SAHAJSOLAR
Sahaj Solar financials
- Market cap
- ₹206 Cr
- Sector
- Capital Goods
- Calls analysed
- 3
Sahaj Solar Q4 FY26
What went well
- FY26 Revenue increased 27% YoY to INR419 crores from INR329 crores.
- H2 FY26 Revenue increased 33% YoY to INR308 crores.
- FY26 PAT increased to INR29.6 crores from INR27.5 crores, a 7.6% YoY growth.
What to watch
- PAT margin marginally impacted from 8% to 7% due to increased interest costs.
- Debt-equity ratio increased to 1.27 due to a new IREDA loan taken in Q4 FY26.
Guidance record · Q4 FY26
what the last two calls moved 13 tracked 1 delivered 6 missed 6 open- H2 FY26 Revenue delivered said Q2 FY26 Promised: Rs. 260 crores to Rs. 300 crore of turnover in H2 Q4 FY26: H2 FY26 revenue came in at INR 308 crores, exceeding the guided range of INR 260-300 crores.
- Sales Growth missed said Q4 FY25 Promised: 35% plus Q4 FY26: FY26 revenue grew 27% YoY to INR 419 crores, missing the guided range of 35-40%.
- BMC Business Revenue on track said Q2 FY26 Promised: Rs. 800 crores to Rs. 1,000 crores of revenue in the next three years Q4 FY26: Proof-of-concept for the NDDB project has been approved. Management anticipates orders to start coming in over the next 3 years, keeping the long-term target on track.
All 13 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 120.0%, net profit up 108.3% against the same quarter last year.
| Line item | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 61 | 140 | 98 | 232 | 111 +82% | 308 +120% |
| EBITDA | 4 | 20 | 8 | 34 | 11 +175% | 41 +105% |
| Net profit | 2 | 12 | 5 | 23 | 5 +150% | 25 +108% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −62.8% 1Y
1Y: ₹252.45 on 10 Sept 2025 → ₹93.95. High ₹253.35 (11 Sept 2025), low ₹92.25 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- −8.8%
- 18 May
- Q2 FY26
- −10.1%
- 12 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹5 Cr | ₹5 Cr | ₹8 Cr | ₹8 Cr | ₹22 Cr | ₹22 Cr |
| Reserves | ₹4 Cr | ₹5 Cr | ₹9 Cr | ₹25 Cr | ₹88 Cr | ₹116 Cr |
| Borrowings | ₹15 Cr | ₹17 Cr | ₹14 Cr | ₹57 Cr | ₹88 Cr | ₹176 Cr |
| Other liabilities | ₹10 Cr | ₹34 Cr | ₹61 Cr | ₹60 Cr | ₹125 Cr | ₹166 Cr |
| Total liabilities | ₹35 Cr | ₹61 Cr | ₹91 Cr | ₹149 Cr | ₹324 Cr | ₹479 Cr |
| Fixed assets | ₹10 Cr | ₹8 Cr | ₹8 Cr | ₹7 Cr | ₹6 Cr | ₹24 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹11 Cr | ₹11 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹0 Cr |
| Other assets | ₹25 Cr | ₹53 Cr | ₹83 Cr | ₹142 Cr | ₹305 Cr | ₹445 Cr |
| Total assets | ₹35 Cr | ₹61 Cr | ₹91 Cr | ₹149 Cr | ₹324 Cr | ₹479 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Apr 2025, the public added +0.72 pp while DIIs trimmed −0.70 pp. The shareholder count grew 5% to 3,122.
- Promoters
- 71.3%
- FIIs
- 0.0%
- DIIs
- 1.1%
- Public
- 27.6%
Since Apr 2025
- Public +0.72 pp
- DIIs −0.70 pp
- FIIs −0.02 pp
How it drifted, 5 quarters
Over this window the public went from 23.6% to 27.6% — +4.0 pp.
Ownership split by quarter, oldest first. Sep '24: Promoters 71.3%, FIIs 1.1%, DIIs 4.0%, Public 23.6%.Mar '25: Promoters 71.3%, FIIs 0.0%, DIIs 1.8%, Public 26.9%.Apr '25: Promoters 71.3%, FIIs 0.0%, DIIs 1.8%, Public 26.9%.Sep '25: Promoters 71.3%, FIIs 0.0%, DIIs 1.3%, Public 27.4%.Mar '26: Promoters 71.3%, FIIs 0.0%, DIIs 1.1%, Public 27.6%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Ramila Bharat Brahmbhatt +0.72 pp 1.43% held
- Sustainable Green Recycler Private Limited newly disclosed 0.00% held
- Sunventa Power Private Limited newly disclosed 0.00% held
- Sahaj Renewable Energy Zambia Limited newly disclosed 0.00% held
- Sahaj Energies Limited newly disclosed 0.00% held
The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Sahaj Solar above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Pramit Bharatkumar Brahmbhatt | 56.85% | unchanged |
| Varna Pramit Brahmbhatt | 12.29% | unchanged |
| Ramila Bharat Brahmbhatt | 1.43% | +0.72 pp |
| Ccv Emerging Opportunities Fund-I AIF | 1.12% | −0.13 pp |
| Manan Bharatkumar Brahmbhatt | 0.71% | unchanged |
| Bharat Prathamsinh Brahmbhatt | 0.00% | −0.71 pp |
| Kiritkumar Shantilal Trivedi | 0.00% | unchanged |
| Ishaan Pramit Brahmbhatt | 0.00% | unchanged |
| Anjali Manan Brahmbhatt | 0.00% | unchanged |
| Shivam Petro Station | 0.00% | unchanged |
| Bharatkumar Pratapsinh Brahmbhatt Huf | 0.00% | unchanged |
| Manan Bharatbhai Brahmbhatt Huf | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
- Growth the price implies
- -19.3% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse Sahaj Solar
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