Waa Solar
WAASOLARLTD NSE
Waa Solar
PowerNSE: WAASOLARLTD BSE: 541445 Power Generation
Key Fundamentals
SMEPower GenerationPowerMarket Cap
₹68.80 Cr
Volatility
Moderate
P/E Ratio
105.9
EBITDA
₹15.48 Cr
Return on Equity
2.1%
Debt to Equity
0.96
Book Value
₹139.16
EPS
₹5
52W High
₹78.7
52W Low
₹40.9
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Stock is trading at 0.36 times its book value
Weaknesses
7- Though the company is reporting repeated profits, it is not paying out dividend
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -8.73% over past five years.
- Company has a low return on equity of 2.58% over last 3 years.
- Contingent liabilities of Rs.37.0 Cr.
- Promoters have pledged 75.2% of their holding.
- Company has high debtors of 155 days.
Growth Rate
Revenue Growth
-9.84% higher than
3Y
Net Income Growth
-109% lower than
3Y
Cash Flow Change
-130% lower than
3Y
ROE
-16.33% lower than
3Y
ROCE
-32.56% higher than
3Y
EBITDA Margin (Avg.)
20.93% higher than
3Y
Quarterly Results
| Particulars | Mar 2020 | Sep 2020 | Mar 2021 | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 16.94 | 21.39 | 22.77 | 21.33 | 24.67 | 25.68 | 23.36 | 23.65 | 3.04 | 14.38 | 13.86 | 8.81 | 18.96 |
| Expenses | 15.19 | 3.07 | 4.48 | 3.8 | 7 | 9.19 | 4.43 | 6.64 | 1.88 | 9.68 | 8.2 | 2.45 | 9.83 |
| Operating Profit | 1.75 | 18.32 | 18.29 | 17.53 | 17.67 | 16.49 | 18.93 | 17.01 | 1.16 | 4.7 | 5.66 | 6.36 | 9.13 |
| OPM % | 10.33% | 85.65% | 80.32% | 82.18% | 71.63% | 64.21% | 81.04% | 71.92% | 38.16% | 32.68% | 40.84% | 72.19% | 48.15% |
| Other Income | 19.27 | 0.7 | 0.58 | 0.54 | 0.52 | 0.28 | 0.37 | 0.45 | 0.22 | 0.61 | 1.99 | 1.55 | 1.16 |
| Interest | 6.01 | 8.31 | 6.67 | 6.11 | 5.71 | 5.12 | 4.93 | 4.28 | -0.27 | 2.24 | 2.86 | 4.81 | 6.31 |
| Depreciation | 5.85 | 8.24 | 8.15 | 8.06 | 8.07 | 7.96 | 7.99 | 7.98 | 1 | 4.5 | -0.58 | 3 | 3.87 |
| PBT | 9.16 | 2.47 | 4.05 | 3.9 | 4.41 | 3.69 | 6.38 | 5.2 | 0.65 | -1.43 | 5.37 | 0.1 | 0.11 |
| Tax % | 17.58% | 18.22% | 51.11% | 17.18% | 30.61% | 19.51% | 15.99% | 16.15% | 72.31% | 0% | 0.74% | 20% | 509.09% |
| Net Profit | 8.59 | 2.1 | 2.2 | 4.21 | 3.53 | 3.6 | 6.81 | 5.04 | 1.59 | -0.29 | 7.26 | 1.82 | -1.17 |
| EPS in Rs | 6.45 | 1.49 | 1.56 | 2.84 | 2.63 | 2.87 | 4.57 | 3.54 | 1.46 | -0.22 | 5.47 | 1.37 | -0.88 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 65.97 | 63.59 | 51.67 | 50.78 | 79.34 | 47.88 | 43.84 | 45.72 | 48.74 | 26.4 | 28.25 | 27.77 |
| Expenses | 20.34 | 21.81 | 7.95 | 9.07 | 18.82 | 18.83 | 7.21 | 10.51 | 13.3 | 8.11 | 17.9 | 12.28 |
| Operating Profit | 45.63 | 41.78 | 43.72 | 41.71 | 60.52 | 29.05 | 36.63 | 35.21 | 35.44 | 18.29 | 10.35 | 15.49 |
| OPM % | 69.17% | 65.7% | 84.61% | 82.14% | 76.28% | 60.67% | 83.55% | 77.01% | 72.71% | 69.28% | 36.64% | 55.78% |
| Other Income | 0.6 | 1.06 | 0.73 | 2.63 | 5.79 | 21.33 | 1.25 | 1.06 | 0.65 | 0.55 | 2.6 | 2.71 |
| Interest | 19.9 | 20.68 | 21.38 | 21.43 | 26.43 | 18.31 | 14.97 | 11.82 | 10.06 | 4.01 | 5.09 | 11.12 |
