Sahaj Solar Ltd is a prominent solar solutions provider with over a decade of experience across various verticals of renewable power generation. The company operates as both a manufacturer and a service provider, giving it a significant edge in the competitive solar power market. Originally incorporated as 'Sahaj Solar Private Limited' on February 26, 2010, by the Registrar of Companies, Gujarat Dadra & Nagar Haveli, it was promoted by Mr. Rajnibhai Radadiya and Mr. Sandipbhai Radadiya. On September 25, 2014, Mr. Pramit Brahmbhatt and Mrs. Varna Brahmbhatt acquired the company and subsequently converted it into a Public Limited Company, changing its name to "Sahaj Solar Limited." A Fresh Certificate of Incorporation was received on April 18, 2023, from the Registrar of Companies, Ahmedabad.
The company is actively engaged in three core business areas:
- PV Module Manufacturing: Sahaj Solar manufactures photovoltaic modules at its state-of-the-art facility. The company's PV module manufacturing plant, located in Bavla, Ahmedabad, Gujarat, has a capacity of 100 MWs, producing both mono and polycrystalline PV modules, including Mono PERC modules.
- Solar Water Pumping Systems: The second business vertical focuses on providing solar water pumping systems. These systems convert solar energy into electricity to power motors for pumping water from borewells, rivers, lakes, or ponds. Mounting structures for these systems are produced by Veracity Energy and Infrastructure Private Limited (a subsidiary), and controllers are designed by Veracity Powertronics Private Limited (another subsidiary).
- Engineering, Procurement, and Construction (EPC) Services: The third segment encompasses comprehensive EPC services. Sahaj Solar acts as an integrated solar energy solutions provider, offering design, supply, installation, testing, commissioning, and maintenance for projects ranging from small domestic solar installations to large-scale Solar Power Plants.
- Market Capitalization: ₹588.85 Cr (as of 27th June 2025).
- Full-Year Performance (FY24 vs. FY23): Net profit surged by 111.4% to Rs 12.26 crore, despite a 2.1% drop in revenue to Rs 179.34 crore in FY24 compared to FY23.
- Quarterly Performance (Q4FY25): Reported a remarkable 384% quarter-on-quarter (QoQ) increase in net profit and a 124% revenue growth. Year-on-year, net profit rose by 101%, and Earnings Per Share (EPS) increased by 47%.
- Half-Yearly Net Income: The company's net income for the last half-year stood at 228.41 M INR, showing a significant 385.75% change from the previous report's 47.02 M INR.
- Key Financial Ratios (as of June 27, 2025):
- P/E Ratio: 21.39
- P/B Ratio: 17.51
- Debt-to-Equity Ratio: 3% (indicating a healthy balance sheet)
- 52-Week High: ₹395.00
- 52-Week Low: ₹150.00
- All-Time High: ₹395.00 (August 27, 2024)
- All-Time Low: ₹150.00 (March 18, 2025)
- Annual Performance: The stock showed a 53.65% increase over the last year.
- IPO Bidding Period: July 11, 2024, to July 15, 2024.
- Listing Date: July 19, 2024, on NSE SME.
- Listing Premium: Shares listed at ₹342, a premium of 90% over the IPO price.
- Subscription: The IPO was subscribed 338.78 times.
Sahaj Solar serves a diversified clientele comprising both government and private sector entities.
- Government Clients: MGVCL, DGVCL, PGVCL, GEDA, HAREDA, MEDA, and Maharashtra State Electricity Distribution Co. Ltd.
- Private Sector Clients: Mahindra Susten Private Limited, Mahindra Solarize Private Limited, Secured Meters, Eglo, Shekhani Industries, Nuvoco Cements (Lafarge Cements), Tenneco, Valeo, Rotomag, Premier Solar, and Iron Mountain.
The company is led by an experienced management team with deep industry expertise. The promoters include Pramit Bharatkumar Brahmbhatt, Varna Pramit Brahmbhatt, and Manan Bharatkumar Brahmbhatt. As of September 30, 2023, Sahaj Solar employed over 64 people across various departments including administration, accounting and finance, human resources, projects, procurement, operations, sales and marketing, production, and top management.
Sahaj Solar manufactures a comprehensive range of solar products, including:
- Solar panels
- Solar water pumps
- Mobile solar trolleys (customizable for rural and remote areas, capable of generating electricity for pumping, off-grid power, and other utilities)
- Solar home lights
- Solar streetlights
- Solar off-grid power plants
The company focuses on providing mobile power solutions through its innovative solar mobile trolleys.
- Certifications: Holds MNRE and ISO 9001:2015 certifications, ensuring quality and reliability.
- Locational Advantage: Situated in Gujarat, one of India's highest solar consumption zones, which provides locational benefits for supply and distribution.
- Quality Adherence: Strictly follows international and national quality standards.
- Strategic Positioning: The company is well-positioned to capitalize on India's transition to renewable energy, driven by government initiatives and increasing demand for clean energy solutions across various sectors.
