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Sahaj Solar Ltd (SAHAJSOLAR)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 0 NSE: SAHAJSOLAR Engineering - Industrial Equipments | Small Cap | Sahaj Solar Share Price

BSE Share Price
Not Listed

Sahaj Solar Ltd (SAHAJSOLAR)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 0 NSE: SAHAJSOLAR Engineering - Industrial Equipments | Small Cap | Sahaj Solar Share Price

BSE Share Price
Not Listed
Key Metrics
Valuation Multiples
Market Cap
₹291 Cr.
Current Price
₹0
52-Week Low / High
₹0 / 0
TTM EPS
₹12.2
TTM Sales
₹390 Cr.
Book Value per Share
₹60.1
P/E Ratio
10.89
Lower than its 5-year historical median
Industry PE
57.8
Price to Book (P/B)
2.21
Lower than its 5-year historical median
Price to Sales (P/S)
0.75
Lower than its 5-year historical median
EV/EBITDA
7.08
Lower than its 5-year historical median
Dividend Yield
INF%
Profitability Efficiency
Return on Equity (ROE)
37.79%
Outperforms industry median
Return on Capital Employed (ROCE)
31.60%
Outperforms industry median
Return on Assets (ROA)
11.71%
Operating Profit Margin
12.6%
Net Profit Margin
8.4%
Gross Profit Margin
11.7%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
71.22%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
72.94%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
110.44%
Asset Quality
Promoter Holding
71.28%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹110 Cr.
Equity
₹22 Cr.
Face Value
₹10
All Time Low / High
- / -

Sahaj Solar stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Sahaj Solar Ltd a good quality company?
Sahaj Solar Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Sahaj Solar Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Sahaj Solar Ltd vs industry peers?
Sahaj Solar Ltd revenue CAGR is 57.56%, compared to the industry median CAGR of 3.04%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Sahaj Solar Ltd?
Promoters hold 71.28% of the Sahaj Solar Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Sahaj Solar Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of -46.31% based on the current price.

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Sahaj Solar Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 27.6%33%8.5%9.7%9%7.3%12%35.8%39.4%31.6%-
Value Creation
Index
1.01.4-0.4-0.3-0.4-0.5-0.11.61.81.3-

Growth Parameters

Sales 10.723.419.418.131.655.265.9183179307390
Sales YoY Gr.-119.2%-17.4%-6.4%74.6%74.5%19.4%178.2%-2.1%71.2%-
Adj EPS 1.61.10.20.10.30.40.53.67.511.712.2
YoY Gr.--32.7%-85.7%-46.7%212.5%48%29.7%647.9%110%55.2%-
BVPS (₹) 3.63.24.65.45.65.86.410.119.447.960.1
Adj Net
Profit
0.20.90.20.10.40.60.85.612.225.727
Cash Flow from Ops. -2.22.52.3-1.3-0.53-1.79.4-31.8-52.4-
Debt/CF from Ops. -2.21.12.6-5.4-30.84.9-10.31.3-1.6-1.1-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 45.2%57.6%67%71.2%
Adj EPS 25.1%115.8%189.9%55.2%
BVPS33.4%53.6%95.6%146.7%
Share Price - - - -49.6%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
54.855.54.71.84.66.67.943.651.737.622.6
Op. Profit
Mgn %
8.89.36.914.16.75.35.75.712.512.6NAN
Net Profit
Mgn %
2.13.61.10.71.21.11.23.16.88.46.9
Debt to
Equity
9.91.10.90.91.81.61.70.81.70.5-
Working Cap
Days
65681212402611662031292052420
Cash Conv.
Cycle
174332599569621855740

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales11231918325566183179307
Operating Expenses + 10211816305262173157268
Manufacturing Costs01101123103
Material Costs8181512224755165136249
Employee Cost 1111123234
Other Costs 12125232713
Operating Profit 1213234112239
Operating Profit Margin (%) 8.6%9.1%6.8%14.1%6.7%4.9%5.7%5.7%12.5%12.6%
Other Income + 0000101001
Exceptional Items 0000000000
Interest 1101112244
Depreciation 0012111111
Profit Before Tax 010011181835
Tax 0000000269
Profit After Tax 010000161226
PAT Margin (%) 1.9%3.5%1.1%1.0%1.2%0.8%1.6%3.2%6.8%8.4%
Adjusted EPS (₹)1.51.00.20.10.30.30.73.77.611.7
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%4.30%

