Waa Solar Ltd (WAA) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Waa Solar Ltd stock ₹18.22, price ₹41.50, that is 56.1% below the price, quality 25 out of 100. Rating: strongly overvalued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
60‑month range ₹22.85 – ₹249.35 · fair‑value band ₹12.76 – ₹23.69 · the ₹41.50 price screens above the ₹18.22 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.
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Waa Solar Limited, together with its subsidiaries, engages in electric power generation and transmission primarily in India. The company generates electricity through solar plant.
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It develops and operates a 10.25 MW solar power plant at Surendranagar, Gujarat; 100 KWP solar power plant at Raja Bhoj airport in Bhopal; and a 10.42 MW solar power project in Koppal, Karnataka. In addition, the company operates solar power projects of 4.00 MW in Punjab and Gujarat.
Waa Solar Limited was incorporated in 2009 and is based in Vadodara, India. Waa Solar Limited operates as a subsidiary of Madhav Power Pvt. Ltd.
Stock analysis
Waa Solar Ltd (WAA) currently trades at ₹41.50, while our model-based Fair Value estimate is ₹18.22, 56% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of ₹78.53 per share, and 3 of the 10 models we run sit above the ₹41.50 price.
Bear case: the Multiples group reads lowest at ₹11.81, and 7 of the 10 models stay below the price. Data coverage for this calculation is low.
Scenario range: ₹12.76 (bear) to ₹23.69 (bull), the price of ₹41.50 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 25/100 (below-average quality), in the Utilities sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Waa Solar Ltd reported revenue of ₹278M in FY2025 versus ₹131M in FY2021, a compound +20.6%/yr. Reported net income was ₹6.5M in FY2025, compounding +36.5%/yr from FY2021.
Key figures
Market cap ₹551M (≈ $5.9M) Micro · P/E ratio 84.7 · P/S ratio 1.98 · EPS (TTM) ₹0.4900 · Net margin 2.3% · Return on equity 0.4% · Return on assets (EBIT) −16.7% (5-year average) · Operating margin 27.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 39 out of 100 (low confidence).
What moves the price
The share trades about 43% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −52% fair-value upside, at −56%, WAA screens richer than that median.
Fair Value models
Bear₹12.76Fair Value ₹18.22Bull₹23.69
Price ₹41.50 · Downside -56.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (₹0.4202 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income₹73.22₹78.53₹87.9368
Growth-Adj P/E₹15.01₹21.44₹27.8765
P/E Multiple₹6.62₹8.82₹11.0363
All 11 models by family
Earnings-Based
Graham-Dodd₹3.33₹23.25₹32.6261
Lynch FV₹12.01₹17.16₹22.3059
PEG = 1.0₹12.01₹17.16₹22.3055
Multiples
P/E Multiple₹6.62₹8.82₹11.0363
P/S Multiple₹6.25₹8.33₹10.4258
P/B Multiple₹154.52₹206.03₹257.5355
EV/EBITn/an/a₹19.7161
EV/EBITDAn/a₹14.80₹43.9762
Asset-Based
NCAV (Graham)₹57.23₹76.69₹114.4654
Economic Profit
Residual Income₹73.22₹78.53₹87.9368
Growth Earnings
Growth-Adj P/E₹15.01₹21.44₹27.8765
The fair value above starts from this blend and is adjusted for dilution from new shares.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.5/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−8.9%
Start year 2020 (pandemic)
Revenue growth 9 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+21.6%
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’18
’20
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’23
’25
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+23.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+23.0%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.23.0% vs 1.9%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−1% → 31%
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Renewable · 196 stocks
Beats the industry median on 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score25 · Bottom 25%
Fair Value upside−56.1% · Below median
Profitability
Return on equity (12 months)0.4% · Below median
Return on assets0.2% · Below median
Net margin (12 months)2.3% · Below median
Operating margin (12 months)27.8% · Above median
Growth and dividend
Revenue growth (quarter YoY)31.0% · Top 25%
Balance sheet
Debt / equity0.85× · Above median
Valuation Multiplesvs Utilities - Renewable median · lower = cheaper
P/E (12 months)84.7× · Priciest 25%
P/B0.30× · Cheapest 25%
P/S (12 months)1.98× · Cheaper than median
EV/EBITDA11.0× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 15
FUTURE (revenue growth)100· sector 15
PAST (return on equity)1· sector 12
HEALTH (low debt)57· sector 70
DIVIDEND (yield)0· sector 47
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Waa Solar Ltd Fair Value". https://www.fairvalue-calculator.com/stock/WAA
Frequently asked questions
Is Waa Solar Ltd (WAA) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of ₹18.22 versus a price of ₹41.50, about 56% lower (overvalued).
What is the fair value of WAA?
Our model-based fair value for Waa Solar Ltd is ₹18.22 (as of Nov 4, 2026), built from audited fundamentals. The current price: ₹41.50.
