Waa Solar Ltd

₹ 64.0 -1.60%

08 May - close price

About

Incorporated in 2009, Waa Solar Ltd is in
the business of solar power generation
and its transmission^[1]

Key Points

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

Website BSE

Market Cap ₹ 84.9 Cr.
Current Price ₹ 64.0
High / Low ₹ 88.8 / 40.9
Stock P/E 30.8
Book Value ₹ 138
Dividend Yield 0.00 %
ROCE 2.37 %
ROE 0.67 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.46 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.37.0 Cr.
Promoters have pledged 75.2% of their holding.
Earnings include an other income of Rs.3.54 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

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Detailed Comparison with:

Half Yearly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2019	Mar 2020	Sep 2020	Mar 2021	Sep 2021	Mar 2022	Sep 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025
	12.52	12.47	11.99	12.44	11.09	12.43	13.38	12.43	12.02	14.05	14.11	13.54	8.53
	1.36	4.80	1.26	1.67	1.56	1.65	2.73	2.06	1.95	6.39	9.60	10.74	2.35
Operating Profit	11.16	7.67	10.73	10.77	9.53	10.78	10.65	10.37	10.07	7.66	4.51	2.80	6.18
OPM %	89.14%	61.51%	89.49%	86.58%	85.93%	86.73%	79.60%	83.43%	83.78%	54.52%	31.96%	20.68%	72.45%
	0.99	10.25	0.57	0.43	0.17	0.36	0.17	0.21	0.30	0.37	0.61	1.99	1.55
Interest	4.41	4.18	4.67	3.22	2.96	2.73	2.42	2.30	1.92	2.00	2.15	2.78	4.72
Depreciation	4.72	4.29	4.51	4.51	4.48	4.48	4.38	4.41	4.39	4.40	4.41	-0.67	2.91
Profit before tax	3.02	9.45	2.12	3.47	2.26	3.93	4.02	3.87	4.06	1.63	-1.44	2.68	0.10
Tax %	15.56%	18.10%	17.45%	55.33%	17.70%	21.88%	17.41%	18.09%	17.49%	34.97%	0.00%	1.12%	20.00%
	2.55	7.74	1.75	1.56	1.87	3.08	3.32	3.17	3.34	1.06	-1.43	2.65	0.08
EPS in Rs	1.92	5.82	1.32	1.17	1.41	2.32	2.50	2.39	2.52	0.80	-1.08	2.00	0.06
Raw PDF

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	TTM
	26.70	53.66	46.02	25.63	24.37	25.07	24.69	24.16	23.27	25.54	25.79	27.65	22.07
	1.41	19.75	19.33	1.52	3.25	2.28	5.87	2.66	2.96	4.52	7.94	20.34	13.09
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	8.98
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%	40.69%
	2.31	0.60	0.88	0.44	2.31	3.65	11.24	1.00	0.53	0.38	0.55	2.60	3.54
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	7.50
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	2.24
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	2.78
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	2.73
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	2.06
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:	-22%

Compounded Profit Growth
10 Years:	-20%
5 Years:	7%
3 Years:	-37%
TTM:	846%

Stock Price CAGR
10 Years:	%
5 Years:	9%
3 Years:	14%
1 Year:	-8%

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	Sep 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	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	170.37
	109.93	122.20	88.27	86.00	95.65	83.01	73.31	62.27	51.01	39.34	37.58	116.64	133.50
	1.09	14.98	0.21	0.33	2.99	38.48	5.99	3.84	3.22	3.29	2.71	5.06	4.21
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	321.35
	136.19	126.80	117.36	65.45	98.49	89.08	76.44	67.43	58.47	50.15	40.59	94.83	132.37
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	4.76
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	100.32
	14.41	10.57	11.92	10.82	28.91	45.28	66.62	51.41	49.59	52.77	78.98	89.09	83.90
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	321.35

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
	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
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
CFO/OP	139%	39%	93%	44%	301%	129%	93%	92%	109%	73%	-49%

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		0.00
Days Payable
Cash Conversion Cycle	34.18	15.78	0.95	0.14	0.45	1.02	0.74	0.00	6.43	0.71	39.77	45.94
Working Capital Days	-67.40	-145.09	-30.93	-54.83	231.10	-412.03	282.80	444.77	440.76	367.00	766.23	362.89
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%

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
%

xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
xx,xxx,xxx	xx,xxx,xxx	xx,xxx,xxx	xx,xxx,xxx
								x
									xx.xx

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Installed Solar Capacity (Standalone)
MW (DC)

Net Energy Injected (Surendranagar Plant)
KWH

Solar PPA Tariff (GUVNL - Surendranagar)
INR/KWH

Target Solar Capacity (PM-KUSUM / PGVCL Project)
MW

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Sep 2020	Mar 2021	Sep 2021	Mar 2022	Sep 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
	69.85%	69.81%	69.81%	69.81%	69.81%	69.81%	69.75%	68.46%	67.85%	67.86%	67.86%	67.86%
	30.15%	30.19%	30.19%	30.19%	30.19%	30.19%	30.26%	31.54%	32.15%	32.14%	32.13%	32.14%
No. of Shareholders	334	327	483	1,046	1,087	1,060	1,098	1,469	2,278	2,367	2,412	2,307

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	69.85%	69.85%	69.81%	69.81%	69.81%	68.46%	67.86%	67.86%
	30.15%	30.15%	30.19%	30.19%	30.19%	31.54%	32.14%	32.14%
No. of Shareholders	327	322	327	1,046	1,060	1,469	2,367	2,307

Waa Solar Ltd

Waa Solar Ltd

Peer comparison

Half Yearly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

Documents

Announcements

Annual reports

Credit ratings