Sahaj Solar Limited Reports H1 FY27 Results with 42.36% Revenue Growth

Sahaj Solar Limited (NSE: SAHAJSOLAR) has released its unaudited standalone and consolidated financial results for the first half year ended September 30, 2026. The company reported a 42.36% year-on-year increase in consolidated revenue from operations alongside substantial debt reduction during the period.

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Consolidated Financial Highlights

The company reported the following performance figures for H1 FY27 compared to prior periods:

Particulars (In Rs. Crs)	H1 FY27	H1 FY26	YoY%	FY26	FY25	YoY%
Revenue from Operations	158.19	111.12	42.36%	419.19	329.79	27.11%
EBITDA	15.22	11.09	37.24%	53.67	43.23	24.14%
EBITDA Margin (%)	9.62%	9.98%	—	12.80%	13.11%	—
PAT	4.30	5.10	-15.72%	30.32	28.01	8.26%
PAT Margin (%)	2.72%	4.59%	—	7.23%	8.49%	—
EPS	1.91	2.33	—	13.46	27.21*	—

*Note: FY25 EPS of ₹27.21 is as originally reported. Restated for the increase in paid-up equity share capital (₹10.99 crore to ₹21.97 crore), FY25 EPS is ₹13.61, which is comparable with FY26 EPS of ₹13.46.

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Balance Sheet & Cash Flow Performance

According to management commentary:

• Debt Reduction: Gross debt decreased by about ₹59 crore to ₹116.5 crore, leading to an improvement in the debt-to-equity ratio to 0.82x from 1.27x at March 2026.
• Working Capital & Cash Flow: Trade receivables were reduced by ₹92.4 crore, helping generate operating cash flow of ₹73.8 crore, which was utilized to repay borrowings.
• Cash Position: Cash balance increased to ₹19.2 crore from ₹10.4 crore.
• Profitability Factors: Profit after tax stood at ₹4.3 crore, impacted by finance costs of ₹7.8 crore and a moderation in gross margin to 18.1%.

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Operational and Strategic Developments

• BESS Manufacturing Expansion: The Board approved the establishment of a 1.8 GWh Battery Energy Storage Systems (BESS) manufacturing facility at Dakor, Gujarat. The facility entails an estimated investment of ₹25 crore in Plant & Machinery and has an expected commissioning timeline of 12 months.
• International Expansion: Sahaj Solar incorporated a wholly owned subsidiary, Sahaj Energies Limited, in Mauritius, to engage in manufacturing, import, and export activities in electrical distribution and control apparatus. Additionally, the Board approved a further investment of up to ₹25 lakh in this subsidiary to support working capital for a Solar EPC contract.
• CSR Initiative: In partnership with Jaya Baa Trust, the company supported approximately 2,000 farmers in Kumbhal village, Gujarat, through a corn seed distribution programme.

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Management Commentary

Mr. Pramit Brahmbhatt, Managing Director of Sahaj Solar Limited, stated:

"H1 FY27 has been a significant half for Sahaj Solar, in which we scaled the business and strengthened the balance sheet together. Consolidated revenue grew 42.4% year-on-year to ₹158.2 crore from ₹111.1 crore, and EBITDA grew 37.2% to ₹15.2 crore. This reflects the strength of our execution capabilities and the growing demand for solar EPC solutions.

...With lower debt, we expect the finance cost burden to ease. We will focus on improving margins and executing our projects through the second half, which historically contributes the larger share of our annual revenue."