Waa Solar Ltd (WAA) — promoter pledge

Pledged promoter shares first appear in Waa Solar Ltd's Jun 2018 filing, covering 76% of promoter holding. The share of promoter holding pledged peaked at 76% (53.1% of total equity), most recently in Sep 2020, against 75.2% in Mar 2026. A year earlier, in Mar 2025, the figure was 75.2%. A pledge is reported in 17 of the 17 quarters of promoter shareholding data Solomo holds for this company.

One member of the promoter group reports pledged shares in Mar 2026: MADHAV POWER PRIVATE LIMITED (52.9% of the company, 96.4% of it pledged).

Ranked by share of promoter holding pledged, Waa Solar Ltd is #66 of the 563 listed Indian companies whose latest quarterly filing reports any pledged promoter shares.

A promoter pledge means a promoter has put their own shares up as collateral, usually against a loan. It is legal and common, and SEBI requires it to be disclosed every quarter in the shareholding pattern. It matters to other shareholders because a sharp fall in the share price can trigger a margin call: if the promoter cannot top up the collateral, the lender can invoke the pledge and sell those shares in the open market, which adds selling pressure to an already falling price and, at high pledge levels, can change who controls the company. The percentage on its own is not a verdict — the level, the direction of travel and what the borrowing funded all matter.