Waa Solar Limited - Company overview

Madhavgrp is a listed public limited company, first registered with ROC Ahmedabad on 9 November 2009.

2009-11-09 Vadodara, Gujarat Active Listed Active Compliant
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Key Metrics Public MCA facts are exact. Revenue, profit, assets, and employee figures may show as ranges until unlocked.

REVENUE
₹25–50 Cr
▲ 5.6%
FY 2023
PROFIT / LOSS
₹5–10 Cr
▲ 35.6%
FY 2023
EBITDA
₹25–50 Cr
▲ 1.0%
FY 2023
NET WORTH
₹100–500 Cr
▲ 4.7%
FY 2023
TOTAL ASSETS
₹100–500 Cr
▼ -3.8%
FY 2023
OPEN CHARGES
8
-
PAID-UP CAPITAL
13.27 cr
AUTHORISED CAPITAL
18.00 cr
COMPANY AGE
17 Years 0 Months
since 2009-11-09
LAST FILING WITH ROC
2025-03-31
Last AGM: 2025-09-26
ACTIVE GST
1
Updated: 2023-10-18 22:25:40
TOTAL MONEY RAISED
₹100–500 Cr
SATISFIED CHARGES
13
639.83 cr

Company Health Scores Scores from 0–100 based on filings, compliance signals, financials, and board history on this profile.

Health scores for Madhavgrp covering vendor trust, statutory compliance, financial health and director risk - derived from MCA filings, GST and EPFO records, financial statements and the company's board history.

Vendor Trust Score Low risk
78/100
Overall counterparty comfort for vendors and customers.
  • Blend of compliance (51), financial health (95), director (85) and company-foundation signals.
  • Operating for 17+ years.
Compliance Score Moderate
51/100
Statutory filings, status and regulatory flags.
  • Company status is Active as per MCA.
  • Last balance sheet filed for Mar 2025 - slightly behind.
Financial Health Score Low risk
95/100
Profitability, leverage and liquidity from filed statements.
  • Profitable in FY 2023.
  • Positive net worth.
Director Risk Score Low risk
85/100
Board strength, DIN status and churn.
  • 10 directors on the board.
  • No disqualified or deactivated DINs on the current board.
Scores are derived from MCA filings, financial statements and public records on this page. Higher is safer. They are indicative, not a credit rating.
360° Intelligence Report: trust score, financial health, credit risk, growth & distress signals - auto-generated from filings. View report →

About Madhavgrp Company identity, industry, contact, and registration details from MCA and company records.

Madhavgrp is a listed public limited company, first registered with ROC Ahmedabad on 9 November 2009. Its registered office is at Madhav House Nr. Panchratna Building, Subhanpura, Vadodara, Gujarat. Earlier names on record include Waa Solar P Limited and Waa Solar Private Limited.

Its filings describe the main line of business as electric power generation, transmission and distribution, which made up 100% of turnover.

It has ten directors: Nikhil Kaushik, Nikita Prakash Sadhwani, Kamal Ashwinbhai Lalani and 7 others. The longest-serving is Mangi Lal Singhi, on the board since 2017; the most recent to join is Prashant Kumar Gupta, appointed in November 2025. Amit Khurana Ashok is the managing director. The board changed around July 2024, when Sumitkumar Jayantibhai Patel and Jaini Shaileshbhai Jain stepped down and new directors joined. Between them, the directors also sit on the boards of 22 other companies, including Madhav Infra Projects Limited and Adab Hospitality Services Private Limited.

Paid-up capital stands at ₹13.27 crore out of ₹18 crore authorised. The last AGM on record was on 26 September 2025, for accounts made up to 31 March 2025. Eight charges (secured loans) are still open, with Sbicap Trustee Company Limited and Hdfc Bank Limited among the lenders, and 13 more have been paid off. Its shares trade on BSE (541445).

Environment ••••••••
  • Location Madhav House Nr. Panchratna Building, Subhanpura, Vadodara, Gujarat - 390023
  • Website waasolar.org
LinkedIn Facebook
Name History
Legal NameWaa Solar Limited
CIN / LLPINL40106GJ2009PLC076764
Company No.076764
Stock Symbol BSE: 541445
ClassificationPublic Limited Indian Non-Government Company
Incorporation Date2009-11-09
Date of AGM2025-09-26
Date of Balance Sheet2025-03-31
Listing StatusListed
ROC CodeRoc Ahmedabad
Credit RatingBBB+ (Care)
PAN
LEI Number
Active ComplianceActive Compliant

Current Directors of Madhavgrp (10) Current board members from MCA filings, including designation and appointment details.

