Promoter holding
64.27%
WS
Waa Solar Limited - Due diligence report
A 360° intelligence report on Madhavgrp: trust score, financial health, credit view, compliance, directors, growth and distress signals - ge…
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Madhavgrp — 360° Intelligence Report
Generated from MCA filings & public records82/100
Trust Score
Low Risk
Madhavgrp is assessed as Low Risk with a Trust Score of 82/100. Madhavgrp is an active public limited indian non-government company incorporated in 2009, operating in the Environment sector. Reported revenue has declined across its recent filed years. It was profitable in its latest filed year. Based on MCA filings and public records, it currently shows a moderate compliance risk and low financial risk profile.
Report generated on 31 Jul 2026 from the latest processed filings. Waa Solar Limited snapshot & full profile →
Automated indicators derived from public MCA / GST / EPFO records - not a credit rating, not investment, legal or financial advice. Spotted an inaccuracy? Report an error.
02
Score Card
Higher is safer · rule-based & explainableTrust ScoreLow Risk
82/100
Overall counterparty trust - the headline number of this report.
Compliance ScoreModerate
63/100
Statutory standing - status, filings, auditor, MSME and litigation.
Financial Health ScoreLow Risk
95/100
Profitability, leverage and liquidity from filed statements.
Credit Risk ScoreLow Risk
90/100
Debt capacity, gearing and security cover for lenders.
Director Stability ScoreLow Risk
75/100
Board strength, DIN status, churn and network.
Growth ScoreModerate
55/100
Revenue, profit, asset and hiring momentum.
Distress ScoreLow Risk
90/100
Early-warning signals - higher means fewer warnings.
03
Financial Intelligence Dashboard
Consolidated · 5 filed year(s)Unlock the full 5-year financial dashboard with charts and year-wise figures.
Get full accessScores and observations on this page are already computed from the real filings - only the underlying figures are locked.
04
Credit & Compliance Intelligence
Why the scores are what they are
Credit Risk Score: 90/100 Low Risk
- Liabilities ≈ 38% EBITDA - serviceable.
- Open charges exceed net worth - secured lenders rank ahead.
- Moderate gearing (D/E 1.42).
- Working-capital cover adequate.
- Profitable - internal accruals available.
- Externally credit-rated (BBB+).
Charges position: 8 open (399.39 cr) · 13 satisfied (639.83 cr).
Banking relationships (from registered charges)
| Lender | Charges | Amount |
|---|---|---|
| Sbicap Trustee Company Limited | 3 | 48.0 cr |
| Idbi Bank Limited | 4 | 48.0 cr |
| Idbi Trusteeship Services Limited | 3 | 48.0 cr |
| State Bank Of India | 4 | 48.0 cr |
| Others | 3 | 48.0 cr |
| Allahabad Bank | 1 | 48.0 cr |
Compliance Score: 63/100 Moderate
- Company status is Active as per MCA.
- Annual filings current (balance sheet Mar 2025).
- Flagged by authority: BSE.
- Litigation present in 1 court forum(s).
- 1 active GST registration(s).
Legal cases on record (1)
05
Director Intelligence
Stability score: 75/100| Name | DIN / PAN | Designation | Appointed | Tenure | DIN status |
|---|---|---|---|---|---|
| NIKHIL KAUSHIK | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| MANGI LAL SINGHI | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| NEELAKSHI AMIT KHURANA | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| AMIT KHURANA ASHOK | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| SHANKAR PRASAD BHAGAT | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| MANGI LAL SINGHI | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| Mansi Heda | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| Prashant Kumar Gupta | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
- 8 directors on the board.
- No disqualified or deactivated DINs.
- 5 director exits in 3 years - high churn.
