Is WAA Solar Ltd (541445) a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that WAA Solar Ltd is a average quality company .

Is WAA Solar Ltd (541445) undervalued or overvalued?

The key valuation ratios of WAA Solar Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone .

What is WAA Solar Ltd (541445) share price return in the past 10 years?

Data is not available for this company

Is WAA Solar Ltd (541445) a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of WAA Solar Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

What is the share price of WAA Solar Ltd (541445)?

Company share prices are keep on changing according to the market conditions. The current trading price of WAA Solar Ltd (541445) on 10-Apr-2026 16:59:59 at 16:59 is 52.88.

What is the P/E ratio of WAA Solar?

The latest standalone P/E ratio of WAA Solar as of 10-Apr-2026 is 57.55.

What is the P/B ratio of WAA Solar Ltd (541445)?

The latest standalone P/B ratio of WAA Solar Ltd (541445) as of 10-Apr-2026 is 0.38.

What is the 52-week high and low of WAA Solar Ltd (541445)?

The 52-week high of WAA Solar Ltd (541445) is Rs. 90.75 and the 52-week low is Rs. 40.90.

WAA Solar Ltd (541445) Share Analysis – Quality, Valuation Zone & Price Trend & DeciZen Rating

Name: WAA Solar Ltd (541445)
Brand: WAA Solar

Key Metrics

Market Cap

₹70 Cr.

P/E Ratio

57.55

Price to Book (P/B)

0.38

Price to Sales (P/S)

2.54

EV/EBITDA

15.06

Return on Capital Employed (ROCE)

2.37%

Current Price

₹52.9

Return on Equity (ROE)

0.67%

Return on Assets (ROA)

0.46%

Operating Profit Margin

36%

Net Profit Margin

4.41%

Gross Profit Margin

18%

Book Value per Share

₹138.4

Sales Growth (YoY)

6.02%

Sales Growth (3 Years)

5.54%

Operating Profit Growth (1 Year)

-58.79%

Operating Profit Growth (3 Years)

-28.88%

Net Profit Growth (1 Year)

-72.27%

52-Week Low / High

₹41 / 91

Net Profit Growth (3 Years)

-37.3%

Dividend Yield

0.00%

Promoter Holding

67.86%

Pledged shares (%)
of Promoter's holding (%)

75.16%

Check Before You Invest

Q.1

WAA Solar Ltd belongs to the Power sector, operating specifically within the Power Generation/Distribution segment.

Q.1 Gross Profit margin of WAA Solar Ltd?

WAA Solar Ltd Gross profit margin which is the profit after deduction of direct costs, is 18% for FY-2025 , which is above its 5 year median of 0% , indicating increasing margins.

Q.1 Promoter shareholding and pledge status of WAA Solar Ltd?

Promoters hold 67.86% of the WAA Solar Ltd, with 75.16% of their stake pledged, indicating high pledge risk.

Q.1 Revenue growth of WAA Solar Ltd vs industry peers?

WAA Solar Ltd revenue CAGR is 2.04% , compared to the industry median CAGR of 0% , indicating faster growth and gaining its market share.

Q.1 Stock return of WAA Solar Ltd over the last decade?

Over the last 9 years, the stock has delivered a CAGR of 0% based on the current price.

Q.1 Is WAA Solar Ltd a good quality company?

WAA Solar Ltd is a quality company, based on a 10 year financial track record .

DeciZen - make an informed investing decision on WAA Solar

Based on:

Data

M-Cap below 100cr DeciZen not available

WAA Solar stock performance

Key Ratios

Is WAA Solar Ltd an attractive stock to invest in?

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
ROCE % ⓘ	9%	6.2%	7.6%	7.7%	9%	5.8%	5.3%	5.7%	4.4%	2.4%	-
Value Creation Index ⓘ	-0.4	-0.6	-0.5	-0.5	-0.4	-0.6	-0.6	-0.6	-0.7	-0.8	-
Growth Parameters ⓘ Growth Parameters Colour Code Guide ⓘ
Sales ⓘ	46	25.6	24.7	25.4	25	24.4	23.5	25.8	26.1	27.7	28
Sales YoY Gr.	-	-44.3%	-3.8%	2.8%	-1.5%	-2.2%	-3.8%	9.7%	1.1%	6%	-
Adj EPS ⓘ	112.6	-0.4	1.6	2.9	4.4	2.6	3.7	4.9	3.3	2.3	0.9
YoY Gr.	-	-100.4%	NA	86%	51.4%	-42.1%	42.6%	33.7%	-32%	-30.4%	-
BVPS (₹) ⓘ	2,019.7	1,315.7	119.3	112.8	123	125.5	129.2	134.1	137.4	138.4	138.4
Adj Net Profit ⓘ	6.1	-0	1.5	3.9	5.9	3.4	4.8	6.5	4.4	3.1	1
Cash Flow from Ops. ⓘ	10.3	22.4	8.6	66.5	22.2	17.7	17.5	21.6	11.8	-3.6	-
Debt/CF from Ops. ⓘ	8.6	3.8	11.1	1.3	3.3	3.5	2.9	1.8	3.2	-32.5	-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

