About Waa Solar Limited
Data last updated: 23 December 2025
Waa Solar Limited is a public limited company based in Vadodara, Gujarat, India, a subsidiary of Madhav Power Private Limited. It specialises in solar energy solutions, a part of the broader environmental services sector. Incorporated on 09 November 2009, the company has been in operation for over 17 years.
Registered with ROC Ahmedabad under CIN L40106GJ2009PLC076764. Listed on BSE: 541445.
Capital: an authorised share capital of ₹18 Cr and a paid-up capital of ₹13.27 Cr. Formerly known as Waa Solar P Limited and Waa Solar Private Limited. It is led by directors including Nikhil Kaushik and Neelakshi Amit Khurana.
Last AGM: 26 September 2025. Financial statements filed for year ended 31 March 2025. Office: Madhav House Nr. Panchratna Building Subhanpura, Vadodara, Gujarat, India – 390023.
As per the financials filed for FY 2025, the company reported a revenue of ₹30.85 Cr, a growth of 13% compared to the previous year.
It operates as a subsidiary of Madhav Power Private Limited. Its group structure includes 8 subsidiaries.
The company is associated with 2 brands - Waasol, 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.
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Email*****@*****.com
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Telephone+91-****-******
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Website
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Social Media
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Registered AddressMadhav House Nr. Panchratna Building Subhanpura, Vadodara, Gujarat, India – 390023
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IndustryEnvironment, Solar Energy Solutions
- Historical Financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Litigation, compliance and MCA filings
- PDF report delivered after checkout
Name History of Waa Solar Limited
Waa Solar Limited 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, reflecting the company's evolution and rebranding over time.
| 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 Limited 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 Limited operates two associated brands: Waasol and Waa Solar. These brands represent Waa Solar Limited's diversified market presence and brand portfolio.
| 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 |
|---|---|---|---|
Hero Future Energies
|
Renewable energy projects are developed for utility-scale and commercial use. | London, United Kingdom, United Kingdom | 2012 |
Servoteh
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Manufacturer of EV chargers, solar inverters, solar panels, batteries, servo stabilizers, UPS, and LEDs | Delhi, India, India | 2004 |
KPI Green Energy
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Solar and hybrid power projects are developed and operated. | Surat, India, India | 2008 |
Borosil Renewables
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Solar glass is manufactured by Borosil Renewables for photovoltaic applications. | Mumbai, India, India | 1962 |
Hindustan Powerprojects
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Conventional and renewable energy is generated across India and abroad. | Delhi, India, India | 2008 |
SuKam Solar
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Provider of range of products and services, including solar panels, inverters, and LED street lights for homes and industries | Gurugram, India, India | 1998 |
Gautam Solar
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Manufactures solar modules and power plants with high-efficiency technology in India. | Delhi, India, India | 1997 |
Nessa
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Offers solar consumer goods | Ahmedabad, India, India | 2008 |
NuPower Renewables
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Provider of independent power generation services | Mumbai, India, India | 2008 |
Rising Sun Energy
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Solar power projects are developed and operated independently. | Delhi, India, India | 2014 |
Business Activity of Waa Solar Limited
Waa Solar Limited is engaged in the principal business activity of electricity, gas, steam and air condition supply, with detailed activities including 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 | ********* |
Auditor Details of Waa Solar Limited
Waa Solar Limited is audited by M/S JCH & ASSOCIATES (ICAI peer reviewed, certificate valid till 2029-02-28) for the financial year 2026, as reported in its BSE exchange filings. The statutory auditor is responsible for expressing an independent opinion on whether the financial statements present a true and fair view in accordance with applicable accounting standards.
| Name | Financial year | Audit opinion |
|---|---|---|
| M/S JCH & ASSOCIATES (ICAI peer reviewed, certificate valid till 2029-02-28) | FY 2026 | Declaration of unmodified opinion |
Board of Directors of Waa Solar Limited
Waa Solar Limited is currently managed by 7 directors, with 19 former directors having served the organization. The current Directors play a crucial role in shaping the company's strategic direction and governance.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Nikhil Kaushik | Director | 09 Feb 2024 | 2 Years 5 Months | Current |
| Neelakshi Amit Khurana | Director | 01 Apr 2021 | 5 Years 3 Months | Current |
| Amit Khurana Ashok | Managing Director | 26 Dec 2017 | 8 Years 6 Months | Current |
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Shankar Prasad Bhagat
Also directs:
Waa Solar Limited, Madhav Infra Projects Limited
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Director | 14 Aug 2024 | 1 Years 10 Months | Current |
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Mangi Lal Singhi
Also directs:
Waa Solar Limited, Infinity Infrabuild Limited, Madhav Power Private Limited and 2 more
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Director | 27 Oct 2017 | 8 Years 8 Months | Current |
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Prashant Kumar Gupta
Also directs:
Waa Solar Limited
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Additional Director | 12 Nov 2025 | 0 Years 7 Months | Current |
Financials of Waa Solar Limited FY 2026 filings available
Waa Solar Limited reported revenue of ₹27.77 Cr (down 1.68% YoY) for FY 2026. Profit growth despite declining revenue indicates effective cost management and margin discipline.
