Sahajsolar earnings calls.

Sahaj Solar delivered a mixed Q4 and FY26 results, with annual revenue of ₹419 croreCurrent reported value: ₹419 crore. No comparable prior figure is available in the source record. (+27% YoY) driven by execution of government-linked solar projects, but EBITDA margins compressed ~31bps due to rising interest costs (11-12% borrowing rate) and supply chain headwinds. PAT grew 7.6% to ₹29.6 croreCurrent reported value: ₹29.6 crore. No comparable prior figure is available in the source record. for FY26. The order book stands at a healthy ₹402 croreCurrent ₹402 crore. Reported change: 1.3x FY26 Revenue., which management targets to fully execute in FY27, implying strong revenue visibility. Management guided for 30%+ revenue growthCurrent reported value: 30%+ revenue growth. No comparable prior figure is available in the source record. over the next 3 years while maintaining 12%+ EBITDA marginsCurrent reported value: 12%+ EBITDA margins. No comparable prior figure is available in the source record., with international expansion via a Zambia project (₹55 croreCurrent ₹55 crore. Reported change: Zambia + UAE., FY27 completion) and Dubai facility adding diversification. Working capital stress remains a concern — receivables have risen sharply and CFO was negative for the second consecutive year — though government collections improved from February 2026 and the ₹100 crore working capital loan was repaid in April 2026. Key risk: persistent working capital intensity in a government-dependent project business could constrain cash flow generation even as revenue scales.