As of 6 Nov 2026, Waa Solar is loss-making on a trailing 12-month basis, with a net loss of ₹0.49 Cr, so it has no P/E ratio. The share price is ₹41.50, 47% below its 52-week high. Sales fell 17% a year over 3 years. Debt is 1.04× equity. It is listed on an SME platform with a market cap of ₹55 Cr, ranked 15th of 18 Utilities (Renewable) companies by market cap; the shares fell 35% over the past year.
- ₹41.35
- ₹42.80
- ₹41.35
- ₹41.35
- 4.8K
Health check
- ReturnsBehind
−34.6% over a year, better than 0 of 7 peers.
- Price tagLoss-making
Earnings were negative over the last 12 months.
- GrowthShrinking
Sales −17.3%, profit −59.6% a year over 3 years.
- ProfitabilityWeak
ROCE 3.2% vs peer median 5.8%.
- Balance sheetStretched
Debt 1.04× equity, interest covered 1.0×, Piotroski 5 of 9.
- Red flags5 to check
Loss-making over the last twelve months.
Small cap
Market sensitivity
Key metrics
- Market cap
- ₹55 Cr
- Small cap
- P/E
- 84.7
- Industry 45.8
- Price to book
- 0.30
- Peers 3.18
- Dividend yield
- 0.00%
- ROE
- −0.3%
- Peers 7.3%
- ROCE
- 3.2%
- Peers 5.8%
- Debt to equity
- 1.04
- Debt ₹191 Cr
- EPS (TTM)
- ₹0.49
- OPM (TTM)
- 42.3%
- Net margin −1.4%
- Sales growth
- +107.8%
- Latest quarter vs a year ago
- Profit growth
- −62.8%
- Latest quarter vs a year ago
- Price to sales
- 1.54
- EV/EBITDA 11.0
Strengths and risks
Strengths
- Quarterly sales up 107.8% on a year ago.
Risks to check
- Loss-making over the last twelve months.
- Return on equity is low at −0.3%.
- Quarterly profit down 62.8% on a year ago.
- 47% below its 52-week high.
- Interest coverage of only 1.4×.
About Waa Solar
Waa Solar Limited, together with its subsidiaries, engages in the power generation and transmission business in India. It is involved in setting up solar power projects. The company was incorporated in 2009 and is based in Vadodara, India. Waa Solar Limited operates as a subsidiary of Madhav Power Pvt. Ltd.
- Headquarters
- Vadodara
- Employees
- 16
- Sector
- Utilities
- ISIN
- INE799N01012
- Website
- waasolar.in
Price range
- Avg volume (3M)
- 7.2K
- 1-year return
- minus 34.6%
- From 52-week high
- minus 47.3%
Peers · Utilities - Renewable
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIGREENAdani Green Energy | 1,424.10 | plus 0.65% | 2,34,574 | 129.5 | 30.6 | 6.3% | 90.8% | 3.75 | 16.6% | plus 30.2% |
| ENRINSiemens Energy India | 2,809.00 | minus 1.75% | 1,00,034 | 67.2 | 63.4 | 29.2% | 21.5% | 0.04 | – | minus 11.9% |
| NHPCNHPC | 82.08 | plus 1.84% | 82,450 | 19.1 | 23.7 | 5.8% | 46.1% | 1.13 | 2.0% | minus 4.2% |
| NTPCGREENNTPC Green Energy | 82.63 | minus 1.27% | 69,627 | 107.3 | 40.5 | 2.9% | 87.5% | 1.92 | 156.2% | minus 16.9% |
| ACMESOLARACME Solar Holdings | 394.95 | minus 3.17% | 27,883 | 34.2 | 24.8 | 7.0% | 86.5% | 3.30 | 16.0% | plus 49.0% |
| SJVNSJVN | 57.15 | minus 0.70% | 22,459 | 22.7 | 16.4 | 5.0% | 67.8% | 2.25 | 14.6% | minus 34.1% |
| CLEANMAXClean Max Enviro Energy Solutions | 1,259.70 | minus 1.32% | 14,815 | 81.4 | 21.8 | 4.9% | 58.4% | 2.32 | 27.1% | plus 45.2% |
| WAAWaa Solar | 41.50 | plus 0.36% | 55 | 84.7 | 12.3 | 3.2% | 42.3% | 1.04 | −17.3% | minus 34.6% |
| Median of 7 peers | – | −1.27% | 69,627 | 67.2 | 24.8 | 5.8% | 67.8% | 2.25 | 16.3% | −4.2% |
Quarterly results
This company doesn’t report these figures in a format we can read yet.
Profit & loss
- Sales CAGR 3Y
- −17.3%
- Profit CAGR 3Y
- −59.6%
- ROE
- −0.3%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 49 | 26.7 | 28.2 | 27.8 | |
| – | minus 45.6% | +5.8% | minus 1.7% | |
| 13.6 | 8.4 | 17.8 | 12.3 | |
| 35.4 | 18.3 | 10.5 | 15.5 | |
| 72.2% | 68.5% | 37.1% | 55.8% | |
| 0.6 | 0.5 | 1.9 | 2 | |
| 10 | 3.9 | 5 | 10.7 | |
| 16 | 9 | 3.9 | 6.9 | |
| 0 | 0 | 0.5 | 0.3 | |
| 10.1 | 5.9 | 3.9 | 0.2 | |
| 17.5% | 22.4% | 0.9% | 291.5% | |
| 9.8 | 6.6 | 7 | 0.7 | |
| – | minus 32.6% | +5.2% | minus 90.7% | |
| 7.42 | 5.00 | 5.26 | – |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 13.3 | 13.3 | 13.3 | 13.3 | |
| 167 | 169 | 174 | 171 | |
| 93.5 | 50.8 | 142 | 178 | |
| 24.8 | 1.6 | 4 | 49.3 | |
| 299 | 235 | 333 | 412 | |
| 78 | 44.7 | 120 | 201 | |
| – | 0.3 | 21.4 | 19.9 | |
| – | 0.3 | 0.3 | – | |
| 7.9 | 2.6 | 38.1 | 43 | |
| 213 | 187 | 154 | 148 | |
| 299 | 235 | 333 | 412 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 36.9 | 15 | −4.5 | 67.4 | |
| −1.3 | 51.4 | −63 | −87.3 | |
| −30.9 | −66.9 | 86.3 | 24.8 | |
| 4.6 | −0.5 | 18.8 | 4.9 | |
| −0.5 | −0.7 | −79.1 | −88.2 | |
| 36.4 | 14.3 | −83.7 | −20.8 |
Shareholding pattern
This company is listed only on BSE, so there’s no NSE category split. See Major shareholders below for the named holders.
Major shareholders
Filings & events
News
No recent news coverage found.