Waa Solar
BSE: WAA · Power Generation
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Snapshot
Unlock Waa Solar's vital signs
Growth · Profitability · Valuation · Strength · Conviction
Company Overview
Business
Waa Solar Limited is an Indian renewable energy company specialising in solar power generation and the development of utility-scale solar photovoltaic projects. The company operates as an Independent Power Producer and provides comprehensive engineering, procurement, and construction services.
Business Model
The company generates revenue primarily through long-term Power Purchase Agreements with state electricity distribution companies and private entities. Additionally, it derives income from providing engineering, procurement, and construction services and investments in green energy special purpose vehicles.
Growth Outlook
Growth is driven by the expansion of operational capacity through strategic project acquisitions and the ongoing transition toward sustainable energy in India. The company continues to leverage its niche position to secure new utility-scale solar installations.
- Establishment Year:2009
Key Risks
- Regulatory and Policy Risk. Changes in government renewable energy policies or tariff structures could adversely impact the profitability of long-term Power Purchase Agreements.
- Counterparty Credit Risk. The company is exposed to payment delays or defaults from state electricity distribution companies, which may affect cash flow stability.
- Operational and Environmental Risk. Solar power generation is inherently dependent on weather conditions and solar irradiance, which can lead to fluctuations in energy output.
- Project Execution Risk. Delays in land acquisition, permitting, or supply chain disruptions for solar components could hinder the timely completion of new projects.
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Peers · Power Generation
| Company | Mkt Cap | P/E | EV/EBITDA | Rev Gr YoY | EBITDA Mgn | ROE | ROCE | 1Y Return |
|---|---|---|---|---|---|---|---|---|
Waa SolarWAA | ₹61 Cr | — | — | — | 22.0% | — | — | -32.6% |
RattanIndia Power LimitedRTNPOWER | ₹4,269 Cr | 37.86 | 10.43 | -6.5% | 25.5% | 2.4% | 6.1% | -35.3% |
Gujarat Industries Power Company LimitedGIPCL | ₹3,196 Cr | 6.36 | 7.39 | 23.8% | 52.8% | 13.7% | 6.8% | +15.8% |
Insolation EnerINA | ₹2,040 Cr | — | — | — | 13.0% | — | — | -58.1% |
K.P. EnergyKPEL | ₹1,691 Cr | 9.19 | 6.08 | 74.3% | 19.0% | 43.5% | 39.7% | -41.0% |
Orient Green Power Company LimitedGREENPOWER | ₹1,101 Cr | 17.07 | 7.72 | -0.1% | 69.5% | 6.0% | 7.7% | -31.1% |
As of Mar 2026
Financials
Waa Solar
BSE: WAA · Power Generation
Limited coverage
We are not actively covering this company or have limited coverage today. Click to request coverage.
Snapshot
Unlock Waa Solar's vital signs
Growth · Profitability · Valuation · Strength · Conviction
Company Overview
Business
Waa Solar Limited is an Indian renewable energy company specialising in solar power generation and the development of utility-scale solar photovoltaic projects. The company operates as an Independent Power Producer and provides comprehensive engineering, procurement, and construction services.
Business Model
The company generates revenue primarily through long-term Power Purchase Agreements with state electricity distribution companies and private entities. Additionally, it derives income from providing engineering, procurement, and construction services and investments in green energy special purpose vehicles.
Growth Outlook
Growth is driven by the expansion of operational capacity through strategic project acquisitions and the ongoing transition toward sustainable energy in India. The company continues to leverage its niche position to secure new utility-scale solar installations.
- Establishment Year:2009
Key Risks
- Regulatory and Policy Risk. Changes in government renewable energy policies or tariff structures could adversely impact the profitability of long-term Power Purchase Agreements.
- Counterparty Credit Risk. The company is exposed to payment delays or defaults from state electricity distribution companies, which may affect cash flow stability.
- Operational and Environmental Risk. Solar power generation is inherently dependent on weather conditions and solar irradiance, which can lead to fluctuations in energy output.
- Project Execution Risk. Delays in land acquisition, permitting, or supply chain disruptions for solar components could hinder the timely completion of new projects.
Start your research today
Unlock AI insights, financials, peers and live data on Waa Solar and 5,000+ companies — free.
Peers · Power Generation
As of Mar 2026