1. At a Glance
Waa Solar is a Gujarat-based SME solar power company under Madhav Power Pvt. Ltd. It’s got land, panels, and potential… but also contingent liabilities, pledged shares, and profitability that flickers like a dying CFL.
2. Introduction with Hook
Picture a solar panel during monsoon — full of potential but constantly battling clouds. That’s Waa Solar for you. With a ₹98 Cr market cap and EPS of ₹5+, it’s technically profitable. But this solar player’s fundamentals are like its sunlight — occasionally blocked by debt, working capital issues, and promoter pledges.
- P/E: 14.1 — reasonable for SME space
- Book Value: ₹141 — stock trades at just 0.53x BV
- Promoter pledge: 75.2% — wait, what?!
3. Business Model (WTF Do They Even Do?)
Waa Solar isn’t just putting up panels — it’s setting up a web of SPVs:
- Owns and operates solar power plants
- Develops and invests in SPVs for renewable projects
- Recently started EPC (Engineering, Procurement, Construction)
- Power off-take primarily through state & central schemes (e.g. PM-KUSUM)
But…
