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.

Waa Solar Limited announced that its board of directors approved the standalone and consolidated audited financial results for the year ended March 31, 2026. The meeting, convened on May 19, 2026, also took on record the standalone and consolidated audited financial statements for the same period, along with the auditors' report.

For the financial year ended March 31, 2026, the company reported a consolidated net profit of Rs 64.98 lakh, a significant decrease from Rs 697.31 lakh in the previous year. Total revenue from operations for the consolidated entity stood at Rs 2,777.12 lakh, compared to Rs 2,824.61 lakh in the prior year. On a standalone basis, the company reported a net loss of Rs 46.08 lakh for the year, against a net profit of Rs 121.83 lakh in FY25. Revenue from operations was Rs 2,717.30 lakh, slightly lower than the Rs 2,765.08 lakh recorded in the previous year.

The board approved the appointment of M/s. JCH & Associates, Chartered Accountants, as the statutory auditors for the audit of the standalone and consolidated financial results. The firm issued an audit report with an unmodified opinion. Additionally, the board appointed M/s. Samrat Mewada & Associates, Chartered Accountants, as internal auditors and Mr. Mitesh Suvagiya as the cost auditor for F.Y. 2026-27.

Financial Performance for FY26

The following table outlines the key financial metrics for the year ended March 31, 2026:

The board meeting commenced at 03:00 P.M. and concluded at 07:00 P.M. on May 19, 2026. Other approvals related to the normal course of business were also taken on record during the meeting.