Sahaj Solar Q2 FY26 Earnings Analysis
Published 14 Aug 2026 | Electrical Equipment | Market Cap: ₹243 Cr
Price
₹108
Market Cap
₹243 Cr
P/E Ratio
8.2
Earnings Summary
Sahaj Solar targets a minimum 40% to 50% year-on-year growth in revenue on a conservative basis over the next 3-4 years. - They anticipate a 3 to 4 times growth in overall company revenue in this period. - Subsidiaries are expected to grow 100%+ year-on-year, contributing significantly to overall turnover. - The bulk milk cooler (BMC) solarization project with IDMC aims for ~10,000 units in 3 years, translating to Rs. Sahaj Solar targets a conservative year-on-year revenue growth of 40% to 50% on a standalone basis over the next 3-4 years. - Subsidiaries are expected to grow at over 100% year-on-year, potentially leading to a 3 to 4-fold overall company growth in 3-4 years. - The company anticipates PAT margins of around 8.5%-9% for the full year, with higher margins in H2 (above 10%). - EBITDA margins from new verticals like bulk milk coolers (BMCs) are expected to be 18%+, contributing positively to profits. - The strategic partnership with IDMC aims for Rs.
📊 Revenue & Sales Performance
- →Sahaj Solar targets a minimum 40% to 50% year-on-year growth in revenue on a conservative basis over the next 3-4 years.
- →They anticipate a 3 to 4 times growth in overall company revenue in this period.
- →Subsidiaries are expected to grow 100%+ year-on-year, contributing significantly to overall turnover.
- →The bulk milk cooler (BMC) solarization project with IDMC aims for ~10,000 units in 3 years, translating to Rs. 800 - 1,000 crores revenue.
- →Product-based solutions and international markets, especially African EPC projects, are expected to reduce revenue seasonality and add growth.
- →Expansion of production capacity with upgraded machinery (e.g., G12R technology) will support volume growth.
- →Order book of Rs. 320 crore currently, with bidding pipeline of over Rs. 600 crore, indicating strong future sales visibility.
- →Focus on new verticals like solar + storage solutions in dairy, fisheries, and agro sectors will fuel growth.
📈 Profitability & Margins
- →Sahaj Solar targets a conservative year-on-year revenue growth of 40% to 50% on a standalone basis over the next 3-4 years.
- →Subsidiaries are expected to grow at over 100% year-on-year, potentially leading to a 3 to 4-fold overall company growth in 3-4 years.
- →The company anticipates PAT margins of around 8.5%-9% for the full year, with higher margins in H2 (above 10%).
- →EBITDA margins from new verticals like bulk milk coolers (BMCs) are expected to be 18%+, contributing positively to profits.
- →The strategic partnership with IDMC aims for Rs. 800–1000 crore revenue from 10,000 BMCs in the next 3 years.
- →Order book visibility of Rs. 320 crore and strong tender pipeline (>Rs. 600 crore) supports growth.
- →Expansion into product-based offerings and international markets (e.g., Africa) is expected to reduce business seasonality and support revenue growth.
🏗️ Capital Expenditure Plans
- →Current capex includes expansion of manufacturing capacity with upgraded machinery to G12R technology, delayed due to prolonged monsoon and technology upgrade.
- →The Company prefers staged expansion: complete and stabilize one cluster before starting the next, aiming for disciplined CAPEX and predictable revenue growth.
- →Panel manufacturing expansion ongoing; recycling facility for solar panels planned within the current financial year.
- →Working capital loans taken specifically for Gujarat and Battery Energy Storage System (BESS) projects; utilization and increased finance costs expected to continue.
- →IPO proceeds were allocated for working capital, not CAPEX.
- →Subsidiaries are being developed to grow independently, targeting 50%-70% of Sahaj's turnover in 2-3 years; synergy in solar power storage solutions.
- →New fund requests ongoing for upcoming projects, implying future CAPEX.
- →Strategic partnership with IDMC to solarize 10,000 bulk milk coolers over next 3 years, representing a significant future investment opportunity.
💰 Fundraising & Capital Structure
- →Sahaj Solar Limited has taken a working capital loan from ADA specifically for Gujarat and some BESS projects. This loan was disbursed in January 2025, with full utilization by H1 FY26, leading to increased finance costs.
- →For upcoming projects, the company has requested new funds, implying plans for additional debt financing. H2 FY26 is expected to have similar finance costs due to this new fund utilization.
- →There is no specific mention of new equity fundraising or IPO plans; earlier IPO proceeds were utilized for working capital, not CAPEX.
- →The company prefers disciplined CAPEX, stabilizing one expansion before proceeding further, suggesting measured debt usage for growth.
- →Share swap is underway to bring subsidiaries fully under Sahaj’s ownership, involving promoter shares, but this does not indicate new fundraising.
📋 Order Book & Pipeline
- →Current order book stands at approximately Rs. 320 crores with orders already allocated.
- →Rs. 350 crores of orders are anticipated to be received in the next 2-3 months.
- →The company has bid for over Rs. 600 crores worth of tenders, being technically qualified for over Rs. 450 crores of these tenders.
- →A significant 110-megawatt EPC contract is signed in Zambia (~Rs. 60-65 crores), with realization expected in H1 of FY 2026-27.
- →Sahaj is qualified for UPNEDA’s 500 MW RESCO tender in Uttar Pradesh with plans to execute 80-100 megawatts in 1 to 1.5 years.
- →Additional projects under consideration include a 4.8 MW project in Gujarat and 35 MW connectivity approval in Uttarakhand.
- →Overall, the order book and pipeline demonstrate a robust growth trajectory supported by domestic and African market expansion.
Key Metrics
Frequently Asked Questions
What were Sahaj Solar Q2 FY26 results?
Sahaj Solar targets a minimum 40% to 50% year-on-year growth in revenue on a conservative basis over the next 3-4 years. - They anticipate a 3 to 4 times growth in overall company revenue in this period. - Subsidiaries are expected to grow 100%+ year-on-year, contributing significantly to overall turnover. - The bulk milk cooler (BMC) solarization project with IDMC aims for ~10,000 units in 3 years, translating to Rs. Sahaj Solar targets a conservative year-on-year revenue growth of 40% to 50% on a standalone basis over the next 3-4 years. - Subsidiaries are expected to grow at over 100% year-on-year, potentially leading to a 3 to 4-fold overall company growth in 3-4 years. - The company anticipates PAT margins of around 8.5%-9% for the full year, with higher margins in H2 (above 10%). - EBITDA margins from new verticals like bulk milk coolers (BMCs) are expected to be 18%+, contributing positively to profits. - The strategic partnership with IDMC aims for Rs.
What is Sahaj Solar share price analysis?
Sahaj Solar currently shows a neutral. The stock trades at a P/E of 8.2 with a market cap of ₹243 Cr. Investors should review the full earnings analysis for detailed insights.
Is Sahaj Solar planning capital expenditure?
Current capex includes expansion of manufacturing capacity with upgraded machinery to G12R technology, delayed due to prolonged monsoon and technology upgrade.
This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.