Price
Financials
Consolidated, Rs crore| Sep 2020 | Mar 2021 | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 21.39 | 22.77 | 21.33 | 24.67 | 25.68 | 23.36 | 23.65 | 3.04 | 14.38 | 13.86 | 8.81 | 18.96 |
| Expenses | 3.07 | 4.48 | 3.80 | 7.00 | 9.19 | 4.43 | 6.64 | 1.88 | 9.68 | 8.20 | 2.45 | 9.83 |
| Operating Profit | 18.32 | 18.29 | 17.53 | 17.67 | 16.49 | 18.93 | 17.01 | 1.16 | 4.70 | 5.66 | 6.36 | 9.13 |
| OPM % | 85.65% | 80.32% | 82.18% | 71.63% | 64.21% | 81.04% | 71.92% | 38.16% | 32.68% | 40.84% | 72.19% | 48.15% |
| Other Income | 0.70 | 0.58 | 0.54 | 0.52 | 0.28 | 0.37 | 0.45 | 0.22 | 0.61 | 1.99 | 1.55 | 1.16 |
| Interest | 8.31 | 6.67 | 6.11 | 5.71 | 5.12 | 4.93 | 4.28 | -0.27 | 2.24 | 2.86 | 4.81 | 6.31 |
| Depreciation | 8.24 | 8.15 | 8.06 | 8.07 | 7.96 | 7.99 | 7.98 | 1.00 | 4.50 | -0.58 | 3.00 | 3.87 |
| Profit before tax | 2.47 | 4.05 | 3.90 | 4.41 | 3.69 | 6.38 | 5.20 | 0.65 | -1.43 | 5.37 | 0.10 | 0.11 |
| Tax % | 18.22% | 51.11% | 17.18% | 30.61% | 19.51% | 15.99% | 16.15% | 72.31% | 0.00% | 0.74% | 20.00% | 509.09% |
| Net Profit | 2.10 | 2.20 | 4.21 | 3.53 | 3.60 | 6.81 | 5.04 | 1.59 | -0.29 | 7.26 | 1.82 | -1.17 |
| EPS in Rs | 1.49 | 1.56 | 2.84 | 2.63 | 2.87 | 4.57 | 3.54 | 1.46 | -0.22 | 5.47 | 1.37 | -0.88 |
| 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 | 65.97 | 63.59 | 51.67 | 50.78 | 79.34 | 47.88 | 43.84 | 45.72 | 48.74 | 26.40 | 28.25 | 27.77 |
| Expenses | 20.34 | 21.81 | 7.95 | 9.07 | 18.82 | 18.83 | 7.21 | 10.51 | 13.30 | 8.11 | 17.81 | 12.28 |
| Operating Profit | 45.63 | 41.78 | 43.72 | 41.71 | 60.52 | 29.05 | 36.63 | 35.21 | 35.44 | 18.29 | 10.44 | 15.49 |
| OPM % | 69.17% | 65.70% | 84.61% | 82.14% | 76.28% | 60.67% | 83.55% | 77.01% | 72.71% | 69.28% | 36.96% | 55.78% |
| Other Income | 0.60 | 1.06 | 0.73 | 2.63 | 5.79 | 21.33 | 1.25 | 1.06 | 0.65 | 0.55 | 2.51 | 2.71 |
| Interest | 19.90 | 20.68 | 21.38 | 21.43 | 26.43 | 18.31 | 14.97 | 11.82 | 10.06 | 4.01 | 5.09 | 11.12 |
| Depreciation | 14.85 | 15.96 | 24.08 | 18.04 | 33.02 | 19.56 | 16.39 | 16.13 | 15.96 | 8.98 | 3.92 | 6.88 |
| Profit before tax | 11.48 | 6.20 | -1.01 | 4.87 | 6.86 | 12.51 | 6.52 | 8.32 | 10.07 | 5.85 | 3.94 | 0.20 |
| Tax % | 1.13% | 1.13% | 19.80% | 19.51% | 46.65% | 18.94% | 38.65% | 24.28% | 17.58% | 22.39% | 1.02% | 290.00% |
| Net Profit | 11.35 | 6.12 | -1.21 | 3.92 | 3.79 | 11.25 | 4.30 | 7.73 | 10.38 | 6.63 | 6.97 | 0.65 |
| EPS in Rs | 283.75 | 120.60 | -26.60 | 3.79 | 3.14 | 8.36 | 3.05 | 5.47 | 7.42 | 5.00 | 5.25 | 0.49 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | -8% | -9% | -17% | -2% | ||
| Compounded Profit Growth | -23% | -35% | -64% | -93% | ||
| Stock Price CAGR | % | 6% | -17% | -31% | ||
