Waa Solar Limited H1 FY27 Revenue Rises 96.8% to ₹16.79 Crore

Waa Solar Limited reported standalone revenue from operations of ₹16.79 crore for the half year ended September 30, 2026, an increase of 96.8% year-on-year. Consolidated revenue reached ₹17.09 crore, while consolidated profit after tax was ₹0.68 crore, reflecting growth in the company’s reported operating and group-level financial metrics.

What did Waa Solar report for H1 FY27?

Waa Solar reported significant growth in revenue and EBITDA for H1 FY27 across its standalone and consolidated financial statements. The company’s Board of Directors approved the unaudited results, along with the limited review reports, at its meeting on October 30, 2026.

Standalone revenue from operations rose to ₹16.79 crore for the six months ended September 30, 2026. This represented year-on-year growth of 96.8%. Standalone EBITDA increased 59.2% to ₹12.31 crore, while profit before tax stood at ₹0.29 crore and profit after tax was ₹0.25 crore.

On a consolidated basis, revenue from operations was ₹17.09 crore, up 93.9% from the comparable previous-year period. Consolidated EBITDA rose 58.6% to ₹12.54 crore. Consolidated profit before tax was ₹0.39 crore and profit after tax was ₹0.68 crore.

The consolidated profit figure includes a ₹0.36 crore share of profit from associates, according to the company’s investor feed. Basic and diluted earnings per share were ₹0.19 on a standalone basis and ₹0.51 on a consolidated basis.

How do the standalone and consolidated figures compare?

The consolidated results were modestly higher than the standalone figures, reflecting the contribution of Waa Solar’s subsidiaries and associates. Consolidated revenue exceeded standalone revenue by ₹0.30 crore, while consolidated EBITDA was ₹0.24 crore higher.

The difference was more pronounced at the profit-after-tax level. Standalone profit after tax was ₹0.25 crore, compared with consolidated profit after tax of ₹0.68 crore. The reported associate-profit contribution provides context for the gap between the two results.

The company also disclosed total assets of ₹359.69 crore on a standalone basis and ₹384.81 crore on a consolidated basis as of September 30, 2026. Shareholders’ funds were ₹183.34 crore standalone and ₹184.27 crore consolidated.

Which projects are supporting Waa Solar’s expansion plans?

Waa Solar is involved in solar projects under the PM-KUSUM scheme in Madhya Pradesh and Gujarat. Its disclosed project pipeline includes a 48.15 MW feeder-level solarisation project in Madhya Pradesh and a 5.5 MW Gujarat project comprising the Mitana 1.5 MW and Paddhari 4 MW components.

The company also has seven special purpose vehicles for the Surya Mitra Krishi Feeder Scheme in Madhya Pradesh. Feeder solarisation projects are intended to support solar-powered agricultural electricity supply, placing Waa Solar’s reported project activity within the broader farm-solarisation programme.

Waa Solar has stated a target of achieving 300 MW capacity by 2030 through various avenues. Its strategic priorities also include developing an FDRE revenue model and exploring battery energy storage system manufacturing and maritime decarbonisation.

These priorities indicate that the company is considering opportunities beyond conventional solar generation. However, the disclosure does not provide investment values, commissioning timelines, or revenue guidance for these initiatives.

What do the results mean for investors and operations?

The H1 FY27 results show a substantial increase in reported revenue from operations compared with the corresponding prior-year period. The rise in both standalone and consolidated EBITDA shows that the revenue improvement was accompanied by growth in the company’s reported operating earnings.

Cash-flow disclosures show net cash generated from operations of ₹65.93 crore standalone and ₹67.45 crore consolidated during the half year. Investing activities used ₹85.71 crore on a standalone basis and ₹87.34 crore on a consolidated basis, while financing activities generated ₹25.10 crore and ₹24.75 crore, respectively.

The cash-flow pattern points to investment activity during the period, alongside financing inflows. The company has not provided a detailed project-wise use of these cash flows in the supplied disclosure, so their allocation across operating assets, project development or other purposes cannot be determined from the reported figures.

For investors, the key reported indicators are the 96.8% increase in standalone revenue, the 93.9% increase in consolidated revenue, and the higher consolidated profit after tax. The figures were approved as unaudited results and were accompanied by limited review reports.

Conclusion

Waa Solar’s H1 FY27 financial disclosure records strong year-on-year growth in revenue and EBITDA at both the standalone and consolidated levels. Consolidated profit after tax of ₹0.68 crore was higher than the standalone result, with the company reporting a contribution from associates.

The next areas to watch are progress on the 48.15 MW Madhya Pradesh project, the 5.5 MW Gujarat projects, and the seven Madhya Pradesh SPVs. Waa Solar’s disclosed 300 MW capacity target for 2030, along with its proposed FDRE, BESS and maritime decarbonisation initiatives, will require further operational and financial updates.