Sahaj Solar Ltd Q1 FY27 Results — Earnings Call Analysis
Published 3 Jul 2026 | Electrical Equipment | Market Cap: ₹342 Cr
- Sahaj Solar Limited expects revenue growth of at least 30% plus for FY27 and over the next 3 years. - Sahaj Solar Limited expects at least 30% revenue growth in FY27 and over the next 3 years, driven by projects like solar plus BESS solutions, off-grid solutions, and international markets such as Zambia and Mauritius.
From Sahaj Solar Ltd's Q4 FY26 earnings-call transcript · updated 3 Jul 2026.
Price
₹131
Market Cap
₹342 Cr
P/E Ratio
12.9
Revenue Rank
Margin Rank
How does Sahaj Solar Ltd rank in Electrical Equipment?
Compare Sahaj Solar Ltd against every Electrical Equipment company this quarter on revenue, margins and earnings-call signals.
📊 Revenue & Sales Performance
Rank 2- →Sahaj Solar Limited expects revenue growth of at least 30% plus for FY27 and over the next 3 years.
- →The current order book stands at INR 402 crores, which is planned to be fully executed during FY27.
- →The growth is driven by solar and battery energy storage system (BESS) projects, solar water pumps (KUSUM 2 scheme), off-grid solutions including work with Border Security Forces, and international projects (e.g., Zambia, Mauritius).
- →Bulk milk chiller deployment (~10,000 units over 3 years) with NDDB partnership will contribute to growth.
- →New technologies like anti-soil coating and nano technology coating on solar panels are expected to enhance product lifespan and reduce degradation, supporting sales growth.
- →They have bid for over INR 1,000 crores in new orders pending confirmation.
- →International ventures signal higher margin opportunities but margins from these are not yet factored into projections.
📈 Profitability & Margins
Rank 3- →Sahaj Solar Limited expects at least 30% revenue growth in FY27 and over the next 3 years, driven by projects like solar plus BESS solutions, off-grid solutions, and international markets such as Zambia and Mauritius.
- →EBITDA margins are expected to remain stable around 12-13% despite growth, supported by improved payment cycles and operational efficiencies.
- →PAT margins in FY26 faced pressure from higher interest costs but are expected to improve as interest costs normalize and revenue scales.
- →Operational cash flows are expected to turn positive by the end of Q3 or early Q4 FY27, improving profitability and cash generation.
- →The company aims to sustain EBITDA margins and gradually improve PAT margins with better working capital management and project execution.
- →New product developments and partnerships (e.g., with IDMC and NDDB) are anticipated to contribute to future earnings growth, though not yet reflected in the current order book.
🏗️ Capital Expenditure Plans
No- →The company is currently utilizing its existing 100 megawatt module manufacturing capacity at around 30-35% for internal consumption, operating typically on a one-shift basis.
- →Plans for further module manufacturing capacity expansion have been put on hold due to existing market conditions; no immediate expansion is planned.
- →A 750 megawatt module manufacturing plant initially planned for India has been shifted to Dubai, reflecting a strategic realignment considering geopolitical factors.
- →The company has upgraded its existing 100 megawatt module manufacturing line with new technology and is running it at approximately 60% capacity.
- →New strategic investments include expansion into international markets such as Zambia and Mauritius, with ongoing projects like a 10 megawatt EPC project in Zambia expected to execute in FY27.
- →Additionally, significant development is underway for bulk milk chillers (around 10,000 units over 3 years) in partnership with NDDB, marked as a future growth area but not yet fully included in order books.
💰 Fundraising & Capital Structure
Yes- →Sahaj Solar Limited took a working capital loan of INR125 crores from IREDA in Q4 FY26 to address working capital gaps.
- →The company has repaid an earlier INR100 crores working capital loan from IREDA by April 2026, two months ahead of schedule.
- →No explicit mention of planned new fundraising through debt or equity in the near future was given.
- →The management expects interest costs to reduce from the current 11-12% range to 9-10% as financial performance improves.
- →The current debt-equity ratio stands at about 1.26-1.27, and the company appears comfortable at this level for the time being.
- →The company is managing working capital through internal cash flow and current loan facilities without indicating additional fundraising plans.
📋 Order Book & Pipeline
Yes- →Current order book stands at INR 402 crores, expected to be fully executed in FY27.
- →The order book includes:
- → - Solar water pumping systems: INR 107 crores
- → - Off-grid solar systems with BESS: INR 44 crores
- → - Grid-connected solar systems: INR 251 crores
- →Additional pipeline includes international projects such as a 10 MW Zambia project valued around INR 55 crores, currently under execution with expected completion in FY27.
- →The company has bid for over INR 1,000 crores worth of new orders, though award confirmations are pending.
- →A 4.8 MW DREBP project in Gujarat has been awarded and execution started; expected to be completed in FY27.
- →Dairy cold chain project involving 10,000 bulk milk chillers over next 3 years is anticipated but currently not included in the order book.
Key Metrics
Revenue
Margin
Capex
Fundraise
Order Book
Frequently Asked Questions
What were Sahaj Solar Ltd Q1 FY27 results?
- Sahaj Solar Limited expects revenue growth of at least 30% plus for FY27 and over the next 3 years. - Sahaj Solar Limited expects at least 30% revenue growth in FY27 and over the next 3 years, driven by projects like solar plus BESS solutions, off-grid solutions, and international markets such as Zambia and Mauritius.
What is Sahaj Solar Ltd share price analysis?
Sahaj Solar Ltd currently shows a moderate growth signal based on ranking data. The stock trades at a P/E of 12.9 with a market cap of ₹342. Investors should review the full earnings analysis for detailed insights.
Is Sahaj Solar Ltd planning capital expenditure?
- The company is currently utilizing its existing 100 megawatt module manufacturing capacity at around 30-35% for internal consumption, operating typically on a one-shift basis.
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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.