| Depreciation | 14.85 | 15.96 | 24.08 | 18.04 | 33.02 | 19.56 | 16.39 | 16.13 | 15.96 | 8.98 | 3.92 | 6.88 |
| PBT | 11.48 | 6.2 | -1.01 | 4.87 | 6.86 | 12.51 | 6.52 | 8.32 | 10.07 | 5.85 | 3.94 | 0.2 |
| Tax % | 1.13% | 1.13% | 19.8% | 19.51% | 46.65% | 18.94% | 38.65% | 24.28% | 17.58% | 22.39% | 1.02% | 290% |
| Net Profit | 11.35 | 6.12 | -1.21 | 3.92 | 3.79 | 11.25 | 4.3 | 7.73 | 10.38 | 6.63 | 6.97 | 0.65 |
| EPS in Rs | 284 | 121 | -26.6 | 3.79 | 3.14 | 8.36 | 3.05 | 5.47 | 7.42 | 5 | 5.25 | 0.49 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.19 | 0.27 | 0.27 | 4.88 | 6.63 | 6.63 | 6.63 | 13.27 | 13.27 | 13.27 | 13.27 | 13.27 |
| Reserves | 81.27 | 109 | 63.74 | 113 | 142 | 155 | 158 | 159 | 167 | 169 | 174 | 171 |
| Borrowings | 329 | 179 | 173 | 188 | 235 | 149 | 135 | 115 | 93.5 | 50.82 | 142 | 178 |
| Other Liabilities | 35.92 | 10.07 | 12.4 | 14.88 | 76.73 | 30.88 | 22.13 | 23.27 | 24.79 | 1.6 | 3.98 | 49.25 |
| Total Liabilities | 447 | 298 | 249 | 320 | 461 | 342 | 322 | 310 | 299 | 235 | 333 | 412 |
| Fixed Assets | 396 | 257 | 191 | 226 | 204 | 104 | 138 | 122 | 107 | 44.4 | 98.45 | 181 |
| CWIP | 0 | 0 | 3.53 | 0.51 | 71.14 | 45.88 | 0 | 0 | 0 | 0.27 | 21.4 | 19.9 |
| Investments | 0.7 | 25.81 | 36.45 | 42.75 | 80.99 | 76.72 | 82.15 | 87.43 | 87.82 | 97.22 | 97.02 | 96.68 |
| Other Assets | 49.8 | 14.91 | 18.56 | 51.01 | 104 | 115 | 101 | 101 | 104 | 92.69 | 116 | 114 |
| Total Assets | 447 | 298 | 249 | 320 | 461 | 342 | 322 | 310 | 299 | 235 | 333 | 412 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 47.36 | 52.3 | 42.4 | 40.35 | 106 | 24.57 | 33.96 | 31 | 36.86 | 14.97 | -4.55 | 67.45 |
| Investing | -194 | 98.12 | -18.16 | -33.98 | -133 | 75.69 | -18.28 | 1.41 | -1.29 | 51.44 | -62.95 | -87.34 |
| Financing | 124 | -151 | -24.2 | -5.58 | 62.55 | -106 | -38.52 | -31.15 | -30.92 | -66.94 | 86.34 | 24.75 |
| Net Cash Flow | -22.64 | -0.34 | 0.04 | 0.79 | 36.3 | -5.58 | -22.84 | 1.27 | 4.65 | -0.53 | 18.84 | 4.86 |
| Free Cash Flow | -150 | 175 | 37.62 | 40.35 | 24.27 | 38.19 | 34.91 | 31 | 36.4 | 15.58 | -83.66 | -20.78 |
| CFO/OP | 104 | 125 | 97 | 99 | 181 | 93 | 100 | 94 | 108 | 91 | -44 | 439 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 12.84 | 11.94 | 14.27 | 45 | 14.54 | 81.57 | 90 | 106 | 90.91 | 208 | 215 | 155 |
| Inventory Days | — | — | — | — | — | — | — | — | — | 576 | 0 | 25.03 |
| Days Payable | — | — | — | — | — | — | — | — | — | 369 | — | 3,412 |
| Cash Conversion Cycle | 12.84 | 11.94 | 14.27 | 45 | 14.54 | 81.57 | 90 | 106 | 90.91 | 414 | 215 | -3,232 |
| Working Capital Days | 122 | 52.52 | -92.61 | 160 | -22.27 | 409 | 521 | 480 | 434 | 924 | 697 | 5.65 |
| ROCE % | 9.14% | 7.43% | 7.51% | 9.4% | 8.55% | 5.7% | 6.59% | 6.46% | 6.73% | 3.76% | 3.22% | 3.28% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Waa Solar insights
60 extracted metrics + investor summaries across FY15–FY26.
