Sahaj SolarQ4 FY26
Sahaj Solar Q4 FY26 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Price: ₹103P/E: 8.1Market Cap: ₹238 CrSector: Electrical Equipment
Management growth scorecard
Revenue
Category 2
Margin
Category 3
Fundraise
Yes
Order
Yes
Capex
No
2 of 5 growth signals are positive.
Full analysisRevenue guidance
Category 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.
Margin guidance
Category 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.
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Fundraise plans
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
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.
Capex 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.
How does Sahaj Solar rank vs peers in Electrical Equipment?
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