| Metrics | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Revenue from Operations | ₹27.77 Cr | ₹28.25 Cr | ₹26.69 Cr | ₹49.04 Cr | ₹46 Cr | ₹44.16 Cr | ₹48.24 Cr |
| Other Income | ₹2.71 Cr | ₹2.6 Cr | ₹66.26 Lakh | ₹65.23 Lakh | ₹1.06 Cr | ₹1.28 Cr | ₹21.36 Cr |
| Total Income | ₹30.48 Cr | ₹30.85 Cr | - | - | - | - | - |
| Cost of Materials Consumed | ₹4.14 Cr | ₹3.62 Cr | ₹1.68 Cr | ₹0 | ₹1.74 Cr | ₹9.19 Lakh | ₹73.01 Lakh |
| Purchases of Stock-in-Trade | ₹0 | ₹0 | ₹0 | ₹31.88 Lakh | ₹0 | ₹0 | ₹0 |
| Changes in Inventories | -₹36.21 Lakh | ₹2.62 Cr | -₹2.62 Cr | ₹1.53 Cr | -₹1.6 Cr | -₹6.89 Lakh | ₹0 |
| Employee Benefit Expense | ₹1.98 Cr | ₹1.85 Cr | ₹2.06 Cr | ₹4.77 Cr | ₹2.26 Cr | ₹1.77 Cr | ₹1.74 Cr |
| Finance Costs | ₹11.12 Cr | ₹5.09 Cr | ₹4.01 Cr | ₹10.06 Cr | ₹11.82 Cr | ₹14.97 Cr | ₹18.31 Cr |
| Other Expenses | ₹6.54 Cr | ₹9.81 Cr | ₹7.4 Cr | ₹7 Cr | ₹8.39 Cr | ₹5.76 Cr | ₹16.75 Cr |
| Total Expenses | ₹30.28 Cr | ₹26.91 Cr | ₹21.5 Cr | ₹39.62 Cr | ₹38.74 Cr | ₹38.92 Cr | ₹57.09 Cr |
| Profit Before Tax | ₹19.91 Lakh | ₹3.94 Cr | ₹5.85 Cr | ₹10.07 Cr | ₹8.32 Cr | ₹6.52 Cr | ₹12.52 Cr |
| Total Tax Expense | ₹58.07 Lakh | ₹3.59 Lakh | ₹1.31 Cr | ₹1.77 Cr | ₹2.02 Cr | ₹2.52 Cr | ₹2.37 Cr |
| Net Profit | ₹64.92 Lakh | ₹6.97 Cr | ₹6.63 Cr | ₹9.84 Cr | ₹7.26 Cr | ₹4.05 Cr | ₹11.12 Cr |
| Metrics | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Total Assets | ₹412 Cr | ₹333.28 Cr | ₹234.58 Cr | ₹298.5 Cr | ₹310.29 Cr | ₹321.85 Cr | ₹341.67 Cr |
| Non-current Assets | ₹297.89 Cr | ₹216.88 Cr | ₹143.98 Cr | ₹194.42 Cr | ₹209.53 Cr | ₹220.37 Cr | ₹226.81 Cr |
| Current Assets | ₹114.12 Cr | ₹116.4 Cr | ₹90.6 Cr | ₹104.09 Cr | ₹100.77 Cr | ₹101.48 Cr | ₹114.86 Cr |
| Property, Plant & Equipment | ₹181.3 Cr | ₹98.45 Cr | - | - | - | - | - |
| Inventories | ₹36.21 Lakh | ₹0 | ₹2.62 Cr | ₹1.04 Cr | ₹2.57 Cr | ₹97.19 Lakh | ₹90.29 Lakh |
| Cash & Equivalents | ₹42.95 Cr | ₹38.1 Cr | ₹12.93 Cr | ₹19.78 Cr | ₹15.14 Cr | ₹13.87 Cr | ₹36.71 Cr |
| Equity (Net Worth) | ₹197.89 Cr | ₹200.31 Cr | - | - | - | - | - |
| Current Liabilities | ₹70.74 Cr | ₹24.38 Cr | ₹6.63 Cr | ₹26.38 Cr | ₹25.52 Cr | ₹25.01 Cr | ₹24.56 Cr |
| Metrics | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Operating Cash Flow | ₹67.45 Cr | -₹4.55 Cr | ₹14.97 Cr | ₹38.63 Cr | ₹31 Cr |
| Investing Cash Flow | -₹87.34 Cr | -₹62.95 Cr | ₹51.44 Cr | -₹3.06 Cr | ₹1.41 Cr |
| Financing Cash Flow | ₹24.75 Cr | ₹86.34 Cr | -₹66.94 Cr | -₹30.92 Cr | -₹31.15 Cr |
| Capital Expenditure | ₹88.23 Cr | ₹79.11 Cr | - | - | - |
| Free Cash Flow (computed) | -₹20.78 Cr | -₹83.66 Cr | - | - | - |
| Dividends Paid | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 |
| Net Change in Cash | ₹4.86 Cr | ₹18.84 Cr | -₹52.85 Lakh | ₹4.65 Cr | ₹1.27 Cr |
| Segment · FY 2026 (annual) | Revenue | Result (PBIT) | Assets | Liabilities |
|---|---|---|---|---|
| Solar Power Generation | ₹21.54 Cr | ₹1.13 Cr | - | - |
| Contract Receipt | ₹6.23 Cr | -₹93.38 Lakh | - | - |
| Toll Collection | ₹0 | ₹0 | - | - |
