Solar company incorporates a wholly-owned subsidiary - Sahaj PV Ancillary Private Limited
The stock is up by 54 per cent from its 52-week low of Rs 342 per share.
Sahaj Solar Limited has incorporated a wholly-owned subsidiary, Sahaj PV Ancillary Private Limited,. The new entity has an authorized and paid-up capital of Rs 1,00,000, divided into 10,000 equity shares of Rs 10 each. As a newly incorporated company, Sahaj PV Ancillary Private Limited has not yet commenced business operations and therefore has no turnover. acquisition was for cash consideration, with a cost of Rs 1,00,000 (subscription money) and a price of Rs 10 per share, giving Sahaj Solar Limited 100 per cent ownership with 10,000 shares.
The primary objective of Sahaj PV Ancillary Private Limited is to engage in the manufacturing, processing, assembling, and distribution of various types of solar panels, solar photovoltaic glass, and related components. This includes coatings and treatments for glass products, such as anti-reflective and reflective coatings, as well as the cutting, shaping, and finishing of solar panels and their components. The subsidiary will also establish, operate, and maintain facilities for the production, assembly, and testing of these products. The subsidiary is incorporated in India and registered with the Registrar of Companies, Gujarat.
Additionally, the company has been awarded two significant solar energy projects. The first, a Rs 60.34 crore contract (inclusive of GST) from the Maharashtra State Electricity Distribution Co. Ltd (MSEDCL), will involve the design, manufacture, supply, installation, testing, and commissioning of 2,000 off-grid DC solar photovoltaic water pumping systems with capacities of 3 HP, 5 HP, and 7.5 HP. This project, awarded under the "Magel Tyala Saur Krushi Pump" scheme, includes a 5-year warranty, repair, and maintenance agreement and must be completed within 12 months. The second project, a Rs 6.37 crore order (inclusive of GST) from the Punjab Energy Development Agency (PEDA), will see the company design, manufacture, engineer, supply, install, commission, and test 1797 KW of grid-interactive rooftop/ground-mounted solar photovoltaic power plants on government buildings, also with a 5-year warranty and maintenance agreement. This project is part of PEDA's larger initiative to install 20 MW of solar capacity and must be completed within 105 days.
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Sahaj Solar, a 2010-founded renewable energy company, manufactures solar PV modules in its 100 MW Gujarat plant. Offering mono, polycrystalline, and advanced PERC modules, the company caters to domestic and international markets. Beyond manufacturing, Sahaj Solar provides solar water pumping systems and comprehensive EPC services for residential to large-scale solar projects. Expanding its global reach, Sahaj Solar has incorporated a subsidiary in Uganda to harness solar energy for various consumers. The company is also actively involved in projects like BSF solar power plants and potential partnerships for solar module production. This dual focus on project execution and domestic manufacturing positions Sahaj Solar as a key player in the solar energy sector.
According to half-yearly results, the net sales increased by 61.16 per cent to Rs 98.12 crore, EBITDA increased by 92.09 per cent to Rs 8.41 crore and net profit increased by 157.15 per cent to Rs 4.70 crore in H1FY25 compared to H1FY24. In its annual results (FY24), the company reported net sales of Rs 201 crore and net profit of Rs 13 crore.
The company has a market cap of over Rs 540 crore and shares have an ROE of 53 per cent & an ROCE of 40 per cent. The stock is up by 54 per cent from its 52-week low of Rs 342 per share. Investors should keep an eye on this solar pump stock.
Disclaimer: The article is for informational purposes only and not investment advice.