Waa Solar Limited (WAA.BO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-136.3%

-₹14.86

vs ₹40.99 price

Levered DCF

-₹24.89

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.41

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	97.4×	12.01×	24.08×	9.88×	13.4×	23.95×	8.75×	22.08×
P/B	0.34×	0.45×	0.88×	0.54×	0.57×	0.59×	0.6×	0.62×
P/S	2.27×	2.97×	5.98×	1.98×	2.11×	2.2×	2.02×	1.16×
EV / EBITDA	10.9×	13.8×	10.47×	4.82×	5.6×	5.93×	5.48×	4.64×
Gross margin	81.1%	77.9%	103.5%	96.2%	99.7%	99.9%	98.5%	100.0%
Operating margin	72.0%	49.9%	34.5%	86.3%	94.6%	95.9%	94.8%	35.5%
Net margin	2.3%	24.7%	24.8%	20.1%	15.8%	9.2%	23.1%	5.2%
Current ratio	1.61×	4.77×	13.67×	3.95×	3.95×	4.06×	4.68×	1.56×
Debt / equity	0.96×	0.76×	0.28×	0.52×	0.67×	0.82×	0.92×	1.58×
Interest coverage	1.87×	2.79×	2.33×	4.24×	3.71×	2.97×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	0.4%	3.7%	3.6%	5.5%	4.2%	2.5%	6.9%	2.8%
Return on invested capital	2.9%	4.3%	3.3%	12.4%	11.3%	8.4%	11.3%	3.7%
Return on assets	0.2%	2.1%	2.8%	3.3%	2.3%	1.3%	3.3%	0.9%
Free cash flow yield	-33.0%	-99.8%	9.9%	39.0%	31.9%	34.9%	25.3%	26.3%
Earnings yield	1.0%	8.3%	4.2%	10.1%	7.5%	4.2%	11.4%	4.5%
Enterprise value	₹2B	₹1.9B	₹1.9B	₹1.7B	₹2B	₹2.2B	₹2.1B	₹2.9B
Net debt / EBITDA	7.43×	7.65×	1.74×	2.08×	2.84×	3.29×	2.94×	3.14×
Cash conversion cycle (days)	-2,696	633	-175	-168	289	-19,712	-915	37