SAHAJSOLAR Q4 FY26 earnings call.
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Revenue
₹308 Cr
verified against source
Revenue YoY
33%
reported change
EBITDA
Pending
latest reported figure
Source
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Where this quarter sits.
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What the record says.
Sahaj Solar delivered a mixed Q4 and FY26 results, with annual revenue of ₹419 crore (+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 crore for FY26. The order book stands at a healthy ₹402 crore, which management targets to fully execute in FY27, implying strong revenue visibility. Management guided for 30%+ revenue growth over the next 3 years while maintaining 12%+ EBITDA margins, with international expansion via a Zambia project (₹55 crore, 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.
Colored figures show movement against the previous available record.
Guidance to track
- Management projects 30%+ year-over-year revenue growth over the next three years, underpinned by the ₹402 crore order book and pipeline of new orders, including solar-plus-battery solutions and defense projects.
- The company targets maintaining EBITDA margins above 12% for the next three years, with management expecting finance costs to decline from 11-12% to 9-10% as collections improve and debt structure optimizes.
- Management is confident the entire ₹402 crore order book will be executed during FY27, with project timelines ranging from 3 to 18 months depending on complexity.
- Current 100 MW module manufacturing facility to be scaled to 2 GW over the next two years, though management paused the planned 750 MW Dubai plant citing geopolitical and market conditions.
Risks flagged
- 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.
Key quotes
- We assume this entire order book of ₹402 crore will be executed during this financial year 27 as we are faster in executions and apart from that we are also winning more orders.
- Our average borrowing cost is coming around 11 to 12%. But as the financial numbers and performance will improve we are factoring the reduction of the interest cost and gradually the interest cost will come down. We are targeting somewhere between 9 to 10%.
- As you mentioned PM Surya Ghar so our target is to focus more on the commercial and industrial segments. We are not focused much on the residential rooftop. So that is not our next target. We are focusing more on the commerce and industrial segment and the other DRP or BPA like agreements.
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