Sahaj Solar Ltd.

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sahajsolar.comBSE: -NSE: SAHAJSOLAR

Market Cap₹ 220 Cr.

Current Price

High / Low₹ 265 / 91

Stock P/E7.4

Book Value₹ 63

Price to Book1.47

Dividend Yield0.00 %

ROCE21.7 %

ROE24.6 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

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PROS

Company has a good return on equity (ROE) track record: 3 Years ROE 39.4%
Company has a healthy return on capital (ROCE) of 31.4%
Company has delivered good sales growth of 46.6% CAGR over last 5 years
Operating margins have improved to 12.4% from 6.4%
Company has consistently been profitable over the last 5 years

CONS

Operating cash flow has been negative in recent years
Receivables are growing faster than sales - a possible quality concern
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -2.23x)
Free cash flow has been persistently negative
Total debt has risen sharply - up 205.8% year on year

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsEngineering - Industrial Equipments

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BHEL	433.35	62.03	150895.22	0.32	376.71	182.70	7697.72	40.29	9.24	6.69
2.	INDOMIM	970.60	89.95	47994.32	0.61	2401.22	—	12187.42	—	24.48	33.36
3.	THERMAX	3634.35	72.98	43305.57	0.55	21.79	-85.61	2302.73	7.09	15.85	2.98
4.	HONAUT	35625.15	57.15	31498.06	0.31	150.70	20.95	1204.40	1.80	17.04	14.32
5.	JYOTICNC	1002.85	70.89	22807.13	0.00	57.14	-19.99	508.47	23.97	23.88	21.40
6.	INOXINDIA	2248.45	80.08	20407.72	0.09	58.07	-4.98	370.79	9.18	33.54	20.46
7.	TRITURBINE	577.50	54.59	18358.64	0.74	51.10	-20.65	442.70	19.23	35.95	11.59
8.	AZAD	2775.95	128.99	17927.57	0.00	35.16	19.46	172.60	25.90	12.28	37.29
9.	LLOYDSENGG	84.28	58.44	13072.16	0.30	68.23	-77.28	527.15	142.92	17.99	15.04
10.	TEGA	1547.15	550.12	11623.38	0.13	-108.25	-406.36	1723.44	383.99	8.37	3.27
11.	KRN	1579.75	106.67	10340.80	0.00	32.90	164.84	252.32	118.87	16.06	19.44
12.	SAHAJSOLAR	99.95	7.43	219.61	0.00	—	—	—	—	21.75	—

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

No quarterly results found

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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	62	67	185	201	330	419
	59	63	174	177	288	367
Operating Profit	3	4	11	24	42	52
OPM %	4.88%	5.84%	6.11%	12.12%	12.80%	12.35%
	0	1	0	1	1	2
Interest	1	2	2	4	4	11
Depreciation	1	1	1	1	1	2
Profit before Tax	1	1	9	20	38	41
Tax %	28.88%	27.58%	24.24%	31.72%	25.89%	26.15%
Net Profit	1	1	6	13	28	30
EPS	0.76	1.31	8.11	16.32	25.07	13.46
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	3.99%	0.00%

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 47%
3 Years:: 31%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 118%
3 Years:: 67%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -61%

RETURN ON EQUITY

10 Years:: —
5 Years:: 36%
3 Years:: 39%
Last Year:: 25%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	5	5	8	8	11	22
Minority Interest	0	0	0	1	1	2
	4	5	9	25	98	116
	14	14	12	55	64	81
Trade Payables	8	32	56	43	121	118
	3	5	6	17	9	136
Total Liabilities	35	61	91	149	303	475
	10	8	8	7	6	24
Capital Work in Progress	0	0	0	0	0	11
	10	11	12	15	23	23
	0	0	0	89	197	323
Cash & Bank	2	1	3	12	10	10
	13	41	69	26	67	85
Total Assets	35	61	91	149	303	475

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	4	-1	13	-35	-47	-78
Cash from Investing	-3	0	-1	-0	-0	-29
Cash from Financing	-2	1	-7	44	45	108
	-0	-1	1	9	-2	0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	1.15	1.96	8.11	16.32	25.07	13.46
Book Value (₹)	17.77	19.19	20.97	40.95	98.87	62.87
Dividend per Share (₹)	0.00	0.00	0.00	0.00	1.00	0.00
Cash EPS (₹)	1.20	1.50	4.93	9.01	13.35	14.49
PROFITABILITY
Operating Margin %	5.31%	6.62%	6.35%	12.12%	12.80%	12.35%
Net Margin %	1.14%	1.54%	3.50%	6.65%	8.49%	7.23%
ROE %	7.61%	10.62%	49.04%	54.08%	39.54%	24.58%
ROCE %	8.71%	12.05%	36.89%	39.65%	32.77%	21.75%
	2.04%	2.15%	8.56%	11.18%	12.39%	7.79%
EFFICIENCY
Debtor Days	53	126	90	129	158	226
Inventory Days	58	57	23	24	21	20
Payable Days	59	133	97	119	113	132
	52	51	15	35	65	114
FINANCIAL HEALTH
Debt to Equity (x)	1.62x	1.70x	0.83x	1.72x	0.53x	1.27x
Interest Coverage (x)	1.88x	1.84x	5.34x	5.70x	10.16x	4.70x
	1.28x	1.19x	1.16x	1.25x	1.41x	1.28x
GROWTH
Revenue Growth %	0.00%	7.81%	177.61%	8.53%	63.93%	27.11%
Operating Profit Growth %	0.00%	34.35%	166.32%	111.69%	73.47%	24.14%
Net Profit Growth %	0.00%	45.23%	532.58%	106.25%	109.43%	8.26%
	0.00%	0.00%	0.00%	101.24%	53.66%	-46.32%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	7.42x	6.85x
P/B (x)	0.00x	0.00x	0.00x	0.00x	3.77x	1.47x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.27%	0.00%
	0.00x	0.00x	0.00x	2.13x	10.55x	6.85x

Shareholding Pattern

Numbers in percentages

	Sep 2014	Sep 2024	Mar 2025	Sep 2025	Mar 2026
	0.00	71.28	71.28	71.28	71.28
	0.00	1.11	0.03	0.03	0.01
	0.00	4.02	1.82	1.25	1.12
Government	0.00	0.00	0.00	0.00	0.00
	100.00	23.60	26.87	27.44	27.59

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

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