Waa Solar Ltd
Incorporated in 2009, Waa Solar Ltd is in
the business of solar power generation
and its transmission[1]
- Market Cap ₹ 109 Cr.
- Current Price ₹ 81.8
- High / Low ₹ 194 / 62.5
- Stock P/E 89.0
- Book Value ₹ 138
- Dividend Yield 0.00 %
- ROCE 2.37 %
- ROE 0.67 %
- Face Value ₹ 10.0
Pros
- Stock is trading at 0.59 times its book value
Cons
- 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 2.29% over past five years.
- Tax rate seems low
- Company has a low return on equity of 2.25% over last 3 years.
- Contingent liabilities of Rs.190 Cr.
- Promoters have pledged 75.2% of their holding.
- Earnings include an other income of Rs.2.60 Cr.
- Debtor days have increased from 28.8 to 45.9 days.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Half Yearly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
26.70 | 53.66 | 46.02 | 25.63 | 24.37 | 25.07 | 24.69 | 24.16 | 23.27 | 25.54 | 25.79 | 27.65 | |
1.41 | 19.75 | 19.33 | 1.52 | 3.25 | 2.28 | 5.87 | 2.66 | 2.96 | 4.52 | 7.94 | 20.34 | |
Operating Profit | 25.29 | 33.91 | 26.69 | 24.11 | 21.12 | 22.79 | 18.82 | 21.50 | 20.31 | 21.02 | 17.85 | 7.31 |
OPM % | 94.72% | 63.19% | 58.00% | 94.07% | 86.66% | 90.91% | 76.23% | 88.99% | 87.28% | 82.30% | 69.21% | 26.44% |
2.31 | 0.60 | 0.88 | 0.44 | 2.31 | 3.65 | 11.24 | 1.00 | 0.53 | 0.38 | 0.55 | 2.60 | |
Interest | 12.81 | 13.44 | 11.79 | 10.84 | 10.58 | 9.50 | 8.58 | 7.89 | 5.69 | 4.72 | 3.92 | 4.93 |
Depreciation | 9.41 | 9.43 | 9.44 | 13.56 | 9.44 | 9.44 | 9.01 | 9.01 | 8.95 | 8.78 | 8.79 | 3.74 |
Profit before tax | 5.38 | 11.64 | 6.34 | 0.15 | 3.41 | 7.50 | 12.47 | 5.60 | 6.20 | 7.90 | 5.69 | 1.24 |
Tax % | 0.00% | 0.95% | 0.00% | 0.00% | 19.35% | 29.47% | 17.48% | 40.89% | 20.32% | 17.85% | 22.50% | 2.42% |
5.38 | 11.53 | 6.34 | 0.15 | 2.75 | 5.29 | 10.29 | 3.31 | 4.94 | 6.49 | 4.40 | 1.22 | |
EPS in Rs | 134.50 | 288.25 | 126.80 | 3.00 | 2.81 | 3.98 | 7.74 | 2.49 | 3.72 | 4.89 | 3.32 | 0.92 |
Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Compounded Sales Growth | |
---|---|
10 Years: | -6% |
5 Years: | 2% |
3 Years: | 6% |
TTM: | 7% |
Compounded Profit Growth | |
---|---|
10 Years: | -20% |
5 Years: | 7% |
3 Years: | -37% |
TTM: | -72% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | 54% |
3 Years: | 23% |
1 Year: | -55% |
Return on Equity | |
---|---|
10 Years: | 2% |
5 Years: | 2% |
3 Years: | 2% |
Last Year: | 1% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 0.19 | 0.19 | 0.27 | 0.27 | 4.88 | 6.63 | 6.63 | 6.63 | 13.27 | 13.27 | 13.27 | 13.27 |
Reserves | 69.92 | 81.45 | 109.32 | 71.12 | 111.63 | 142.97 | 156.56 | 159.87 | 158.18 | 164.67 | 169.07 | 170.29 |
109.93 | 122.20 | 88.27 | 86.00 | 95.65 | 83.01 | 73.31 | 62.27 | 51.01 | 39.34 | 37.58 | 116.63 | |
1.09 | 14.98 | 0.21 | 0.33 | 2.99 | 38.48 | 5.99 | 3.84 | 3.22 | 3.29 | 2.71 | 5.07 | |
Total Liabilities | 181.13 | 218.82 | 198.07 | 157.72 | 215.15 | 271.09 | 242.49 | 232.61 | 225.68 | 220.57 | 222.63 | 305.26 |
