Waa Solar Ltd
₹ 56.6
-1.64%
29 May
- close price
About
Incorporated in 2009, Waa Solar Ltd is in
the business of solar power generation
and its transmission[1]
Key Points
- Market Cap ₹ 75.0 Cr.
- Current Price ₹ 56.6
- High / Low ₹ 84.7 / 40.9
- Stock P/E
- Book Value ₹ 138
- Dividend Yield 0.00 %
- ROCE 3.49 %
- ROE -0.25 %
- Face Value ₹ 10.0
Pros
- Stock is trading at 0.41 times its book value
Cons
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 2.38% over past five years.
- Company has a low return on equity of 0.94% over last 3 years.
- Contingent liabilities of Rs.37.0 Cr.
- Promoters have pledged 75.2% of their holding.
* 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
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Half Yearly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 53.66 | 46.02 | 25.63 | 24.37 | 25.07 | 24.69 | 24.16 | 23.27 | 25.54 | 25.79 | 27.65 | 27.17 | |
| 19.75 | 19.33 | 1.52 | 3.25 | 2.28 | 5.87 | 2.66 | 2.96 | 4.52 | 7.94 | 20.34 | 12.09 | |
| Operating Profit | 33.91 | 26.69 | 24.11 | 21.12 | 22.79 | 18.82 | 21.50 | 20.31 | 21.02 | 17.85 | 7.31 | 15.08 |
| OPM % | 63.19% | 58.00% | 94.07% | 86.66% | 90.91% | 76.23% | 88.99% | 87.28% | 82.30% | 69.21% | 26.44% | 55.50% |
| 0.60 | 0.88 | 0.44 | 2.31 | 3.65 | 11.24 | 1.00 | 0.53 | 0.38 | 0.55 | 2.60 | 2.71 | |
| Interest | 13.44 | 11.79 | 10.84 | 10.58 | 9.50 | 8.58 | 7.89 | 5.69 | 4.72 | 3.92 | 4.93 | 11.00 |
| Depreciation | 9.43 | 9.44 | 13.56 | 9.44 | 9.44 | 9.01 | 9.01 | 8.95 | 8.78 | 8.79 | 3.74 | 6.69 |
| Profit before tax | 11.64 | 6.34 | 0.15 | 3.41 | 7.50 | 12.47 | 5.60 | 6.20 | 7.90 | 5.69 | 1.24 | 0.10 |
| Tax % | 0.95% | 0.00% | 0.00% | 19.35% | 29.47% | 17.48% | 40.89% | 20.32% | 17.85% | 22.50% | 2.42% | 570.00% |
| 11.53 | 6.34 | 0.15 | 2.75 | 5.29 | 10.29 | 3.31 | 4.94 | 6.49 | 4.40 | 1.22 | -0.46 | |
| EPS in Rs | 288.25 | 126.80 | 3.00 | 2.81 | 3.98 | 7.74 | 2.49 | 3.72 | 4.89 | 3.32 | 0.92 | -0.35 |
| 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: | -5% |
| 5 Years: | 2% |
| 3 Years: | 2% |
| TTM: | -2% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | -138% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 7% |
| 3 Years: | 7% |
| 1 Year: | -25% |
| Return on Equity | |
|---|---|
| 10 Years: | 2% |
| 5 Years: | 2% |
| 3 Years: | 1% |
| Last Year: | 0% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 | 81.45 | 109.32 | 71.12 | 111.63 | 142.97 | 156.56 | 159.87 | 158.18 | 164.67 | 169.07 | 170.29 | 169.83 |
| 122.20 | 88.27 | 86.00 | 95.65 | 83.01 | 73.31 | 62.27 | 51.01 | 39.34 | 37.58 | 116.64 | 152.73 | |
| 14.98 | 0.21 | 0.33 | 2.99 | 38.48 | 5.99 | 3.84 | 3.22 | 3.29 | 2.71 | 5.06 | 50.33 | |
| Total Liabilities | 218.82 | 198.07 | 157.72 | 215.15 | 271.09 | 242.49 | 232.61 | 225.68 | 220.57 | 222.63 | 305.26 | 386.16 |
| 126.80 | 117.36 | 65.45 | 98.49 | 89.08 | 76.44 | 67.43 | 58.47 | 50.15 | 40.59 | 94.83 | 177.87 | |
| CWIP | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.27 | 21.40 | 19.90 |
| Investments | 81.45 | 68.79 | 81.45 | 87.75 | 136.73 | 99.43 | 113.77 | 117.62 | 117.65 | 102.79 | 99.94 | 99.66 |
