Waa Solar H1 FY27 Results: Revenue Jumps, Profits Squeeze

Revenue from operations reached Rs 1,709.45 lakh; Net profit stood at Rs 68.12 lakh.

Reader Takeaway: Robust top-line growth driven by solar operations, balanced against margin compression from rising operational expenses.

What just happened

Waa Solar Ltd reported its financial performance for the half-year ended September 30, 2026. While the company achieved a near doubling of its consolidated revenue from operations, bottom-line growth did not follow the same trajectory. Total income rose to Rs 1,831.79 lakh from Rs 1,039.54 lakh in the year-ago period.

Why this matters

The jump in revenue signifies increased activity in the company's solar projects. However, total expenses surged to Rs 2,001.41 lakh, up from Rs 1,027.01 lakh. This rise in costs—likely linked to project execution or operational scaling—resulted in a lower profit for the period, dropping to Rs 68.12 lakh compared to Rs 181.70 lakh in the same period last year.

Segment Performance

The company’s performance is bifurcated into two main verticals:

• Solar Power Generation: This remains the core profit engine, contributing Rs 1,495.61 lakh in revenue with a segment profit of Rs 54.18 lakh.
• EPC Contracts: This segment generated Rs 213.83 lakh in revenue but reported a segment loss of Rs 56.70 lakh.

Governance and Audit

The Board of Directors approved these results on October 30, 2026. Statutory auditors JCH & Associates LLP have issued an unmodified Limited Review Report, confirming the financial statements are presented fairly and follow standard accounting practices.

What to track next

Investors should monitor whether the EPC segment can turn profitable in the second half of the fiscal year and observe if management can stabilize the rising expense profile to improve net margins.