BSE: 0 | NSE: SAHAJSOLAR | Engineering - Industrial Equipments | Small Cap
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 overvalued 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.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 13.3% | 27.6% | 33% | 8.5% | 9.7% | 9% | 14.7% | 12% | 35.8% | 39.4% | - |
| Value Creation Index ⓘ | -0.1 | 1.0 | 1.4 | -0.4 | -0.3 | -0.4 | 0.1 | -0.1 | 1.6 | 1.8 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 3.4 | 10.7 | 23.4 | 19.4 | 18.1 | 31.6 | 55.2 | 65.9 | 183 | 179 | 179 |
| Sales YoY Gr. | - | 216.3% | 119.2% | -17.4% | -6.4% | 74.6% | 74.5% | 19.4% | 178.2% | -2.1% | - |
| Adj EPS ⓘ | 0.7 | 3.1 | 2.1 | 0.3 | 0.2 | 0.5 | 0.8 | 1 | 7.2 | 15.1 | 11.2 |
| YoY Gr. | - | 323% | -32.9% | -85.2% | -45.2% | 194.1% | 50% | 29.3% | 640.2% | 110.2% | - |
| BVPS (₹) ⓘ | 4.2 | 7.2 | 6.3 | 9.3 | 10.8 | 11.2 | 11.6 | 12.8 | 20.1 | 38.8 | 57.2 |
| Adj Net Profit ⓘ | 0.1 | 0.2 | 0.9 | 0.2 | 0.1 | 0.4 | 0.6 | 0.8 | 5.6 | 12.2 | 12 |
| Cash Flow from Ops. ⓘ | 0 | -2.2 | 2.5 | 2.3 | -1.3 | -0.5 | 3 | -1.7 | 9.4 | -31.8 | - |
| Debt/CF from Ops. ⓘ | 0 | -2.2 | 1.1 | 2.6 | -5.4 | -30.8 | 4.9 | -10.3 | 1.3 | -1.6 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 55.5% | 58.2% | 48.1% | -2.1% | ||||
| Adj EPS ⓘ | 39.8% | 145.3% | 172% | 110.2% | ||||
| BVPSⓘ | 27.9% | 29.2% | 49.6% | 93% | ||||
| Share Price | - | - | - | - | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 16.5 | 54.8 | 55.5 | 4.7 | 1.8 | 4.6 | 6.6 | 7.9 | 43.6 | 51.7 | 23.2 |
| Op. Profit Mgn % ⓘ | -3.4 | 8.8 | 9.3 | 6.9 | 14.1 | 6.7 | 5.3 | 5.7 | 5.7 | 12.5 | NAN |
| Net Profit Mgn % ⓘ | 1.5 | 2.1 | 3.6 | 1.1 | 0.7 | 1.2 | 1.1 | 1.2 | 3.1 | 6.8 | 6.8 |
| Debt to Equity ⓘ | 0.7 | 9.9 | 1.1 | 0.9 | 0.9 | 1.8 | 1.6 | 1.7 | 0.8 | 1.7 | - |
| Working Cap Days ⓘ | 168 | 65 | 68 | 121 | 240 | 261 | 166 | 203 | 129 | 205 | 0 |
| Cash Conv. Cycle ⓘ | -122 | 17 | 43 | 32 | 59 | 95 | 69 | 62 | 18 | 55 | 0 |
Sales growth is growing at healthy rate in last 3 years 48.12%
Net Profit is growing at healthy rate in last 3 years 171.98%
Return on Equity has declined versus last 3 years average to 23.20%
Debt to equity has increased versus last 3 years average to 1.66
Sales growth is not so good in last 4 quarters at 0.00%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 11.2 | 12 |
| TTM Sales (₹ Cr.) | 179 | 201 |
| BVPS (₹.) ⓘ | 57.2 | 10 |
| Reserves (₹ Cr.) ⓘ | 52 | - |
| P/BV ⓘ | 8.89 | 50.88 |
| PE ⓘ | 45.57 | 42.47 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 0.00 / 0.00 |
| All Time Low / High (₹) | - / - |
| Market Cap (₹ Cr.) | 559 |
| Equity (₹ Cr.) | 11 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 57.5 |
| Pledged * | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3 | 11 | 23 | 19 | 18 | 32 | 55 | 66 | 183 | 179 |
| Operating Expenses ⓘ | 4 | 10 | 21 | 18 | 16 | 30 | 52 | 62 | 173 | 157 |
| Manufacturing Costs | 0 | 0 | 1 | 1 | 0 | 1 | 1 | 2 | 3 | 10 |
| Material Costs | 3 | 8 | 18 | 15 | 12 | 22 | 47 | 55 | 165 | 136 |
| Employee Cost | 0 | 1 | 1 | 1 | 1 | 1 | 2 | 3 | 2 | 3 |
| Other Costs ⓘ | 0 | 1 | 2 | 1 | 2 | 5 | 2 | 3 | 2 | 7 |
| Operating Profit ⓘ | 0 | 1 | 2 | 1 | 3 | 2 | 3 | 4 | 11 | 22 |
| Operating Profit Margin (%) | -4.6% | 8.6% | 9.1% | 6.8% | 14.1% | 6.7% | 4.9% | 5.7% | 5.7% | 12.5% |
| Other Income ⓘ | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 0 | 0 |
| Interest ⓘ | 0 | 1 | 1 | 0 | 1 | 1 | 1 | 2 | 2 | 4 |
| Depreciation ⓘ | 0 | 0 | 0 | 1 | 2 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 0 | 0 | 1 | 0 | 0 | 1 | 1 | 1 | 8 | 18 |
