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Waa Solar Limited

WAA.BO
57
Regulated Electric · Utilities
Price
₹46.00
+1.01 (+2.24%)
Market Cap
₹610.3M
Exchange
Bombay Stock Exchange
Winston Score
57
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Jul 28, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+1.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 13.3M (2022) → 13.5M (2026)

Waa Solar Ltd. focuses its business on producing solar energy. The company's strategy includes acquiring stakes in other solar power development firms to establish new projects, typically by forming specific special purpose entities for these ventures. The organization began its operations on November 9, 2009, with its principal office situated in Vadodara, India.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+31.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-116.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

$1.4B cash & investments at current burn rate

Revenue accelerating

Waa Solar Limited grew revenue 31% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin
70.6%
Premium pricing power — 70.6% gross margin
Operating Margin
64.8%
Excellent — 64.8% operating margin
ROCE
3.4%
Weak — 3.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+28.2%
Fast-growing sales (28.2% YoY)
EPS YoY
-90.7%
Earnings shrinking (-90.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
10372%
Turns 10372% of profit into real cash
FCF Margin
-74.8%
Burning cash (-74.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity
0.96
Moderate — manageable debt (0.96)
Interest Cover
100.00x
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
93.9x
Expensive — P/E 93.9

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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