INVESTOR PRESENTATION FOR THE HALF YEAR ENDED SEPTEMBER 30, 2026.

I NV EST O R PRESENT A T I O N H1 FY2026-27 Half Year ended September 30, 2026 WAA SOLAR LIMITED BSE SME Scrip Code: 541445 · CIN: L40106GJ2009PLC076764 Madhav House, Subhanpura, Vadodara 390023, Gujarat DISCLAIMER Safe Harbour This presentation and the accompanying slides (the Certain statements in this Presentation concerning future “Presentation”) have been prepared by Waa Solar Limited (the business prospects and growth are forward-looking “Company”) solely for information purposes and do not statements. They involve risks and uncertainties — including constitute an offer, recommendation or invitation to purchase government policy and tariff changes, project execution and or subscribe for any securities. No part of it shall form the basis approvals, financing, grid connectivity, competition and raw- of, or be relied on in connection with, any contract or binding material prices — that could cause actual results to differ commitment whatsoever. materially from those expressed or implied. The Presentation has been prepared on the basis of The Company undertakes no obligation to publicly update any information which the Company considers reliable, but the forward-looking statement. Third-party industry data has not Company makes no representation or warranty, express or been independently verified. Figures are in ₹ Lakhs unless implied, as to the fairness, accuracy, completeness or stated otherwise. correctness of its contents. Waa Solar Limited · Investor Presentation · H1 FY2026-27 INSIDE THIS PRESENTATION Contents Company Overview Profile, leadership and shareholding Quarterly Overview H1 FY27 highlights and key developments Financial Performance Quarterly P&L, trends and balance sheet Business & Strategy Projects, group structure and industry outlook Waa Solar Limited · Investor Presentation · H1 FY2026-27 Company Overview Profile, leadership and shareholding COMPANY OVERVIEW About Waa Solar Limited Part of the Madhav Group — a pan-India conglomerate in renewable energy, infrastructure and real estate — Waa Solar generates solar power through its own projects and through SPVs, subsidiaries and associates, and is preparing to enter solar EPC. 2009 541445 11 + 3 Incorporated, Gujarat BSE SME scrip code Subsidiaries + associates IND BBB+ ₹1,326.68 L Stable outlook rating by CARE Paid-up equity capital Waa Solar Limited · Investor Presentation · H1 FY2026-27 COMPANY OVERVIEW Board of Directors & Leadership Mr. Amit Khurana Mrs. Neelakshi Khurana Mr. Nikhil Kaushik AK NK NK Chairperson & MD Executive Director Independent Director BBA; 20+ years in construction 20+ years in administration, HR MBA (ISB), MS (Texas A&M); ex- and EPC; led the Group’s move and IT; drove the Group’s ERP Citibank, GE and Pfizer; into renewables. rollout. entrepreneur. Mr. Shankar Prasad Bhagat Mr. Prashant Kumar Gupta KEY MANAGERIAL PERSONNEL SB PG Independent Director Independent Director Mr. Mohanan Shankaran Choran Chartered Accountant in Finance professional; 5+ years Chief Financial Officer practice since 1985; audit, tax as CFO of a public limited Ms. Mansi Heda and company law. company. Company Secretary & Compliance Officer Waa Solar Limited · Investor Presentation · H1 FY2026-27 Quarterly Overview H1 FY2026-27 highlights and key developments QUARTERLY OVERVIEW Key Developments During the Quarter Corporate & Governance Projects & Execution Financing & Other Audited FY2025-26 standalone and 48.15 MW feeder-level solarisation, Credit rating of IND BBB+ by CARE. consolidated financial statements Madhya Pradesh (PM-KUSUM C): adopted; auditors’ reports dated Aug 14, 2026 carry no qualification. 