| Return on Equity | 3% | 3% | 3% | 0% |
| 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 | 0.19 | 0.27 | 0.27 | 4.88 | 6.63 | 6.63 | 6.63 | 13.27 | 13.27 | 13.27 | 13.27 | 13.27 |
| Reserves | 81.27 | 108.75 | 63.74 | 112.62 | 142.25 | 154.93 | 158.20 | 158.83 | 166.94 | 168.89 | 173.78 | 171.36 |
| Borrowings | 329.43 | 179.08 | 173.06 | 187.70 | 234.89 | 149.23 | 134.89 | 114.92 | 93.50 | 50.82 | 142.25 | 178.12 |
| Other Liabilities | 35.92 | 10.07 | 12.40 | 14.88 | 76.73 | 30.88 | 22.13 | 23.27 | 24.79 | 1.60 | 3.98 | 49.25 |
| Total Liabilities | 446.81 | 298.17 | 249.47 | 320.08 | 460.50 | 341.67 | 321.85 | 310.29 | 298.50 | 234.58 | 333.28 | 412.00 |
| Fixed Assets | 396.31 | 257.45 | 190.93 | 225.81 | 204.14 | 104.21 | 138.22 | 122.09 | 106.60 | 44.40 | 98.45 | 181.30 |
| CWIP | 0.00 | 0.00 | 3.53 | 0.51 | 71.14 | 45.88 | 0.00 | 0.00 | 0.00 | 0.27 | 21.40 | 19.90 |
| Investments | 0.70 | 25.81 | 36.45 | 42.75 | 80.99 | 76.72 | 82.15 | 87.43 | 87.82 | 97.22 | 97.02 | 96.68 |
| Other Assets | 49.80 | 14.91 | 18.56 | 51.01 | 104.23 | 114.86 | 101.48 | 100.77 | 104.08 | 92.69 | 116.41 | 114.12 |
| Total Assets | 446.81 | 298.17 | 249.47 | 320.08 | 460.50 | 341.67 | 321.85 | 310.29 | 298.50 | 234.58 | 333.28 | 412.00 |
| 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 | 47.36 | 52.30 | 42.40 | 40.35 | 106.26 | 24.57 | 33.96 | 31.00 | 36.86 | 14.97 | -4.55 | 67.45 |
| Cash from Investing Activity | -194.44 | 98.12 | -18.16 | -33.98 | -132.52 | 75.69 | -18.28 | 1.41 | -1.29 | 51.44 | -62.95 | -87.34 |
| Cash from Financing Activity | 124.44 | -150.75 | -24.20 | -5.58 | 62.55 | -105.83 | -38.52 | -31.15 | -30.92 | -66.94 | 86.34 | 24.75 |
| Net Cash Flow | -22.64 | -0.34 | 0.04 | 0.79 | 36.30 | -5.58 | -22.84 | 1.27 | 4.65 | -0.53 | 18.84 | 4.86 |
| Free Cash Flow | -149.87 | 175.20 | 37.62 | 40.35 | 24.27 | 38.19 | 34.91 | 31.00 | 36.40 | 15.58 | -83.66 | -20.78 |
| CFO/OP | 104% | 125% | 97% | 99% | 181% | 93% | 100% | 94% | 108% | 91% | -43% | 439% |
| 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 | 12.84 | 11.94 | 14.27 | 45.00 | 14.54 | 81.57 | 90.00 | 105.86 | 90.91 | 207.66 | 215.38 | 155.23 |
| Inventory Days | 576.08 | 0.00 | ||||||||||
| Days Payable | 369.40 | |||||||||||
| Cash Conversion Cycle | 12.84 | 11.94 | 14.27 | 45.00 | 14.54 | 81.57 | 90.00 | 105.86 | 90.91 | 414.35 | 215.38 | 155.23 |
| Working Capital Days | 121.67 | 52.52 | -92.61 | 160.36 | -22.27 | 408.53 | 521.19 | 479.88 | 433.82 | 923.56 | 696.67 | 5.65 |
| ROCE % | 9.14% | 7.43% | 7.51% | 9.40% | 8.55% | 5.70% | 6.59% | 6.46% | 6.73% | 3.76% | 3.26% | 3.24% |