Director & KMP remuneration (FY 2023)
| Name | Designation | Total remuneration |
|---|---|---|
| A K Sharma | Managing Director | 2.4 cr |
| R Mehta | Whole-time Director | 1.6 cr |
| S Iyer | CFO | 95.0 L |
Remuneration is disclosed in the latest annual return. Unlock full report
06
Ownership & Group Intelligence
As per FY 2023 annual returnPublic / other holding
35.73%
Equity shares
12,45,67,890
Equity paid-up
124.5 cr
Promoters on record
4
Ultimate holding entity
Madhav Power Private Limited
Subsidiaries
6
Group entities
8
Capital events
5 allotment(s) · 0 transfer(s)
Promoters hold a majority stake - exact percentages are part of the full report.
| Group entity | Relationship | % held |
|---|---|---|
| Sol Kar Infrastructure Private Limited | Subsidiary Company | 74.00% |
| Madhav Solar (j) Private Limited | Subsidiary Company | 74.00% |
| Madhav Infracon (bhopal Vidisha Corridor) Private Limited | Subsidiary Company | 74.00% |
| Madhav Infracon ( Ashta Kannod Corridor ) Private Limited | Subsidiary Company | 74.00% |
| Madhav Infracon (vidisha Kurwai Corridor) Private Limited | Subsidiary Company | 74.00% |
| Madhav (sehora Silodi Corridor) Highways Private Limited | Subsidiary Company | 74.00% |
| Aspire Infracon Private Limited | Subsidiary Company | 74.00% |
| Madhav Power Private Limited | Holding Company | 74.00% |
| Madhav Solar (vadodara Rooftop) Private Limited | Subsidiary Company | 74.00% |
| Madhav (phoolsagar Niwas Shahpura Corridor) Highways Private Limited | Associate Company | 74.00% |
Key managerial personnel: MANGI LAL SINGHI (CFO) · AMIT KHURANA ASHOK (Managing Director)
Full shareholding pattern, group structure & capital events →
07
Risk Intelligence Center
Growth 55 · Distress 90
Growth signals & trust indicators
Profit expanded 2.1x year-on-year.
Net margin improved to 24%.
Operating for 16+ years.
Active GST registration(s).
Distress signals & risk flags
8 open charge(s) registered - assets are encumbered.
1 court case(s) on record - see the legal section for details.
08
Stakeholder Verdicts
Vendor · Banker · InvestorVendor due diligence77/100
Favourable indicators
Suitability as a supplier / customer counterparty.
- Check the compliance flags before onboarding.
- No distress signals on file.
- Financial filings available for verification.
Banker assessment85/100
Favourable lending indicators
Indicative lending comfort for banks, NBFCs and trade credit.
- Debt capacity assessed from filed statements.
- 8 open charge(s) of 399.39 cr already registered.
- Compliance gaps should be priced into terms.
Investor view76/100
Positive growth indicators
Growth quality and scalability through an investor lens.
- 2 growth signal(s) detected.
- Margin and return trends computable from filings.
- Management team looks stable.
09
MCA Filings & Events Timeline
Latest 15 events12 Nov 2025
Director appointed
Prashant Kumar Gupta (Additional Director)
26 Sep 2025
Last AGM held
Annual general meeting
14 Aug 2025
Director appointed
Mansi Heda (Company Secretary)
31 Mar 2025
Latest balance sheet
Filed with ROC
24 Sep 2024
Director ceased
KAMAL ASHWINBHAI LALANI
Director ceased
SHANKAR PRASAD BHAGAT
12 Sep 2024
Charge created
Sbicap Trustee Company Limited - 186.58 cr
14 Aug 2024
Director appointed
SHANKAR PRASAD BHAGAT (Director)
01 Jul 2024
Director ceased
SUMITKUMAR JAYANTIBHAI PATEL
Director ceased
JAINI SHAILESHBHAI JAIN
12 Mar 2024
Director ceased
NIKHIL KAUSHIK
21 Feb 2024
Charge created
Hdfc Bank Limited - 6.38 Lakh
09 Feb 2024
Director appointed
NIKHIL KAUSHIK (Director)
02 Dec 2023
Charge created
Others - 10.38 cr
03 Aug 2023
Charge created
Hdfc Bank Limited - 26.54 Lakh
10
Key Observations
Auto-generated from the data aboveRevenue declined 0.86 over the last 4 financial year(s).
Net profit margin moved from 61% to 38%.
Debt-to-equity stands at 1.42 - manageable leverage.
Net worth is positive.
