Corporate Overview

Waa Solar Limited is part of the Madhav Group, a pan-India conglomerate with interests in renewable energy, infrastructure, and real estate. The company generates solar power through its own projects, SPVs, subsidiaries, and associates, and is preparing to enter the solar EPC business. It was incorporated in 2009 in Gujarat. The company has a paid-up equity capital of ₹1,326.68 Lakhs and holds a credit rating of 'IND BBB+ Stable' from CARE. The corporate structure includes 11 subsidiaries and 3 associates.

Leadership and Governance

The Board of Directors comprises:

  • Mr. Amit Khurana: Chairperson & Managing Director (BBA; 20+ years in construction and EPC)
  • Mrs. Neelakshi Khurana: Executive Director (20+ years in administration, HR, and IT)
  • Mr. Nikhil Kaushik: Independent Director (MBA (ISB), MS (Texas A&M); ex-Citibank, GE, and Pfizer; entrepreneur)
  • Mr. Shankar Prasad Bhagat: Independent Director (Chartered Accountant in practice since 1985)
  • Mr. Prashant Kumar Gupta: Independent Director (Finance professional; 5+ years as a public company CFO)

Key Managerial Personnel:

  • Mr. Mohanan Shankaran Choran: Chief Financial Officer
  • Ms. Mansi Heda: Company Secretary & Compliance Officer

The 17th Annual Report for FY2025-26 was issued, and the Annual General Meeting (AGM) was convened on September 30, 2026, through VC/OAVM. Members' approval was sought for several items:

  • Borrowing limits of up to ₹500 Crores
  • Lending limits under Section 185 of up to ₹500 Crores
  • Re-appointment of Mrs. Neelakshi Khurana as Executive Director
  • Approval for FY27 related-party transactions

The audited FY2025-26 standalone and consolidated financial statements were adopted, with auditors' reports dated August 14, 2026, carrying no qualifications.

Financial Performance (₹ Lakhs)

All figures are presented for H1 FY27 (current period), H1 FY26 (prior year comparable), H2 FY26, and full FY26 (Audited).

Standalone Profit & Loss:

  • Revenue from Operations: ₹1,679.46 (H1 FY27) vs. ₹853.42 (H1 FY26); an increase of 96.8% YoY.
  • Other Income: ₹122.33
  • Total Income: ₹1,801.78
  • EBITDA: ₹1,230.59 (H1 FY27) vs. ₹773.05 (H1 FY26); an increase of 59.2% YoY.
  • EBITDA Margin: 68.3% on Total Income
  • Finance Costs: ₹730.85
  • Depreciation & Amortisation: ₹470.56
  • Profit Before Tax: ₹29.18
  • Tax & Earlier-year Adjustments: ₹4.55
  • Profit After Tax: ₹24.63
  • EPS (Basic & Diluted): ₹0.19

Consolidated Profit & Loss:

  • Revenue from Operations: ₹1,709.45 (H1 FY27) vs. ₹881.33 (H1 FY26); an increase of 93.9% YoY.
  • Other Income: ₹122.35
  • Total Income: ₹1,831.79
  • EBITDA: ₹1,254.48 (H1 FY27) vs. ₹790.98 (H1 FY26); an increase of 58.6% YoY.
  • EBITDA Margin: 68.5% on Total Income
  • Finance Costs: ₹736.02
  • Depreciation & Amortisation: ₹479.90
  • Profit Before Tax: ₹38.56
  • Tax & Earlier-year Adjustments: ₹6.01
  • Share of Profit of Associates: ₹35.57
  • Profit after Tax: ₹68.12
  • EPS (Basic & Diluted): ₹0.51

Balance Sheet (Key Items as of September 30, 2026):

Standalone:

