Unaudited Financial Results for the half year ended on September 30, 2025.
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Waa Solar Limited reported a sharp fall in revenue for H1 FY26, with standalone revenue from operations dropping about 39% to ₹853.42 lakhs from ₹1,410.95 lakhs in H1 FY25. Despite the revenue decline, the company swung to a standalone net profit of ₹8.35 lakhs versus a loss of ₹143.15 lakhs a year ago, helped by lower operating expenses and an exceptional item of ₹3.19 lakhs. On a consolidated basis, revenue declined to ₹881.33 lakhs from ₹1,438.46 lakhs, but net profit surged to ₹181.70 lakhs from a loss of ₹28.69 lakhs, largely driven by a ₹174.03 lakhs share of profit from associates and joint ventures. Standalone EPS improved to ₹0.06 from ₹(1.08), and consolidated EPS rose to ₹1.37 from ₹(0.22). Debt-equity ratio climbed notably to 0.73 (standalone) and 0.88 (consolidated), while net cash from operations stayed positive at ₹228.98 lakhs standalone.
The revenue contraction is a concern for shareholders, but the return to profitability and strong associate income cushion the consolidated earnings. Rising leverage (debt-equity nearly doubling from a year ago) warrants monitoring, though auditor issued an unmodified limited review report with no qualifications.