Waa Solar review relies on management accounts for 14 entities

WAA SOLAR LIMITED’s September 30, 2026 consolidated limited review relied on unaudited, board-approved interim accounts supplied by management for 11 subsidiaries and three associates. The 11 subsidiaries held Rs 50.03 crore of assets, while the three associates accounted for Rs 1.29 crore of the group’s share of net profit after tax for the half year.

What did Waa Solar’s auditor review?

Waa Solar’s auditor reviewed, rather than audited, the unaudited consolidated financial results for the half year ended September 30, 2026. J C H & Associates LLP conducted the work under Regulation 33 of the Securities and Exchange Board of India’s Listing Obligations and Disclosure Requirements Regulations, 2015, as amended.

The review followed Standard on Review Engagements 2410, which covers reviews of interim financial information performed by an entity’s independent auditor. The auditor said a review consists principally of inquiries of company personnel and analytical procedures, provides moderate assurance, and is less extensive than an audit; it therefore did not express an audit opinion for the September 30, 2026 results.

Waa Solar’s management prepared the consolidated statement under Accounting Standard 25, Interim Financial Reporting, prescribed under Section 133 of the Companies Act, 2013. The Board of Directors approved the statement, which covers the holding company, subsidiaries and associates for the six months from April 1, 2026 to September 30, 2026.

Which Waa Solar entities relied on management-provided accounts?

The auditor did not independently review interim financial statements for 11 Waa Solar subsidiaries included in the September 30, 2026 consolidated results. The entities were Madhav Infracon (Vidisha Kurwai Corridor) Pvt Ltd, Sol Kar Infrastructure Pvt Ltd, Madhav Solar (J) Private Limited, Aspire Infracon Pvt. Ltd., Waa Solar (Awada) Private Limited and Waa Solar (Kalibawadi) Private Limited.

The remaining five subsidiaries were Waa Solar (Narayanpura) Private Limited, Waa Solar (Satipura) Private Limited, Waa Solar (Talanpur) Private Limited, Waa Solar (Tawlai) Private Limited and Waa Solar (Utawad) Private Limited. Their unaudited interim statements had been approved by their boards and furnished to J C H & Associates LLP by management for the half year ended September 30, 2026.

The auditor also did not review interim financial statements for three associates: MI Solar (India) Private Limited, Madhav (Phoolsagar Niwas Shahpura Corridor) Highways Pvt Ltd, and Madhav (Sehora Silodi Corridor) Highway Pvt Ltd. These associates’ board-approved unaudited statements were likewise supplied by management for inclusion in Waa Solar’s September 2026 consolidated figures.

For both the 11 subsidiaries and three associates, J C H & Associates LLP said its review conclusion on the related amounts and disclosures was based solely on the approved unaudited financial statements furnished by management. This was a defined limitation within the September 30, 2026 limited review, rather than an audit qualification or a separate audit opinion.

How large were the unreviewed subsidiaries and associates?

The 11 subsidiaries whose interim statements were not reviewed had total assets of Rs 50.03 crore as at September 30, 2026. They reported total revenue of Rs 30 lakh and total net profit of Rs 8 lakh for the half year ended on that date.

The three associates whose interim statements were not reviewed contributed Rs 1.29 crore to Waa Solar’s share of net profit after tax for the half year ended September 30, 2026. The filing identifies this as the group’s share of associate profit after tax, rather than the associates’ total standalone profit.

The asset measure for the subsidiaries is a balance-sheet figure at September 30, 2026, whereas their revenue and net profit are six-month measures. The associate disclosure uses a different measure, Waa Solar’s share of profit after tax, so the filing does not provide a like-for-like asset or revenue comparison for those three associates.

J C H & Associates LLP nevertheless reported that nothing came to its attention in its September 2026 review that caused it to believe the consolidated statement omitted required information or contained a material misstatement. That conclusion incorporates the auditor’s stated reliance on management-furnished information for the 14 entities.

How did Waa Solar’s reported segment income and assets change?

Waa Solar reported total operating income of Rs 17.0945 crore for the half year ended September 30, 2026, compared with Rs 18.9579 crore for the half year ended March 31, 2026. Solar power generation revenue rose to Rs 14.9561 crore from Rs 12.7237 crore, while contract receipt fell to Rs 2.1383 crore from Rs 6.2342 crore.

Solar power generation recorded a segment result of Rs 54.18 lakh for the half year ended September 30, 2026, down from Rs 67.15 lakh in the half year ended March 31, 2026. The engineering, procurement and construction contract segment reported a loss of Rs 15.62 lakh, compared with a loss of Rs 56.70 lakh in the preceding half year.

Total segment assets declined by Rs 27.188 crore between March 31, 2026 and September 30, 2026. Solar power generation assets fell from Rs 216.8795 crore to Rs 207.9888 crore, while engineering, procurement and construction contract assets decreased from Rs 174.3447 crore to Rs 154.7541 crore over the same dates.

The auditor’s report also referred to prior results prepared under Accounting Standards. J C H & Associates LLP said it issued an unmodified audit opinion dated August 14, 2026 on the year ended March 31, 2026 results and an unmodified limited-review report dated November 12, 2025 on the half year ended September 30, 2025 results.

Conclusion

Waa Solar’s September 30, 2026 consolidated limited review found no matter that caused the auditor to believe the statement contained a material misstatement or lacked required disclosures. Its scope disclosure remains material to interpreting the consolidated figures because management-provided, board-approved accounts underpinned the reported information for 11 subsidiaries with Rs 50.03 crore of assets and three associates contributing Rs 1.29 crore of group profit after tax.

The filing identifies no target, plan or scheduled event concerning a future independent review of these entities. Its disclosed comparison shows total operating income declined to Rs 17.0945 crore in the September 2026 half year from Rs 18.9579 crore in the preceding half year, while total segment assets fell to Rs 384.8144 crore from Rs 412.0024 crore.