	9 Years	5 Years	3 Years	1 Years
Sales ⓘ	-5.5%	2%	5.5%	6%
Adj EPS ⓘ	-35.1%	-12.2%	-14.1%	-30.4%
BVPSⓘ	-25.8%	2.4%	2.3%	0.7%
Share Price	-	3.9%	12.4%	-21.1%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
Return on Equity % ⓘ	6.4	-0	1.6	2.9	3.8	2.1	2.9	3.7	2.4	1.7	0.7
Op. Profit Mgn % ⓘ	58	94.1	85.6	89.8	87.7	88.5	86.5	81.5	68.5	36	NAN
Net Profit Mgn % ⓘ	13.3	-0.1	6.2	15.3	23.5	13.9	20.6	25.1	16.9	11.1	4.4
Debt to Equity ⓘ	0.8	1.2	0.8	0.6	0.5	0.4	0.3	0.2	0.2	0.6	-
Working Cap Days ⓘ	77	148	276	335	399	596	672	583	704	739	0
Cash Conv. Cycle ⓘ	-77	10	-20	-23	-22	-44	-22	-25	3	24	0

Recent Performance Summary

Latest Financials

	Standalone	Consolidated
TTM EPS (₹)	0.9	5.3
TTM Sales (₹ Cr.)	27.7	28.3
BVPS (₹) ⓘ	138.4	141
Reserves (₹ Cr.) ⓘ	170	174
P/BV ⓘ	0.38	0.38
PE ⓘ	57.55	10.06

From the Market
52 Week Low / High (₹)	40.90 / 90.75
All Time Low / High (₹)	7.67 / 261.80
Market Cap (₹ Cr.)	70.2
Equity (₹ Cr.)	13.3
Face Value (₹)	10
Industry PE ⓘ	35.1

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged ^*

73.05

73.12

74.49

75.17

75.16

* Pledged shares as % of Promoter's holding (%)

Valuation of WAA Solar - Standalone Basis

YTD 1Y 3Y 5Y 10Y Max

Analyst's Notes

No data found!

Key Ratios

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Sales	46.02	25.63	24.67	25.37	25	24.44	23.52	25.81	26.08	27.65
Operating Expenses ⓘ +	19.33	1.52	3.55	2.58	6.17	2.94	3.21	4.78	8.34	20.34
Manufacturing Costs	18.26	0.17	0.23	0.12	0.84	0.16	0.66	0.19	6.12	10.43
Material Costs	0.09	0.01	0	0	0	0	0	1.53	-2.62	2.62
Employee Cost	0.34	0.40	0.66	0.68	1.03	1.16	1.16	1.74	1.90	1.66
Other Costs ⓘ	0.65	0.93	2.66	1.79	4.30	1.62	1.39	1.32	2.94	5.64
Operating Profit ⓘ	26.69	24.11	21.12	22.79	18.82	21.50	20.32	21.02	17.74	7.31
Operating Profit Margin (%)	58.0%	94.1%	85.6%	89.8%	75.3%	88.0%	86.4%	81.5%	68.0%	26.4%
Other Income ⓘ +	0.88	0.44	2.31	3.65	11.24	1	0.53	0.38	0.66	2.60
Exceptional Items ⓘ	0	0	0	0	0	0	0	0	0	0
Interest ⓘ	11.79	10.84	10.58	9.50	8.58	7.89	5.69	4.72	3.92	4.93
Depreciation ⓘ	9.44	13.56	9.44	9.44	9.01	9.01	8.95	8.78	8.79	3.74
Profit Before Tax ⓘ	6.34	0.16	3.41	7.50	12.47	5.60	6.20	7.90	5.69	1.24
Tax ⓘ	0	0	0.66	2.21	2.18	2.29	1.26	1.41	1.28	0.03
Profit After Tax	6.34	0.15	2.75	5.29	10.29	3.31	4.94	6.49	4.40	1.22
PAT Margin (%)	13.8%	0.6%	11.2%	20.9%	41.2%	13.5%	21.0%	25.2%	16.9%	4.4%
Adjusted EPS (₹)	6.5	0.2	2.8	4.0	7.8	2.5	3.7	4.9	3.3	0.9
Dividend Payout Ratio (%)	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Balance Sheet

