Waa Solar quarterly results and financials

Waa Solar (BSE 541445)₹41.500.00%(9 Nov 2026 close)Power Generation

Key facts

In the Sep 2026 quarter (consolidated), Waa Solar reported sales of ₹17.10 Cr, up 93.9% from Sep 2025, and net profit of ₹0.69 Cr, down 62.3% year on year. For the year to Mar 2026, sales were ₹27.78 Cr and net profit ₹0.66 Cr.

Sales (Sep 2026): ₹17.10 Cr
Net profit (Sep 2026): ₹0.69 Cr
Sales (FY Mar 2026): ₹27.78 Cr
Net profit (FY Mar 2026): ₹0.66 Cr
EPS (Sep 2026): ₹0.52
Borrowings (Mar 2026): ₹178 Cr

Company filings, consolidated accounts; latest reported quarter Sep 2026

Waa Solar quarterly results

₹ crore unless stated; each column is a quarter.

Waa Solar Quarterly results
	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026	Sep 2026
Sales	23.66	3.05	14.39	13.87	8.82	18.97	17.10
Expenses	6.62	1.87	9.65	8.17	2.44	9.81	5.75
Operating Profit	17.00	1.15	4.69	5.65	6.35	9.12	11.31
OPM %	71.9%	38.1%	32.6%	40.8%	72.1%	48.1%	66.2%
Other Income	0.44	0.21	0.60	1.98	1.54	1.15	1.21
Interest	4.27	−0.26	2.23	2.85	4.80	6.30	7.34
Depreciation	7.97	0.99	4.49	−0.57	2.99	3.86	4.79
Profit before tax	5.18	0.64	−1.42	5.35	0.09	0.10	0.37
Tax %	16.2%	72.4%	0.0%	0.7%	20.1%	509.1%	15.9%
Exceptional items	0.00	0.00	0.00	0.00	−0.04	−0.15	0.00
Net Profit	5.06	1.60	−0.30	7.28	1.83	−1.18	0.69
EPS (Rs)	3.55	1.47	−0.23	5.48	1.38	−0.89	0.52

Waa Solar profit and loss

₹ crore unless stated; years end in March. TTM is the last four quarters.

Waa Solar Profit and loss
	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Sales	65.98	63.62	51.73	50.77	79.44	47.89	43.85	45.77	48.79	26.42	28.26	27.78
Expenses	20.29	21.74	7.93	9.05	18.76	18.78	7.19	10.49	13.27	8.09	17.75	12.25
Operating Profit	45.59	41.77	43.70	41.67	60.44	29.03	36.60	35.16	35.43	18.26	10.43	15.47
OPM %	69.1%	65.7%	84.6%	82.1%	76.2%	60.6%	83.5%	76.9%	72.7%	69.2%	36.9%	55.7%
Other Income	0.59	1.05	0.72	2.62	5.78	21.29	1.24	1.05	0.64	0.54	2.50	2.70
Interest	19.87	20.64	21.34	21.39	26.37	18.27	14.93	11.80	10.04	4.00	5.08	11.11
Depreciation	14.84	15.95	24.05	18.03	33.00	19.57	16.38	16.11	15.95	8.97	3.91	6.87
Profit before tax	11.45	6.19	−1.00	4.86	6.84	12.47	6.50	8.29	10.04	5.83	3.93	0.19
Tax %	1.1%	1.1%	19.9%	19.6%	46.7%	19.0%	38.7%	24.3%	17.7%	22.4%	1.0%	290.1%
Exceptional items	0.00	0.00	0.00	0.00	2.01	9.02	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	11.40	6.15	−1.22	3.93	3.81	11.30	4.32	7.76	10.43	6.65	6.99	0.66
EPS (Rs)	15.80	6.71	−1.49	3.80	3.15	8.37	3.06	5.48	7.43	5.01	5.26	0.50
Dividend payout %	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Waa Solar balance sheet

₹ crore, at each year end.