Valuation of Sahaj Solar - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 137899101631105
Share Capital 02555558811
Reserves 012344582394
Debt +5256151414105157
Long Term Debt4244556313
Short Term Debt112298874954
Minority Interest0000000000
Trade Payables0136107325643121
Others Liabilities 032432551815
Total Liabilities 69172537326187143298

Fixed Assets

Net Fixed Assets +22109888766
Gross Block2311101288141515
Accumulated Depreciation0122400789
CWIP 0200000000
Investments 0000000111
Inventories243716911101320
Trade Receivables102469375387196
Cash Equivalents 10000212119
Others Assets 1135744152466
Total Assets 69172537326187143298

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + -232-1-13-29-32-52
PBT 010011181835
Adjustment 011212235-5
Changes in Working Capital -311-3-20-52-46-82
Tax Paid -0-0-0-0-0-0-0-4-80
Cash Flow From Investing Activity + -1-2-7-1-1-10-1-10
Capex -1-2-7-1-1-1-1-0-1-1
Net Investments 00000-01-1-00
Others 000-0000001
Cash Flow From Financing Activity + 4-1421-21-74150
Net Proceeds from Shares 01320000350
Net Proceeds from Borrowing 4-2201-01-3-21
Interest Paid -0-0-0-0-0-1-2-2-2-3
Dividend Paid 000000000-1
Others 00000-11-2423
Net Cash Flow 0-10-00-0-119-2

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)51.4753.084.522.394.555.1810.6945.0752.0937.79
ROCE (%)27.5633.028.519.79.017.2711.9835.7539.3831.6
Asset Turnover Ratio2.633.091.470.861.021.611.422.471.561.39
PAT to CFO Conversion(x)N/A3N/AN/AN/AN/A-21.5-2.67-2
Working Capital Days
Receivable Days18.208.5017.4061.506148.70127.1089.70142168.20
Inventory Days32.104564.80100.10131.9081.6055.4021.1023.7019.70
Payable Days4112.5052.50147.10133.4065.80127.6097.20132120.20

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Sahaj Solar Ltd FAQs

The current trading price of Sahaj Solar on 01-Jan-1970 05:30 is ₹0.00.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 31-Dec-1969 the market cap of Sahaj Solar stood at ₹291.2 Cr

The latest P/E ratio of Sahaj Solar as of 31-Dec-1969 is 10.89.

The latest P/B ratio of Sahaj Solar as of 31-Dec-1969 is 2.21.

The 52-week high of Sahaj Solar is ₹0.00 and the 52-week low is ₹0.00.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Sahaj Solar is ₹390 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Sahaj Solar Ltd is a average quality company.

The key valuation ratios of Sahaj Solar Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Sahaj Solar Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Sahaj Solar Ltd

Sahaj Solar Limited was originally incorporated as ‘Sahaj Solar Private Limited’ on February 26, 2010 under the provisions of the Companies Act, 1956 with the Registrar of Companies, Gujarat Dadra & Nagar Haveli. Further, the Company altered the provisions of its Memorandum of Association with respect to its objects and complied with the Section (18)(1) of the Companies Act, 1956 by passing special resolution in its Extra Ordinary General Meeting held on April 24, 2013 and Certificate of Registration of the Special Resolution Confirming Alteration of Object Clause(s) was issued by Registrar of Companies, Gujarat, Dadra and Nagar Haveli, on April 30, 2013. Further, the Company was converted into a public limited company pursuant to shareholders resolution passed at the extra-ordinary general meeting of the company held on April 01, 2023 and the name of the company was changed to ‘Sahaj Solar Limited’ and a Fresh Certificate of Incorporation dated April 18, 2023 issued by the Registrar of Companies, Ahmedabad, Gujarat.

