Board Meeting Details

The Board of Directors meeting was held on October 30, 2026, at the registered office of the Company (Madhav House, Nr. Panchratna Building, Subhanpura, Vadodara-390 023). The meeting commenced at 04:00 PM and concluded at 05:00 PM.

Matters Approved

The Board discussed and approved:

  • i. Unaudited Standalone Financial Results for the half year ended September 30, 2026 along with the Limited Review Report
  • ii. Unaudited Consolidated Financial Results for the half year ended September 30, 2026 along with the Limited Review Report

Financial Results - Standalone (₹ in lakh)

Income Statement Highlights:

  • Revenue from Operations: ₹1,679.46 (H1 FY27) vs ₹1,863.88 (H2 FY26) vs ₹853.42 (H1 FY26)
  • Other Income: ₹122.33 (H1 FY27) vs ₹113.00 (H2 FY26) vs ₹158.20 (H1 FY26)
  • Total Income: ₹1,801.78 (H1 FY27) vs ₹1,976.88 (H2 FY26) vs ₹1,011.63 (H1 FY26)
  • Total Expenses: ₹1,772.60 (H1 FY27) vs ₹1,979.67 (H2 FY26) vs ₹998.41 (H1 FY26)
  • Profit before tax: ₹29.18 (H1 FY27) vs ₹0.40 (H2 FY26) vs ₹10.03 (H1 FY26)
  • Tax Expense: ₹4.55 (H1 FY27) vs ₹54.86 (H2 FY26) vs ₹1.67 (H1 FY26)
  • Net Profit: ₹24.63 (H1 FY27) vs ₹(54.44) (H2 FY26) vs ₹8.36 (H1 FY26)

Key Ratios - Standalone:

  • Earnings per Share (Basic): ₹0.19 (H1 FY27) vs ₹(0.41) (H2 FY26) vs ₹0.06 (H1 FY26)
  • Earnings per Share (Diluted): ₹0.19 (H1 FY27) vs ₹(0.41) (H2 FY26) vs ₹0.06 (H1 FY26)
  • Debt Equity Ratio: 0.90 (H1 FY27) vs 0.83 (H2 FY26) vs 0.83 (H1 FY26)
  • Interest Service Coverage Ratio: 1.68 (H1 FY27) vs 1.60 (H2 FY26) vs 1.62 (H1 FY26)

Financial Results - Consolidated (₹ in lakh)

Income Statement Highlights:

  • Revenue from Operations: ₹1,709.45 (H1 FY27) vs ₹1,895.78 (H2 FY26) vs ₹881.33 (H1 FY26)
  • Other Income: ₹122.35 (H1 FY27) vs ₹113.00 (H2 FY26) vs ₹158.21 (H1 FY26)
  • Total Income: ₹1,831.79 (H1 FY27) vs ₹2,008.78 (H2 FY26) vs ₹1,039.54 (H1 FY26)
  • Total Expenses: ₹1,793.23 (H1 FY27) vs ₹2,001.41 (H2 FY26) vs ₹1,027.01 (H1 FY26)
  • Profit before tax: ₹38.56 (H1 FY27) vs ₹10.56 (H2 FY26) vs ₹9.35 (H1 FY26)
  • Tax Expense: ₹6.01 (H1 FY27) vs ₹56.40 (H2 FY26) vs ₹1.67 (H1 FY26)
  • Share of Profit/(loss) of Associates & Joint Ventures: ₹35.57 (H1 FY27) vs ₹(70.89) (H2 FY26) vs ₹174.03 (H1 FY26)
  • Net Profit: ₹68.12 (H1 FY27) vs ₹(116.73) (H2 FY26) vs ₹181.70 (H1 FY26)

Key Ratios - Consolidated:

