
About Waa Solar Limited
Data last updated:
Waa Solar Limited is a public limited company based in Vadodara, Gujarat, India, a subsidiary of Madhav Power Private Limited. It operates in the solar energy solutions segment of the environmental services sector. It was incorporated on 09 November 2009 and has been in existence for over 17 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN L40106GJ2009PLC076764. Its GSTIN is 24AAACW9052D1ZI (Gujarat). The company holds 5 GST registrations, of which 1 is active. Its shares are listed on BSE: 541445.
The company has an authorised share capital of ₹18 Cr and a paid-up capital of ₹13.27 Cr. It was formerly known as Waa Solar P Limited and Waa Solar Private Limited. It is led by directors including Amit Khurana (Managing Director) and Neelakshi Amit Khurana.
Its last annual general meeting (AGM) was held on 26 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at Madhav House Nr. Panchratna Building Subhanpura, Vadodara, Gujarat, India – 390023.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹27.77 Cr, a decline of 1.7% compared to the previous year. For the same year it recorded a net profit of ₹64 Lakh (net margin 2.3%) and EBITDA of ₹15.48 Cr (EBITDA margin 55.7%). The net worth stands at ₹184.63 Cr (down 1.3% YoY). Total assets are valued at ₹361.79 Cr (up 10.2% YoY).
Its group structure includes 8 subsidiaries.
The company is associated with 2 brands: Waasol and Waa Solar. As per MCA filings, the company has open charges of ₹399.39 Cr and satisfied charges of ₹639.83 Cr on record.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website waasolar.org.
- EmailLocked
- TelephoneLocked
- Website
- Social Media
- Registered AddressMadhav House Nr. Panchratna Building Subhanpura, Vadodara, Gujarat, India – 390023
- IndustryEnvironment, Solar Energy Solutions
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
- One PDF report, delivered after checkout
Name History of Waa Solar Limited
Waa Solar has undergone 2 name changes throughout its history. The company was previously known as Waa Solar P Limited, and Waa Solar Private Limited. The current legal name is Waa Solar Limited.
| Company Name | Status |
|---|---|
| Waa Solar Limited | Current |
| Waa Solar P Limited | Previous |
| Waa Solar Private Limited | Previous |
CIN History of Waa Solar Limited
Waa Solar has 3 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is L40106GJ2009PLC076764, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L40106GJ2009PLC076764 | Current |
| U40106GJ2009PLC076764 | Previous |
| U40106GJ2009PTC076764 | Previous |
| U40106MH2009PTC196934 | Previous |
Associated Brands with Waa Solar Limited
Waa Solar operates two associated brands: Waasol and Waa Solar. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Delivers efficient solar water heating systems for faster and longer hot water supply. | waasol.com | |
| Solar PV projects are developed, owned, and operated in India. | waasolar.org |
Competitors & Alternatives of Waa Solar Limited
Brands and companies operating in the same space as Waa Solar Limited include Hero Future Energies, Servoteh, KPI Green Energy and 7 more.
| Competitor | Description | Location | Founded |
|---|---|---|---|
| | Renewable energy projects are developed for utility-scale and commercial use. | London, United Kingdom | 2012 |
| | Manufacturer of EV chargers, solar inverters, solar panels, batteries, servo stabilizers, UPS, and LEDs | Delhi, India | 2004 |
| | Solar and hybrid power projects are developed and operated. | Surat, India | 2008 |
| | Solar glass is manufactured by Borosil Renewables for photovoltaic applications. | Mumbai, India | 1962 |
| | Conventional and renewable energy is generated across India and abroad. | Delhi, India | 2008 |
| | Provider of range of products and services, including solar panels, inverters, and LED street lights for homes and industries | Gurugram, India | 1998 |
| | Manufactures solar modules and power plants with high-efficiency technology in India. | Delhi, India | 1997 |
| | Offers solar consumer goods | Ahmedabad, India | 2008 |
| | Provider of independent power generation services | Mumbai, India | 2008 |
| | Solar power projects are developed and operated independently. | Delhi, India | 2014 |
Business Activity of Waa Solar Limited
The main business activity of Waa Solar is electricity, gas, steam and air condition supply. In detail, this covers electric power generation, transmission and distribution.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| D | Electricity, gas, steam and air condition supply | D1 | Electric power generation, transmission and distribution | Locked |
Business activity turnover details
Turnover share and past changes in activity are in the company report.
