.5 GW solar module production line with an initial 750 MW order announced in October 2024; it went public via IPO in 2024.