Waa Solar Limited held its 17th Annual General Meeting (AGM) on September 30, 2026, where all nine proposed resolutions were passed with a 99.99% majority in favour.

The meeting was conducted via Video Conferencing (VC) and Other Audio-Visual Means (OAVM). A total of 16 shareholders attended through VC, comprising six from the promoter group and ten from the public category. The scrutinizer’s report confirmed that no votes were cast against the resolutions by the promoter group, while public non-institutional shareholders recorded a 4.00% dissent rate on the total votes polled by that specific segment.

Key resolutions approved

The following ordinary and special resolutions were adopted:

• Adoption of audited standalone and consolidated financial statements for FY26.
• Re-appointment of Neelakshi Amit Khurana as Executive Director.
• Continuation of Shankar Prasad Bhagat as Non-Executive Independent Director beyond age 75.
• Authorization to advance loans, give guarantees, or provide security under Section 185 of the Companies Act, 2013.
• Increase in borrowing limits under Section 180(1)(c).
• Approval for encumbrance on company property for external borrowings under Section 180(1)(a).
• Ratification of remuneration for cost auditors.
• Approval of related party transactions with Madhav Infra Projects Limited and MI Solar (India) Private Limited for FY27.

Voting pattern analysis

The voting results highlight a significant concentration of voting power within the promoter group. While the overall turnout represented 68.01% of outstanding shares, the public sector participation remained minimal.

What the numbers show

A critical observation from the data is the extreme disparity in shareholder engagement between the promoter group and the public float. The promoter group voted 100% of their holding (9,002,764 shares), ensuring the passage of every resolution regardless of public sentiment. In contrast, public non-institutional shareholders, who hold 4,264,000 shares, cast votes for only 20,000 shares, representing just 0.47% of their holding and 0.15% of the total outstanding shares. This indicates that the outcome of the AGM was mathematically predetermined by the promoter block, rendering the 4.00% dissent among participating public shareholders statistically insignificant in the final tally.

Waa Solar Limited submitted its annual report for FY26 to BSE Limited on September 8, 2026. The filing discloses a standalone net loss of ₹46.08 lakh for the year ended March 31, 2026, compared to a net profit of ₹121.83 lakh in FY25.

The company’s 17th Annual General Meeting (AGM) is scheduled for September 30, 2026, at 4:00 pm via Video Conferencing/Other Audio-Visual Means (VC/OAVM). Shareholders registered as of September 23, 2026, are eligible to vote. The remote e-voting window runs from September 27 to September 29, 2026.

Financial Performance

Standalone revenue from operations declined slightly to ₹2,717.30 lakh in FY26 from ₹2,765.08 lakh in FY25. However, EBITDA improved significantly to ₹1,778.88 lakh against ₹991.21 lakh in the previous year.

The bottom line was pressured by a sharp rise in financial costs, which jumped to ₹1,099.53 lakh from ₹493.25 lakh in FY25. Depreciation also increased to ₹668.92 lakh from ₹373.58 lakh. Consequently, the standalone net result swung to a loss of ₹46.08 lakh.

On a consolidated basis, revenue stood at ₹2,777.12 lakh versus ₹2,824.61 lakh in FY25. Consolidated net profit attributable to owners fell sharply by approximately 91% to ₹65.04 lakh from ₹697.40 lakh in the prior year. This decline reflects a drop in the share of profit from associates, which decreased to ₹103.13 lakh from ₹306.78 lakh.

What the Numbers Show

The divergence between operating performance and net results highlights the impact of leverage and investment income. While standalone EBITDA nearly doubled, driven by lower construction expenses (₹147.23 lakh vs ₹649.48 lakh), this operational improvement was entirely offset by rising interest outlays. Furthermore, the consolidated profit decline is primarily driven by a reduced share of profits from associate companies, indicating that group-level profitability remains heavily dependent on the performance of its infrastructure and solar associates rather than the holding company’s direct operations.

AGM Agenda and Corporate Actions

The AGM will transact several special businesses, including:

• Reaffirmation of Mr. Shankar Prasad Bhagat’s directorship after attaining age 75.
• Authorization to advance loans or provide guarantees up to ₹500 crore under Section 185 of the Companies Act, 2026.
• Approval to increase borrowing limits up to ₹500 crore over and above paid-up capital and free reserves.
• Ratification of related party transactions with Madhav Infra Projects Limited (up to ₹200 crore) and MI Solar (India) Private Limited (up to ₹5 crore) for FY27.

Board and Management Changes

During FY26, the company saw changes in key managerial personnel. Ms. Mansi Heda was appointed Company Secretary w.e.f. August 5, 2025, replacing Ms. Nikita Sadhwani. Mr. Mohanan Shankaran Chorani took over as CFO w.e.f. February 24, 2026, succeeding Mr. Mangilal Singhi. Mr. Prashant Kumar Gupta was appointed as an Independent Director in November 2025.

No dividend has been declared for FY26. The company retained profits for future growth and expansion.