Sahaj Solar is a renewable energy solution provider engaged majorly into three businesses being manufacturing of Photovoltaic (PV) modules, providing solar water pumping systems and providing EPC services to its PAN India customers. The company is a Solar Solutions providing company having experience of almost one decade in majority of the verticals of renewable power generation. It is a manufacturing as well as a service provider company which gives it an edge in the solar power market. It is engaged in three businesses of PV Module manufacturing, providing solar pumping systems and providing EPC Services.

First being PV Module manufacturing, for which the company has a PV module manufacturing plant at its plant in Bavla, Ahmedabad, Gujarat, India. The Company’s automated production facility offers mono & poly crystalline PV Modules for various solar projects across India and abroad. The plant is an integrated manufacturing facility for PV modules. Apart from polycrystalline module, the facility manufactures Mono PERC (Passivated Emitter and Rear Contact) module, with not less than 21% and higher efficiency also. To enhance efficiency and brand positioning, it uses Crystalline Photovoltaic Technology for manufacturing Solar PV Modules. Its plant has the capacity to manufacture customized size PV modules. The Company has built a reputation for solar PV modules and is sold under the brand name of ‘SAHAJ’. 

Secondly, the company is engaged in providing solar water pumping systems. A solar water pump is an application of Solar PV System which converts solar energy into electricity to run motor and pump. The motor energized by solar power delivers water out of bore well, river, lake or pond. The key component of solar water pumping system is solar panel which is manufactured by the company. The company also designs and customizes solar mobile trolleys for the usage in rural and remote areas as and when required to produce electricity for solar water pumping, for off grid power and to run other utilities by producing electricity on the move. Thirdly, the company being an integrated solar energy solutions provider, also offers engineering, procurement, and construction (EPC) services to its customers. Its EPC services include design, supply, installation, testing, commissioning and maintaining of all sizes of projects ranging from simple domestic solar installation to setting up a large scale Solar Power Plant.

Business area of the company

Sahaj Solar is a Solar Solutions providing company having experience in majority of the verticals of renewable power generation. It is a manufacturing as well as a service provider company which gives it an edge in the solar power market. It is engaged in three businesses of PV Module manufacturing, providing solar pumping systems and providing EPC Services.

Business Areas

  • Solar PV module manufacturing
  • Solar water pumping systems
  • Solar mobile trolley
  • Engineering Procurement Construction (EPC)
  • Solar rooftops
  • Solar off-grid power plant

History and milestones 

  • February 26, 2010: Incorporation of the Company as ‘Sahaj Solar Private Limited’. 
  • September 25, 2014: Acquisition of Company by Pramit Bharatkumar Brahmbhatt & Varna Pramit Brahmbhatt -existing promoters. 
  • April 08, 2015: Shifted business operations to Ahmedabad, Gujarat. 
  • January 01, 2018: Received Factory License for manufacturing unit of the company located at Plot No.93, D4, Gallops Industrial Park, Rajoda, Bavla, Ahmedabad, Gujarat, India. 
  • January 14, 2022: Registered with Bureau of Indian Standards for manufacturing Crystalline Silicon Terrestrial Photovoltaic (PV) Module. 
  • August 31, 2022: Received certificate for conforming to the requirements of Quality Management Standard ISO 9001:2015 for design and manufacturing of Solar Modules, Solar Rooftop, Grid Tied Solar Power Pack, Solar Water Pump, Solar Street Light and other Solar PV based Products.
  • August 31, 2022: Received certificate for Environmental Management System for compliance with the requirements of ISO 14001:2015 in which the management system includes design and manufacturing of Solar Modules, Solar Rooftop, Grid Tied Solar Power Pack, Solar Water Pump, Solar Street Light and other Solar PV based Products.
  • August 31, 2022: Received certificate for Occupational Health & Safety Management System for compliance with the requirements of ISO 45001:2018 in which the management system includes design and manufacturing of Solar Modules, Solar Rooftop, Grid Tied Solar Power Pack, Solar Water Pump, Solar Street Light and other Solar PV based Products.
  • April 18, 2023: Conversion into public limited company and change of name.

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