Sahajsolar · risk themes across the available quarters.
Bear-case history
Receivables rose sharply to ₹323 crore and working capital days increased materially due to delayed payments from government agencies. While collections improved from February 2026, the structural dependency on government project payments creates ongoing cash flow risk.
Finance costs increased significantly in FY26 due to a ₹125 crore loan from SIDBI, pushing borrowing costs to 11-12%. While management targets 9-10%, any delay in collections or further debt drawdowns would extend the margin pressure. EBITDA margin already compressed 31 bps YoY.
The company shifted its planned 750 MW Dubai manufacturing facility citing geopolitical factors, raising questions about execution credibility for the stated 2 GW expansion target. Management declined to share unit economics or timelines for the revised Dubai plan.
An analyst highlighted that DCR (Domestic Content Requirement) is becoming mandatory for government-funded and grid-connected projects. Management explicitly stated they are not currently exploring DCR-compliant manufacturing, potentially limiting their addressable market in government tenders.