---
title: "Sahaj Solar Ltd (SAHAJSOLAR) — Share Price, Financials & Analysis"
symbol: "SAHAJSOLAR"
company: "Sahaj Solar Ltd"
canonical: "https://tapetide.com/stocks/SAHAJSOLAR"
isin: "INE0P4701011"
nse_symbol: "SAHAJSOLAR"
sector: "Industrials"
industry: "Electrical Equipment"
market_cap_cr: 202.8
generated_at: "2026-09-13T18:20:05.102Z"
---

# Sahaj Solar Ltd (SAHAJSOLAR)

Canonical page: https://tapetide.com/stocks/SAHAJSOLAR

## Company

- **NSE Symbol:** SAHAJSOLAR
- **ISIN:** INE0P4701011
- **Sector:** Industrials
- **Industry:** Electrical Equipment
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 2024-07-19
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** sahajsolar.com

## About

Incorporated in 2010, Sahaj Solar Ltd manufactures solar energy based products and provides EPC services[1]

## Latest Price

- **Price:** ₹93.95
- **Change:** +1.25 (+1.35%)
- **Open:** ₹95.4
- **Day High:** ₹95.4
- **Day Low:** ₹92.75
- **Previous Close:** ₹92.7
- **Volume:** 8000
- **As Of:** 2026-09-11T10:01:41+00:00

## Key Fundamentals

Observed at 2026-09-11T04:46:10.161513Z.

- **Market Cap:** ₹202.8 Cr
- **Classification:** SME
- **P/E (reported):** 6.7
- **Book Value:** ₹62.87
- **Price to Book:** 1.47
- **Dividend Yield:** 1.08%
- **ROE:** 25.55%
- **ROCE:** 34.35%
- **Debt to Equity:** 1.28
- **Revenue (yearly):** ₹419.19 Cr
- **Net Income:** ₹27.03 Cr
- **EBITDA:** ₹51.78 Cr
- **52-Week High:** ₹258.95
- **52-Week Low:** ₹91
- **RSI (14):** 25.52

## Tapetide Score

- **Score:** 54 / 100
- **Score date:** 2026-09-04
- **Archetype:** Out of Favour
- **What it means:** Financially sound, yet the market is not rewarding it. Cases like this usually need a specific reason the pessimism is misplaced, and patience for that reason to play out.
- **Pillar profile:** Quality: Good · Valuation: Cheap · Momentum: Falling
- **Percentile:** 65.6 (of 4473 scored stocks)
- **Confidence:** 88%
- **Data coverage:** 76%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 20.78 | 9% |
| growth | 77.1 | 9% |
| momentum | 28.67 | 12% |
| ownership | 58.39 | 24% |
| quality | 62.4 | 22% |
| valuation | 61.8 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Company has delivered good profit growth of 111% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 32.2%

