Locked into Upper Circuit: Solar Stock Hits Back-to-Back Upper Circuits Since Listing, Reaches Fresh 52-Week High

The company’s shares have delivered a return of over 150 per cent compared to its IPO issue price.

Sahaj Solar Limited, founded in 2010, specializes in renewable energy solutions. It produces mono and polycrystalline PV modules, including mono PERC modules, for domestic and international solar projects. Additionally, the company provides solar water pumping systems and EPC services across India, handling the design, supply, installation, testing, commissioning, and maintenance of projects ranging from small domestic systems to large solar power plants. The company's shares have been hitting back-to-back upper circuit limits since their debut on the Indian stock market.

At the start of Friday’s trading session, the stock opened at Rs 458.20 per share, compared to the previous day's closing figure of Rs 436.40 per share on the NSE. Finally, the shares closed at Rs 458.20 per share. The stock has reached the upper circuit price limit of 5 per cent, reflecting strong demand in the market with no sellers willing to offer shares, resulting in potential buyers being unable to make purchases, leading to disappointment among buyers. The company's current market capitalization stands at Rs 503.38 crore, and the stock has generated an impressive multibagger return of over 150 per cent compared to its final IPO issue price of Rs 180.

Looking at the company's annual performance, in FY24 Sahaj Solar Limited reported revenue of Rs 201 crore compared to Rs 185 crore in FY23. The company reported an operating profit of Rs 24 crore with an operating profit margin of 12 per cent. The company’s net profit stood at Rs 13 crore in FY24 compared to Rs 6 crore.

Investors must keep this Small-Cap stock on their radar.

Disclaimer: The article is for informational purposes only and not investment advice.