Synopsis:- Receiving two commissioning certificates from Paschim Gujarat Vij Company Limited, Waa Solar has crossed a cumulative 42 MW of commissioned capacity under the PM KUSUM-C Feeder Level Solarization Scheme, adding 6 MW in its latest tranche under a Regulation 30 disclosure filed with BSE.
Shares of a Gujarat-based solar power company came into focus on April 28, 2026, after the company announced the successful commissioning of a Grid-connected Solar PV System aggregating 6,000 KW (AC) under the central government’s PM KUSUM-C Feeder Level Solarization Scheme. The commissioning certificates were issued by Paschim Gujarat Vij Company Limited (PGVCL).
With a market capitalization of Rs. 87.83 crore, the shares of Waa Solar were trading at Rs. 66.2 per share, down 3.61 percent from its previous close of Rs.68.68. It is trading at a P/E of 31.98.
Two commissioning certificates from PGVCL cover a combined capacity of 6,000 KW AC, pushing Waa Solar’s cumulative commissioned capacity under PM KUSUM-C to 42 MW. The PM KUSUM Component-C scheme is a central government programme targeting feeder-level solarization, under which solar power plants are set up to supply electricity to agricultural feeders, enabling farmers to access daytime solar power while allowing surplus generation to be fed back to the grid.
For Waa Solar, which describes itself primarily as a solar power generation and transmission company with EPC ambitions, continued execution under this scheme represents its core operational activity.
The 6 MW addition is incremental but consistent with the company’s track record of commissioning capacity in tranches through PGVCL. That the certificates were issued by the same DISCOM as prior tranches suggests an established project relationship rather than a one-off win.
The commissioning headline runs alongside some balance sheet strains worth noting for investors. Screener’s data flags promoter pledge at 75.2 percent of their holding, debtor days at 215, and a low interest coverage ratio. The company’s five-year sales CAGR is negative at roughly 10 percent.
For H1 FY2026 (the half year ended September 2025), consolidated revenue stood at Rs. 8.81 crore against Rs. 14.38 crore in the corresponding period of FY2025, a period-on-period decline though operating margins recovered to 72 percent. Whether the 42 MW of cumulative capacity translates into more stable, recurring generation revenues will be the metric to watch.
Business Overview
Waa Solar Limited, incorporated in 2009 and listed on BSE SME (code: 541445), is engaged in solar power generation and transmission from Vadodara, Gujarat. A subsidiary of Madhav Power Pvt. Ltd., it sets up solar power projects directly and through investments in SPV companies.
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