Sahaj Solar

- For the upcoming solar panel manufacturing capacity expansion (Phase 2), Sahaj Solar anticipates some of the capex funding to come through term loans (debt) and some from internal accruals (equity/internal funds). - As of now, roughly 50% of the INR 40 crore capex for Phase 1 has been committed, funded mainly through construction and machinery advances. - There is no explicit mention of a new equity fundraising in the provided transcript. - The company is managing capex through a mix of debt and internal sources, indicating no immediate large-scale equity raise planned.

- Phase 1 capex for solar panel manufacturing capacity totals INR 40 crores; 50% already committed, primarily for building construction and machinery advance payments. - Construction completion expected by end of June; machinery arrival by end of July; commercial production targeted from October 2025. - Phase 2 capex plans will be reviewed after October 2025; funding to come from a mix of term loans and internal accruals. - Gross block currently around INR 8-9 crores; recent capex not capitalized yet, reflected in advances/non-current assets. - Future capex plans depend on progress of Phase 1 and market conditions. - Strategic investments include expansion of manufacturing capacity by 750 MW and forward integration into power plant development (up to 10 MW). - Investment in subsidiaries focusing on module mounting structures and distribution panels for supply chain security and margin enhancement.

- Sahaj Solar expects a sales growth of around 35% for the financial year 2025-2026 based on existing order book and conservative forecasts. - The company foresees robust demand driven by India's renewable energy targets and expansion into new segments like solar water pumping, utility-scale projects, and forward integration into power plant development. - The renewable energy sector is anticipated to witness strong growth in India for the next 8-10 years, supporting continued volume and revenue expansion. - Upcoming capacity expansions, including the first 750 additional capacity and new manufacturing lines (e.g., TOPCon panels with >21% efficiency), will enable higher production and market penetration, especially in government schemes and export markets like the US. - Sahaj aims to maintain sustainable operating margins consistent with FY25 and expects business growth to be supported through strategic bidding and partnership opportunities across various regions.

- Sahaj Solar expects a sales growth of 35%+ for the financial year 2025-26 based on the existing order book and new projects. - The margin percentages (EBITDA and PAT) achieved in FY25 are expected to remain constant year-on-year. - The company aims to sustain a return on equity (ROE) of around 30%+ going forward, similar to recent years. - Profit growth has been substantial in recent years, with 100% profit growth in FY24 and FY25, and around 50-60% profit growth expected on a weighted average basis over the next 3-4 years. - Basic EPS improved significantly from INR16.70 to INR27.21 in FY25, indicating strong value creation and likely continuation. - The company plans to leverage expanded manufacturing capacities and new business verticals to sustain growth.

- As of March 31, 2025, Sahaj Solar has a strong order book of INR 304 crores, including government and private sector orders. (Page 4) - These secured orders are expected to be executed within the financial year 2025-26. (Page 8) - The company has participated and is in negotiation for projects worth over INR 1,200 crores, with plans to bid for around INR 2,000 crores of projects during the year. (Page 12) - Sahaj typically has a win rate of 15%-20% for these bids. (Page 12) - In solar water pumping, allocations are received from governments (e.g., 2,000 pumps already allotted in Maharashtra), with plans to reach a total allocation of 10,000 pumps by year-end. (Page 10-11) - Further large tenders (e.g., Madhya Pradesh with 30 lakh pumps) are under process, with participation ongoing. (Page 11)