| Metrics | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue from Operations | ₹27.17 Cr | ₹27.65 Cr | ₹26.08 Cr | ₹25.81 Cr | ₹23.52 Cr | ₹24.44 Cr | ₹25 Cr | ₹25.37 Cr |
| Other Income | ₹2.71 Cr | ₹2.6 Cr | ₹66.25 Lakh | ₹38.05 Lakh | ₹52.5 Lakh | ₹99.81 Lakh | ₹11.24 Cr | ₹3.65 Cr |
| Total Income | ₹29.89 Cr | ₹30.25 Cr | - | - | - | - | - | - |
| Cost of Materials Consumed | ₹4.14 Cr | ₹3.62 Cr | ₹1.68 Cr | ₹0 | ₹1.03 Cr | ₹0 | ₹73.01 Lakh | ₹0 |
| Purchases of Stock-in-Trade | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 |
| Changes in Inventories | -₹36.21 Lakh | ₹2.62 Cr | -₹2.62 Cr | ₹1.53 Cr | -₹62.4 Lakh | ₹0 | ₹0 | ₹0 |
| Employee Benefit Expense | ₹1.81 Cr | ₹1.66 Cr | ₹1.9 Cr | ₹1.74 Cr | ₹1.16 Cr | ₹1.16 Cr | ₹1.03 Cr | ₹67.66 Lakh |
| Finance Costs | ₹11 Cr | ₹4.93 Cr | ₹3.92 Cr | ₹4.72 Cr | ₹5.69 Cr | ₹7.89 Cr | ₹8.58 Cr | ₹9.5 Cr |
| Other Expenses | ₹6.51 Cr | ₹12.45 Cr | ₹7.39 Cr | ₹1.52 Cr | ₹1.64 Cr | ₹1.78 Cr | ₹4.41 Cr | ₹1.91 Cr |
| Total Expenses | ₹29.78 Cr | ₹29.01 Cr | ₹21.05 Cr | ₹18.29 Cr | ₹17.85 Cr | ₹19.84 Cr | ₹23.77 Cr | ₹21.52 Cr |
| Profit Before Tax | ₹10.42 Lakh | ₹1.24 Cr | ₹5.69 Cr | ₹7.9 Cr | ₹6.2 Cr | ₹5.6 Cr | ₹12.47 Cr | ₹7.5 Cr |
| Total Tax Expense | ₹56.51 Lakh | ₹2.54 Lakh | ₹1.28 Cr | ₹1.41 Cr | ₹1.26 Cr | ₹2.29 Cr | ₹2.18 Cr | ₹2.21 Cr |
| Net Profit | -₹46.09 Lakh | ₹1.22 Cr | ₹4.4 Cr | ₹6.49 Cr | ₹4.94 Cr | ₹3.31 Cr | ₹10.29 Cr | ₹5.29 Cr |
| Metrics | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | ₹386.16 Cr | ₹305.26 Cr | ₹222.63 Cr | ₹220.57 Cr | ₹225.68 Cr | ₹232.61 Cr | ₹242.49 Cr | ₹271.1 Cr |
| Non-current Assets | ₹309.41 Cr | ₹216.17 Cr | ₹143.64 Cr | ₹167.81 Cr | ₹176.09 Cr | ₹181.19 Cr | ₹175.87 Cr | ₹225.81 Cr |
| Current Assets | ₹76.75 Cr | ₹89.09 Cr | ₹78.98 Cr | ₹52.77 Cr | ₹49.58 Cr | ₹51.41 Cr | ₹66.62 Cr | ₹45.28 Cr |
| Property, Plant & Equipment | ₹177.87 Cr | ₹94.83 Cr | - | - | - | - | - | - |
| Inventories | ₹36.21 Lakh | ₹0 | ₹2.62 Cr | ₹0 | ₹1.53 Cr | ₹90.29 Lakh | ₹90.29 Lakh | ₹90.29 Lakh |
| Cash & Equivalents | ₹42.32 Cr | ₹37.56 Cr | ₹18.52 Cr | ₹12.66 Cr | ₹7.26 Cr | ₹7.13 Cr | ₹31.07 Cr | ₹43,000 |
| Equity (Net Worth) | ₹183.1 Cr | ₹183.56 Cr | - | - | - | - | - | - |
| Current Liabilities | ₹70.39 Cr | ₹24.04 Cr | ₹6.32 Cr | ₹14.43 Cr | ₹14.22 Cr | ₹14.84 Cr | ₹16.42 Cr | ₹47.46 Cr |
| Metrics | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Operating Cash Flow | ₹65.37 Cr | -₹3.59 Cr | ₹11.8 Cr | ₹22.96 Cr | ₹17.5 Cr |
| Investing Cash Flow | -₹85.71 Cr | -₹51.5 Cr | -₹24.88 Lakh | -₹1.17 Cr | -₹42.14 Lakh |
| Financing Cash Flow | ₹25.1 Cr | ₹74.13 Cr | -₹5.68 Cr | -₹16.4 Cr | -₹16.95 Cr |
| Capital Expenditure | ₹88.23 Cr | ₹79.11 Cr | - | - | - |
| Free Cash Flow (computed) | -₹22.86 Cr | -₹82.7 Cr | - | - | - |
| Dividends Paid | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 |
| Net Change in Cash | ₹4.76 Cr | ₹19.04 Cr | ₹5.87 Cr | ₹5.4 Cr | ₹12.97 Lakh |
Shareholding Pattern of Waa Solar Limited