N
Nikhil Kaushik
Director | Since 2024-02-09 | DIN: 00040403
N
Nikita Prakash Sadhwani
Company Secretary | Since 2022-08-31
K
Kamal Ashwinbhai Lalani
Director | Since 2024-08-14 | DIN: 09141815
M
Mangi Lal Singhi
CFO | Since 2018-02-20
N
Neelakshi Amit Khurana
Director | Since 2021-04-01 | DIN: 00027350
A
Amit Khurana Ashok
Managing Director | Since 2017-12-26 | DIN: 00003626

Financial Performance of Madhavgrp Bands and Low / Medium / High trend shape. Exact figures unlock with your report.

Estimated bands · FY 2023
Revenue ₹25–50 Cr ▲ 5.6%
P&L ₹5–10 Cr ▲ 35.6%
EBITDA ₹25–50 Cr ▲ 1.0%
Net worth ₹100–500 Cr ▲ 4.7%

Exact figures and labelled charts require an active report plan.

Verified entity values are shown only after access is granted.

Charges of Madhavgrp Open and satisfied charges registered against the company with MCA.

Sbicap Trustee Company Limited : 253.02 cr
Others : 10.38 cr
Hdfc Bank Limited : 32.92 Lakh
Open Charges: 8 Satisfied Charges: 13
Open -
Satisfied 639.83 cr
LenderAmountStatus
Sbicap Trustee Company Limited
Creation Date: 12 Sep 2024
 186.58 cr Open
Hdfc Bank Limited
Creation Date: 21 Feb 2024
 6.38 Lakh Open
Others
Creation Date: 02 Dec 2023
 10.38 cr Open

Business Activity Principal business activity and turnover mix from MCA filings.

Activity GroupDescriptionTurnover %
Electricity, gas, steam and air condition supplyElectric power generation, transmission and distribution100

Companies With Common Directors Of Madhavgrp Other companies that share directors with this entity, based on MCA and compliance network data.

Board Overlap From MCA / Compliance Filings

Madhav Infra Projects Limited 3 Shared Directors
Adab Hospitality Services Private Limited 1 Shared Director
Ai Bio Fuels Private Limited 1 Shared Director
Ash-A Restaurants Llp 1 Shared Director
Bizzybodyz Learning Solutions Llp 1 Shared Director
Blueocean Ecotech Limited 1 Shared Director
Fortune Exports Private Limited 1 Shared Director
Govindpura Audyogik Kshetra Pradushan Nivaran Kendra 1 Shared Director
Group Pharmaceuticals Limited 1 Shared Director
Madhav Infra Projects Private Limited 1 Shared Director
Madhavsolar (Udaigarh) Private Limited 1 Shared Director
Mansha Textiles Pvt Ltd 1 Shared Director
Mipl Solar Dhamnod Private Limited 1 Shared Director
Mipl Solar Panchewa Private Limited 1 Shared Director
Mipl Solar Semliya Private Limited 1 Shared Director
Msk Real Estates Private Limited 1 Shared Director
Rahatgarh Berkhedi Corridor Private Limited 1 Shared Director
Sainergy Industrial Products Private Limited 1 Shared Director
Waa Solar (Awalda) Private Limited 1 Shared Director
Waa Solar (Satipura) Private Limited 1 Shared Director
Waa Solar (Talanpur) Private Limited 1 Shared Director
Waa Solar (Tawlai) Private Limited 1 Shared Director

Financial Ratios of Madhavgrp Profitability, leverage, and liquidity ratios from filed statements. Exact values unlock with your report.

9 years of ratios on record

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Net profit margin Debt / Equity Current ratio ROE

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Shareholding Pattern of Madhavgrp Ownership and contribution detail from filings. Full breakdown unlocks with your report.

9 shareholder categories on record

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Ownership mix Category breakdown Year-wise pattern Promoter holding

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GST Compliance of Madhavgrp GST registrations and filing status by state. Full compliance detail unlocks with your report.

State-wise registrations, return filing status, HSN and SAC details, and jurisdiction records require an active report plan.

GSTIN registrations State-wise filing status HSN and SAC details Tax jurisdiction records

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Credit Ratings, Litigation & Regulatory Alerts for Madhavgrp Ratings, court records, and regulatory alerts. Full risk detail unlocks with your report.

1 regulatory flag on record

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Rating history Court and tribunal cases Regulatory alerts Director-linked violations

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MSME Payment Delays by Madhavgrp MSME supplier payment delays and filing history. Full amounts unlock with your report.

Amounts outstanding to micro and small suppliers, delay reasons, and MSME-1 filing history require an active report plan.

Outstanding amounts Delay periods and reasons MSME-1 filing history Vendor payment signals

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Subsidiaries & Group Companies of Madhavgrp Parent, subsidiary, and related group entities. Full ownership map unlocks with your report.

6 subsidiaries on record

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Parent company Subsidiaries and ownership Associates and joint ventures Entity investments

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MCA Filings & Documents of Madhavgrp Official MCA forms, returns, and filing index. Document access unlocks with your report.