Documents
1
Board Meeting Intimation for Submission Of Standalone And Consolidated Audited Financial Results, For The Half Year And Year Ended On March 31, 2026, Along With The Auditor''s Report.
12h - Board meeting on May 19, 2026 to approve audited FY2026 and half-year results; trading window closed from April 1. 12h - Board meeting on May 19, 2026 to approve audited FY2026 and half-year results; trading window closed from April 1.
2
Announcement Under Regulation 30 Of The SEBI (LODR) Regulations, 2015, Regarding Receipt Of Commissioning Certificates From PGVCL.
28 Apr - Waa Solar commissioned 6,000 KW AC, taking PM KUSUM-C capacity to 42 MW on April 28, 2026. 28 Apr - Waa Solar commissioned 6,000 KW AC, taking PM KUSUM-C capacity to 42 MW on April 28, 2026.
3
Intimation Of Addition/Change In Designated E-Mail ID And Adoption Of New Logo Of The Company.
28 Apr - Waa Solar updates investor/company email IDs and adopts a new logo effective immediately. 28 Apr - Waa Solar updates investor/company email IDs and adopts a new logo effective immediately.
4
Announcement Under Regulation 30 Of The SEBI (LODR) Regulations, 2015, Regarding Receipt Of Commissioning Certificates From PGVCL.
28 Apr - Waa Solar commissioned 6,000 KW AC, taking PM KUSUM-C capacity to 42 MW on April 28, 2026. 28 Apr - Waa Solar commissioned 6,000 KW AC, taking PM KUSUM-C capacity to 42 MW on April 28, 2026.
5
Intimation Of Addition/Change In Designated E-Mail ID And Adoption Of New Logo Of The Company.
28 Apr - Waa Solar updates investor/company email IDs and adopts a new logo effective immediately. 28 Apr - Waa Solar updates investor/company email IDs and adopts a new logo effective immediately.
5
NOTICE OF THE 17TH ANNUAL GENERAL MEETING OF THE COMPANY ALONG WITH EXPLANATORY STATEMENT. 8 Sept 2026
Intimation
Frequently Asked Questions about Waa Solar
What does Waa Solar Ltd do?
Incorporated in 2009, Waa Solar Ltd is in
the business of solar power generation
and its transmission[1]
Where is Waa Solar Ltd (541445) listed?
Waa Solar Ltd trades as WAASOLARLTD on the NSE and under code 541445 on the BSE.
Which sector does Waa Solar Ltd belong to?
Waa Solar Ltd is classified under the Power sector, in the Power Generation industry.
What is the market capitalisation of Waa Solar Ltd?
Waa Solar Ltd has a market capitalisation of ₹68.8 Cr, which places it in the Small Cap band.
What is the PE ratio of Waa Solar Ltd?
Waa Solar Ltd trades at a PE ratio of 105.90, on earnings per share of ₹5, against a book value of ₹139.16 per share.
What is the 52-week high and low of Waa Solar Ltd?
Over the last 52 weeks Waa Solar Ltd has traded between ₹40.9 and ₹78.7.
What is the Return on Equity (ROE) of Waa Solar Ltd?
Waa Solar Ltd reported a return on equity of 2.10%. Its debt-to-equity ratio is 0.96.
Company Information
Incorporated in 2009, Waa Solar Ltd is in the business of solar power generation and its transmission[1]
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