17th Annual Report issued; AGM convened on Sept 30, 2026 through VC / 1.5 MW + 4 MW Mitana & Paddhari, OAVM. PGVCL (PM-KUSUM C): Members’ approval sought for borrowing [1.5 MW Mitana Plant Energized, Paddhari and Sec. 185 lending limits of up to ₹500 Plant in Under Execution. Cr each, re-appointment of Mrs. Neelakshi Khurana and FY27 related- party transactions. Waa Solar Limited · Investor Presentation · H1 FY2026-27 Financial Performance Quarterly results, trends and balance sheet FINANCIAL PERFORMANCE · ₹ LAKHS Standalone Profit & Loss Statement Particulars H1 FY27 H1 FY26 H2 FY26 FY26 (A) Revenue from Operations 1679.46 853.42 1863.88 2,717.30 Other Income 122.33 158.20 113.00 271.20 Total Income 1801.78 1011.63 1976.88 2,988.51 EBITDA 1230.59 773.05 1005.84 1,778.88 EBITDA Margin (%) 68.3% 76.4% 50.9% 59.5% Finance Costs 730.85 471.89 627.64 1,099.53 Depreciation & Amortisation 470.56 291.13 377.79 668.92 Profit Before Tax 29.18 10.03 0.40 10.43 Tax & Earlier-year 4.55 1.67 54.84 56.51 Adjustments Profit After Tax 24.63 8.36 (54.44) (46.08) EPS – Basic & Diluted (₹) 0.19 0.06 (0.41) (0.35) EBITDA = PBIDT incl. other income; margin on Total Income. FY26 (A) = audited, as per Annual Report 2025-26. Waa Solar Limited · Investor Presentation · Q2 FY2026-27 FINANCIAL PERFORMANCE · ₹ LAKHS Consolidated Profit & Loss Statement Particulars H1 FY27 H1 FY26 H2 FY26 FY26 (A) Revenue from Operations 1709.45 881.33 1895.78 2,777.12 Other Income 122.35 158.21 113.00 271.21 Total Income 1831.79 1039.54 2008.78 3,048.33 EBITDA 1254.48 790.98 1028.20 1,819.18 EBITDA Margin (%) 68.5% 76.1% 51.2% 59.7% Finance Costs 736.02 481.16 630.50 1,111.66 Depreciation & Amortisation 479.90 300.47 387.14 687.61 Profit Before Tax 38.56 9.35 10.56 19.92 Tax & Earlier-year Adjustments 6.01 1.67 56.40 58.07 Share of Profit of Associates 35.57 174.03 (70.89) 103.13 Profit after Tax 68.12 181.70 (116.73) 65.04 EPS – Basic & Diluted (₹) 0.51 1.37 (0.88) 0.49 EBITDA = PBIDT incl. other income; margin on Total Income. FY26 (A) = audited, as per Annual Report 2025-26. Waa Solar Limited · Investor Presentation · H1 FY2026-27 FINANCIAL PERFORMANCE · ₹ LAKHS · (A) = AUDITED Key Balance Sheet Items StSatnadnadlaolnoene Consolidated Particulars 30-Sep-26 31-Mar-26 (A) 30-Sep-26 31-Mar-26 (A) Net Worth 18,334.36 18,309.74 18,427.45 18,462.47 Long-term Borrowings 14,272.90 13,249.30 16,772.47 15,758.97 Short-term Borrowings 2,263.32 2,024.21 2,291.88 2,052.77 Total Borrowings 16,536.22 15,273.51 19,064.35 17,811.74 Cash & Bank Balances 2,361.75 4,232.41 2,483.02 4,295.26 Net Debt 14,174.47 11,041.10 16,581.33 13,516.48 Net Debt / Equity (x) 0.77 0.60 0.90 0.73 Property, Plant & Equipment 18,881.46 17,786.81 19,321.40 18,130.18 Capital Work-in-Progress 960.91 1,990.21 1,032.38 1,990.21 Non-current Investments 9,966.19 9,966.38 9,667.85 9,668.04 Total Assets 35,968.73 38,615.54 38,481.44 41,200.24 Waa Solar Limited · Investor Presentation · H1 FY2026-27 FINANCIAL PERFORMANCE · H1 FY2026-27 · ₹ LAKHS STANDALONE 1,679.46 1,230.59 18,881.46 18,334.36 Revenue from Operations EBITDA Property, Plant & Equipment Net Worth +96.8% +59.2% Mar-26: 17,786.81 Mar-26: 18,309.74 CONSOLIDATED 19,321.40 1,709.45 1,254.48 38,481.44 Revenue from Operations EBITDA Property, Plant & Equipment Total Assets +93.9% +58.6% Mar-26: 18,130.18 Mar-26: 41,200.24 Waa Solar Limited · Investor Presentation · H1 FY2026-27 Business & Strategy Project portfolio, group structure and industry outlook BUSINESS & STRATEGY Project Portfolio Under Implementation 48.15 MW 5.5 MW 7 SPVs Feeder-level solarisation, Madhya Mitana (1.5 MW) & Paddhari (4 MW), Surya Mitra Krishi Feeder Scheme, Pradesh Gujarat Madhya Pradesh Client Client Purpose Madhya Pradesh Urja Vikas Nigam Ltd. Paschim Gujarat Vij Company Ltd. Grid-connected solar plants; power sale to MPPMCL Scheme · Awarded Scheme PM-KUSUM C · FY2025-26 PM-KUSUM C (of 47.5 MW PGVCL Locations projects) Satipura, Tawlai, Awalda, Kalibawadi, Status as on 30-Sep-26 Talanpur, Narayanpura, Utawad Status as on 30-Sep-26 In principle Financial Closure achieved + Land Acquisition completed + All Major Long Lead [Commissioned Mitana 1.5 MW] Components Secured + On ground Execution. Waa Solar Limited · Investor Presentation · H1 FY2026-27 BUSINESS & STRATEGY Strategic Priorities Our 2030 strategy: 300 MW acros [Showing first 8,000 characters — download PDF for full document]