What we do Waa Solar Ltd operates in renewable energy, mainly focusing on solar power generation by setting up and managing solar power projects across India. |
Founded in 2,009 |
Market share Leading regional player in Gujarat with awarded projects totaling 47.5 MW along with completed commissioned installations. |
Problem solved Provides clean, renewable solar energy addressing growing electricity demand and environmental sustainability. |
Top clients or who we serve Primarily serves state utilities like Gujarat Urja Vikas Nigam Limited and Paschim Gujarat Vij Company Limited (PGVCL), operating in B2B power supply. |
Key management - |
Our journey and innovations Established in 2009; transformed to public company in 2018; commissioned multiple projects including 10.25 MW ground mounted and airport rooftop solar plants; raised Rs 32.2 Cr in 2018 IPO. |
Where we operate Active mainly in Gujarat and select locations across India including Karnataka, Punjab, Madhya Pradesh, and Bhopal Airport. |
Top products or what we offer Solar power generation through grid-interactive photovoltaic installations with capacities between 100 KW to 47.5 MW. |
Top brands Flagship projects include the 10.25 MW Tikar Solar PV Plant, 100 KW Bhopal Airport Solar Plant, and various awarded large-scale PV projects in Gujarat. |
Raw materials needed Photovoltaic modules, inverters, mounting structures, and electrical transmission equipment. |
Raw materials supplier - |
Recurring vs cyclical contribution Revenue mainly recurring from long-term power purchase agreements under BOO model. |
Our industry position Recognized regional player with several state-awarded projects and strong foothold in Gujarat’s solar energy market. |
Financial highlights FY 2024-25 standalone revenue Rs 27.65 Cr, consolidated Rs 28.25 Cr; consolidated net profit Rs 6.97 Cr; EBITDA Rs 12.96 Cr. |
Geographical revenue split Revenue mainly from Gujarat-based solar power projects with emerging contributions from other Indian states. |
Order book 47.5 MW awarded projects currently in execution, with 19 MW operational and 7.5 MW completed in 2025. |
Whats driving growth Expanding pipelines of state-awarded solar projects, government policies favoring renewable energy, and increased solar capacity installations. |
Our future plans Scaling up solar capacity through awarded projects, optimizing existing plants, and potentially expanding geographical footprint. |
Our green promise Committed to renewable energy generation reducing carbon footprint and supporting sustainable electricity supply. |
Our people and values Dedicated leadership and employee base fostering ethical governance and operational excellence. |
Key challenges ahead Managing project execution risks, regulatory changes, and maintaining profitability amid competitive pressures. |
Interesting facts Completed 10.25 MW solar plant within 11 months of land acquisition and operates a unique solar power plant at Bhopal Airport. |
Risks and strategy Mitigates operational and financial risks through long-term PPAs and diversification of project locations. |