- Turnover contribution
- Historical classifications
- Filing-level activity changes
Verified entity values are shown only after access is granted.
Auditor Details of Waa Solar Limited
Waa Solar Limited is audited by J C H & ASSOCIATES for the financial year 2023.
| Name | Status | Appointment Date | Cessation Date |
|---|---|---|---|
| J C H & ASSOCIATES | Locked | Locked | Locked |
Complete auditor history
Appointment and cessation dates and past auditor changes are in the company report.
- Appointment status
- Appointment dates
- Cessation dates
- Auditor changes
Verified entity values are shown only after access is granted.
Board of Directors of Waa Solar Limited
Waa Solar has 5 current directors and 15 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Amit Khurana Also directs: Ash-A Restaurants LLP, Madhav Infra Projects Limited, Seabird Exploration Private Limited and 5 more | Managing Director | 26 Dec 2017 | 8 Years 9 Months | Current |
| Neelakshi Amit Khurana Also directs: Ash-A Restaurants LLP, Madhav Infra Projects Limited, Mansha Textiles Pvt Ltd and 5 more | Director | 01 Apr 2021 | 5 Years 6 Months | Current |
| Prashant Kumar Gupta | Additional Director | 12 Nov 2025 | 0 Years 10 Months | Current |
| Nikhil Kaushik Also directs: Madhav Infra Projects Limited, Solis Innoventures LLP, Group Pharmaceuticals Limited and 2 more | Director | 09 Feb 2024 | 2 Years 7 Months | Current |
| Shankar Prasad Bhagat Also directs: Madhav Infra Projects Limited | Director | 14 Aug 2024 | 2 Years 1 Months | Current |
Financials of Waa Solar Limited FY 2025-26 filings available
Waa Solar Limited reported revenue of ₹27.77 Cr (down 1.7% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 27.77 | 28.25 | 26.69 | 49.04 | 46.00 | 44.16 | 48.24 |
| Revenue growth | -1.7% | +5.8% | -45.6% | +6.6% | +4.2% | -8.5% | - |
| EBITDA | 15.48 | 10.35 | 18.17 | 35.42 | 35.21 | 36.60 | 29.02 |
| EBITDA margin | +55.7% | +36.6% | +68.1% | +72.2% | +76.5% | +82.9% | +60.2% |
| Profit before tax | 0.19 | 3.94 | 5.84 | 10.05 | 8.32 | 6.52 | 12.51 |
| Net profit | 0.64 | 6.97 | 6.62 | 9.82 | 7.26 | 4.08 | 1.71 |
| Net profit margin | +2.3% | +24.7% | +24.8% | +20.0% | +15.8% | +9.2% | +3.5% |
| EPS (₹) | 0.49 | 5.26 | 5.00 | 7.42 | 5.47 | 6.11 | 16.77 |
| Balance sheet | |||||||
| Total assets | 362 | 328 | 232 | 293 | 306 | 318 | 335 |
| Net worth | 185 | 187 | 182 | 180 | 172 | 165 | 162 |
| Total debt | 178 | 142 | 50.82 | 93.50 | 115 | 135 | 149 |
| Cash & bank | 42.95 | 38.10 | 19.26 | 19.78 | 15.14 | 13.87 | 36.71 |
| Net working capital | 63.89 | 112 | 89.96 | 98.40 | 96.05 | 97.45 | 108 |
| Cash flow | |||||||
| Cash from operations | 67.45 | (4.55) | 14.97 | 36.86 | 31.00 | 33.96 | 24.57 |
| Cash from investing | (87.34) | (62.95) | 51.44 | (1.29) | 1.41 | (18.28) | 75.69 |
