WAA Solar Ltd - Stock Valuation and Financial Performance

BSE: 541445 | NSE: | Power Generation/Distribution | Small Cap

WAA Solar Share Price

113.70 -2.55 -2.19%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on WAA Solar

Overall Rating
M-Cap below 500cr. High Risk from low Liquidity Bole Toh

1. Quality

2. Valuation

Somewhat overvalued

3. Price Trend

WAA Solar stock performance -

mw4me loader
P/E Ratio (SA):
23.45
Market Cap:
152.2 Cr.
52-wk low:
34.7
52-wk high:
207.7

Is WAA Solar Ltd an attractive stock to invest in?

1. Is WAA Solar Ltd a good quality company?

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

2. Is WAA Solar Ltd 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 overvalued zone.

3. Is WAA Solar Ltd 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.

10 Year X-Ray of WAA Solar:

Analysis of Financial Track Record

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

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

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
WAA Solar Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 7.7%10.8%7.2%4.3%4.8%4.7%5.1%3.8%3.9%4.5%-
Value Creation
Index
-0.5-0.2-0.5-0.7-0.7-0.7-0.6-0.7-0.7-0.7-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 26.753.74625.624.725.42524.423.525.826
Sales YoY Gr.-101%-14.2%-44.3%-3.8%2.8%-1.5%-2.2%-3.8%9.7%-
Adj EPS 107.5299.8112.6-0.41.62.94.42.63.74.94.9
YoY Gr.-179.1%-62.4%-100.4%NA86%51.4%-42.1%42.6%33.7%-
BVPS (₹) 1,8452,148.42,019.71,315.7119.3112.8123125.5129.2134.1134.1
Adj Net
Profit
4.111.46.101.53.95.93.44.86.56
Cash Flow from Ops. 34.646.910.322.48.666.522.217.717.521.6-
Debt/CF from Ops. 3.22.68.63.811.11.33.33.52.91.8-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales -0.4%0.9%1.1%9.7%
Adj EPS -29.1%25.5%3.4%33.7%
BVPS-25.3%2.4%2.9%3.8%
Share Price - 52% 37.2% 218.9%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
6.1156.4-01.62.93.82.12.93.73.7
Op. Profit
Mgn %
94.763.25894.185.689.887.788.586.581.5NAN
Net Profit
Mgn %
15.321.213.3-0.16.215.323.513.920.625.125.1
Debt to
Equity
1.61.50.81.20.80.60.50.40.30.2-
Working Cap
Days
11954771482763353995966725830
Cash Conv.
Cycle
0-79-7710-20-23-22-44-22-210

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 3.60%

Sales growth has been subdued in last 3 years 1.07%

Net Profit has been subdued in last 3 years 3.36%

Sales growth is not so good in last 4 quarters at 0.00%

Latest Financials - WAA Solar Ltd.

Standalone Consolidated
TTM EPS (₹) 4.9 7.4
TTM Sales (₹ Cr.) 25.8 49
BVPS (₹.) 134.1 135.8
Reserves (₹ Cr.) 165 167
P/BV 0.86 0.84
PE 23.45 15.46
From the Market
52 Week Low / High (₹) 34.70 / 207.66
All Time Low / High (₹) 7.67 / 207.66
Market Cap (₹ Cr.) 152
Equity (₹ Cr.) 13.3
Face Value (₹) 10
Industry PE 20.5

Management X-Ray of WAA Solar:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *76.0076.0076.0076.0073.0573.0573.0573.0573.0573.12
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of WAA Solar

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales27544626252525242426
Operating Expenses 120192436335
Manufacturing Costs118180001012
Material Costs0000000000
Employee Cost 1100111112
Other Costs 1111324211
Operating Profit 25342724212319212021
Operating Profit Margin (%) 94.7%63.2%58.0%94.1%85.6%89.8%75.3%88.0%86.4%81.5%
Other Income 21102411110
Interest 1313121111109865
Depreciation 99914999999
Exceptional Items 0000000000
Profit Before Tax 512603812668
Tax 0000122211
Profit After Tax 512603510356
PAT Margin (%) 20.2%21.5%13.8%0.6%11.2%20.8%41.2%13.5%21.0%25.2%
Adjusted EPS (₹)7.916.96.50.22.84.07.82.53.74.9
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 708211071117150163167171178
Share Capital 000057771313
Reserves 708110971112143157160158165
Minority Interest0000000000
Debt991117778877463514028
Long Term Debt991077473877463514028
Short Term Debt0446000000
Trade Payables11400202111
Others Liabilities 1112118104714131313
Total Liabilities 181219198158215271242233226221

Fixed Assets

Gross Block157157157157157157150150150151
Accumulated Depreciation213040915868748392101
Net Fixed Assets13612711765988976675850
CWIP 0000000000
Investments 318169818813799114118118
Inventories0111111120
Trade Receivables2200000000
Cash Equivalents 7211226317713
Others Assets55109261835434040
Total Assets 181219198158215271242233226221

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 3547102296622181822
PBT 512603812668
Adjustment 2223212420176161413
Changes in Working Capital 713-17-2-14445-2-22
Tax Paid 0000-1-2-2-2-1-1
Cash Flow From Investing Activity -29-5113-13-6-483-2200
Capex -1000000000
Net Investments -28-5113-13-6-4914-14-40
Others 000001-11-831
Cash Flow From Financing Activity -1-1-24-10-26-20-19-17-16
Net Proceeds from Shares 002200280000
Net Proceeds from Borrowing 149-3400-13-11-12-11-12
Interest Paid -13-13-12-11-11-10-9-8-6-5
Dividend Paid 0000000000
Others -2401800000
Net Cash Flow 5-5-101255-2405
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)7.9815.196.630.172.933.986.582.012.923.72
ROCE (%)10.7413.079.036.197.587.658.985.85.275.74
Asset Turnover Ratio0.160.270.220.140.130.10.10.10.10.12
PAT to CFO Conversion(x)73.921.67INF313.22.263.63.67
Working Capital Days
Receivable Days3416101011033
Inventory Days4361313131313190
Payable Days-678004,326000000

WAA Solar Ltd Stock News

WAA Solar Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of WAA Solar on 28-Mar-2024 16:01 is ₹113.7.
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 28-Mar-2024 16:01 the market cap of WAA Solar stood at ₹152.2.
The latest P/E ratio of WAA Solar as of 28-Mar-2024 16:01 is 23.45.
The latest P/B ratio of WAA Solar as of 28-Mar-2024 16:01 is 0.86.
The 52-week high of WAA Solar is ₹207.7 and the 52-week low is ₹34.70.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of WAA Solar is ₹25.81 ( 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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