Waa Solar Balance sheet
	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	0.20	0.27	0.28	4.89	6.64	6.65	6.64	13.30	13.29	13.31	13.31	13.29
Reserves	80.97	108	63.53	112	142	155	158	159	167	169	174	171
Borrowings	329	179	173	188	235	149	135	115	93.55	50.95	142	178
Other Liabilities	35.75	10.03	12.34	14.95	77.10	31.03	22.24	23.38	24.91	1.61	4.01	49.49
Total Liabilities	446	297	249	320	461	342	322	310	298	235	334	412
Fixed Assets	395	256	190	225	204	104	138	122	106	44.24	98.10	181
CWIP	0.00	0.00	3.54	0.52	71.45	46.07	0.00	0.00	0.00	0.28	21.49	19.96
Investments	0.71	25.88	36.60	42.92	81.25	76.97	82.47	87.69	88.05	97.48	97.30	97.04
Other Assets	49.89	14.96	18.60	51.15	104	115	102	101	104	92.96	117	114
Inventories	—	0.93	0.99	1.31	0.91	0.91	0.96	2.58	1.05	2.61	0.00	0.35
Trade receivables	—	2.07	2.03	6.27	3.15	10.69	10.82	13.27	12.15	15.04	16.69	11.82
Cash & equivalents	—	5.18	5.22	6.02	42.43	36.79	13.91	15.19	19.83	19.32	38.20	43.09
Total Assets	446	297	249	320	461	342	322	310	298	235	334	412

Waa Solar cash flow

₹ crore, for each year.

Waa Solar Cash flow
	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from operating activity	47.49	52.38	42.49	40.41	107	24.64	34.03	31.08	36.93	14.99	−4.56	67.54
Cash from investing activity	−194	98.16	−18.19	−34.00	−133	75.76	−18.29	1.42	−1.30	51.49	−62.97	−87.47
Cash from financing activity	125	−151	−24.24	−5.59	62.63	−106	−38.56	−31.22	−30.99	−67.09	86.50	24.79
Net cash flow	−22.60	−0.33	0.03	0.78	36.26	−5.57	−22.82	1.26	4.64	−0.52	18.82	4.85
Capex	196	114	4.98	0.00	81.73	0.00	0.00	0.00	0.00	0.99	78.70	87.78
Free cash flow	−149	175	37.54	40.22	24.20	38.07	34.84	30.89	36.28	15.54	−83.44	−20.73
CFO / OP %	104.0%	125.0%	97.0%	99.0%	181.0%	93.0%	100.0%	94.0%	108.0%	91.0%	−43.0%	439.0%

Waa Solar ratios

Working-capital days and returns, by year.

Waa Solar Ratios
	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor days	13	12	14	45	15	82	90	106	91	208	215	155
Inventory days	—	—	—	—	—	—	—	—	—	576	0	—
Days payable	—	—	—	—	—	—	—	—	—	369	—	—
Cash conversion cycle	12	11	13	44	14	81	89	105	90	413	214	154
Working capital days	121	52	−94	159	−23	408	520	479	433	923	696	5
ROCE %	9.2%	7.5%	7.6%	9.5%	8.6%	5.7%	6.7%	6.5%	6.8%	3.8%	3.3%	3.3%

Waa Solar: frequently asked questions

What are the latest quarterly results of Waa Solar?

For the Sep 2026 quarter, Waa Solar reported sales of ₹17.10 Cr, up 93.9% year on year and net profit of ₹0.69 Cr, down 62.3% year on year. The operating margin was 66.2%.

What is the annual revenue of Waa Solar?

Waa Solar's sales for the year to Mar 2026 were ₹27.78 Cr.

What is the net profit of Waa Solar?

Net profit for the year to Mar 2026 was ₹0.66 Cr. Earnings per share over the same trailing period were ₹0.50.

How much debt does Waa Solar have?

Waa Solar reported borrowings of ₹178 Cr at Mar 2026, against cash and equivalents of ₹43.09 Cr.

What is the free cash flow of Waa Solar?

Cash from operations was ₹67.54 Cr in the year to Mar 2026; after capital spending, free cash flow was −₹20.73 Cr.

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