| Cash from financing | 24.75 | 86.34 | (66.94) | (30.92) | (31.15) | (38.52) | (106) |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 27.17 | 27.65 | 26.08 | 25.81 | 23.52 | 24.44 | 25.00 |
| Revenue growth | -1.7% | +6.0% | +1.1% | +9.7% | -3.8% | -2.2% | - |
| EBITDA | 15.07 | 7.30 | 17.74 | 21.02 | 20.30 | 21.49 | 18.83 |
| EBITDA margin | +55.5% | +26.4% | +68.0% | +81.4% | +86.3% | +87.9% | +75.3% |
| Profit before tax | 0.09 | 1.23 | 5.69 | 7.90 | 6.19 | 5.59 | 12.48 |
| Net profit | (0.48) | 1.20 | 4.41 | 6.49 | 4.93 | 3.30 | 0.87 |
| Net profit margin | -1.8% | +4.3% | +16.9% | +25.2% | +21.0% | +13.5% | +3.5% |
| EPS (₹) | (0.35) | 0.92 | 3.32 | 4.89 | 3.73 | 4.98 | 15.51 |
| Balance sheet | |||||||
| Total assets | 336 | 300 | 220 | 217 | 222 | 229 | 237 |
| Net worth | 183 | 184 | 182 | 178 | 171 | 166 | 163 |
| Total debt | 153 | 117 | 37.58 | 39.34 | 51.01 | 62.27 | 73.31 |
| Cash & bank | 42.32 | 37.56 | 18.52 | 12.66 | 7.26 | 7.13 | 31.07 |
| Net working capital | 26.59 | 72.28 | 76.27 | 49.47 | 46.37 | 47.57 | 60.64 |
| Cash flow | |||||||
| Cash from operations | 65.37 | (3.59) | 11.80 | 21.55 | 17.50 | 17.65 | 22.17 |
| Cash from investing | (85.71) | (51.50) | (0.25) | 0.24 | (0.42) | (22.09) | 2.52 |
| Cash from financing | 25.10 | 74.13 | (5.68) | (16.40) | (16.95) | (19.49) | (19.74) |
Financial Statements
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 27.77 | 28.25 | 26.69 | 49.04 | 46.00 | 44.16 | 48.24 |
| Revenue growth | -1.7% | +5.8% | -45.6% | +6.6% | +4.2% | -8.5% | - |
| Other income | 2.71 | 2.60 | 0.66 | 0.65 | 1.06 | 1.28 | 21.36 |
| Total expenses | 12.29 | 17.90 | 8.52 | 13.62 | 10.79 | 7.56 | 19.22 |
| Employee cost | 0.00 | 1.85 | 2.06 | 4.77 | 2.26 | 1.77 | 1.74 |
| EBITDA | 15.48 | 10.35 | 18.17 | 35.42 | 35.21 | 36.60 | 29.02 |
| EBITDA margin | +55.7% | +36.6% | +68.1% | +72.2% | +76.5% | +82.9% | +60.2% |
| Depreciation | 6.88 | 3.92 | 8.98 | 15.96 | 16.13 | 16.39 | 19.56 |
| Interest | 11.12 | 5.09 | 4.01 | 10.06 | 11.82 | 14.97 | 18.31 |
| Profit before tax | 0.19 | 3.94 | 5.84 | 10.05 | 8.32 | 6.52 | 12.51 |
| Tax | 0.58 | 0.04 | 1.31 | 1.77 | 2.02 | 2.52 | 2.37 |
| Net profit | 0.64 | 6.97 | 6.62 | 9.82 | 7.26 | 4.08 | 1.71 |
| Net profit margin | +2.3% | +24.7% | +24.8% | +20.0% | +15.8% | +9.2% | +3.5% |
| EPS (₹) | 0.49 | 5.26 | 5.00 | 7.42 | 5.47 | 6.11 | 16.77 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 13.27 | 13.27 | 13.27 | 13.27 | 13.27 | 6.63 | 6.63 |
| Reserves & surplus | 171 | 174 | 169 | 167 | 159 | 158 | 155 |
| Shareholders' funds (net worth) | 185 | 187 | 182 | 180 | 172 | 165 | 162 |
| Minority interest | (1.13) | (1.13) | (1.13) | 19.11 | 18.57 | 18.10 | 24.31 |
| Secured loans | 7.97 | 9.49 | 39.17 | 75.25 | 93.75 | 101 | 138 |
| Unsecured loans | 170 | 133 | 11.65 | 18.25 | 21.17 | 33.56 | 11.63 |