### Weaknesses

- Company has high debtors of 281 days.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| cash flow growth | -34.48% | -589.63% | — |
| ebitda margin growth | -5.89% | -0.49% | 87.5% |
| net income growth | -3.46% | 67% | 111% |
| revenue growth | 26.72% | 31% | 47% |
| roce | -45.35% | -31.79% | 35.96% |
| roe | -35.76% | 34.68% | 250.48% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Sales | 61 | 140 | 98 | 232 | 111 | 308 |
| Expenses | 57 | 120 | 90 | 198 | 100 | 267 |
| Operating Profit | 4 | 20 | 8 | 34 | 11 | 41 |
| OPM % | 7 | 14 | 9 | 15 | 10 | 13 |
| Other Income | 0 | 0 | 1 | 0 | 0 | 1 |
| Interest | 1 | 3 | 2 | 2 | 4 | 8 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | 3 | 17 | 6 | 32 | 7 | 34 |
| Tax % | 39 | 30 | 22 | 27 | 25 | 26 |
| Net Profit | 2 | 12 | 5 | 23 | 5 | 25 |
| EPS in Rs | 1.17 | 7.03 | 2.14 | 10.38 | 2.33 | 11.12 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Sales | 62 | 67 | 185 | 201 | 330 | 419 |
| Expenses | 59 | 63 | 174 | 177 | 288 | 367 |
| Operating Profit | 3 | 4 | 11 | 24 | 42 | 52 |
| OPM % | 5 | 6 | 6 | 12 | 13 | 12 |
| Other Income | 0 | 1 | 0 | 1 | 1 | 2 |
| Interest | 1 | 2 | 2 | 4 | 4 | 11 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 2 |
| Profit before tax | 1 | 1 | 9 | 20 | 38 | 41 |
| Tax % | 29 | 28 | 24 | 32 | 26 | 26 |
| Net Profit | 1 | 1 | 6 | 13 | 28 | 30 |
| EPS in Rs | 0.58 | 0.98 | 4.04 | 8.17 | 12.52 | 13.46 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 5 | 5 | 8 | 8 | 11 | 22 |
| Reserves | 4 | 5 | 9 | 25 | 98 | 116 |
| Borrowings | 15 | 17 | 14 | 57 | 57 | 176 |
| Other Liabilities | 10 | 34 | 61 | 60 | 138 | 166 |
| Total Liabilities | 35 | 61 | 91 | 149 | 304 | 479 |
| Fixed Assets | 10 | 8 | 8 | 7 | 6 | 24 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 11 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 25 | 53 | 83 | 142 | 298 | 445 |
| Total Assets | 35 | 61 | 91 | 149 | 304 | 479 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 4 | -2 | 10 | -35 | -47 | -78 |
| Cash from Investing Activity | -2 | 0 | -1 | 0 | 0 | -29 |
| Cash from Financing Activity | -2 | 1 | -7 | 44 | 45 | 108 |
| Net Cash Flow | 0 | -1 | 1 | 9 | -2 | 0 |
| Free Cash Flow | 2 | -3 | 9 | -35 | -47 | -108 |
| CFO/OP | 132 | -35 | 117 | -116 | -86 | -151 |

### Ratios

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 53 | 204 | 106 | 161 | 219 | 281 |
| Inventory Days | 71 | 73 | 26 | 36 | 31 | 26 |
| Days Payable | 59 | 210 | 124 | 103 | 168 | 131 |
| Cash Conversion Cycle | 64 | 67 | 8 | 94 | 83 | 176 |
| Working Capital Days | 20 | 39 | 17 | 5 | 72 | 61 |
| ROCE % | — | 11 | 36 | 39 | 33 | 22 |

## Shareholding Pattern

### Quarterly

| Category | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- |
| Promoters | 97.08% | 71.28% | 71.28% | 71.28% | 71.28% |
| FIIs | 0% | 1.11% | 0% | 0% | 0.01% |
| DIIs | 0% | 0% | 0% | 0% | 1.12% |
| Government | 0% | 0% | 0% | 0% | 0% |
| Public | 0% | 18.22% | 21.51% | 21.48% | 21.28% |
| Others | 2.92% | 9.39% | 7.21% | 7.24% | 6.31% |
| No. of Shareholders | 14 | 1551 | 2947 | 3196 | 3122 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 4 / 3 / 12

