WAA Solar Ltd Stock Analysis

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

BSE Share Price May 18, 15:53
41.20 -0.20 (-0.48%)

DeciZen - Make an Informed Decision on WAA Solar

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FAQs

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 Overvalued zone.

3. Is WAA Solar Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of WAA Solar Ltd is likely to Rise-somewhat 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.

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'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21TTM
ROCE % 9.2%7.7%10.8%7.2%4.3%4.8%4.7%5.1%3.8%-
Value Creation Index -0.3-0.5-0.2-0.5-0.7-0.7-0.7-0.6-0.7-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 27.526.753.74625.624.725.42524.424
YoY Gr. Rt. %--2.9%101%-14.2%-44.3%-3.8%2.8%-1.5%-2.2%-
Adj EPS 218107.5299.8112.6-0.41.62.94.42.62.5
YoY Gr. Rt. %--50.7%179.1%-62.4%-100.4%NA86%51.4%-42.1%-
BVPS (₹) 1,703.41,8452,148.42,019.71,315.7119.3112.8123125.5130.5
Adj Net Profit 8.34.111.46.101.53.95.93.43
Cash Flow from Ops. 12.934.646.910.322.48.666.522.217.7-
Debt/CF from Ops. 7.33.22.68.63.811.11.33.33.5-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales NA-11.9%-0.3%-2.2%
Adj EPS NA-53.1%17.7%-42.1%
BVPS 0-42.61.72
Share Price - - 34.3% -1.1%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21TTM
Return on Equity % 12.86.1156.4-01.62.93.82.12
Op. Profit Mgn % 95.894.763.25894.185.689.887.788.50
Net Profit Mgn % 30.115.321.213.3-0.16.215.323.513.913.5
Debt to Equity 1.51.61.50.81.20.80.60.50.4-
Working Cap Days 011954771482763353995960
Cash Conv. Cycle 00-79-7710-20-23-22-440

Recent Performance Summary

Net Profit is growing at healthy rate in last 3 years 17.70%

Return on Equity has declined versus last 3 years average to 1.90%

Sales growth has been subdued in last 3 years -0.31%

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

Latest Financials - WAA Solar Ltd.

Standalone Consolidated
TTM EPS (₹) 2.5 3.1
TTM Sales (₹ Cr.) 24.4 44.2
BVPS (₹.) 130.5 129.3
Reserves (₹ Cr.) 160 158
P/BV 0.32 0.32
PE 16.61 13.56
From the Market
52 Week Low / High (₹) 21.75 / 62.30
All Time Low / High (₹) 7.67 / 79.47
Market Cap (₹ Cr.) 54.9
Equity (₹ Cr.) 13.3
Face Value (₹) 10
Industry PE 12.2

Management X-Ray of WAA Solar :

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *76.0076.0076.0076.0076.0076.0076.0073.0573.0576.04
* Pledged shares as % of Promoter's holding (%)

Event Update

Analyst's Notes

News

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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