Waa Solar Ltd

Waa Solar Ltd trading window closed from Oct 01, 2026 for the half year ended on September 30, 2026; will remain closed till 48 hours after the announcement/ declaration of the unaudited financial results to the Public

Financial performance

• Standalone total income ₹2,988.51 L in FY2025-26, down from ₹3,025.42 L.
• Standalone revenue from operations ₹2,717.30 L.
• Standalone PBIDT ₹1,778.88 L.
• Standalone net loss ₹46.08 L.
• Standalone EPS (Basic) ₹-0.35.
• Consolidated revenue from operations ₹2,777.12 L.
• Consolidated total income ₹3,048.33 L.
• Consolidated EBITDA ₹1,819.18 L.
• Consolidated net profit after tax ₹65.03 L.
• Consolidated EPS ₹0.49.

Dividends & capital allocation

• Dividend for FY2025-26 not declared.
• Net profit transferred to general reserve.
• Share capital fully paid up at ₹1,326.68 L.

Projects & SPVs

• Awarded 48.15 MW MP PM-KUSUM C project in MP.
• Ongoing 1.5 MW and 4 MW PGVCL PM-KUSUM C projects.
• Added SPVs: Satipura, Tawlai, Awalda, Kalibawadi, Talanpur, Narayanpura, Utawad.
• Subsidiaries focus on solar power generation and EPC.

Debt & liquidity

• Total borrowings: long-term ₹15,758.97 L and short-term ₹796.77 L (consolidated notes).
• Short-term borrowings ₹2,052.77 L.
• Cash and cash equivalents ₹4,295.26 L.
• Total assets ₹41,200.24 L.
• Credit rating: CARE BBB+/Stable; IND A2+.
• Interest cost ₹1,111.66 L.

Governance

• Mr. Prashant Kumar Gupta appointed Non-Executive Independent Director on 12-11-2025.
• Mr. Mangilal Singhi resigned as CFO on 24-02-2026; Mohanan Shankaran Choran appointed CFO on 24-02-2026.
• Ms. Mansi Heda appointed Company Secretary Aug 2025; Nikita Sadhwani resigned Aug 2025.
• Audit Committee reconstituted on 12-11-2025 and 24-02-2026.
• KH & Associates reappointed as Secretarial Auditors for five years.

Related party transactions

• RPTs with Madhav Infra up to ₹200 Cr; MI Solar up to ₹5 Cr for FY2026-27.
• Outstanding related party loans and advances ₹2,733.43 L; mix of terms.
• Form AOC-2 disclosures prepared; transactions within ordinary course.

Audit & internal controls

• Statutory auditor: M/s JCH & Associates LLP; opinion unqualified.
• Secretarial auditor: M/s KH & Associates; no qualifications.
• Internal controls are adequate and operating effectively; internal audit by Samrat Mewada & Associates.
• CARO reports indicate no qualifications or adverse remarks.

CSR & sustainability

• CSR policy available on the company website.
• CSR expenditure for 2025-26: ₹9.88 L; fully spent.
• Donation to Rama Memorial Foundation for education and welfare.

AGM Details

• 17th AGM to be held on September 30, 2026, 04:00 PM IST via VC/OAVM.
• Register of Members and Share Transfer Books closed from September 24 to September 30, 2026.

Resolutions

• Ordinary: Adopt Standalone and Consolidated Audited Financial Statements for FY2025-26.
• Ordinary: Re-appoint Neelakshi Amit Khurana as Executive Director (liable to rotate).
• Special: Reaffirm continuation of Shankar Prasad Bhagat as Non-Executive Independent Director after 75.
• Special: Authorize Board to advance loans or guarantees up to Rs 500 crore.
• Special: Increase borrowing limit under Section 180(1)(C) to Rs 500 crore.
• Special: Authorize encumbrance on assets for borrowings.
• Ordinary: Ratify remuneration of Cost Auditors for 2026-27 at Rs 40,000.
• Ordinary: Approve related party transactions with Madhav Infra Projects Limited for FY2026-27 up to Rs 200 Crores.
• Ordinary: Approve related party transactions with MI Solar (India) Private Limited up to Rs 5 Crores.

Directors

• Re-appointment of Neelakshi Amit Khurana as Executive Director; liable to retire by rotation.
• Continuation/clarification of Shankar Prasad Bhagat as Non-Executive Independent Director after attaining age 75.

Auditors

• Remuneration of Cost Auditors for 2026-27 ratified at Rs 40,000.

Related Party Transactions

• Related party transactions with Madhav Infra Projects Limited up to Rs 200 Crores for 2026-27.
• Related party transactions with MI Solar (India) Private Limited up to Rs 5 Crores for 2026-27.

Borrowings & Security

• Board authorized to borrow up to Rs 500 Crores, with security over assets where needed.
• Board authorized to create encumbrance over movable and immovable assets for borrowings.

AGM Details

• 17th AGM on Sep 30, 2026 at 04:00 PM IST via VC/OAVM.
• Register of Members and Share Transfer closed Sep 24–30, 2026.
• Cut-off date for voting eligibility: Sep 23, 2026.
• Remote e-voting from Sep 27, 2026, 09:00 IST to Sep 29, 2026, 17:00 IST.
• Scrutinizer: CS Haresh Kapuriya of KH & Associates.

Draft Notice and AR

• Draft AGM Notice approved.
• Draft Annual Report including Board’s Report and financials approved.

Other Approvals

• Other approvals in normal course of business were noted.

Rating Action

• Affirmed bank loan facilities at IND BBB+/Stable/IND A2+; Off Rating Watch.
• Total facilities amount to INR 2,123.80 million.
• Outlook on ratings is Stable.
• Rating Watch with Developing Implications resolved.

Instruments & Ratings

• Term loans outstanding: INR 1,840 million and INR 260 million.
• Bank guarantee outstanding: INR 23.80 million.
• Overall instrument rating: IND BBB+/Stable/IND A2+.
• Regulators: RBI for bank loans and guarantees.

Dematerialisation processing and listing

• Securities received for dematerialisation up to 30 June 2026 were confirmed (accepted/rejected) to depositories.
• Securities in the certificates have been listed on the stock exchange where earlier issues are listed.
• Physical certificates received for dematerialisation were mutilated and cancelled after due verification.
• Depository's name substituted as registered owner within 15 days of receipt.