Waa Solar EPC revenue falls to Rs 2.14 crore in H1 FY27

WAA SOLAR LIMITED reported Contract Receipt revenue of Rs 2.14 crore for the half year ended 30 September 2026, compared with Rs 6.23 crore in the preceding half year ended 31 March 2026. Its EPC Contract segment recorded a Rs 15.62 lakh loss, while Solar Power Generation delivered a Rs 54.18 lakh segment result.

What happened to Waa Solar's EPC revenue in H1 FY27?

Waa Solar's Contract Receipt revenue fell to Rs 2.14 crore in the half year ended 30 September 2026 from Rs 6.23 crore in the half year ended 31 March 2026. The decline was Rs 4.10 crore between the two reported six-month periods.

The segment statement labels the revenue line as Contract Receipt and the related segment-result line as EPC Contract. Contract Receipt represented about 13% of Waa Solar's Rs 17.09 crore total sales or income from operations in the September 2026 half year, compared with about 33% of Rs 18.96 crore in the preceding half year.

Solar Power Generation partly offset the lower contract receipts. Generation revenue rose by Rs 2.23 crore to Rs 14.96 crore in the half year ended 30 September 2026, from Rs 12.72 crore in the half year ended 31 March 2026, but this did not fully cover the Rs 4.10 crore reduction in Contract Receipt revenue.

Did Waa Solar's EPC Contract segment make a profit?

No, Waa Solar's EPC Contract segment reported a loss of Rs 15.62 lakh for the half year ended 30 September 2026. The loss was recorded against Contract Receipt revenue of Rs 2.14 crore in the same period.

The EPC Contract loss narrowed from Rs 56.70 lakh in the half year ended 31 March 2026. The Rs 41.08 lakh improvement in the segment result occurred even though Contract Receipt revenue fell by Rs 4.10 crore over the two reported half-year periods.

The filing does not provide an EPC cost breakdown, project-level status, or explanation for the segment loss. It therefore does not establish whether the September 2026 result reflects project timing, costs, contract execution, or another factor.

For the year ended 31 March 2026, Waa Solar reported Rs 6.23 crore of Contract Receipt revenue and an EPC Contract loss of Rs 93.38 lakh. The September 2026 half-year figures are not directly comparable with the full-year figures, but they show that the EPC Contract segment remained loss-making after the prior full-year loss.

How did solar generation compare with Waa Solar's EPC business?

Waa Solar's Solar Power Generation business remained profitable at the segment level, reporting a Rs 54.18 lakh result for the half year ended 30 September 2026. This contrasted with the Rs 15.62 lakh loss in the EPC Contract segment during the same period.

Solar Power Generation revenue increased to Rs 14.96 crore from Rs 12.72 crore across the two reported half years. Its segment result nevertheless declined by Rs 12.97 lakh, from Rs 67.15 lakh in the half year ended 31 March 2026 to Rs 54.18 lakh in the September 2026 half year.

The total segment result increased to Rs 38.56 lakh in the half year ended 30 September 2026 from Rs 10.57 lakh in the preceding half year. The Rs 27.99 lakh increase reflected the smaller EPC Contract loss, which outweighed the reduction in the Solar Power Generation segment result.

Toll Collection had no reported segment result in the half year ended 30 September 2026, after a Rs 0.12 lakh result in the half year ended 31 March 2026. The source does not give revenue for Toll Collection in the segment table, although it reports Rs 0.45 crore of segment assets at 30 September 2026.

What changed in Waa Solar's EPC assets and liabilities?

Waa Solar's EPC Contract segment assets declined to Rs 154.75 crore at 30 September 2026 from Rs 174.34 crore at 31 March 2026. The Rs 19.59 crore reduction occurred alongside the Rs 2.14 crore of Contract Receipt revenue reported for the September 2026 half year.

EPC Contract segment liabilities fell to Rs 18.83 crore at 30 September 2026 from Rs 24.85 crore at 31 March 2026. The filing does not identify the asset, liability, financing, or project movements behind these changes.

Solar Power Generation remained the larger disclosed operating segment by assets, with Rs 207.99 crore at 30 September 2026, compared with Rs 154.75 crore for EPC Contract. Solar Power Generation assets fell by Rs 8.89 crore from Rs 216.88 crore at 31 March 2026, while its segment liabilities decreased by Rs 22.57 crore to Rs 156.84 crore.

Consolidated segment assets totalled Rs 384.81 crore at 30 September 2026, including Rs 21.62 crore of unallocated assets and Rs 0.45 crore assigned to Toll Collection. Total segment liabilities were Rs 200.54 crore, including Rs 21.86 crore of unallocated liabilities, leaving assets less liabilities of Rs 184.27 crore, compared with Rs 184.62 crore at 31 March 2026.

How were Waa Solar's September 2026 results reviewed?

Waa Solar's consolidated segment statement for the half year ended 30 September 2026 was unaudited and was taken on record by its board on 30 October 2026. The statutory auditors conducted a limited review under Regulation 33 of the Securities and Exchange Board of India listing regulations.

The auditor stated that nothing came to its attention to indicate that the consolidated statement had not made the required disclosures or contained a material misstatement. The review was not an audit, and the auditor said it had not reviewed the interim financial statements of 11 subsidiaries with combined assets of Rs 50.03 crore, revenue of Rs 30 lakh and net profit of Rs 8 lakh for the half year.

The auditor also did not review the interim financial statements of three associates, for which the group's share of net profit after tax was Rs 1.29 crore in the half year ended 30 September 2026. Its review of those associate amounts was based solely on financial statements approved by the associates' boards.

Conclusion

Waa Solar's September 2026 half-year segment data show a clear difference between its operating businesses. Solar Power Generation generated Rs 14.96 crore of revenue and a Rs 54.18 lakh segment result, while EPC Contract produced Rs 2.14 crore of Contract Receipt revenue and a Rs 15.62 lakh loss. Although the EPC loss narrowed from Rs 56.70 lakh, its revenue contribution dropped sharply from the preceding half year.

The year-end accounts are the next disclosed point to watch because Waa Solar states that deferred tax assets or liabilities will be provided at the end of the year. They will also show whether Contract Receipt revenue recovers from the Rs 2.14 crore reported for the half year ended 30 September 2026 and whether the EPC Contract segment remains loss-making.