  • Earnings per Share (Basic): ₹0.51 (H1 FY27) vs ₹(0.88) (H2 FY26) vs ₹1.37 (H1 FY26)
  • Earnings per Share (Diluted): ₹0.51 (H1 FY27) vs ₹(0.88) (H2 FY26) vs ₹1.37 (H1 FY26)
  • Debt Equity Ratio: 1.03 (H1 FY27) vs 0.96 (H2 FY26) vs 0.96 (H1 FY26)
  • Interest Service Coverage Ratio: 1.75 (H1 FY27) vs 1.52 (H2 FY26) vs 1.73 (H1 FY26)

Business Segments

The Company is engaged in:

  • Standalone: Solar Power generation
  • Consolidated: Solar power Generation and Toll Collection

Segment-wise Reporting - Consolidated (₹ in lakh)

Segment Revenue:

  • Solar Power Generation: ₹1,495.61 (H1 FY27) vs ₹1,272.37 (H2 FY26)
  • Contract Receipt: ₹213.83 (H1 FY27) vs ₹623.42 (H2 FY26)
  • Total Sales/Income from Operation: ₹1,709.45 (H1 FY27) vs ₹1,895.79 (H2 FY26)

Segment Result:

  • Solar Power Generation: ₹54.18 (H1 FY27) vs ₹67.15 (H2 FY26)
  • EPC Contract: ₹(15.62) (H1 FY27) vs ₹(56.70) (H2 FY26)
  • Toll Collection: Not reported for H1 FY27 vs ₹0.12 (H2 FY26)

Balance Sheet Position (as at September 30, 2026)

Standalone (₹ in lakh):

  • Share Capital: ₹1,326.68
  • Reserves and Surplus: ₹17,007.69
  • Total Shareholders' Funds: ₹18,334.36
  • Long-term borrowings: ₹14,272.90
  • Short-term borrowings: ₹2,263.32
  • Total Assets: ₹35,968.73

Consolidated (₹ in lakh):

  • Share Capital: ₹1,326.68
  • Reserves and Surplus: ₹17,100.77
  • Non-controlling Interest: ₹(113.12)
  • Total Shareholders' Funds: ₹18,427.45
  • Long-term borrowings: ₹16,772.17
  • Short-term borrowings: ₹2,291.88
  • Total Assets: ₹38,481.44

Cash Flow Statement (H1 FY27, ₹ in lakh)

Standalone:

  • Net Cash from Operating Activities: ₹(2,069.52)
  • Net Cash used in Investing Activities: ₹(333.09)
  • Net Cash from Financing Activities: ₹531.95
  • Net decrease in Cash and Cash Equivalents: ₹(1,870.66)

Consolidated:

  • Net Cash from Operating Activities: ₹(1,978.49)
  • Net Cash used in Investing Activities: ₹(350.33)
  • Net Cash from Financing Activities: ₹516.58
  • Net decrease in Cash and Cash Equivalents: ₹(1,812.24)

Subsidiaries Included in Consolidation:

1. Madhav Infracon (Vidisha Kurwai Corridor) Pvt Ltd

2. Sol Kar Infrastructure Pvt Ltd

3. Madhav Solar (J) Private Limited

4. Aspire Infracon Pvt.Ltd.

5. Waa Solar (Awada) Private Limited

6. Waa Solar (Kalibawadi) Private Limited

7. Waa Solar (Narayanpura) Private Limited

8. Waa Solar (Satipura) Private Limited

9. Waa Solar (Talanpur) Private Limited

10. Waa Solar (Tawlai) Private Limited

11. Waa Solar (Utawad) Private Limited

Associates Included in Consolidation:

1. MI Solar (India) Private Limited

2. Madhav (Phoolsagar Niwas Shahpura Corridor) Highways Pvt Ltd

3. Madhav (Sehora Silodi Corridor) Highway Pvt Ltd

Additional Information

  • The prior period figures have been regrouped and reclassified wherever necessary
  • Investors can view the Financial Results on the Stock Exchange website (www.bseindia.com) and on the Company's website (www.waasolar.org)
  • Provision of Deferred Tax Liabilities/Assets shall be made at the end of the Year