| 10.57 | 11.92 | 10.82 | 28.91 | 45.28 | 66.62 | 51.41 | 49.59 | 52.77 | 78.98 | 89.09 | 88.73 | |
| Total Assets | 218.82 | 198.07 | 157.72 | 215.15 | 271.09 | 242.49 | 232.61 | 225.68 | 220.57 | 222.63 | 305.26 | 386.16 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 46.92 | 10.28 | 22.37 | 8.63 | 66.46 | 22.17 | 17.65 | 17.50 | 21.55 | 11.80 | -3.59 | 65.37 | |
| -50.68 | 12.80 | -12.59 | -5.89 | -47.51 | 2.52 | -22.09 | -0.42 | 0.24 | -0.25 | -51.50 | -85.71 | |
| -1.16 | -24.12 | -9.95 | -2.10 | 5.66 | -19.74 | -19.49 | -16.95 | -16.40 | -5.68 | 74.13 | 25.10 | |
| 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 | 4.76 |
| Free Cash Flow | 46.88 | 10.28 | 22.37 | 8.63 | 66.44 | 25.80 | 17.65 | 17.50 | 21.09 | 12.41 | -82.70 | -22.86 |
| CFO/OP | 139% | 39% | 93% | 44% | 301% | 129% | 93% | 92% | 109% | 73% | -49% | 437% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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 | 15.78 | 0.95 | 0.14 | 0.45 | 1.02 | 0.74 | 0.00 | 6.43 | 0.71 | 39.77 | 45.94 | 9.00 |
| Inventory Days | 0.00 | 0.00 | 25.03 | |||||||||
| Days Payable | 3,410.84 | |||||||||||
| Cash Conversion Cycle | 15.78 | 0.95 | 0.14 | 0.45 | 1.02 | 0.74 | 0.00 | 6.43 | 0.71 | 39.77 | 45.94 | -3,376.81 |
| Working Capital Days | -145.09 | -30.93 | -54.83 | 231.10 | -412.03 | 282.80 | 444.77 | 440.76 | 367.00 | 766.23 | 362.89 | -483.08 |
| ROCE % | 13.07% | 9.03% | 6.19% | 7.57% | 6.74% | 4.95% | 5.80% | 5.27% | 5.74% | 4.40% | 2.37% | 3.49% |
Insights
In beta| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Capacity Utilization Factor (CUF) - Surendranagar Plant % |
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| Installed Solar Capacity (Standalone) MW (DC) |
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| Net Energy Injected (Surendranagar Plant) KWH |
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| Solar PPA Tariff (GUVNL - Surendranagar) INR/KWH |
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| Target Solar Capacity (PM-KUSUM / PGVCL Project) MW |
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Documents
Announcements
-
Compliances-Reg.24(A)-Annual Secretarial Compliance
9h - Submitted Annual Secretarial Compliance Report for FY 2025-26; website disclosures and trading-window observations noted.
-
Board Meeting Outcome for Board Meeting Outcome For Board Meeting Held Today I.E., May 19, 2026.
19 May - Board approved FY26 audited standalone and consolidated results, and appointed internal and cost auditors for FY27.
- 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. 19 May
-
Announcement under Regulation 30 (LODR)-Change in Management
19 May - Board approved FY26 standalone and consolidated audited results and appointed internal and cost auditors for FY27.
-
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.
11 May - Board meeting on May 19, 2026 to approve audited FY2026 and half-year results; trading window closed from April 1.
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