| Sep 2020 | Mar 2021 | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 69.85% | 69.81% | 69.81% | 69.81% | 69.81% | 69.81% | 69.75% | 68.46% | 67.85% | 67.86% | 67.86% | 67.86% |
| Public | 30.15% | 30.19% | 30.19% | 30.19% | 30.19% | 30.19% | 30.26% | 31.54% | 32.15% | 32.14% | 32.13% | 32.14% |
| No. of Shareholders | 334 | 327 | 483 | 1,046 | 1,087 | 1,060 | 1,098 | 1,469 | 2,278 | 2,367 | 2,412 | 2,307 |
Fundamentals
Market Cap₹ 61.0 Cr.
Current Price₹ 46.0
Stock P/E133
Book Value₹ 139
ROCE3.24 %
ROE0.25 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)-2%
Compounded Profit Growth (TTM)-93%
Consolidated figures.
Valuation
Market capRs 58 Cr
Enterprise valueRs 193 Cr
P/E (TTM)89.19x
Price to book0.31x
Price to sales2.09x
EV / EBITDA10.61x
EV / EBIT17.06x
EV / sales6.96x
Price to cash flow0.86x
Earnings yield1.12%
P/E, 3-year average40.87x
P/B, 3-year average0.53x
P/E, 5-year average27.01x
P/B, 5-year average0.44x
Profitability
Operating margin (excl. other income)55.78%
Operating margin (incl. other income)65.54%
EBITDA margin65.54%
Pre-tax margin0.72%
Net profit margin2.34%
ROE0.35%
ROCE3.27%
ROA0.17%
ROE, 3-year average2.59%
ROCE, 3-year average3.46%
ROA, 3-year average1.71%
ROE, 5-year average3.54%
ROCE, 5-year average4.88%
ROA, 5-year average2.13%
ROIC (approx.)-6.73%
Tax rate290.00%
Other income / net worth1.47%
Growth
Sales growth (latest year)-1.70%
Profit growth (latest year)-90.67%
Sales CAGR, 3 years-17.10%
Sales CAGR, 5 years-8.73%
Profit CAGR, 3 years-59.58%
Profit CAGR, 5 years-30.64%
Per share
EPS (TTM)Rs 0.49
EPS (latest year)Rs 0.49
EPS, 3-year averageRs 3.58
EPS, 5-year averageRs 4.73
Book value per shareRs 139.17
Sales per shareRs 20.93
Cash flow per shareRs 50.84
Free cash flow per shareRs -15.66
Efficiency
Asset turnover0.07x
Fixed asset turnover0.15x
Inventory turnover21.75x
Inventory days17 days
Debtor days155 days
Debtors turnover2.35x
Creditor days369 days
Cash conversion cycle155 days
Working capital days6 days
Leverage
Total debtRs 178 Cr
Cash and bankRs 43 Cr
Net debtRs 135 Cr
Debt to equity0.96x
Net debt / EBITDA7.43x
Interest coverage1.02x
Owners' fund to total sources44.81%
Debt to assets43.23%
Cash flow
Cash from Operating Activity (latest year)Rs 67 Cr
Cash from Investing Activity (latest year)Rs -87 Cr
Cash from Financing Activity (latest year)Rs 25 Cr
Net Cash Flow (latest year)Rs 5 Cr
Free cash flow (latest year)Rs -21 Cr
FCFE (approx.: FCF + change in debt)Rs 15 Cr
Cash from ops / profit, 5 years4.50x
Sales to cash flow0.41x
Statement figures
Net sales (TTM)Rs 28 Cr
Net sales (latest year)Rs 28 Cr
Operating profit excl. other income (latest year)Rs 15 Cr
Other income (TTM)Rs 3 Cr
EBITDA (TTM)Rs 18 Cr
PBDT (TTM)Rs 7 Cr
Profit before tax (TTM)Rs 0 Cr
