Synopsis:Waa Solar Limited reported strong H2FY26 revenue growth driven by solar power generation and EPC operations. However, sharp rise in finance costs, depreciation and operational expenses pushed the company into a consolidated loss during the period.
Renewable energy stock gains attention after reporting revenue growth during H2FY26 driven by contribution from solar power generation and EPC operations. However, higher finance costs and depreciation expenses impacted margins and profitability during the period.
Waa Solar Limited has a total market capitalization of Rs. 74.29 crore, according to data on the BSE. Waa Solar shares were trading at Rs. 57.90 apiece on the Bombay Stock Exchange, up by 3.02 percent; the stock has declined around 7.86 percent over the last five sessions, while it has gone up about 7.22 percent in the 30 days. Over a six-month period, the stock has given a return of 8.43 percent, whereas on a year-on-year basis it has declined nearly 32.08 percent, reflecting mixed overall performance. The stock’s 52-week high was Rs. 85.25 and 52-week low was Rs. 40.90.
Waa Solar Limited reported audited consolidated financial results for the half year and financial year ended March 31, 2026. Since the company reports half-yearly financial statements instead of quarterly numbers, the latest reported period corresponds to the half year ended March 31, 2026.
The company posted consolidated revenue from operations of Rs. 18.96 crore during the half year ended March 31, 2026 compared to Rs. 13.86 crore reported during the half year ended March 31, 2025, reflecting growth of around 36.8 percent year-on-year. Sequentially, revenue also improved from Rs. 8.81 crore reported during the half year ended September 30, 2025.
Total income during the latest half year period stood at Rs. 20.09 crore compared to Rs. 15.85 crore reported in the corresponding previous period. The increase was mainly supported by improved contribution from solar power generation and EPC-related operations.
On the profitability front, the company reported a consolidated net loss of Rs. 1.17 crore during the half year ended March 31, 2026 compared to a net profit of Rs. 7.26 crore in the corresponding previous period. Sequentially, the company also reported decline from profit of Rs. 1.82 crore recorded during the previous half year period. The sharp decline in profitability was mainly due to a significant increase in finance costs, depreciation expenses and overall operational expenditure during H2FY26.
The company’s borrowings increased substantially during the year, which led to a sharp rise in interest expenses and finance costs. At the same time, depreciation expenses also increased considerably, likely due to addition of new solar and infrastructure-related assets. While revenue improved during the period, the increase in costs was significantly higher than revenue growth.
In addition, a higher contribution from EPC-related operations, which generally carry lower margins compared to solar power generation, also impacted overall operating profitability. As a result, Waa Solar reported a consolidated net loss during the latest half year period despite growth in operational revenue.
Total expenses increased sharply to Rs. 20.01 crore during H2FY26 compared to Rs. 10.48 crore reported in the corresponding previous period due to higher operational and finance-related costs.
For the full financial year FY26, Waa Solar reported consolidated revenue from operations of Rs. 27.77 crore compared to Rs. 28.25 crore in FY25, reflecting a marginal decline year-on-year. The company reported consolidated net profit of Rs. 0.65 crore in FY26 compared to Rs. 6.97 crore in FY25, reflecting a significant decline in annual profitability.
Profit before tax for FY26 stood at Rs. 0.20 crore compared to Rs. 3.94 crore in FY25. Earnings per share (EPS) for FY26 stood at Rs. 0.49 compared to Rs. 5.26 reported in the previous financial year.
Waa Solar Limited, incorporated in 2009, operates in the solar power generation and transmission business. The company is also engaged in EPC and toll collection operations through its consolidated businesses. India’s renewable energy sector continues benefiting from rising solar capacity additions, government-backed clean energy initiatives and increasing power demand. However, profitability in the sector remains sensitive to financing costs, regulatory approvals, execution timelines and power tariff structures.
Overall, Waa Solar reported higher H2FY26 revenue supported by operational growth, but profitability remained under pressure due to higher finance and depreciation expenses. Going forward, renewable energy demand, operational efficiency, project execution and cost management will remain key factors influencing the company’s future performance.
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