Sahaj Solar
Book Building issueSME₹52.52 Cr issue
+90.00%
Listing gain over issue price
Issue size
₹52.52 Cr
1 lot at cut-off
₹1,44,000
Lot size
800shares
Open
11 Jul 2024
Close
15 Jul 2024
Allotment
16 Jul 2024
Listing
19 Jul 2024
Listing performance
Issue price
₹180
Listed at
₹342
Listing-day close
₹359.10
Latest price
₹77.25
Close on 23 Oct 2026
Listing gain
+90.00%
Return since issue
-14.17%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 11 Jul 2024 – 15 Jul 2024
- Listing date
- 19 Jul 2024
- Face value
- ₹10 per share
- Issue price
- ₹180 per share
- Lot size
- 800 shares
- Issue type
- Book Building issue
- Total issue size
- ₹52.52 Cr
- Market cap at offer price
- ₹198 Cr
- Promoter holding
- 97.08% → 71.28% pre-issue → post-issue
- ISIN
- INE0P4701011
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Kunvarji Finstock Pvt.Ltd.
- Registered office
- Office No.301, Ashirvad Paras, Opp.Prahladnagar Garden, Satellite, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 8,24,000 | — | — |
| Market maker | 1,46,400 | — | — |
Application size
Minimum 800 shares per lot, in multiples, at ₹180
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,44,000 |
| S-HNI (min) | 2 | 1,600 | ₹2,88,000 |
| S-HNI (max) | 6 | 4,800 | ₹8,64,000 |
| B-HNI (min) | 7 | 5,600 | ₹10,08,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
8,24,000
Anchor portion
₹14.83 Cr
at ₹180 per share
Valuation and performance
Valuation at offer price
₹180 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 16.58 | 12.17 |
| P/E (×) | 10.86 | 14.79 |
| Price to book (×) | 4.41 | — |
| Market cap | — | ₹198 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 39.96%
- ROCE
- 26.47%
- PAT margin
- 6.52%
- NAV per share
- ₹40.83
- Price to book
- 4.41
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Sahaj Solar
Sahaj Solar Limited is a manufacturing and service provider company in the solar energy sector with over one decade of experience across multiple renewable power generation verticals. The company was incorporated as a private limited entity on February 26, 2010, and converted to a public limited company on April 18, 2023. Headquartered in Ahmedabad, Gujarat, the company operates a single manufacturing facility at Bavla, Gujarat, and generates revenue through three primary business segments: PV module manufacturing, solar water pumping systems, and EPC services. For the financial year ended March 31, 2024, the company reported revenue from operations of ₹20,117.41 lakhs and net profit of ₹1,316.08 lakhs.
Company Analysis
from RHPSahaj Solar Limited is a solar solutions provider engaged in manufacturing of photovoltaic modules, solar water pumping systems, and engineering, procurement and construction (EPC) services for renewable energy projects.
Sahaj Solar Limited is a manufacturing and service provider company in the solar energy sector with over one decade of experience across multiple renewable power generation verticals. The company was incorporated as a private limited entity on February 26, 2010, and converted to a public limited company on April 18, 2023. Headquartered in Ahmedabad, Gujarat, the company operates a single manufacturing facility at Bavla, Gujarat, and generates revenue through three primary business segments: PV module manufacturing, solar water pumping systems, and EPC services. For the financial year ended March 31, 2024, the company reported revenue from operations of ₹20,117.41 lakhs and net profit of ₹1,316.08 lakhs.
Solar photovoltaic (PV) module manufacturingSolar water pumping systemsPower engineering, procurement and construction (EPC)
Objects of the Issue
- Working Capital Requirement Up to ₹3,942 lakhs p.25
- General Corporate Purpose Amount not to exceed 25% of Gross Proceeds p.25
- Funding incremental working capital requirements of the Company Up to ₹3,942 lakhs p.86
- General Corporate Purposes Up to 25% of Gross Proceeds (amount to be finalized) p.90
- The document does not specify objects of the offer/use of proceeds in this section (Part 3 of the document). Objects of the issue would typically be found in 'Objects of the Offer' section which is not included in this excerpt.
Issue Structure
- Total Issue
- 29,20,000 Equity Shares aggregating to ₹[•] Lakhs
- Fresh Issue
- 29,20,000 Equity Shares of Face Value of ₹10/- each at an Offer Price of ₹[•] per Equity Share (including premium of ₹[•] per Equity Share) aggregating upto ₹[•] lakhs
- Offer for Sale
- Not applicable - the entire offer constitutes fresh issue of equity shares
- Price Band
- Price Band of a minimum price (Floor Price) of ₹[•] and the maximum price (Cap Price) of ₹[•]
- Lot Size
- [•] Equity Shares and in multiples of [•] equity shares thereafter
- Face Value
- ₹10/- each
Business Model
The company operates on a purchase order basis, manufacturing solar PV modules and assembling solar water pumping systems based on customer orders. It provides EPC services for solar power projects. Revenue is generated through sales of manufactured solar panels, delivery of solar pumping systems (often to beneficiaries eligible for state/central government subsidies), and EPC service contracts. The company sells either against advance payment or letter of credit arrangements.