Official forms, annual returns, financial statements, charge filings, and document dates require an active report plan.

Incorporation documents Annual returns and statements Charge filings Complete filing index

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Frequently Asked Questions about Madhavgrp Common questions about this company from MCA and profile data. Some answers are limited until unlocked.
Who is the owner of Madhavgrp?
MCA does not publish an "owner" field. Madhavgrp is run by its directors, Nikhil Kaushik, Nikita Prakash Sadhwani, Kamal Ashwinbhai Lalani and seven others, with Amit Khurana Ashok as managing director. It is owned by its shareholders, and the promoter holding is in the shareholding pattern it files with the stock exchanges.
Who are the current board members and directors of Madhavgrp?
Madhavgrp has ten current directors: Nikhil Kaushik (since February 2024), Nikita Prakash Sadhwani (since August 2022), Kamal Ashwinbhai Lalani (since August 2024), Mangi Lal Singhi (since February 2018), Neelakshi Amit Khurana (since April 2021) and Amit Khurana Ashok (since December 2017), plus 4 more. Amit Khurana Ashok is the managing director.
What is CIN of Madhavgrp?
The CIN of Madhavgrp is L40106GJ2009PLC076764. Reading it left to right: L means it is listed, 40106 is the industry code it registered under, GJ is Gujarat, 2009 is the year it was registered, PLC is the company type and 076764 is its registration number.
When was Madhavgrp incorporated?
Madhavgrp was incorporated on 9 November 2009 with ROC Ahmedabad. That makes it about 17 years old.
What is the registered address of Madhavgrp?
The registered office on MCA records is Madhav House Nr. Panchratna Building, Subhanpura, Vadodara, Gujarat - 390023.
What is the current status of Madhavgrp?
MCA shows Madhavgrp as Active, and its last AGM on record was in September 2025.
What is the contact number or email for Madhavgrp?
You can post to its registered office at Madhav House Nr. Panchratna Building, Subhanpura, Vadodara, Gujarat - 390023 and use its website, https://waasolar.org.
What industry or business activity is Madhavgrp associated with?
Its MCA filings list the main business as electric power generation, transmission and distribution (100% of turnover).
What is paid-up capital and authorised share capital of Madhavgrp?
Paid-up capital is ₹13.27 crore and authorised capital is ₹18 crore, so about 74% of the authorised amount has been issued.
When did Madhavgrp last file accounts and hold an AGM?
The last AGM on record was on 26 September 2025, and the latest balance sheet is for the year ending 31 March 2025.
Where can I see charges and lenders for Madhavgrp?
Eight charges against Madhavgrp are still open and 13 have been satisfied. Lenders named in the filings include Sbicap Trustee Company Limited and Hdfc Bank Limited.
Have any directors left Madhavgrp?
Yes, 11 former directors are on record. The most recent to leave were Sumitkumar Jayantibhai Patel (July 2024), Jaini Shaileshbhai Jain (July 2024) and Heena Ullash Parikh (September 2021).
Which companies share directors with Madhavgrp?
22 companies share directors with Madhavgrp. Among them are Madhav Infra Projects Limited, Adab Hospitality Services Private Limited, Ai Bio Fuels Private Limited and 19 more.
What is the turnover or revenue of Madhavgrp?
Based on filed financial statements, the revenue of Madhavgrp for FY 2023 was in the ₹25–50 Cr range. That is up 5.6% on the previous year. Exact year-wise revenue, profit and balance sheet figures are on the Financial tab.
What is the net worth of Madhavgrp?
For FY 2023, the net worth of Madhavgrp was in the ₹100–500 Cr range.
How can I get the financial details of Madhavgrp?
The latest accounts on record are for FY 2023. The Financial tab has year-wise profit and loss, balance sheet and ratios, with exact figures after you sign in.
What is the official website of Madhavgrp?
The website on record for Madhavgrp is https://waasolar.org.
Which company owns waasolar.org?
waasolar.org is the website listed for Waa Solar Limited in its company records.
Is Madhavgrp registered with any stock exchange in India?
It is listed on BSE with scrip code 541445.
Madhavgrp - is it listed or unlisted?
Madhavgrp is a listed company, and its CIN starts with L.
What is the ROC code of Madhavgrp?
Madhavgrp is registered with ROC Ahmedabad.
What is the company classification of Madhavgrp?
MCA classifies Madhavgrp as: Public Limited Indian Non-Government Company.
Does Madhavgrp have subsidiaries?
Yes, 6 subsidiaries are on record for Madhavgrp.
Does Madhavgrp have GST registrations on file?
Yes, one active GST registration is linked to Madhavgrp.

Disclaimer: Data on this page is compiled from public sources as available in our system at the time of the last update and is for general information only. Scores are derived indicators, not credit ratings or advice - please verify from official sources and consult a professional before making any business or financial decision.