136.19 | 126.80 | 117.36 | 65.45 | 98.49 | 89.08 | 76.44 | 67.43 | 58.47 | 50.15 | 40.59 | 94.83 | |
CWIP | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.27 | 21.40 |
Investments | 30.53 | 81.45 | 68.79 | 81.45 | 87.75 | 136.73 | 99.43 | 113.77 | 117.62 | 117.65 | 102.79 | 99.94 |
14.41 | 10.57 | 11.92 | 10.82 | 28.91 | 45.28 | 66.62 | 51.41 | 49.59 | 52.77 | 78.98 | 89.09 | |
Total Assets | 181.13 | 218.82 | 198.07 | 157.72 | 215.15 | 271.09 | 242.49 | 232.61 | 225.68 | 220.57 | 222.63 | 305.26 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
46.92 | 10.28 | 22.37 | 8.63 | 66.46 | 22.17 | 17.65 | 17.50 | 21.55 | 11.80 | -3.59 | ||
-50.68 | 12.80 | -12.59 | -5.89 | -47.51 | 2.52 | -22.09 | -0.42 | 0.24 | -0.25 | -51.50 | ||
-1.16 | -24.12 | -9.95 | -2.10 | 5.66 | -19.74 | -19.49 | -16.95 | -16.40 | -5.68 | 74.13 | ||
Net Cash Flow | -4.92 | -1.03 | -0.17 | 0.64 | 24.61 | 4.94 | -23.94 | 0.13 | 5.40 | 5.87 | 19.04 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 34.18 | 15.78 | 0.95 | 0.14 | 0.45 | 1.02 | 0.74 | 0.00 | 6.43 | 0.71 | 39.77 | 45.94 |
Inventory Days | 0.00 | 576.08 | 0.00 | |||||||||
Days Payable | 367.20 | |||||||||||
Cash Conversion Cycle | 34.18 | 15.78 | 0.95 | 0.14 | 0.45 | 1.02 | 0.74 | 0.00 | 6.43 | 0.71 | 248.65 | 45.94 |
Working Capital Days | -64.52 | -119.10 | -2.93 | 24.92 | 231.10 | -412.03 | 282.80 | 444.77 | 613.30 | 526.21 | 817.32 | 616.47 |
ROCE % | 10.74% | 13.07% | 9.03% | 6.19% | 7.57% | 6.74% | 4.95% | 5.80% | 5.27% | 5.74% | 4.40% | 2.37% |
Documents
Announcements
-
Compliances-Reg.24(A)-Annual Secretarial Compliance
23 May - Waa Solar's Annual Secretarial Compliance Report for FY2024-25 shows full regulatory compliance, no deviations.
-
Intimation Of In-Principle Approval Of Right Issue Under Regulation 30 Of The SEBI (Listing Obligation And Disclosure Requirements) Regulations, 2015.
17 May - Waa Solar receives BSE in-principle approval for proposed rights issue of equity shares.
-
Announcement under Regulation 30 (LODR)-Change in Management
9 May - Appointed Secretarial Auditor for 5 years and Internal Auditor for FY 2025-26 as per SEBI norms.
- Submission Of Standalone And Consolidated Audited Financial Results For The Half Year And Year Ended On March 31, 2025, Along With The Auditor''s Report. 9 May
-
Board Meeting Outcome for Outcome Of Board Meeting Held Today I.E., Friday, May 09, 2025, As per Regulation 30 And 33 Of The SEBI (LODR) Regulations, 2015.
9 May - Approved FY25 audited financials; appointed secretarial and internal auditors for coming years.
Business Overview:[1]
WSL is a subsidiary of Madhav Power Pvt. Ltd which operates in Renewable Energy, Infrastructure and real estate sector. It does solar power generation by setting up Solar Power Project and by investing in Special Purpose Vehicle companies which are engaged in solar power generation activities. Company is planning to commence Engineering, Procurement and Construction in solar project