Sahaj Solar LtdQ3 FY25Electrical Equipment

Sahaj Solar Ltd

Q3 FY25 Earnings Call Analysis

Management growth scorecard

Revenue

Category 1

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

4 of 5 growth signals are positive — a strong management growth story.

Revenue guidance

Category 1

→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.

Category 3

→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.

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Yes

→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.

Yes

→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.

Yes

→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.

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