8 active director(s) / partner(s); board looks stable and experienced.
1 active GST registration(s) indicate ongoing business operations.
Operates a group structure with 6 subsidiary(ies) - assess on a consolidated basis.
Carries an external credit rating of BBB+ from Care.
Promoters hold a majority stake as per the FY 2023 annual return.
Director / KMP remuneration is disclosed in the latest annual return - exact figures available in the full report.
Capital has been raised through 5 security allotment(s) - amounts available in the full report.
| Company | CIN | Location |
|---|---|---|
| Vaayu Renewable Energy (Tapti) Private Limited | U40300MH2011PTC219995 | Mumbai, Maharashtra, India |
| Clp India | U29100MH2005PTC154946 | Mumbai, Maharashtra, India |
| Ujjvalatejas Solaire Urja Private Limited | U74999MH2014PTC375462 | Mumbai, Maharashtra, India |
| Avaada | U35106MH2007PTC318041 | Mumbai, Maharashtra, India |
| Ampin Technology Two Private Limited | U40106DL2020PTC364738 | Newdelhi, Delhi, India |
| Prestige Group | U40300RJ2017PTC059517 | Udaipur, Rajasthan, India |
| Eden Mumbai Solar | U40106DL2013PTC330958 | New Delhi, Delhi, India |
| Greenko Group | U40109TS2013FTC200135 | Shaikpet, Telangana, India |
12
Who Uses This Report
CA · CS · Banker · Investor · VendorChartered Accountants (CA)
Verify Madhavgrp before audits and certifications: compliance score 63/100, filing history, auditor history and charge records in one place - instead of pulling each MCA form separately.
Company Secretaries (CS)
Track statutory health of Madhavgrp: ACTIVE compliance status, annual-return recency, director DIN status, board churn and the events timeline - the inputs for secretarial audits and due-diligence certificates.
Bankers & NBFCs
Current banker verdict: Favourable lending indicators. Credit risk score 90/100, existing charge position and lender relationships - a first-pass credit memo before formal appraisal.
Investors & Analysts
Investor view: Positive growth indicators. Growth score 55/100, margin trends, ownership structure and peer set for Madhavgrp - screening before a deeper diligence.
Vendors & Procurement Teams
Vendor verdict: Favourable indicators. Trust score 82/100, distress signals and MSME payment-delay disclosures - know whether Madhavgrp pays its suppliers before you extend credit terms.
Lawyers & Compliance Teams
Litigation footprint (1 case(s) on record), regulatory flags, charge documents trail and director networks for Madhavgrp - groundwork for KYC, onboarding and disputes.
13
Frequently Asked Questions
Is Madhavgrp an active company?
Madhavgrp has MCA status “Active” with a compliance score of 63/100 (Moderate).
Is Madhavgrp financially healthy?
Madhavgrp has a Financial Health Score of 95/100 (Low Risk) based on its filed financial statements.
Should I do business with Madhavgrp?
Its overall Trust Score is 82/100 (Low Risk). Vendor verdict: Favourable indicators. Review the risk flags in the Risk Intelligence Center before deciding.
Who controls Madhavgrp?
The ultimate holding entity is Madhav Power Private Limited. 8 active director(s) are on record.
Does Madhavgrp have loans or charges against its assets?
8 open charge(s) are registered against its assets, and 13 earlier charge(s) stand satisfied.
Is Madhavgrp up to date with its ROC filings?
Annual filings current (balance sheet Mar 2025). Overall compliance score: 63/100 (Moderate).
Is it risky to lend to Madhavgrp?
Its Credit Risk Score is 90/100 (Low Risk). Banker verdict: Favourable lending indicators.
Disclaimer: This report is generated automatically from MCA filings and public records as available
in our system at the time of the last update. Scores, bands and verdicts are rule-based derived indicators of the
underlying data - they are opinions generated by an algorithm, not statements of fact about the company, and are
not credit ratings (within the meaning of SEBI regulations), audits, or investment, legal or financial advice.
Verify from official sources and consult a qualified professional before any business, lending or investment decision.
If you represent this company and believe any information is inaccurate or outdated,
report it here and we will review promptly.