As per the shareholding pattern filed with BSE for the quarter ended Mar 2026, promoters hold 67.86%, foreign institutional investors hold 0.00%, domestic institutional investors hold 0.00%, retail and other public shareholders hold 32.14% of Waa Solar Limited. The company had 2,307 shareholders on record.
| Mar 2026 | Sep 2025 | Mar 2025 | Sep 2024 | Mar 2024 | Sep 2023 | |
|---|---|---|---|---|---|---|
| Promoters | 67.86% | 67.86% | 67.86% | 67.85% | 68.46% | 69.75% |
| Public | 32.14% | 32.14% | 32.14% | 32.15% | 31.54% | 30.25% |
| Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | |
|---|---|---|---|---|---|---|
| Promoters | 67.86% | 67.86% | 68.46% | 69.81% | 69.81% | 69.81% |
| Public | 32.14% | 32.14% | 31.54% | 30.19% | 30.19% | 30.19% |
| Promoter change (YoY, %pts) | +0.00 | -0.60 | -1.35 | +0.00 | +0.00 | - |
Group Structure of Waa Solar Limited
Waa Solar Limited has 8 subsidiary companies and 2 associated companies. This group structure data is as of FY 2023. The corporate group structure reflects Waa Solar Limited's business expansion strategy and organizational complexity.
| 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
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Employee Count & EPFO Data of Waa Solar Limited
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GST Compliance of Waa Solar Limited
GSTIN & GST Filing Data of Waa Solar Limited
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Credit Ratings, Litigation & Regulatory Alerts for Waa Solar Limited
Credit Ratings, Legal Cases & Regulatory Alerts of Waa Solar Limited
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MSME Payment Delays by Waa Solar Limited
MSME Payment Delays by Waa Solar Limited
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Subsidiaries & Group Companies of Waa Solar Limited
Subsidiaries & Group Companies of Waa Solar Limited
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MCA Filings & Documents of Waa Solar Limited
MCA Filings & Documents of Waa Solar Limited
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Recent Activity on Waa Solar Limited
Frequently Asked Questions about Waa Solar Limited
Waa Solar Limited is an active public limited company in the environment sector based in Vadodara, Gujarat, India. It was incorporated on 09 November 2009 (17+ years old) and is registered under CIN L40106GJ2009PLC076764. Listed on BSE: 541445.
Waa Solar Limited reported revenue of ₹30.85 Cr for FY 2025 (up 13.00% YoY).
The current directors of Waa Solar Limited are:
- Nikhil Kaushik
- Mangi Lal Singhi
- Neelakshi Amit Khurana
- Amit Khurana Ashok
- Shankar Prasad Bhagat
- Mansi Heda
- Prashant Kumar Gupta
The primary industry of Waa Solar Limited is environment. The company specifically operates in solar energy solutions. The company is currently active in this sector.
Yes. Waa Solar Limited is listed on BSE with code 541445.
Waa Solar Limited can be reached at the registered office: Madhav House Nr. Panchratna Building Subhanpura, Vadodara, Gujarat, India – 390023, or through the website waasolar.org.