Waa Solar Limited is an established Indian renewable energy producer specializing in the **Built, Own, and Operate (BOO)** model. With over **20 years** of promoter experience in Engineering, Procurement, and Construction (EPC) and a **decade-long** track record in solar power generation, the company is currently undergoing a strategic transformation. This involves migrating from the **BSE SME platform** to the **Main Boards of the BSE and NSE**, divesting non-core road assets, and aggressively expanding its solar footprint through government-backed decentralized energy schemes. --- ### **Operational Portfolio and Asset Base** Waa Solar manages a geographically diverse portfolio of solar assets secured by long-term **Power Purchase Agreements (PPAs)**, typically spanning **25 years**. The company utilizes high-efficiency **monocrystalline modules** from Tier I suppliers, backed by **25-year warranties**. | Project Location | Capacity | Status | Offtaker | | :--- | :--- | :--- | :--- | | **Surendranagar, Gujarat** | **10.25 MW (DC)** | Operational (>10 years) | **GUVNL** | | **Raja Bhoj Airport, Bhopal** | **100 KWP** | Operational (>10 years) | Airport Authority | | **PM-KUSUM C (Gujarat)** | **47.5 MW** | **26.5 MW** Commissioned* | **PGVCL** | | **PM-KUSUM C (MP)** | **48.15 MW** | **07 PPAs** Executed | **MPPMCL** | | **Utility Scale (Gujarat)** | **14.96 MW** | Ground-mounted | **PGVCL** | *\*Includes 19 MW completed in FY 2024-25 and 7.5 MW completed in August 2025.* --- ### **Strategic Pivot: PM-KUSUM and Decentralized Solarization** The company has shifted its primary growth focus toward the **PM-KUSUM C Yojana** (feeder-level solarization). This strategy leverages government subsidies and decentralized grid connectivity to ensure stable returns. * **Gujarat Expansion:** Secured a **47.5 MW** project under **PGVCL**. As of mid-2025, **26.5 MW** is operational, with the remainder scheduled for commissioning by **June 2025**. * **Madhya Pradesh Entry:** In **January 2026**, the company incorporated **7 new wholly-owned subsidiaries** (Satipura, Tawlai, Awalda, Kalibawadi, Talanpur, Narayanpura, and Utawad) to execute **48.15 MW** of capacity for **MP Urja Vikas Nigam (MPUVNL)**. * **Tariff Structures:** The **PGVCL** projects operate at a fixed tariff of **INR 3.00/kWh**. The legacy **Surendranagar** project transitioned to a tariff of **INR 5.00/kWh** in January 2024 after completing its initial 12-year high-tariff cycle (**INR 15.00/kWh**). --- ### **Financial Performance and Capital Restructuring** Waa Solar is currently in a high-CAPEX phase, funded by a mix of long-term debt and equity restructuring. **Consolidated Financial Summary:** | Metric | FY 2024-25 (₹ Cr) | FY 2023-24 (₹ Cr) | | :--- | :--- | :--- | | **Revenue from Operations** | **28.25** | **26.69** | | **EBITDA** | **12.96** | **18.84** | | **Net Profit (PAT)** | **6.97** | **6.63** | | **Total Assets** | **305.26** | **222.63** | | **Long-term Borrowings** | **97.66** | **33.97** | **Key Financial Initiatives:** * **Rights Issue:** Executing a capital raise of up to **₹49 Crore** to fund new ventures. * **Debt Management:** Secured **₹184.20 Crores** in term loans from **State Bank of India** for KUSUM projects. Loans are structured with **155 monthly installments** starting April 2025. * **Asset Rationalization:** To focus on pure-play renewables, the company divested its stakes in several road and highway subsidiaries, including **Madhav (Sehora Silodi Corridor)** and **Madhav Infracon (Ashta Kannod Corridor)**. * **Capital Limits:** Shareholders approved an increase in authorized share capital to **₹18.00 Crore** and a borrowing limit of **₹350 Crore**. --- ### **Future Growth Levers and Market Positioning** Waa Solar aims to evolve into a diversified renewable energy player by exploring high-growth segments: * **Technology Diversification:** Actively evaluating opportunities in **Floating Solar**, **Battery Energy Storage Systems (BESS)**, and **Green Hydrogen**. * **EPC and Utility Scale:** Strengthening the **EPC order book** via SECI and NTPC tenders and expanding into **Utility-Scale Solar Parks**. * **Corporate Demand:** Capitalizing on the rising demand for **Open Access** and **Captive Solar** projects from industrial consumers. * **Policy Tailwinds:** Positioning to benefit from the **₹19,500 Crore PLI Scheme** for domestic manufacturing and the **₹34,422 Crore** national budget for **PM-KUSUM**. --- ### **Risk Profile and Mitigation** The company’s credit profile is supported by an **'IND BBB+'/Stable** (India Ratings) and **CARE BBB+ (Stable)** rating, though it faces specific sector-related risks. * **Operational Risks:** * **Resource Variability:** Revenue is strictly tied to solar irradiance; generation declines directly impact debt servicing. * **O&M Control:** Mitigated by performing **Operations & Maintenance in-house** to control costs and ensure technical uptime. * **Execution and Regulatory Risks:** * **Commissioning Delays:** Potential penalties from DISCOMs (like **PGVCL**) if remaining capacities are not met by deadlines. * **Policy Sensitivity:** High dependence on government-mandated PPA rates and transmission regulations. * **Financial Governance:** * **Inter-corporate Lending:** Historical audit notes highlighted **interest-free loans** that did not strictly align with **Section 186 of the Companies Act**; management is now focused on utilizing cash flows strictly for debt reduction. * **Liquidity:** The company maintains a **Debt Service Reserve (DSR)** equivalent to one quarter of principal and interest to buffer against payment delays. --- ### **Corporate Leadership** The company is led by **Mr. Amit Khurana** (Chairman and Managing Director). In a move to strengthen financial oversight during its transition to the Main Board, the company appointed **Mr. Mohanan Shankaran Choran** as **Chief Financial Officer (CFO)** in February 2026. The board currently prioritizes **reserve building** over dividend payouts to ensure the self-funding of its massive project pipeline.