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 96.98 | Sell |
| EMA (10) | 96.82 | Sell |
| SMA (20) | 100.61 | Sell |
| EMA (20) | 100.47 | Sell |
| SMA (50) | 111.11 | Sell |
| EMA (50) | 109.9 | Sell |
| SMA (100) | 126.81 | Sell |
| EMA (100) | 121.06 | Sell |
| SMA (200) | 135.7 | Sell |
| EMA (200) | 141.71 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 29.48 | Buy |
| MACD (12,26,9) | -4.99 | Sell |
| Stochastic (14,3,3) | 10.01 | Buy |
| ADX (14) | 40.31 | Buy |
| Williams %R (14) | -85.34 | Buy |
| ATR (14) | 4.17 | High Volatility |
| ROC (12) | -8.12 | Sell |
| Stoch RSI (14) | 51.25 | Neutral |
| UO (7,14,28) | 42.24 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 8 July 2026 - Sahaj Solar clarifies IPO proceeds were fully utilized by March 31, 2025. | [Reply to Clarification- Financial results 8 July 2026 - Sahaj Solar clarifies IPO proceeds were fully utilized by March 31, 2025.](https://nsearchives.nseindia.com/corporate/SahajSolar_18062026125453_180626_SSL_Reply_Signed.pdf) |
| 7 March 2026 - March 7, 2026: Board approved UAE step-down subsidiary for 750MW plant; appointed CS; reconstituted Audit Committee. | [General Updates 7 March 2026 - March 7, 2026: Board approved UAE step-down subsidiary for 750MW plant; appointed CS; reconstituted Audit Committee.](https://nsearchives.nseindia.com/corporate/SahajSolar_07032026155511_260226_SSL_Outcome_Signed.pdf) |
| 7 March 2026 - Board approved UAE step‑down subsidiary for 750 MW plant; Sahaj to subscribe 51,000 AED (51 shares); CS appointed. | [Outcome of Board Meeting 7 March 2026 - Board approved UAE step‑down subsidiary for 750 MW plant; Sahaj to subscribe 51,000 AED (51 shares); CS appointed.](https://nsearchives.nseindia.com/corporate/SahajSolar_07032026155001_260226_SSL_Outcome_Signed.pdf) |
| 7 March 2026 - Board approved appointing CS and auditor; incorporate UAE step-down subsidiary for 750 MW plant; 51% FZCO stake. | [Appointment 7 March 2026 - Board approved appointing CS and auditor; incorporate UAE step-down subsidiary for 750 MW plant; 51% FZCO stake.](https://nsearchives.nseindia.com/corporate/SahajSolar_07032026155214_260226_SSL_Outcome_Signed.pdf) |
| 7 July 2026 - Submitted Regulation 74(5) certificate for quarter ended June 30, 2026. | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 7 July 2026 - Submitted Regulation 74(5) certificate for quarter ended June 30, 2026.](https://nsearchives.nseindia.com/corporate/SahajSolar_07072026134115_070426SSL74_5_.pdf) |
| 7 April 2026 - Submitted Regulation 74(5) certificate for quarter ended March 31, 2026. | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 7 April 2026 - Submitted Regulation 74(5) certificate for quarter ended March 31, 2026.](https://nsearchives.nseindia.com/corporate/SahajSolar_07042026174248_070426SSL745.pdf) |
| 5 March 2026 - Sahaj Solar withdraws in-principle application for proposed preferential equity issue on March 5, 2026. | [General Updates 5 March 2026 - Sahaj Solar withdraws in-principle application for proposed preferential equity issue on March 5, 2026.](https://nsearchives.nseindia.com/corporate/SahajSolar_05032026185330_260226_SSL_Announcement.pdf) |
| 4 July 2026 - Board approved secretarial auditor resignation, new secretarial auditor, and FY27 cost auditor appointment on July 4, 2026. | [Outcome of Board Meeting 4 July 2026 - Board approved secretarial auditor resignation, new secretarial auditor, and FY27 cost auditor appointment on July 4, 2026.](https://nsearchives.nseindia.com/corporate/SahajSolar_04072026181523_040726_SSL_BM_Outcome.pdf) |
| 4 July 2026 - Board approved secretarial auditor resignation, new secretarial auditor appointment, and FY27 cost auditor appointment on July 4, 2026. | [Resignation 4 July 2026 - Board approved secretarial auditor resignation, new secretarial auditor appointment, and FY27 cost auditor appointment on July 4, 2026.](https://nsearchives.nseindia.com/corporate/SahajSolar_04072026181858_040726_SSL_BM_Outcome.pdf) |
| 4 July 2026 - Board approved secretarial auditor resignation, appointed new secretarial auditor and cost auditor on July 04, 2026. | [Appointment 4 July 2026 - Board approved secretarial auditor resignation, appointed new secretarial auditor and cost auditor on July 04, 2026.](https://nsearchives.nseindia.com/corporate/SahajSolar_04072026182339_040726_SSL_BM_Outcome.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_30118_SAHAJSOLAR_2025_2026_A_9511053_31072026221612.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_28842_SAHAJSOLAR_2024_2025_A_41896164_06092025204530.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Nov 2025 | [Concall - Nov 2025](https://nsearchives.nseindia.com/corporate/SahajSolar_18112025165722_181125SSLAnnouncementTranscript.pdf) |
| Nov 2024 | [Concall - Nov 2024](https://nsearchives.nseindia.com/corporate/SAHAJSOLAR_27112024180332_271124SSLInvestorPresentation.pdf) |
| Feb 2025 | [Concall - Feb 2025](https://nsearchives.nseindia.com/corporate/SahajSolar_13022025101119_Intimation_for_Investor_Relation_Presentation_Feb_25.pdf) |
| Apr 2025 | [Concall - Apr 2025](https://nsearchives.nseindia.com/corporate/SahajSolar_29042025115552_290425_SSLTranscriptFinal.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:20:05.102Z.