EduInvesting 5-Year Recap Series
🔍 At a Glance
Sahaj Solar Ltd has gone from a sleepy SME to a small-cap supernova — clocking131% profit CAGRand a64% revenue jump in FY25 alone. From manufacturing solar modules to building entire photovoltaic power plants, the company’s journey from ₹3 crore in FY15 to ₹331 crore in FY25 revenue deserves an honest, solar-powered roast. 🌞💸
☀️ 1. About the Company
Founded in 2010,Sahaj Solar Ltd (SSL)operates across:
- Solar module manufacturing
- EPC servicesfor photovoltaic plants (PV)
- Project development & PPA management
- Customized solar product solutions
While the big boys chase subsidies, SSL has quietly plugged into the MSME socket and scaled up to a 850 MW capacity by Oct 2025.
Business Model in 3 Lines:
- Build solar plants for others.
- Sell solar modules.
- And in classic SME fashion, carry 233 days worth of debtors like it’s Diwali year-round. 🧾💀
👔 2. Key Managerial Personnel (KMP)
- Pramit Brahmbhatt– Promoter & strategic
- brains behind the expansion.
- High Promoter Holding– 71.28% even post-listing. No dilution carnage yet.
- No big-name FIIs or DIIs, but public shareholding has gone up to 26.87% — retail is biting the solar bait.
📊 3. Financials (5-Year Overview)
🔹 Revenue & Profit Growth (Standalone)
| FY | Revenue (₹ Cr) | Net Profit (₹ Cr) | OPM (%) | EPS (₹) |
|---|---|---|---|---|
| FY21 | 55 | 0.4 | 5% | 0.44 |
| FY22 | 66 | 1 | 6% | 0.98 |
| FY23 | 183 | 6 | 6% | 3.70 |
| FY24 | 179 | 12 | 12% | 7.61 |
| FY25 | 307 / 331* | 26 / 28* | 13% | 11.73 |
📌FY25 company disclosures mention ₹331 Cr in earnings call vs ₹307 Cr in Screener. PAT ~₹28 Cr
- 5Y Revenue CAGR: 58%
- 5Y PAT CAGR: 131% 🧠
- OPM Expansion: From 5% to 13%
- EPS 5x’d in 3 years
🧮 4. Forward-Looking Fair Value (FV) Estimate
Assuming Sahaj Solar can:
- Maintain 13% OPM,
- Clock ₹450–500 Cr revenue in FY26 (50% YoY growth),
- Maintain current tax rates and cost controls.
Forward
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