| Total debt | 178 | 142 | 50.82 | 93.50 | 115 | 135 | 149 |
| Total liabilities | 362 | 328 | 232 | 293 | 306 | 318 | 335 |
| Assets | |||||||
| Gross block | 303 | 213 | 155 | 304 | 303 | 303 | 185 |
| Net block | 181 | 98.46 | 44.40 | 107 | 122 | 138 | 104 |
| Capital work in progress | 19.90 | 21.40 | 0.27 | 0.00 | 0.00 | 0.00 | 45.88 |
| Investments | 96.68 | 97.02 | 97.22 | 87.82 | 87.43 | 82.15 | 76.72 |
| Inventories | 0.36 | 0.00 | 2.62 | 1.04 | 2.57 | 0.97 | 0.90 |
| Sundry debtors | 11.81 | 16.67 | 15.02 | 12.14 | 13.26 | 10.81 | 10.70 |
| Cash & bank balances | 42.95 | 38.10 | 19.26 | 19.78 | 15.14 | 13.87 | 36.71 |
| Loans & advances | 58.99 | 61.63 | 55.80 | 71.12 | 69.80 | 75.83 | 66.54 |
| Total current assets | 114 | 116 | 92.70 | 104 | 101 | 101 | 115 |
| Total current liabilities | 50.22 | 4.89 | 2.74 | 5.68 | 4.72 | 4.03 | 6.56 |
| Net working capital | 63.89 | 112 | 89.96 | 98.40 | 96.05 | 97.45 | 108 |
| Total assets | 362 | 328 | 232 | 293 | 306 | 318 | 335 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 38.10 | 19.26 | 19.78 | 15.14 | 13.87 | 36.71 | 42.29 |
| Net cash from operating activities | 67.45 | (4.55) | 14.97 | 36.86 | 31.00 | 33.96 | 24.57 |
| Net cash from investing activities | (87.34) | (62.95) | 51.44 | (1.29) | 1.41 | (18.28) | 75.69 |
| Net cash from financing activities | 24.75 | 86.34 | (66.94) | (30.92) | (31.15) | (38.52) | (106) |
| Net change in cash | 4.86 | 18.84 | (0.53) | 4.65 | 1.27 | (22.84) | (5.58) |
| Closing cash | 42.95 | 38.10 | 19.26 | 19.78 | 15.14 | 13.87 | 36.71 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | -1.7% | +5.8% | -45.6% | +6.6% | +4.2% | -8.5% | - |
| EBITDA growth | +49.6% | -43.0% | -48.7% | +0.6% | -3.8% | +26.1% | - |
| PBT growth | -95.2% | -32.5% | -41.9% | +20.8% | +27.6% | -47.9% | +82.1% |
| Net income growth | -90.8% | +5.3% | -32.6% | +35.3% | +77.9% | +138.6% | - |
| Revenue CAGR (3Y) | -17.3% | -15.0% | -15.5% | +0.6% | -16.8% | -4.9% | -2.3% |
| EBITDA CAGR (3Y) | -24.1% | -33.5% | -20.8% | +6.9% | -16.5% | -4.3% | -12.8% |
| Profitability & leverage | |||||||
| Net income margin | -1.4% | +13.8% | +17.0% | +16.9% | +13.7% | +9.1% | +21.0% |
| Return on capital employed | - | +3.2% | +3.9% | +7.2% | +6.9% | +7.0% | +6.2% |
| Return on net worth | - | +2.1% | +2.5% | +4.7% | +3.7% | +2.5% | +0.5% |
| Debt / equity | - | 0.52 | 0.40 | 0.59 | 0.74 | 0.87 | 1.24 |
| Long-term debt / equity | - | 0.36 | 0.30 | 0.47 | 0.62 | 0.75 | 1.10 |
| Interest cover | 129.30 | 79.16 | 43.63 | 51.70 | 61.95 | 74.07 | 193.55 |
| Efficiency & per share | |||||||
| Fixed asset turnover | - | 0.15 | 0.12 | 0.16 | 0.15 | 0.15 | 0.20 |
| Inventory turnover | - | 21.56 | 14.58 | 27.17 | 25.99 | 47.23 | 53.60 |
| Debtors turnover | - | 1.78 | 1.97 | 3.86 | 3.82 | 4.11 | 6.96 |