What is the quality score of WAA?
Waa Solar Ltd has a Quality Score of 25/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Waa Solar Ltd (WAA)?
Our model-based price target is the fair value of ₹18.22 (as of Nov 4, 2026) from 11 valuation models. Cautious scenario ₹12.76, optimistic scenario ₹23.69. It is a calculation from audited fundamentals, not an analyst target.
What is the Waa Solar Ltd stock forecast for 2026?
Our models put fair value at ₹18.22, about 56% lower versus a price of ₹41.50 (overvalued). Cautious scenario ₹12.76, optimistic scenario ₹23.69. The calculation is refreshed regularly with new filings.
What is the revenue of Waa Solar Ltd (WAA)?
Waa Solar Ltd reported trailing-twelve-month revenue of about ₹278M (latest available figure, as of Nov 4, 2026).
What is the intrinsic value of Waa Solar Ltd (WAA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Waa Solar Ltd it is ₹18.22 per share (as of Nov 4, 2026), against a price of ₹41.50. It is the blended result of 11 valuation models in 5 families (Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Waa Solar Ltd stock overvalued or undervalued in 2026?
As of Nov 4, 2026, WAA trades above its calculated fair value: price ₹41.50, fair value ₹18.22, a gap of about −56% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of WAA?
No. The price is what the market pays today (₹41.50); the fair value is what the company's own numbers justify (₹18.22). For Waa Solar Ltd the two are ₹23.28 per share apart. That gap is exactly why we show both numbers side by side.
How much is Waa Solar Ltd worth?
The market values Waa Solar Ltd at about ₹551M (market capitalisation, as of Nov 4, 2026). Per share that is ₹41.50; our models calculate a fair value of ₹18.22 per share.
What do the bullish and bearish scenarios say about WAA?
Our models span a range for Waa Solar Ltd: cautious scenario ₹12.76, base ₹18.22, optimistic ₹23.69 per share (as of Nov 4, 2026, price ₹41.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of WAA?
Waa Solar Ltd trades at a price-to-earnings ratio of 84.7 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹18.22 is built from several models across several years. Other multiples: P/B 0.3, P/S 2.0, EV/EBITDA 11.0.
How solid is the balance sheet of Waa Solar Ltd (WAA)?
Balance-sheet figures for Waa Solar Ltd (as of Nov 4, 2026): return on equity 0.4%, debt of 0.85 per unit of equity. They feed the Quality Score of 25/100, which measures business quality independently of the share price.
How far is WAA from its 52-week high?
Waa Solar Ltd trades at ₹41.50, about 43% below its 52-week high of ₹73.41 and 4% above the low of ₹39.99 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ₹18.22 is for.
Which stocks are comparable to Waa Solar Ltd?
From the same area (Utilities) we also value China Yangtze Power Co, Ørsted A/S, Huaneng Lancang River Hydropower Inc, VERBUND AG, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Waa Solar Ltd stock attractive at the current price?
The data as of Nov 4, 2026: price ₹41.50, calculated fair value ₹18.22 (−56%), Quality Score 25/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of WAA calculated?
We run Waa Solar Ltd through 11 models from 5 families: Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of ₹18.22 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Waa Solar Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Waa Solar Ltd (WAA)?
The closing price on Nov 6, 2026 was ₹41.50. Our model-based fair value is ₹18.22, about 56% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Waa Solar Ltd right now?
The price sits above even our optimistic bull case (₹23.69). The favourable scenario is already priced in. Weak quality (25/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (₹12.76 to ₹23.69) leaves room in how you read the outcome.
Key figures of Waa Solar Ltd
How large is the market capitalisation of Waa Solar Ltd (WAA)?
The market capitalisation of Waa Solar Ltd is ₹551M (≈ $5.9M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Waa Solar Ltd (WAA)?
The price-to-sales ratio of Waa Solar Ltd is 1.98 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Waa Solar Ltd (WAA)?
Earnings per share at Waa Solar Ltd are ₹0.4900 (price ÷ EPS = P/E 84.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Waa Solar Ltd (WAA)?
The net margin of Waa Solar Ltd is 2.3% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Waa Solar Ltd (WAA)?
The return on equity (ROE) of Waa Solar Ltd is 0.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Waa Solar Ltd (WAA)?
On an EBIT basis the return on assets of Waa Solar Ltd is −16.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Waa Solar Ltd (WAA)?
The operating margin of Waa Solar Ltd is 27.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Waa Solar Ltd (WAA)?
Revenue at Waa Solar Ltd is growing +31.0% versus a year earlier (3y avg −1.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Waa Solar Ltd (WAA)?
Earnings per share at Waa Solar Ltd are growing +269% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Waa Solar Ltd (WAA) generate?
The free cash flow of Waa Solar Ltd is −₹208M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Waa Solar Ltd (WAA) carry?
The net debt of Waa Solar Ltd is ₹1.4B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 4, 2026