Business Segments
Manufacturing and assembly of solar water pumping systems; customers receive subsidy from State/Central Government under schemes such as those run by MNRE
Manufacturing of solar photovoltaic modules; the company has a pending order book of 51.44 MW as of March 31, 2024, including domestic and export orders
Engineering, procurement and construction services for solar power projects
Solar water pumping systems for agricultural and government applications, primarily sold to state governments with extended payment cycles
Manufacturing and sale of solar photovoltaic (PV) modules
Installation and sale of rooftop solar systems for residential and commercial applications
Street lights, home lights, off-grid projects and other operating revenues
Manufacturing of mono PERC and multicrystalline solar PV modules with installed capacity of 100 MW at facility in Bavla, Ahmedabad. The company manufactures mono crystalline modules (144, 132, 120 cells) achieving >21% efficiency and multi crystalline modules (72, 66, 60 cells) achieving up to 18% efficiency. The plant is an integrated manufacturing facility with capacity to manufacture customized size PV modules.
Providing customized solar water pumping solutions comprising solar PV modules (25-year warranty), hot dip galvanized iron mounting structures, pump controller, DC/AC solar pump motor sets (stainless steel), accessories, and optional remote monitoring. Applications include agriculture, drinking water, residential, and hotels/resorts. The company manufactures ~70% of system cost (panels, mounting structures, controllers) through itself and subsidiaries.
Engineering, Procurement, and Construction services including design, supply, installation, testing, commissioning and maintenance of all sizes of solar projects ranging from domestic solar installations to large-scale Solar Power Plants. Services include solar rooftop systems (residential and industrial, both on-grid and off-grid) and off-grid solar power systems for areas with no electricity supply.
Manufacturing of solar panels and supply and installation of solar power generating systems including rooftop solar, solar water pumping systems, solar street lights and other renewable energy devices
SWOT Analysis
Strengths
- • Well-positioned solar PV module manufacturer with diversified customer base and large order book(p.93)
- • Advanced manufacturing facilities with global accreditations and extensive pan-India retail network(p.93)
- • Experienced promoter and management team with strong industry expertise and successful track record(p.93)
- • Strong financial performance with high ROE of 39.96% and significant revenue growth(p.97)
- • Dominant position in solar pump business contributing 70.49% of revenue with government client base(p.89)
- • Integrated solar PV module manufacturing and EPC services capability(p.159)
- • ALMM approved manufacturer with BIS certification(p.160)
- • Strategic location in high-consumption solar zone(p.160)
- • Strong revenue growth with improving profitability(p.145)
- • Diversified product portfolio across solar water pumping, PV modules, and EPC(p.142)
- • Empanelled with major government schemes and agencies(p.160)
- • International quality certifications and standards compliance(p.143)
- • Experienced management team with proven track record(p.161)
- • Established board governance with independent directors and specialized committees(p.202)
- • Structured audit and risk management framework through dedicated committees(p.202)
- • Promoters hold majority equity stake with long-term commitment(p.209)
- • Experienced key management personnel with relevant qualifications(p.207)
- • Established brand reputation in solar PV modules market(p.225)
- • Automated manufacturing facility with capacity for customized modules(p.225)
- • Vertically integrated business model controlling 70% of system cost(p.226)
- • Strong profitability growth with PAT margin doubling YoY(p.230)
- • Diverse product portfolio across PV modules, solar pumping systems and EPC services(p.225)
- • Multiple industry certifications and quality standards(p.226)
Weaknesses
- • High dependence on government customers with extended payment cycles of 4-6 months(p.89)
- • Significant increase in working capital requirements and trade receivable days at 161 days(p.88)
- • Concentration of manufacturing capacity and operations in single location(p.64)
- • Limited pre-IPO capital base with promoters holding 97.08% of shares, indicating thin public shareholding(p.76)
- • High concentration of revenue from top customers(p.167)
- • High supplier concentration risk(p.168)
- • Significant revenue dependence on solar water pumping systems(p.152)
- • Substantial revenue concentration with government customers(p.156)
- • Moderate capacity utilization at manufacturing facility(p.151)
- • Low current capacity relative to market opportunity(p.145)
- • High debt-to-equity ratio indicating significant financial leverage(p.241)
- • Substantial short-term borrowings relative to current assets(p.227)
- • Significant trade receivables aging beyond normal payment terms(p.237)
- • Contingent liabilities including disputed GST and customs duty obligations(p.257)
- • High customer concentration with top 10 customers at 67.42% of revenue(p.325)