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Equity and Liabilities
Shareholders Fund +	109.59	71.39	116.51	149.60	163.20	166.50	171.45	177.94	182.34	183.56
Share Capital ⓘ	0.27	0.27	4.88	6.63	6.63	6.63	13.27	13.27	13.27	13.27
Reserves ⓘ	109.32	71.12	111.63	142.97	156.56	159.87	158.18	164.67	169.07	170.29
Debt +	77.24	78.13	86.67	74.03	62.87	51.27	40.01	28.20	33.98	107.43
Long Term Debt	73.71	72.53	86.67	74.03	62.87	51.27	40.01	28.20	33.97	97.42
Short Term Debt	3.53	5.60	0	0	0	0	0	0	0.01	10.01
Minority Interest	0	0	0	0	0	0	0	0	0	0
Trade Payables	0.20	0.11	1.85	0.31	1.94	1.44	1.27	1.12	1.67	1.89
Others Liabilities ⓘ	11.04	8.09	10.13	47.15	14.48	13.39	12.95	13.31	4.63	12.37
Total Liabilities ⓘ	198.07	157.72	215.15	271.10	242.49	232.61	225.68	220.57	222.63	305.26
Fixed Assets
Net Fixed Assets ⓘ +	117.36	65.45	98.49	89.08	76.44	67.43	58.47	50.15	40.59	94.83
Gross Block	156.93	156.93	156.94	156.95	150.27	150.27	150.27	150.74	149.97	207.95
Accumulated Depreciation	39.57	91.48	58.44	67.88	73.84	82.85	91.80	100.59	109.38	113.12
CWIP ⓘ	0	0	0	0	0	0	0	0	0.27	21.40
Investments ⓘ	68.79	81.45	87.75	136.73	99.43	113.77	117.62	117.65	102.79	99.94
Inventories	0.92	0.90	0.90	0.90	0.90	0.90	1.53	0	2.62	0
Trade Receivables	0.12	0.01	0.03	0.07	0.05	0	0.41	0.05	2.81	3.48
Cash Equivalents	1.05	0.87	1.51	26.12	31.07	7.13	7.26	12.66	18.52	37.56
Others Assets ⓘ	9.83	9.03	26.47	18.18	34.60	43.38	40.39	40.06	55.03	48.04
Total Assets ⓘ	198.07	157.72	215.15	271.10	242.49	232.61	225.68	220.57	222.63	305.26

Cash Flow

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash Flow From Operating Activity ⓘ +	10.28	22.37	8.63	66.46	22.17	17.65	17.50	21.55	11.80	-3.59
PBT ⓘ	6.34	0.16	3.41	7.50	12.47	5.60	6.20	7.90	5.69	1.24
Adjustment ⓘ	21.09	24.33	19.61	17.44	6.50	15.94	14.30	13.13	12.17	8.73
Changes in Working Capital ⓘ	-17.14	-2.1	-13.68	43.73	5.38	-1.6	-1.74	1.93	-4.77	-13.53
Tax Paid ⓘ	0	-0.02	-0.71	-2.21	-2.18	-2.29	-1.26	-1.41	-1.28	-0.03
Cash Flow From Investing Activity ⓘ +	12.80	-12.59	-5.89	-47.51	2.52	-22.09	-0.42	0.24	-0.25	-51.50
Capex	-0	0	-0	-0.02	0	0	0	-0.46	0.61	-79.11
Net Investments	12.66	-12.66	-6.30	-48.99	13.80	-14.34	-3.85	-0.03	14.87	0.20
Others ⓘ	0.14	0.07	0.41	1.50	-11.28	-7.76	3.43	0.74	-15.73	27.41
Cash Flow From Financing Activity ⓘ +	-24.12	-9.95	-2.10	5.66	-19.74	-19.49	-16.95	-16.40	-5.68	74.13
Net Proceeds from Shares ⓘ	21.61	0	0	28.18	0	0	0	0	0	0
Net Proceeds from Borrowing ⓘ	-33.65	0	0	-12.64	-11.15	-11.61	-11.26	-11.67	5.77	63.45
Interest Paid ⓘ	-11.79	-10.84	-10.58	-9.50	-8.58	-7.89	-5.69	-4.72	-3.92	-4.93
Dividend Paid ⓘ	0	0	0	0	0	0	0	0	0	0
Others ⓘ	-0.29	0.89	8.48	-0.37	-0.01	0	0	0	-7.53	15.60
Net Cash Flow ⓘ	-1.03	-0.17	0.64	24.61	4.94	-23.94	0.13	5.40	5.87	19.04

