WAA
Waa Solar financials
- Market cap
- ₹77 Cr
Quarterly results
Q4 FY26: revenue up 523.7%, net profit down 173.6% against the same quarter last year.
| Line item | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 26 | 23 | 24 | 3 | 14 −44% | 14 −41% | 9 −63% | 19 +524% |
| EBITDA | 16 | 19 | 17 | 1 | 5 −71% | 6 −70% | 6 −63% | 9 +687% |
| Net profit | 4 | 7 | 5 | 2 | -0 −108% | 7 +7% | 2 −64% | -1 −174% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −25.5% 1Y
1Y: ₹66.46 on 10 Sept 2025 → ₹49.49. High ₹73.41 (31 Dec 2025), low ₹42.5 (20 Aug 2026).
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹7 Cr | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹13 Cr |
| Reserves | ₹158 Cr | ₹159 Cr | ₹167 Cr | ₹169 Cr | ₹173 Cr | ₹171 Cr |
| Borrowings | ₹135 Cr | ₹115 Cr | ₹94 Cr | ₹51 Cr | ₹163 Cr | ₹178 Cr |
| Other liabilities | ₹22 Cr | ₹23 Cr | ₹25 Cr | ₹2 Cr | ₹3 Cr | ₹49 Cr |
| Total liabilities | ₹322 Cr | ₹310 Cr | ₹299 Cr | ₹235 Cr | ₹352 Cr | ₹412 Cr |
| Fixed assets | ₹138 Cr | ₹122 Cr | ₹107 Cr | ₹44 Cr | ₹136 Cr | ₹181 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹5 Cr | ₹20 Cr |
| Investments | ₹82 Cr | ₹87 Cr | ₹88 Cr | ₹97 Cr | ₹97 Cr | ₹97 Cr |
| Other assets | ₹101 Cr | ₹101 Cr | ₹104 Cr | ₹93 Cr | ₹114 Cr | ₹114 Cr |
| Total assets | ₹322 Cr | ₹310 Cr | ₹299 Cr | ₹235 Cr | ₹352 Cr | ₹412 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
The ownership split has held steady since Mar 2025. The shareholder count shrank 3% to 2,307.
- Promoters
- 67.9%
- Public
- 32.1%
Since Mar 2025
- Promoters 0.00 pp
- Public 0.00 pp
How it drifted, 12 quarters
Over this window promoters fell from 69.8% to 67.9% — −2.0 pp.
Ownership split by quarter, oldest first. Sep '20: Promoters 69.8%, Public 30.1%.Mar '21: Promoters 69.8%, Public 30.2%.Sep '21: Promoters 69.8%, Public 30.2%.Mar '22: Promoters 69.8%, Public 30.2%.Sep '22: Promoters 69.8%, Public 30.2%.Mar '23: Promoters 69.8%, Public 30.2%.Sep '23: Promoters 69.8%, Public 30.3%.Mar '24: Promoters 68.5%, Public 31.5%.Sep '24: Promoters 67.8%, Public 32.1%.Mar '25: Promoters 67.9%, Public 32.1%.Sep '25: Promoters 67.9%, Public 32.1%.Mar '26: Promoters 67.9%, Public 32.1%.
Who is on the register
Named in the Mar 2026 filing
Every holder of Waa Solar Limited above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Madhav Power Private Limited | 52.90% | unchanged |
| Armaan Amit Trust (In The Name Of Trustee Ashok M. Khurana) | 11.23% | unchanged |
| Amit Ashok Khurana | 3.58% | unchanged |
| Madhav Ashok Trust (In The Name Of Trustee Ashok M. Khurana) | 0.08% | unchanged |
| Ashok Madhavdas Khurana | 0.07% | unchanged |
| Manju Ashok Khurana | 0.01% | unchanged |
| Neelakshi Amit Khurana | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Waa Solar Limited
Guides on how to read this kind of business and the numbers that matter.