  • Net Worth: ₹18,334.36 (vs. ₹18,309.74 on Mar-31-26)
  • Long-term Borrowings: ₹14,272.90
  • Short-term Borrowings: ₹2,263.32
  • Total Borrowings: ₹16,536.22
  • Cash & Bank Balances: ₹2,361.75
  • Net Debt: ₹14,174.47
  • Net Debt / Equity: 0.77x
  • Property, Plant & Equipment: ₹18,881.46 (vs. ₹17,786.81 on Mar-31-26)
  • Capital Work-in-Progress: ₹960.91
  • Non-current Investments: ₹9,966.19
  • Total Assets: ₹35,968.73

Consolidated:

  • Net Worth: ₹18,427.45 (vs. ₹18,462.47 on Mar-31-26)
  • Long-term Borrowings: ₹16,772.47
  • Short-term Borrowings: ₹2,291.88
  • Total Borrowings: ₹19,064.35
  • Cash & Bank Balances: ₹2,483.02
  • Net Debt: ₹16,581.33
  • Net Debt / Equity: 0.90x
  • Property, Plant & Equipment: ₹19,321.40 (vs. ₹18,130.18 on Mar-31-26)
  • Capital Work-in-Progress: ₹1,032.38
  • Non-current Investments: ₹9,667.85
  • Total Assets: ₹38,481.44

Operational Highlights and Projects

Projects Under Execution:

  • 48.15 MW Feeder-level solarisation, Madhya Pradesh: Client is Madhya Pradesh Urja Vikas Nigam Ltd. under the PM-KUSUM C scheme awarded in FY2025-26. Status as of September 30, 2026: In-principle financial closure achieved, land acquisition completed, all major long-lead components secured, and on-ground execution commenced.
  • 5.5 MW in Gujarat (Mitana 1.5 MW & Paddhari 4 MW): Client is Paschim Gujarat Vij Company Ltd. (PGVCL) under the PM-KUSUM C scheme. Status as of September 30, 2026: The 1.5 MW Mitana plant has been commissioned and energized. The 4 MW Paddhari plant is under execution.
  • 7 SPVs for Surya Mitra Krishi Feeder Scheme, Madhya Pradesh: Established for developing grid-connected solar plants to sell power to MPPMCL. Locations are Satipura, Tawlai, Awalda, Kalibawadi, Talanpur, Narayanpura, and Utawad.

Strategic Priorities and Outlook

The company outlined a strategic target to reach 300 MW of capacity by 2030 across four business avenues:

1. Solar Standalone

2. Solar+BESS (Firm & Dispatchable RE - FDRE)

3. Standalone BESS

4. Commercial & Industrial (C&I) Offtake

The FDRE revenue model is based on long-term (20-25 year) Power Purchase Agreements (PPAs) structured as recurring payments (₹ lacs/MWh/month) for guaranteed capacity.

Other strategic initiatives include:

  • Maritime Decarbonisation: Exploring methane + BESS hybrid solutions to replace diesel in shipping. Technology tie-ups with marine OEMs are under evaluation, targeting a pilot vessel by FY28.
  • C&I Offtake: Focusing on open-access and group-captive structures with credit-worthy corporate counterparties.
  • BESS Manufacturing: Planning a 2 GW cell-to-container manufacturing line to provide a vertical cost advantage.
  • Capital & Growth: Funding the 300 MW build-out through project finance supported by long-tenor PPAs, retained earnings, and green capital pools.

Industry Outlook

The presentation highlights strong policy support for solar energy in India, citing:

  • 150.26 GW of installed solar capacity as of March 2026.
  • 44.61 GW of solar capacity added in FY2025-26.
  • A national target of 500 GW of non-fossil capacity by 2030.
  • The PM Surya Ghar scheme targets 1 Crore households.
  • A ₹2,600 Crore budget provision for PM-KUSUM in FY2025-26.
  • A ₹24,000 Crore PLI outlay for high-efficiency solar PV modules.
  • ~45 GW of solar cell manufacturing capacity awarded under the PLI scheme.

The company notes that its PM-KUSUM C projects are direct beneficiaries of this policy push.

Investor Relations and Contact

  • Investor Relations contact: Ms. Mansi Heda, Company Secretary & Compliance Officer