Waa Solar Ltd
Incorporated in 2009, Waa Solar Ltd is in
the business of solar power generation
and its transmission[1]
- Market Cap ₹ 88.0 Cr.
- Current Price ₹ 66.4
- High / Low ₹ 168 / 62.2
- Stock P/E 12.6
- Book Value ₹ 141
- Dividend Yield 0.00 %
- ROCE 3.22 %
- ROE 3.78 %
- Face Value ₹ 10.0
Pros
- Stock is trading at 0.47 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 -10.0% over past five years.
- Tax rate seems low
- Company has a low return on equity of 4.33% over last 3 years.
- Contingent liabilities of Rs.37.0 Cr.
- Promoters have pledged or encumbered 75.2% of their holding.
- Company has high debtors of 215 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
31.00 | 65.97 | 63.59 | 51.67 | 50.78 | 79.34 | 47.88 | 43.84 | 45.72 | 48.74 | 26.40 | 28.25 | |
5.71 | 20.34 | 21.81 | 7.95 | 9.07 | 18.82 | 18.83 | 7.21 | 10.51 | 13.30 | 8.11 | 17.90 | |
Operating Profit | 25.29 | 45.63 | 41.78 | 43.72 | 41.71 | 60.52 | 29.05 | 36.63 | 35.21 | 35.44 | 18.29 | 10.35 |
OPM % | 81.58% | 69.17% | 65.70% | 84.61% | 82.14% | 76.28% | 60.67% | 83.55% | 77.01% | 72.71% | 69.28% | 36.64% |
2.31 | 0.60 | 1.06 | 0.73 | 2.63 | 5.79 | 21.33 | 1.25 | 1.06 | 0.65 | 0.55 | 2.60 | |
Interest | 12.81 | 19.90 | 20.68 | 21.38 | 21.43 | 26.43 | 18.31 | 14.97 | 11.82 | 10.06 | 4.01 | 5.09 |
Depreciation | 9.41 | 14.85 | 15.96 | 24.08 | 18.04 | 33.02 | 19.56 | 16.39 | 16.13 | 15.96 | 8.98 | 3.92 |
Profit before tax | 5.38 | 11.48 | 6.20 | -1.01 | 4.87 | 6.86 | 12.51 | 6.52 | 8.32 | 10.07 | 5.85 | 3.94 |
Tax % | 0.00% | 1.13% | 1.13% | 19.80% | 19.51% | 46.65% | 18.94% | 38.65% | 24.28% | 17.58% | 22.39% | 1.02% |
5.38 | 11.35 | 6.12 | -1.21 | 3.92 | 3.79 | 11.25 | 4.30 | 7.73 | 10.38 | 6.63 | 6.97 | |
EPS in Rs | 134.50 | 283.75 | 120.60 | -26.60 | 3.79 | 3.14 | 8.36 | 3.05 | 5.47 | 7.42 | 5.00 | 5.25 |
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: | -8% |
5 Years: | -10% |
3 Years: | -15% |
TTM: | 7% |
Compounded Profit Growth | |
---|---|
10 Years: | -5% |
5 Years: | 31% |
3 Years: | -1% |
TTM: | 5% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | 27% |
3 Years: | 16% |
1 Year: | -57% |
Return on Equity | |
---|---|
10 Years: | 3% |
5 Years: | 4% |
3 Years: | 4% |
Last Year: | 4% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
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 | 81.27 | 108.75 | 63.74 | 112.62 | 142.25 | 154.93 | 158.20 | 158.83 | 166.94 | 168.89 | 173.78 |
182.35 | 329.43 | 179.08 | 173.06 | 187.70 | 234.89 | 149.23 | 134.89 | 114.92 | 93.50 | 50.82 | 142.25 | |
27.84 | 35.92 | 10.07 | 12.40 | 14.88 | 76.73 | 30.88 | 22.13 | 23.27 | 24.79 | 1.60 | 3.98 | |
Total Liabilities | 280.30 | 446.81 | 298.17 | 249.47 | 320.08 | 460.50 | 341.67 | 321.85 | 310.29 | 298.50 | 234.58 | 333.28 |
198.00 | 396.31 | 257.45 | 190.93 | 225.81 | 204.14 | 104.21 | 138.22 | 122.09 | 106.60 | 44.40 | 98.45 | |
CWIP | 15.93 | 0.00 | 0.00 | 3.53 | 0.51 | 71.14 | 45.88 | 0.00 | 0.00 | 0.00 | 0.27 | 21.40 |
Investments | 3.20 | 0.70 | 25.81 | 36.45 | 42.75 | 80.99 | 76.72 | 82.15 | 87.43 | 87.82 | 97.22 | 97.02 |
63.17 | 49.80 | 14.91 | 18.56 | 51.01 | 104.23 | 114.86 | 101.48 | 100.77 | 104.08 | 92.69 | 116.41 | |
Total Assets | 280.30 | 446.81 | 298.17 | 249.47 | 320.08 | 460.50 | 341.67 | 321.85 | 310.29 | 298.50 | 234.58 | 333.28 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
47.36 | 52.30 | 42.40 | 40.35 | 106.26 | 24.57 | 33.96 | 31.00 | 36.86 | 14.97 | -4.55 | ||
-194.44 | 98.12 | -18.16 | -33.98 | -132.52 | 75.69 | -18.28 | 1.41 | -1.29 | 51.44 | -62.95 | ||
124.44 | -150.75 | -24.20 | -5.58 | 62.55 | -105.83 | -38.52 | -31.15 | -30.92 | -66.94 | 86.34 | ||
Net Cash Flow | -22.64 | -0.34 | 0.04 | 0.79 | 36.30 | -5.58 | -22.84 | 1.27 | 4.65 | -0.53 | 18.84 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
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 | 29.44 | 12.84 | 11.94 | 14.27 | 45.00 | 14.54 | 81.57 | 90.00 | 105.86 | 90.91 | 207.66 | 215.38 |
Inventory Days | 576.08 | 0.00 | ||||||||||
Days Payable | 369.40 | |||||||||||
Cash Conversion Cycle | 29.44 | 12.84 | 11.94 | 14.27 | 45.00 | 14.54 | 81.57 | 90.00 | 105.86 | 90.91 | 414.35 | 215.38 |
Working Capital Days | 171.90 | 121.67 | 52.52 | -92.61 | 160.36 | -22.27 | 408.53 | 521.19 | 479.88 | 433.82 | 923.56 | 696.67 |
ROCE % | 8.42% | 9.14% | 7.43% | 7.51% | 9.40% | 8.55% | 5.70% | 6.59% | 6.46% | 6.73% | 3.76% | 3.22% |
Documents
Announcements
- Closure of Trading Window 30 Sep
-
Shareholder Meeting / Postal Ballot-Scrutinizer''s Report
29 Sep - 16th AGM Sep 26, 2025: all six resolutions passed; 9,021,964 votes (68.00% turnout).
-
Announcement under Regulation 30 (LODR)-Resignation of Director
26 Sep - Independent Director Kamal Lalani resigned effective September 26, 2025; ceased committee memberships; no other material reasons.
- Shareholder Meeting / Postal Ballot-Outcome of AGM 26 Sep
-
Shareholder Meeting / Postal Ballot-Outcome of AGM
26 Sep - AGM on 26 Sep 2025: adopted FY2024-25 financials; director appointment; secretarial auditor and RPT approval.
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