| Tax ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 6 |
| Profit After Tax | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 6 | 12 |
| PAT Margin (%) | 0.8% | 1.9% | 3.5% | 1.1% | 1.0% | 1.2% | 0.8% | 1.5% | 3.2% | 6.8% |
| Adjusted EPS (₹) | 0.4 | 2.9 | 2.0 | 0.3 | 0.2 | 0.5 | 0.6 | 1.3 | 7.4 | 15.2 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 0 | 1 | 3 | 7 | 8 | 9 | 9 | 10 | 16 | 31 |
| Share Capital ⓘ | 0 | 0 | 2 | 5 | 5 | 5 | 5 | 5 | 8 | 8 |
| Reserves ⓘ | 0 | 0 | 1 | 2 | 3 | 4 | 4 | 5 | 8 | 23 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 0 | 5 | 2 | 5 | 6 | 15 | 14 | 14 | 10 | 51 |
| Long Term Debt | 0 | 4 | 2 | 4 | 4 | 5 | 5 | 6 | 3 | 1 |
| Short Term Debt | 0 | 1 | 1 | 2 | 2 | 9 | 8 | 8 | 7 | 49 |
| Trade Payables | 1 | 0 | 1 | 3 | 6 | 10 | 7 | 32 | 56 | 43 |
| Others Liabilities ⓘ | 0 | 0 | 3 | 2 | 4 | 3 | 2 | 5 | 5 | 18 |
| Total Liabilities ⓘ | 2 | 6 | 9 | 17 | 25 | 37 | 32 | 61 | 87 | 143 |
Fixed Assets | ||||||||||
| Gross Block | 0 | 2 | 3 | 11 | 10 | 12 | 8 | 8 | 7 | 6 |
| Accumulated Depreciation | 0 | 0 | 1 | 2 | 2 | 4 | 0 | 0 | 0 | 0 |
| Net Fixed Assetsⓘ | 0 | 2 | 2 | 10 | 9 | 8 | 8 | 8 | 7 | 6 |
| CWIP ⓘ | 1 | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investmentsⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Inventories | 0 | 2 | 4 | 3 | 7 | 16 | 9 | 11 | 10 | 13 |
| Trade Receivables | 0 | 1 | 0 | 2 | 4 | 6 | 9 | 37 | 53 | 87 |
| Cash Equivalents | 0 | 1 | 0 | 0 | 0 | 0 | 2 | 1 | 2 | 11 |
| Others Assetsⓘ | 0 | 1 | 1 | 3 | 5 | 7 | 4 | 4 | 15 | 24 |
| Total Assets ⓘ | 2 | 6 | 9 | 17 | 25 | 37 | 32 | 61 | 87 | 143 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 0 | -2 | 3 | 2 | -1 | -1 | 3 | -2 | 9 | -32 |
| PBT ⓘ | 0 | 0 | 1 | 0 | 0 | 1 | 1 | 1 | 8 | 18 |
| Adjustment ⓘ | 0 | 0 | 1 | 1 | 2 | 1 | 2 | 2 | 3 | 5 |
| Changes in Working Capital ⓘ | 0 | -3 | 1 | 1 | -3 | -2 | 0 | -5 | 2 | -46 |
| Tax Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4 | -8 |
| Cash Flow From Investing Activity ⓘ | 0 | -1 | -2 | -7 | -1 | -1 | -1 | 0 | -1 | -1 |
| Capex | 0 | -1 | -2 | -7 | -1 | -1 | -1 | -1 | 0 | -1 |
| Net Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | -1 | 0 |
| Others ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow From Financing Activityⓘ | 0 | 4 | -1 | 4 | 2 | 1 | -2 | 1 | -7 | 41 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 1 | 3 | 2 | 0 | 0 | 0 | 0 | 3 |
| Net Proceeds from Borrowing ⓘ | 0 | 4 | -2 | 2 | 0 | 1 | 0 | 1 | -3 | -2 |
| Interest Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | -1 | -2 | -2 | -2 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 1 | -2 | 42 |
| Net Cash Flow ⓘ | 0 | 0 | -1 | 0 | 0 | 0 | 0 | -1 | 1 | 9 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | N/A | 51.47 | 53.08 | 4.52 | 2.39 | 4.55 | 10.17 | 10.69 | 45.07 | 52.09 |
| ROCE (%) | N/A | 27.56 | 33.02 | 8.51 | 9.7 | 9.01 | 14.69 | 11.98 | 35.75 | 39.38 |
| Asset Turnover Ratio | 1.28 | 2.63 | 3.09 | 1.47 | 0.86 | 1.02 | 3.48 | 1.42 | 2.47 | 1.56 |
| PAT to CFO Conversion(x) | N/A | N/A | 3 | N/A | N/A | N/A | N/A | -2 | 1.5 | -2.67 | Working Capital Days |
| Receivable Days | 69 | 18 | 9 | 17 | 61 | 61 | 57 | 127 | 90 | 142 |
| Inventory Days | 55 | 32 | 45 | 65 | 100 | 132 | 59 | 55 | 21 | 24 |
| Payable Days | 218 | 41 | 13 | 52 | 147 | 133 | 26 | 128 | 97 | 132 |
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
History and milestones
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