| EPS (₹) | 0.49 | 5.26 | 5.00 | 7.42 | 5.47 | 6.11 | 16.77 |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 0.00 | 140.99 | 137.30 | 135.83 | 129.72 | 248.49 | 243.56 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 27.17 | 27.65 | 26.08 | 25.81 | 23.52 | 24.44 | 25.00 |
| Revenue growth | -1.7% | +6.0% | +1.1% | +9.7% | -3.8% | -2.2% | - |
| Other income | 2.71 | 2.60 | 0.66 | 0.38 | 0.53 | 1.00 | 11.24 |
| Total expenses | 12.10 | 20.35 | 8.34 | 4.79 | 3.22 | 2.95 | 6.17 |
| Employee cost | 0.00 | 1.66 | 1.90 | 1.74 | 1.16 | 1.16 | 1.03 |
| EBITDA | 15.07 | 7.30 | 17.74 | 21.02 | 20.30 | 21.49 | 18.83 |
| EBITDA margin | +55.5% | +26.4% | +68.0% | +81.4% | +86.3% | +87.9% | +75.3% |
| Depreciation | 6.69 | 3.74 | 8.79 | 8.78 | 8.95 | 9.01 | 9.01 |
| Interest | 11.00 | 4.93 | 3.92 | 4.72 | 5.69 | 7.89 | 8.58 |
| Profit before tax | 0.09 | 1.23 | 5.69 | 7.90 | 6.19 | 5.59 | 12.48 |
| Tax | 0.57 | 0.03 | 1.28 | 1.41 | 1.26 | 2.29 | 2.18 |
| Net profit | (0.48) | 1.20 | 4.41 | 6.49 | 4.93 | 3.30 | 0.87 |
| Net profit margin | -1.8% | +4.3% | +16.9% | +25.2% | +21.0% | +13.5% | +3.5% |
| EPS (₹) | (0.35) | 0.92 | 3.32 | 4.89 | 3.73 | 4.98 | 15.51 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 13.27 | 13.27 | 13.27 | 13.27 | 13.27 | 6.63 | 6.63 |
| Reserves & surplus | 170 | 170 | 169 | 165 | 158 | 160 | 157 |
| Shareholders' funds (net worth) | 183 | 184 | 182 | 178 | 171 | 166 | 163 |
| Secured loans | 133 | 106 | 37.57 | 39.34 | 51.00 | 62.00 | 73.01 |
| Unsecured loans | 19.37 | 10.23 | 0.01 | 0.00 | 0.01 | 0.27 | 0.30 |
| Total debt | 153 | 117 | 37.58 | 39.34 | 51.01 | 62.27 | 73.31 |
| Total liabilities | 336 | 300 | 220 | 217 | 222 | 229 | 237 |
| Assets | |||||||
| Gross block | 298 | 208 | 150 | 151 | 150 | 150 | 150 |
| Net block | 178 | 94.83 | 40.59 | 50.15 | 58.47 | 67.42 | 76.43 |
| Capital work in progress | 19.90 | 21.40 | 0.27 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 99.66 | 99.94 | 103 | 118 | 118 | 114 | 99.43 |
| Inventories | 0.36 | 0.00 | 2.62 | 0.00 | 1.53 | 0.90 | 0.90 |
| Sundry debtors | 0.67 | 3.48 | 2.81 | 0.05 | 0.41 | 0.00 | 0.05 |
| Cash & bank balances | 42.32 | 37.56 | 18.52 | 12.66 | 7.26 | 7.13 | 31.07 |
| Loans & advances | 33.39 | 36.07 | 55.03 | 40.06 | 40.39 | 43.38 | 34.60 |
| Total current assets | 76.74 | 77.11 | 78.98 | 52.77 | 49.59 | 51.41 | 66.62 |
| Total current liabilities | 50.15 | 4.83 | 2.71 | 3.30 | 3.22 | 3.84 | 5.98 |
| Net working capital | 26.59 | 72.28 | 76.27 | 49.47 | 46.37 | 47.57 | 60.64 |
| Total assets | 336 | 300 | 220 | 217 | 222 | 229 | 237 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 37.56 | 18.52 | 12.66 | 7.26 | 7.13 | 31.07 | 26.12 |
| Net cash from operating activities | 65.37 | (3.59) | 11.80 | 21.55 | 17.50 | 17.65 | 22.17 |
| Net cash from investing activities | (85.71) | (51.50) | (0.25) | 0.24 | (0.42) | (22.09) | 2.52 |