- • Significant supplier dependence with top 10 suppliers at 42.38% of procurement(p.325)
- • High debt levels with debt-to-equity ratio of 1.72(p.219)
- • High finance costs increasing 111.64% YoY(p.317)
- • Negative operating cash flow of Rs. 3,476.51 lakhs in FY2024(p.320)
- • Doubtful debts provision and contingent liabilities(p.281)
- • MSME payment dispute pending adjudication(p.328)
Opportunities
- • India targeting 450 GW of renewable energy capacity by 2030 with 280 GW from solar (over 60%)(p.128)
- • Government support through PLI scheme and Production Linked Incentive for solar PV manufacturing(p.119)
- • Rapid growth in solar PV installations with India adding 9.71 GW in 2023, 15.4% more than 2022(p.119)
- • Government initiatives including Pradhan Mantri Suryodaya Yojana for 1 crore household rooftop solar installations(p.123)
- • Solar energy market expected to grow with Asia-Pacific dominating and India's renewable capacity reaching ~170 GW by March 2025(p.128)
- • Strong order book of 51.44 MW providing visible revenue pipeline for solar pump business(p.97)
- • Massive expansion of government solar schemes(p.136)
- • Rapid growth in solar water pumping market driven by PM-KUSUM(p.141)
- • Strong domestic solar market expansion trajectory(p.138)
- • Large government capital allocation for solar infrastructure(p.136)
- • Technology development and vertical integration potential(p.162)
- • Expansion into untapped rural and agricultural markets(p.162)
- • Expansion through renewable energy subsidiaries and new ventures(p.213)
- • Growth in solar manufacturing and installation services market(p.241)
- • Revenue growth demonstrated through year-on-year sales increase(p.228)
- • PM KUSUM scheme benefiting 20+ lakh farmers for solar pump installations(p.226)
- • Government initiatives and empanelment as preferred partner(p.228)
- • Growth in Indian solar energy market with supportive policies(p.228)
- • Strong order book providing multi-year revenue visibility(p.227)
- • Customized solar mobile trolleys for rural and remote areas(p.226)
- • Capacity expansion opportunities at Bavla facility(p.225)
Threats
- • Global supply chain disruptions and polysilicon price volatility impacting module costs(p.87)
- • Intense competition from established solar manufacturers including Chinese competitors with cost advantages(p.120)
- • Government payment delays and fiscal constraints affecting government procurement for solar projects(p.88)
- • Regulatory and policy changes in solar energy incentives and subsidies(p.117)
- • Monsoon dependency and weather variability affecting solar potential and project execution(p.87)
- • Subsidy dependence creates policy discontinuation risk(p.156)
- • Intense competition from organized and unorganized players(p.168)
- • Transmission and distribution infrastructure constraints(p.138)
- • Grid power availability variability and monsoon dependency(p.138)
- • Export obligation compliance risk with EPCG scheme(p.168)
- • Exposure to raw material price volatility(p.164)
- • Disputed trade payables and MSME compliance liabilities(p.257)
- • Export obligation non-fulfillment risk with potential duty liability(p.257)
- • Contingent GST and regulatory compliance risks(p.257)
- • Working capital pressure from rapid inventory and receivables growth(p.237)
- • Pricing pressures from raw materials and competitive environment(p.228)
- • Dependence on government schemes subject to policy changes(p.228)
- • Technology disruption risk in solar industry(p.228)
- • Export-import restrictions by government(p.228)
- • Intense competition from organized and unorganized players(p.326)
- • Custom duty export obligation contingent liability of Rs. 1,008.39 lakhs(p.297)
- • GST disputes and regulatory uncertainties(p.297)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Pramit Bharatkumar Brahmbhatt | Promoter | 77.43% | — |
| Varna Pramit Brahmbhatt | Promoter | 16.74% | — |
| Manan Bharatkumar Brahmbhatt | Promoter | 0.97% | — |
| Pramit Bharatkumar Brahmbhatt | Promoter | 77.43% | 56.85% |
| Varna Pramit Brahmbhatt | Promoter | 16.74% | 12.29% |
| Manan Bharatkumar Brahmbhatt | Promoter | 0.97% | 0.71% |
| Bharat Prathamsinh Brahmbhatt | Promoter Group | 0.97% | 0.71% |
| Ramila Bharatkumar Brahmbhatt | Promoter Group | 0.97% | 0.71% |
| Anjali Manan Brahmbhatt | Promoter Group | 0.00% | 0.00% |
| Pramit Bharatkumar Brahmbhatt | Promoter | 77.43% | — |
| Varna Pramit Brahmbhatt | Promoter Group | — | — |
| Pramit Bharatkumar Brahmbhatt | Promoter | 77.43% | — |
| Varna Pramit Brahmbhatt | Promoter | 16.74% | — |
| Manan Bharatkumar Brahmbhatt | Promoter | 0.97% | — |
Leadership
Pramit Bharatkumar Brahmbhatt · Chairman & Managing Director
Manan Bharatkumar Brahmbhatt · Chief Financial Officer
Ms. Poonam Panchal · Company Secretary & Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Sahaj Solar IPO FAQs
What is the lot size of Sahaj Solar IPO?
The minimum lot size of Sahaj Solar IPO is 800 shares. One lot costs ₹1,44,000 at the cut-off price.
When does Sahaj Solar IPO open and close?
Sahaj Solar IPO opened for subscription on 11 Jul 2024 and closed on 15 Jul 2024.
What is the listing date of Sahaj Solar IPO?
Sahaj Solar IPO listed on 19 Jul 2024.