Sahaj Solar Ltd(SAHAJSOLAR)

NSE: SAHAJSOLAR

₹ 77.5-3.61%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 170 crUpdated: 24 Oct 2026

About

Sahaj Solar is a Gujarat-based renewable energy company that has grown from making solar modules to also handling solar water pumping, EPC (engineering, procurement and construction) work and power generation. It reported revenue of Rs 419.19 crore for FY26. As of FY26 it had executed more than 60,000 solar water pumps across India and had an order book of ₹402 crore as of March 31, 2026.^[1][2]

Business lines and products

Business spans solar module manufacturing, solar water pumping solutions, EPC execution and emerging power generation (FY26 annual report).^[1]
Has executed more than 60,000 solar water pumps across India (FY26 annual report).^[1]
Makes 70% of the raw materials needed for its solar water pumps in-house (FY26 annual report).^[1]
In FY26 the product range added AC and LT distribution panels and Compact Sub-Stations (CSS), plus anti-soiling coated panels; work on rectangular panel manufacturing also progressed.^[1][3]
A solar panel recycling plant has been commissioned and is awaiting EPR certification (Q4 FY26 call).^[4]
Developing low-power agro equipment that can run on solar energy (FY26 annual report); reported nil R&D expenditure in FY26.^[1]

Manufacturing capacity

Solar module manufacturing capacity was 100 MW in FY26, the same as in FY25.^[4][5]
Module plant utilisation was about 60% in FY26, with 30-35 MW used for its own needs.^[4]
The company is based in Gujarat; the FY25 call placed the planned TOPCon line at its Dakor facility.^[1][5]

Order book

Order book was ₹402 crore as of March 31, 2026, up from Rs. 320 crore at Sept 30, 2025 and INR 304 crores at March 31, 2025.^[1][6][5]
Split of the March 2026 order book: grid-connected solar ₹251 crore, solar pumping ₹107 crore, off-grid solar with battery storage ₹44 crore.^[3]
Management expects the whole ₹402 crore order book to be executed in FY27; bids in the pipeline exceed INR 1,000 crores (Q4 FY26 call).^[4]
Grew from a ₹1,200+ crore bid pipeline in Q4 FY25, with a historical win rate of 15-20%.^[5]

Customers and markets

More than 80% of the March 31, 2025 order book came from government clients.^[5]
The top 10 clients made up 67% of revenue in FY25, down from 83% in FY24.^[6]
In H1 FY26 the company won a Rs. 62.8 crore, 12 MW turnkey solar project from UPNEDA (July 2025) and a Rs. 57.34 crore MSEDCL PM-KUSUM B order for 2,185 DC solar pumps (August 2025).^[6]
Present in African markets, particularly Uganda and Zambia (FY26); it also set up a subsidiary in Mauritius.^[1][4]
Foreign exchange earned fell to Rs. 0.54 lacs in FY26 from Rs. 98.15 lacs in FY25.^[1]

Growth projects

Has an exclusive partnership with IDMC (an NDDB subsidiary), signed September 28, 2025, to solarise about 10,000 Bulk Milk Coolers over three years in Gujarat, UP, Rajasthan and the North-East.^[6][3]
Each Bulk Milk Cooler project is worth ₹5 lakh to ₹35 lakh depending on capacity. As of the Q4 FY26 call these orders were not yet in the order book; first orders were expected from H2 FY27.^[1][4]
Signed a 10 MW EPC project in Zambia, estimated at ₹55 crore, with completion targeted in FY27.^[3]
Building a 4.8 MW DREBP government plant in Gujarat as developer; full completion targeted in FY27.^[3]
Qualified for UPNEDA's 500 MW rooftop RESCO tender in Uttar Pradesh and aims to execute 50-100 MW of it.^[3][1]

Recent developments

The 750 MW TOPCon module expansion, earlier planned in India, was moved to Dubai and the India expansion was put on hold (Q4 FY26 call).^[4]
Took a INR 125 crore working-capital loan from IREDA in Q4 FY26 and repaid ₹100 crore of it in the first week of April 2026.^[4][3]
Moving its subsidiaries Veracity Powertronics and VEIPL from 80% to 100% ownership through an exchange-approved share swap (Q2 FY26 call).^[6]
Debt-to-equity was 1.27x in FY26, up from 0.8x in H1 FY26.^[4][6]

Market Cap

₹170 Cr

High / Low

₹227 / 77

Stock P/E

6.3

Price / Book

1.6

Book Value

₹63

EPS

₹13.5

No. of Shares

2.2 Cr

ROCE

21.6%

ROE

23.7%

OPM

12.4%

Debt / Equity

1.27

Sales

₹419 Cr

Net Profit

₹30 Cr

Promoter holding

71.3%

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