| Net cash from financing activities | 25.10 | 74.13 | (5.68) | (16.40) | (16.95) | (19.49) | (19.74) |
| Net change in cash | 4.76 | 19.04 | 5.87 | 5.40 | 0.13 | (23.94) | 4.94 |
| Closing cash | 42.32 | 37.56 | 18.52 | 12.66 | 7.26 | 7.13 | 31.07 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | -1.7% | +6.0% | +1.1% | +9.7% | -3.8% | -2.2% | - |
| EBITDA growth | +106.4% | -58.9% | -15.6% | +3.6% | -5.5% | +14.1% | - |
| PBT growth | -92.7% | -78.4% | -28.0% | +27.6% | +10.7% | -55.2% | +66.4% |
| Net income growth | -140.0% | -72.8% | -32.1% | +31.6% | +49.4% | +279.3% | - |
| Revenue CAGR (3Y) | +1.7% | +5.5% | +2.2% | +1.1% | -2.5% | -0.3% | -0.8% |
| EBITDA CAGR (3Y) | -10.5% | -28.9% | -6.2% | +3.7% | -3.8% | +0.6% | -7.9% |
| Profitability & leverage | |||||||
| Net income margin | -1.8% | +4.3% | +16.9% | +25.2% | +21.0% | +13.5% | +41.2% |
| Return on capital employed | - | +2.4% | +4.4% | +5.7% | +5.3% | +5.8% | +5.0% |
| Return on net worth | - | +0.7% | +2.4% | +3.7% | +2.9% | +2.0% | +0.6% |
| Debt / equity | - | 0.42 | 0.21 | 0.26 | 0.34 | 0.41 | 0.50 |
| Long-term debt / equity | - | 0.36 | 0.17 | 0.20 | 0.27 | 0.34 | 0.44 |
| Interest cover | 131.26 | 138.48 | 43.80 | 38.56 | 50.13 | 63.22 | 87.37 |
| Efficiency & per share | |||||||
| Fixed asset turnover | - | 0.15 | 0.17 | 0.17 | 0.16 | 0.16 | 0.16 |
| Inventory turnover | - | 21.11 | 19.91 | 33.74 | 19.36 | 27.16 | 27.78 |
| Debtors turnover | - | 8.79 | 18.24 | 112.22 | 114.73 | 977.60 | 416.67 |
| EPS (₹) | (0.35) | 0.92 | 3.32 | 4.89 | 3.73 | 4.98 | 15.51 |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 0.00 | 138.36 | 137.44 | 134.12 | 129.23 | 251.01 | 246.03 |
Shareholding Pattern of Waa Solar Limited
Shareholding for the quarter ended Sep 2026: promoters hold 67.90%, foreign institutional investors hold 0.00%, domestic institutional investors hold 0.00% and retail and other public shareholders hold 32.10%.
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 67.90% | 67.90% | 67.90% | 67.90% |
| Public | 32.10% | 32.10% | 32.10% | 32.10% |
Group Structure of Waa Solar Limited
Waa Solar has 8 subsidiary companies and 2 associated companies. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
| Company Name | CIN | Shares Held |
|---|---|---|
| Madhav Solar (Vadodara Rooftop) Private Limited | U40106GJ2014PTC079133 | - |
| Madhav Solar (J) Private Limited | U40108GJ2016PTC092402 | - |
| Aspire Infracon Private Limited | U45200GJ2010PTC061483 | - |
| Madhav Infracon (Bhopal Vidisha Corridor) Private Limited | U45200GJ2015PTC081878 | - |
| Madhav Infracon ( Ashta Kannod Corridor ) Private Limited | U45200GJ2015PTC081926 | - |
| Madhav (Sehora Silodi Corridor) Highways Private Limited | U45203GJ2012PTC072233 | - |
Showing major subsidiaries. Total: 8.
