Waa Solar Ltd has scheduled its AGM for September 30, 2026, seeking shareholder approval for up to Rs 500 crore in borrowing limits. The firm also disclosed ongoing income tax proceedings from FY 2025-26 and confirmed new project wins under the PM-KUSUM C scheme.
Waa Solar Reports Financial Performance and Sets AGM Agenda
Total Income: Rs 30.48 crore (Consolidated) | Net Profit: Rs 0.65 crore (Consolidated)
Reader Takeaway: New solar project wins drive operational capacity, though increased borrowing limits and pending tax proceedings remain key focus areas.
What just happened
Waa Solar Ltd has announced its Annual General Meeting (AGM) scheduled for September 30, 2026. The company is seeking shareholder authorization for significant financial maneuvers, including raising borrowing and security creation limits up to Rs 500 crore. Additionally, the company seeks approval for related party transactions totaling up to Rs 205 crore involving Madhav Infra Projects Ltd and MI Solar (India) Pvt Ltd for the upcoming fiscal year.
Why this matters
The proposed borrowing limit underscores the company's capital requirements for expanding its solar portfolio. Investors are keenly watching the impact of these financial commitments, especially as the company navigates the integration of seven new SPVs incorporated for grid-connected projects. The management also confirmed that income tax search proceedings initiated during FY 2025-26 are currently pending, a point of note for corporate governance monitoring.
Operational Performance
Waa Solar reported a consolidated net profit of Rs 0.65 crore for FY 2025-26, down from Rs 6.97 crore in the previous year. Despite the dip in bottom-line performance, the company secured a 48.15 MW Solar Power Project under the PM-KUSUM C scheme. Ongoing projects with Paschim Gujarat Vij Company Limited for 1.5 MW and 4 MW plants in Mitana and Paddhari continue to move forward.
Credit Rating and Leadership
CARE Ratings has assigned an IND BBB+/Stable/IND A2+ rating for bank facilities amounting to Rs 212.38 crore. Leadership changes have been significant, including the resignation of former CFO Mangi Lal Singhi and the appointment of Mohanan Shankaran Choran to the role in February 2026. Prashant Kumar Gupta also joined the board as an Independent Director.