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Sahaj Solar

Listed Manufacturer — per-stock model.

As of 21 Aug 2026
Manufacturer
CMP 108NSE: SAHAJSOLAR

Latest concall

H2 FY26 · 18 May 2026
  • FY26 revenue ₹419cr (+27%); PAT ₹30cr (+7%); H1 EBITDA margin ~10%.
  • Module capacity scaled 100MW to 850MW by Mar-2026.
  • Order book ₹402cr at FY26-end, up from ₹320cr in Sep-2025.
  • Subsidiary signed SHA with Clarion for 750MW UAE module JV (50:50).
Order-book execution

₹402cr order book provides forward revenue visibility into FY27.

Management guidance
  • Module capacity target 1.6GW by FY27.
  • FY27 revenue growth guided 30%+.
  • Scaling via domestic ramp plus UAE manufacturing JV.

Sahaj Solar H2/FY26 earnings call (18-May-2026) + investor presentation, NSE SME

Order book

₹402cr

Revenue FY26E

419₹ cr

EBITDA margin

12%

P/E

8.1×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

PeriodRevenueEBITDAEBITDA %PATGross %ROE %ROCE %CapexNet debtEPS ₹WC days
FY216235.0%10.6
FY226746.0%11.0
FY23185116.0%64.0
FY242012412.0%138.2
FY253304213.0%2812.5
FY264195212.0%3013.5
Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

QuarterRevenueEBITDAEBITDA %PATPAT %
Q2FY246147.0%23.3%
Q4FY241402014.0%128.6%
Q2FY259889.0%55.1%
Q4FY252323415.0%239.9%
Q2FY261111110.0%54.5%
Q4FY263084113.0%258.1%
Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

P/E

8.1×

EV / EBITDA

8.0×

P/B

1.7×

Operating metrics

What the rest of the dashboard tracks for Sahaj Solar — capacity, auctions, offtake, manufacturing and returns.

0.6%
Greenfield IRR · Module
at its 12% margin

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 31 Mar 2026

Shareholding pattern

%

Source Market data (mid-2026) + company filings· As of 21 Aug 2026