Finance Ratio

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Ratios
ROE (%)	6.63	0.17	2.93	3.98	6.58	2.01	2.92	3.72	2.44	0.67
ROCE (%)	9.03	6.19	7.58	7.65	8.98	5.8	5.27	5.74	4.4	2.37
Asset Turnover Ratio	0.22	0.14	0.13	0.1	0.1	0.1	0.1	0.12	0.12	0.1
PAT to CFO Conversion(x)	1.62	149.13	3.14	12.56	2.15	5.33	3.54	3.32	2.68	-2.94
Working Capital Days
Receivable Days	10	1	0	1	1	0	3	3	20	42
Inventory Days	6	13	13	13	13	13	19	0	37	0
Payable Days	0	4,326	0	0	0	0	0	286	-195	249

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WAA Solar Ltd FAQs

The current trading price of WAA Solar on 10-Apr-2026 16:59 is ₹52.88.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 09-Apr-2026 the market cap of WAA Solar stood at ₹70.15 Cr

The latest P/E ratio of WAA Solar as of 09-Apr-2026 is 57.55.

The latest P/B ratio of WAA Solar as of 09-Apr-2026 is 0.38.

The 52-week high of WAA Solar is ₹90.75 and the 52-week low is ₹40.90.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of WAA Solar is ₹27.65 ( Cr.) .

About WAA Solar Ltd

The company was incorporated as ‘Waa Solar Private Limited’ under the provision of the Companies Act, 1956 vide certificate of incorporation dated November 9, 2009 issued by the Assistant Registrar of Companies, Maharashtra, Mumbai. The registered office of the company was shifted from Maharashtra State to Gujarat State and certificate was issued on September 12, 2013 by the Registrar of Companies, Gujarat, Dadara Nagar and Havelli. Consequent upon the conversion of the company to public limited company, the name of the company was changed to ‘Waa Solar Limited’ and fresh certificate of incorporation dated February 19, 2018 was issued by the Assistant ROC, Registrar of Companies, Ahmadabad.

The company was originally incorporated in the year 2009, at Mumbai and promoted by Hitesh Doshi and Viren Doshi. On May 8, 2010, the company was taken over by their corporate promoter Madhav Power (MPPL) with the intention entering into solar power projects in the state of Gujarat. MPPL is their promoter and holding company holds 3,419,982 Equity Shares constituting 70.03% of stake in their company.

Business area of the Company:

Waa Solar is mainly engaged in solar power generation by setting up Solar Power Project and by investing in Special Purpose Vehicle (SPV) associate and subsidiaries companies which are engaged in solar power generation activities.

Key Events and Milestones:

November 09, 2009: Incorporated under Companies Act, 1956 as ‘Waa Solar Private Limited’.
January 09, 2010: Management of the company was taken over by Madhav Power.
May 21, 2010: 10 MW Power Purchase Agreement executed between the company & Gujarat Urja Vikas Nigam Limited (GUVNL) for Solar Power plants at Village: Nayka, Tal. Sami, District Patan in Gujarat.
October 08, 2010: Supplemental Power Purchase Agreement executed between the company & Gujarat Urja Vikas Nigam Limited (GUVNL) for Solar Power Plants at Village: Tikar, Tal. Muli, District Surendranagar in Gujarat.
February 27, 2012: Certificate of Commissioning received from Gujarat Energy Development Authority for Commissioned 10.25 MW capacity Solar Photovoltaic Power Project.
January 30, 2013: 100 KW Power Purchase Agreement executed between Company & Airport Authority of India for Solar Power Plants at Raja Bhoj Airport, Bhopal.
June 28, 2013: Certificate of Commissioning received from Airport Authority of India for Commissioned 100 KW capacity Solar Photovoltaic Power Project.
August 13, 2013: Incorporation of 100% subsidiary company for implementation of 10MW Power Project in the state of Karnataka.
September 3, 2013: Incorporation of subsidiary company for implementation of 4 MW Power Project in the state of Punjab.
March 13, 2014: Incorporation of subsidiary company for implementation of 4 MW Rooftop Power Project in the state of Gujarat.
June 7, 2016: Incorporation of subsidiary company for implementation of Power Project in the state of Karnataka
February 19, 2018: Converted in to a Public Limited from Private Limited.

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WAA Solar Ltd (541445) Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating

WAA Solar Share Price