Waa Solar Limited long-term borrowings rise to Rs 167.72 crore

Waa Solar reported consolidated long-term borrowings of Rs 167.72 crore at September 30, 2026, up Rs 10.13 crore from March 31, 2026, while cash and cash equivalents fell Rs 18.12 crore to Rs 24.83 crore. The unaudited half-year balance sheet and cash-flow statement show a shift in the group’s funding and liquidity position.

Why did Waa Solar’s long-term borrowings increase?

Waa Solar’s consolidated long-term borrowings rose to Rs 167.72 crore at September 30, 2026, from Rs 157.59 crore at March 31, 2026. The Rs 10.13 crore increase was recorded within non-current liabilities, which totalled Rs 166.77 crore at the half-year date, compared with Rs 156.64 crore at the preceding year-end.

Long-term provisions were unchanged at Rs 17.90 lakh in both reporting periods, according to the consolidated statement of assets and liabilities. The increase in non-current liabilities therefore principally tracks the higher long-term borrowing balance rather than a change in long-term provisions.

The balance sheet also shows a lower total liability figure despite the rise in long-term borrowings: consolidated liabilities declined to Rs 200.54 crore from Rs 227.38 crore. This reflects the fall in current liabilities to Rs 33.77 crore from Rs 70.74 crore, a reduction larger than the increase in non-current borrowings.

How did Waa Solar’s leverage ratios change?

Waa Solar’s consolidated debt-equity ratio was 1.03 at September 30, 2026, compared with 0.96 at March 31, 2026 and 0.88 for the year ended March 31, 2026. The ratio rose alongside the increase in long-term borrowings and the small reduction in consolidated shareholders’ funds to Rs 184.27 crore from Rs 184.62 crore over the six months.

The group’s interest service coverage ratio was 1.75 for the half year ended September 30, 2026, versus 1.52 for the half year ended March 31, 2026. Finance costs were Rs 7.36 crore for the September half year, higher than Rs 6.31 crore in the preceding half year, while profit before finance cost and tax was Rs 7.75 crore, compared with Rs 6.41 crore.

Consolidated finance costs for the half year were also above Rs 4.81 crore reported in the half year ended September 30, 2025. The ratio comparison is not a direct measure of debt maturities, but it shows that the reported coverage measure increased even as half-year finance cost rose by Rs 1.05 crore from the immediately preceding half year.

Why did Waa Solar’s cash balance decline?

Waa Solar’s consolidated cash and cash equivalents declined to Rs 24.83 crore at September 30, 2026 from Rs 42.95 crore at March 31, 2026. The Rs 18.12 crore fall matches the consolidated cash-flow statement’s reported net decrease in cash and cash equivalents during the April-to-September period.

Net cash used in operating activities was Rs 19.78 crore in the half year ended September 30, 2026. This contrasts with net cash generated from operating activities of Rs 67.45 crore in the year ended March 31, 2026, although those are different reporting periods and should not be treated as like-for-like half-year measures.

The half-year operating cash outflow was partly offset by Rs 5.17 crore of net cash from financing activities. Investing activities used a further Rs 3.50 crore. The cash-flow statement reports that cash and cash equivalents started the half year at Rs 42.95 crore and closed at Rs 24.83 crore.

What changed in Waa Solar’s assets and working capital?

Waa Solar’s total consolidated assets fell to Rs 384.81 crore at September 30, 2026 from Rs 412.00 crore at March 31, 2026. Current assets decreased to Rs 84.59 crore from Rs 114.12 crore, while non-current assets increased to Rs 300.22 crore from Rs 297.89 crore.

Within current assets, trade receivables were Rs 10.92 crore at September 30, 2026, compared with Rs 66.89 lakh at March 31, 2026. Short-term loans and advances decreased to Rs 37.86 crore from Rs 40.95 crore, while other current assets declined to Rs 10.83 crore from Rs 18.05 crore.

Capital work in progress was Rs 32.38 crore at September 30, 2026, compared with Rs 19.90 crore at March 31, 2026. Fixed assets were Rs 191.41 crore, up from Rs 181.30 crore. These changes occurred alongside the Rs 18.12 crore reduction in cash and the Rs 10.13 crore increase in long-term borrowings.

Which operating segments carried the reported liabilities?

Waa Solar reported consolidated segment liabilities of Rs 156.84 crore for solar power generation at September 30, 2026, down from Rs 179.41 crore at March 31, 2026. Engineering, procurement and construction, or EPC, contract liabilities were Rs 18.83 crore, below Rs 24.85 crore, while unallocated liabilities were Rs 21.86 crore compared with Rs 23.12 crore.

Solar power generation generated Rs 14.96 crore of revenue in the half year ended September 30, 2026, up from Rs 12.72 crore in the preceding half year. Contract receipt revenue declined to Rs 2.14 crore from Rs 6.23 crore, taking consolidated revenue from operations to Rs 17.09 crore, compared with Rs 18.96 crore in the half year ended March 31, 2026.

The solar power generation segment reported a result of Rs 54.18 lakh, versus Rs 67.15 lakh in the previous half year. The EPC contract segment reported a loss of Rs 15.62 lakh, compared with a loss of Rs 56.70 lakh. Consolidated profit for the period was Rs 68.12 lakh, after a Rs 35.57 lakh share of profit from associates and joint ventures.

Conclusion

Waa Solar’s September 2026 consolidated statements show higher long-term borrowings of Rs 167.72 crore alongside a lower cash balance of Rs 24.83 crore. Total liabilities nevertheless decreased because current liabilities fell by Rs 36.97 crore, while non-current assets rose by Rs 2.33 crore and current assets declined by Rs 29.53 crore.

What to watch next is the year-end deferred-tax accounting: Waa Solar states that provision for deferred tax liabilities or assets will be made at the end of the year. That provision could affect the reported balance sheet and profit figures after the September 2026 half-year statements.