Sahaj Solar Limited lists Rs 299 crore of awarded EPC projects

Sahaj Solar Limited lists Rs 299 crore of awarded engineering, procurement and construction (EPC) projects, with grid-connected solar systems contributing Rs 178 crore, or 59.5% of the total. The disclosed mix also includes Rs 77 crore of solar water-pumping systems and Rs 44 crore of off-grid solar systems with battery energy storage systems (BESS).

What is Sahaj Solar’s awarded EPC project pipeline?

Sahaj Solar’s disclosed awarded EPC pipeline totals Rs 299 crore across three project categories. Grid-connected solar systems account for Rs 178 crore, solar water-pumping systems account for Rs 77 crore, and off-grid solar systems with BESS account for Rs 44 crore. Each category is marked as “Awarded” in the presentation’s pipeline table.

Sahaj Solar presents these amounts as estimated project values rather than reported revenue for a financial period. The presentation does not state award dates, customer names, contract terms, project locations, execution schedules, cancellation data or revenue-recognition timing. As a result, the table identifies the value and category mix of projects marked awarded, but not the amount completed at the presentation date.

Which awarded project category is largest for Sahaj Solar?

Grid-connected solar systems are Sahaj Solar’s largest disclosed awarded category at Rs 178 crore, exceeding the Rs 77 crore solar water-pumping category by Rs 101 crore. The grid-connected amount is also higher than the combined Rs 121 crore value of water-pumping and off-grid-with-BESS projects.

The Rs 178 crore grid-connected category represents 59.5% of the Rs 299 crore total, compared with 25.8% for water pumping and 14.7% for off-grid systems with BESS. The presentation does not split the grid-connected amount between ground-mount and rooftop systems, nor does it disclose megawatt capacity, project count or individual contract values.

This mix places the largest disclosed EPC value outside the water-pumping product range detailed on the adjacent business slide. Sahaj Solar lists alternating current (AC) and direct current (DC) pumps, available as submersible and surface models, with ratings from 1 horsepower (HP) to 10 HP. Water-pumping projects nevertheless remain the second-largest listed category at Rs 77 crore.

What does Sahaj Solar provide through its EPC business?

Sahaj Solar says its EPC offering covers ground-mount solar systems, rooftop solar power plants, solar streetlights, solar mobile trolleys and off-grid power plants. It describes projects ranging from domestic solar installations to large-scale solar power plants, although only water pumping, off-grid systems with BESS and grid-connected systems receive values in the Rs 299 crore table.

For solar water-pumping solutions, Sahaj Solar says it manufactures solar panels in-house and manufactures module mounting structures in-house with support from subsidiary VEIPL. It also says controllers are designed in-house with support from subsidiary VPPL. The presentation links this backward integration to project execution and implementation, but provides no capacity, utilisation or component-cost data.

Sahaj Solar says its domestic market operates through government orders without a dealer or distributor network. For international activity, it says it is entering partnerships across eastern Africa, focused on government-backed solar power plants. The awarded-project table does not identify how much of the Rs 299 crore relates to domestic or international projects, government orders or private customers.

How does Sahaj Solar’s awarded pipeline compare with revenue?

Sahaj Solar’s Rs 299 crore awarded EPC total equals about 71% of its FY26 operating revenue of Rs 419 crore, although the measures cover different bases. The pipeline figure is a stated estimated value for awarded projects with no disclosed execution period, while FY26 operating revenue is a reported annual financial measure.

Operating revenue rose 27% to Rs 419 crore in FY26 from Rs 330 crore in FY25. In H1 FY27, operating revenue was Rs 158 crore, compared with Rs 111 crore in H1 FY26, representing the stated 42% year-on-year increase. The presentation does not attribute this growth to any individual awarded EPC category.

Earnings before interest, tax, depreciation and amortisation (EBITDA) were Rs 54 crore in FY26, compared with Rs 43 crore in FY25, while EBITDA margin was 13% in both years. In H1 FY27, EBITDA was Rs 15 crore versus Rs 11 crore in H1 FY26, with the margin unchanged at 10%; profit after tax declined to Rs 4 crore from Rs 5 crore over the same half-year comparison.

What working-capital data does Sahaj Solar report?

Sahaj Solar reports debtor days of 281 in FY26, up from 219 in FY25, before declining to 266 in H1 FY27. Inventory days moved from 26 in FY25 to 20 in FY26 and then 33 in H1 FY27, while creditor days were 134, 103 and 137 respectively.

The presentation does not connect the Rs 299 crore awarded project value to debtors, inventory, creditors or project funding requirements. It also does not provide a project-level payment schedule or say whether the pipeline will change working-capital days as projects move into execution.

What has Sahaj Solar said about its next plans?

Sahaj Solar says it entered the KUSUM C scheme after winning a bid for a 16.5-megawatt power plant, which it plans to develop and operate as part of a move into broader solar business. The presentation does not state the project’s estimated value or confirm whether it is included within the Rs 299 crore awarded EPC categories.

Management targets revenue compound annual growth of 35% to 40% plus over three years and an EBITDA margin above 12% within three years. It cites anti-soil and nano-technology panel coatings, government support and budgetary allocations for solar initiatives including PM-KUSUM, and entry into international markets as drivers. These are management targets and stated plans rather than reported outcomes.

Conclusion

Sahaj Solar’s disclosed awarded EPC pipeline is concentrated in grid-connected solar systems, which account for Rs 178 crore of the Rs 299 crore total. Solar water pumping contributes Rs 77 crore and off-grid systems with BESS contribute Rs 44 crore, showing that the identified project opportunity extends beyond the company’s pumping products.

The next points to watch are disclosures on award execution, customer mix, geography, project capacity and revenue recognition for the Rs 299 crore pipeline. Management’s 35% to 40% plus three-year revenue-growth target, EBITDA-margin target above 12%, and planned 16.5-megawatt KUSUM C development are the presentation’s stated forward benchmarks.