Charges & Borrowings of Waa Solar Limited
| Date | Lender | Amount | Status |
|---|---|---|---|
| 12 Sep 2024 | Sbicap Trustee Company Limited | ₹186.58 Cr | Open |
| 21 Feb 2024 | Hdfc Bank Limited | ₹6.38 Lakh | Open |
| 02 Dec 2023 | Others | ₹10.38 Cr | Open |
| 03 Aug 2023 | Hdfc Bank Limited | ₹26.54 Lakh | Open |
| 28 Apr 2023 | Sbicap Trustee Company Limited | ₹66.44 Cr | Open |
Total charge records: 21 View all charges
Employees and EPFO Compliance at Waa Solar Limited
Employment history and EPFO contributions of people linked to Waa Solar.
Employee and EPFO history
Monthly headcount, contribution history and filing status are in the company report.
- Monthly headcount
- PF contributions
- ECR filing status
- Establishment history
Verified entity values are shown only after access is granted.
GST Compliance of Waa Solar Limited
Waa Solar has 5 GST registrations: 1 active and 4 cancelled or inactive.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AAACW9052D1ZI | Gujarat | Active | 01 Jul 2017 |
GST registrations and filing compliance
State-wise GST registrations, return filing status and HSN or SAC codes are in the company report.
- GSTIN registrations
- State-wise filing status
- HSN and SAC details
- Tax jurisdiction records
Verified entity values are shown only after access is granted.
Credit Ratings, Litigation & Regulatory Alerts for Waa Solar Limited
Credit ratings, litigation, and regulatory alerts
Credit ratings, court records and regulatory alerts are in the company report.
- Rating history
- Court and tribunal cases
- Regulatory alerts
- Director-linked violations
Verified entity values are shown only after access is granted.
MSME Payment Delays by Waa Solar Limited
MSME payment history
Amounts due to small suppliers, the reasons given and MSME-1 filings are in the company report.
- Outstanding amounts
- Delay periods and reasons
- MSME-1 filing history
- Vendor payment signals
Verified entity values are shown only after access is granted.
Subsidiaries & Group Companies of Waa Solar Limited
Corporate group structure
Parent, subsidiary, associate and joint venture records with holdings are in the company report.
- Parent company
- Subsidiaries and ownership
- Associates and joint ventures
- Entity investments
Verified entity values are shown only after access is granted.
MCA Filings & Documents of Waa Solar Limited
MCA filings and documents
Filed forms, annual returns, financial statements and charge filings with their dates are in the company report.
- Incorporation documents
- Annual returns and statements
- Charge filings
- Complete filing index
Verified entity values are shown only after access is granted.
Recent Activity on Waa Solar Limited
Recent News on Waa Solar Limited
Frequently Asked Questions about Waa Solar Limited
Waa Solar is an active public limited company based in Vadodara, Gujarat, India. The company works in solar energy solutions, within the environment industry. It was incorporated on 09 November 2009 (17+ years old) and is registered under CIN L40106GJ2009PLC076764. Listed on BSE: 541445.
Waa Solar reported revenue of ₹27.77 Cr for FY 2025-26 (down 1.7% YoY) based on consolidated financials.
Waa Solar has 5 current directors:
- Amit Khurana - Managing Director
- Neelakshi Amit Khurana - Director
- Prashant Kumar Gupta - Additional Director
- Nikhil Kaushik - Director
- Shankar Prasad Bhagat - Director
The GSTIN of Waa Solar is 24AAACW9052D1ZI, registered in Gujarat. The company has 5 GST registrations in all, of which 1 is active and 4 are cancelled or inactive.
The CIN (Corporate Identification Number) of Waa Solar is L40106GJ2009PLC076764. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Waa Solar is listed on BSE with code 541445.
Waa Solar was incorporated on 09 November 2009, making it 17+ years old. It is registered with the Registrar of Companies, Ahmedabad.
Waa Solar can be reached through the website waasolar.org. Its registered office is in Vadodara, Gujarat, India.
The registered office of Waa Solar is at Madhav House Nr. Panchratna Building Subhanpura, Vadodara, Gujarat, India – 390023.