Sahaj Solar Ltd. – Company Report
1. Company Overview
Sahaj Solar Ltd., founded in 2010 and headquartered in Ahmedabad, Gujarat, is a leading provider of integrated solar energy solutions in India. Specializing in manufacturing photovoltaic (PV) modules, solar water pumping systems, and turnkey EPC (Engineering, Procurement, Construction) services, the company also drives solar project development across India and select international markets. Sahaj Solar operates a state-of-the-art, 100 MW PV module manufacturing facility in Bavla, Gujarat, producing mono-crystalline, poly-crystalline, and high-efficiency mono PERC solar modules. The company is listed on the NSE SME platform (2024) with an estimated market cap of ₹538–₹570 crore (Aug 2025). It recently expanded into Africa via a new subsidiary in Uganda.
Key Highlights
- Incorporated: 2010
- Headquarters: Ahmedabad, Gujarat
- Employees: 100–500 (estimated, 2025)
- Certifications: IEC-approved, MNRE-recognized, ISO-compliant
- Manufacturing Capacity: 100 MW PV module plant (mono, poly, mono PERC)
- Business Model: Dual play (manufacturing + EPC/project development)
- Promoters: Pramit Brahmbhatt (Chairman), Varna Brahmbhatt
- Listing: NSE SME (2024); Market Cap: ₹538–₹570 crore (Aug 2025)
2. Products and Services
- Solar PV Modules – Mono-crystalline, poly-crystalline, and mono PERC modules for utility, rooftop, off-grid, and customized needs
- Solar Water Pumps – Irrigation, agriculture, and drinking water solutions; supplied to both private and government clients
- EPC Projects – Turnkey solar plant installations across industrial, institutional, and residential sectors
- Off-grid Solutions – Microgrids and distributed generation systems for rural/industrial areas
- International Operations – Incorporated a subsidiary in Uganda (FY2025) for expanding operations in East Africa
- Vertical Integration – Set up a new unit (Sahaj PV Ancillary Pvt. Ltd.) to manufacture solar panels, photovoltaic glass, and related components
3. Recent News and Developments (2025)
Major Orders and Project Wins
- Tripura (TREDA):
- January 2, 2025: Secured a ₹36.42 crore order for solarizing 2 HP pumps under PM-KUSUM.
- September 25, 2024: Bagged a ₹6.21 crore contract for off-grid solar water pumping systems.
- Maharashtra (MSEDCL):
- February 1, 2025: Awarded ₹60.34 crore contract for 2,000 off-grid solar water pumps.
- September 23, 2024: Secured a ₹19.99 crore work order for solar dual drinking water pumps in Nandurbar.
- August 13, 2025: Bagged a ₹57.34 Crores for the supply and commissioning of 2,185 off-grid DC solar photovoltaic water pumping systems.
- Gujarat (DGVCL):
- January 7, 2025: Awarded ₹46.64 crore order for solar water pumping systems under PM-KUSUM.
- Punjab (PEDA):
- January 30, 2025: Bagged a ₹6.37 crore order for 1,797 KW of rooftop/ground-mounted solar plants on govt. buildings.
- Border Security Force (BSF):
- October 10, 2024: Secured a ₹15.54 crore contract to install two 25 kW off-grid solar plants in Guwahati.
- Zambia:
- September 27, 2024: Entered into a MOA with Wincyril Enterprises Limited for providing EPC services to setup 5 MWAC Solar PV grid-connected micro-power plants at 60 locations for a consideration of ₹32.63 Crores.
Strategic Expansion
- New Subsidiary in Uganda to support African solar microgrid projects.
- JV with Cliantech Solutions to set up 1.5 GW solar module plant.
- Formed Sahaj PV Ancillary Pvt. Ltd. for backward integration in solar component manufacturing.
4. Financial Performance (FY2025)
| Metric | FY2025 Value |
|---|---|
| Revenue from Operations | ₹329.8 crore |
| Net Profit (PAT) | ₹28 crore |
| Operating Profit Margin | 13% |
| Net Profit Margin | 8.3% |
| EPS | ₹12.52 |
| Return on Equity (ROE) | 39% |
| Dividend | 0% (profits retained for capex) |