Waa Solar

Listed IPP — per-stock model.

As of 21 Aug 2026

IPP—

CMP ₹43

Latest concall

FY26 · 19 May 2026

Small solar IPP; total operational capacity ~42 MW (PM-KUSUM C feeder solarisation)
FY26 consol revenue ₹27.8 cr, PAT ₹0.65 cr — sharply down from ₹6.97 cr in FY25
Flagship 10.25 MW Tikar (Surendranagar) plant sells to GUVNL on 25-yr PPA
Signed 7 PPAs for 48.15 MW solar (PM-KUSUM C, RESCO) as near-term pipeline

Order-book execution

48.15 MW contracted solar to be commissioned in phases; ~42 MW already operational.

Management guidance

Build/commission 48.15 MW contracted PM-KUSUM C solar (RESCO, ~₹3/kWh, 25-yr)

BSE SME FY26 audited results (19 May 2026); Screener; company website — no concall held

Revenue FY26E

28₹ cr

EBITDA margin

55.78%

P/E

88.2×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY15	66	46	69.2%	11	—	—	—	—	—	283.8	—
FY16	64	42	65.7%	6	—	—	—	—	—	120.6	—
FY17	52	44	84.6%	-1	—	—	—	—	—	-26.6	—
FY18	51	42	82.1%	4	—	—	—	—	—	3.8	—
FY19	79	61	76.3%	4	—	—	—	—	—	3.1	—
FY20	48	29	60.7%	11	—	—	—	—	—	8.4	—
FY21	44	37	83.5%	4	—	—	—	—	—	3.0	—
FY22	46	35	77.0%	8	—	—	—	—	—	5.5	—
FY23	49	35	72.7%	10	—	—	—	—	—	7.4	—
FY24	26	18	69.3%	7	—	—	—	—	—	5.0	—
FY25	28	10	36.6%	7	—	—	—	—	—	5.3	—
FY26	28	15	55.8%	1	—	—	—	—	—	0.5	—

Source BSE SME (maintained)· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source BSE SME (maintained)· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q4FY20	17	2	10.3%	9	50.7%
Q2FY21	21	18	85.7%	2	9.8%
Q4FY21	23	18	80.3%	2	9.7%
Q2FY22	21	18	82.2%	4	19.7%
Q4FY22	25	18	71.6%	4	14.3%
Q2FY23	26	16	64.2%	4	14.0%
Q4FY23	23	19	81.0%	7	29.1%
Q2FY24	24	17	71.9%	5	21.3%
Q4FY24	3	1	38.2%	2	52.3%
Q2FY25	14	5	32.7%	-0	-2.0%
Q4FY25	14	6	40.8%	7	52.4%
Q2FY26	9	6	72.2%	2	20.7%
Q4FY26	19	9	48.1%	-1	-6.2%

Source BSE SME (maintained)· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source BSE SME (maintained)· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

P/E

88.2×

EV / EBITDA

15.2×

P/B

0.3×

Operating metrics

What the rest of the dashboard tracks for Waa Solar — capacity, auctions, offtake, manufacturing and returns.

5.7%

Greenfield IRR · IPP

at its 55.78% margin

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 31 Mar 2026

Shareholding pattern

Source BSE SME (maintained)· As of 21 Aug 2026