Sahaj Solar Ltd
Sahaj Solar Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
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.
From Sahaj Solar Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
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.
2 more points management made on revenue & sales performance
Profitability & Margins
See what Sahaj Solar Ltd said on profitability & margins — free account, 30 seconds.
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.
2 more points management made on capital expenditure plans
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Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what Sahaj Solar Ltd said on fundraising & capital structure — free account, 30 seconds.
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.
2 more points management made on order book & pipeline
Continue your research
What Sahaj Solar's management said in earlier quarters
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Frequently Asked Questions
What were Sahaj Solar Ltd 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 Ltd share price analysis?
Sahaj Solar Ltd 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 Ltd planning capital expenditure?
Current capex includes expansion of manufacturing capacity with upgraded machinery to G12R technology, delayed due to prolonged monsoon and technology upgrade.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.