Sahaj Solar

- 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.

- 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.

- 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.

- 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.

- 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.