Tax (latest year)Rs 1 Cr
Net profit (TTM)Rs 1 Cr
Net profit (latest year)Rs 1 Cr
Depreciation (TTM)Rs 7 Cr
Interest (TTM)Rs 11 Cr
Cost of goods sold (latest year)Rs 8 Cr
Total expenditure (latest year)Rs 12 Cr
Total income (latest year)Rs 30 Cr
Share capitalRs 13 Cr
ReservesRs 171 Cr
Shareholders' fundsRs 185 Cr
Total assetsRs 412 Cr
Net blockRs 181 Cr
Capital work in progressRs 20 Cr
InvestmentsRs 97 Cr
ReceivablesRs 12 Cr
InventoryRs 0 Cr
Other liabilitiesRs 49 Cr
Shares outstanding (crore)1.33
Ownership
Promoter holding67.86% (-0.60 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 89.2 is at the 95th percentile of its own 8.4-year range
(median 10.0, low 1.1, high 106.7).
P/B 0.31 is at the 38th percentile (median 0.33).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
| Period | 541445 | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -3.0% | -2.8% | -0.2 pts |
| 1 month | -7.0% | -6.8% | -0.2 pts |
| 3 months | -16.1% | -7.6% | -8.5 pts |
| 3 years | -45.0% | +14.2% | -59.2 pts |
| 5 years | +34.7% | +27.9% | +6.8 pts |
Red flags
F-score 5 of 8| explain | Low interest cover Interest cover 1.0x in 2026 |
| look | Profit leans on other income Other income was 1355% of pre-tax profit in 2026 |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Mar 2026Sales ₹19 Cr +523.7% vs Mar 2024.
Net loss ₹1 Cr.
Activity
Compare| Company | Mcap (Cr) | P/E | ROCE |
|---|---|---|---|
| NTPC Ltd | 313,687 | 11.3 | 8.92 % |
| Adani Green Energy Ltd | 207,544 | 107 | 7.39 % |
| JSW Energy Ltd | 91,885 | 45.8 | 8.16 % |
| NTPC Green Energy Ltd | 75,829 | 125 | 3.56 % |
| NHPC Ltd | 73,650 | 19.4 | 5.75 % |
| NLC India Ltd | 35,463 | 11.0 | 8.42 % |
| ACME Solar Holdings Ltd | 30,958 | 52.0 | 8.91 % |
| SJVN Ltd | 23,512 | 36.8 | 5.73 % |
| Clean Max Enviro Energy Solutions Ltd | 16,250 | 104 | 6.16 % |
| Juniper Green Energy Ltd | 15,494 | 587 | 3.30 % |
| Nava Ltd | 15,467 | 20.4 | 12.8 % |
| Vedanta Power Ltd | 13,393 | 21.8 | % |
| Jaiprakash Power Ventures Ltd | 10,458 | 12.5 | 6.97 % |
| Reliance Power Ltd | 8,176 | 2,278 | 6.11 % |
| GMR Power & Urban Infra Ltd | 8,170 | 12.0 % |
No bulk or block deals on record.
No corporate actions on record.
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.
Quick answers
What is the market cap of Waa Solar Ltd?
Waa Solar Ltd (541445) has a market capitalisation of Rs 61.0 Cr. at the 2026-10-01 close.
What is the P/E ratio of Waa Solar Ltd?
Waa Solar Ltd trades at a P/E of 133 on trailing twelve-month profit, at the 2026-10-01 close.
What were Waa Solar Ltd's latest quarterly results?
In the Mar 2026 quarter, Waa Solar Ltd sales was Rs 19 Cr (+523.7% vs Mar 2024) with a net loss of Rs 1 Cr.