Walso Solar Solution Private Limited

Key Metrics of Walso Solar Solution Private Limited

Competitors10identified

About Walso Solar Solution Private Limited

Sectors

Oil, Gas & EnergySolar Panel Manufacturing

Company details

Operational Areas of Walso Solar Solution Private Limited

Oil, Gas & Energy›Solar Panel Manufacturing

Company summary

Entity details

CINU25110HR2024PTC120909

LEI code—

State codeHR

PIN code—

Current legal nameWALSO SOLAR SOLUTION PRIVATE LIMITED

Classification—

Listing statusUnlisted

Registration no.120909

Company age—

PAN—

CountryIndia

City—

StateHaryana

Current statusACTIVE

Date of incorporation—

Registrar of companies—

Authorised capital—

Paid-up capital—

Employee count—

Compliance

Last AGM date—

Last balance sheet—

Next filing dueAOC-4 for FY 2025-26 · 30 Oct 2026

Industry classification

NIC code25110

Description of main activityManufacture of rubber and plastics products

Description of business activityManufacture of rubber and plastics products

SectorOil, Gas & Energy · Solar Panel Manufacturing

Premium

Financials, ratios and risk analysis

Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.

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Filing compliance

AGM for FY 2025-2630 Sep 2026 Statutory due date passed

AOC-4 for FY 2025-2630 Oct 2026 Statutory due date · 0 days left

MGT-7 for FY 2025-2629 Nov 2026 Statutory due date · 30 days left

Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.

Vendor checks & payment capacity

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Credit ratings

ICRA · 22 Sep 2026 ICRA BB+ Stable outlook · Short term A4+ · Reaffirmed

Change in last 12 months—

Change since first rating on record—since Sep 2026

Rating actions10 up · 0 down

Liquidity (ICRA)Adequate

Rating history

Rating actions

Date	Agency	Action	Long term	Short term	Outlook	Rated amount	Rationale
22 Sep 2026	ICRA	Reaffirmed	BB+	A4+	Stable	₹55.0 Cr	View

Credit strengths (ICRA, Sep 2026)

+ Extensive experience of the promoters

Walso is a subsidiary of OPL, which has 51% ownership in this entity.

Credit challenges

− High customer and sectoral concentration

Walso’s customer and sectoral concentration is elevated, with nearly 81% of its total sales to OPL in FY2026.

− Intense competition and exposed to fluctuation in raw material prices

There is intense competition in this segment from organised and unorganised players.

Could lead to an upgrade

The ratings could be upgraded in case of sustained growth in revenues and profitability that would improve the debt protection metrics and strengthen the net worth and

Could lead to a downgrade

The ratings could be revised downwards in case of a sustained moderation in revenue and profitability , along with a deterioration of the working capital cycle that would weaken the

Walso, incorporated in April 2024, commenced operations in H2 FY2025. The company manufactures solar mounting structures, rooftop structures, solar pumping mounting structures and BOS kits. Its production unit is at Karnal (Haryana), spanning around 1,72,000 sq. ft. OPL holds a 51% share in Walso, while the rest is held by the other promoters (28% by Mr. Shivam Gupta and 16% by Mr. Sanjay Bansal).

Borrowings & rated debt

Rated borrowing limits (latest)₹55.0 Cr

Limits raised2 times0 new facilities rated

Facility mix

Rated facilities

Facility	Type	Previous	Current	Change	Rating	Action	Agency
credit	Other	₹15.0 Cr	₹28.0 Cr	86.7%	BB+ (Stable)	Reaffirmed	ICRA
Long term – Fund-based – WCTL	Working capital & bank lines	₹7.00 Cr	₹15.0 Cr	114.3%	BB+ (Stable)	Reaffirmed	ICRA
Long term – Fund-based – Bill discounting	Working capital & bank lines	₹5.00 Cr	₹5.00 Cr	0.0%	BB+ (Stable)	Reaffirmed	ICRA
Long term/Short term – Unallocated limits	Working capital & bank lines	₹28.0 Cr	₹7.00 Cr	−75.0%	BB+ / A4+ (Stable)	Reaffirmed	ICRA

Credit assessment · Manufacturing

Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts

Indicative long-term—

Indicative short-term—

Score—

LiquidityNot assessableAgency: Adequate

DirectionStableAgency outlook: Stable

ICRA rating · Sep 2026BB+

Ratios, pillar scores and the indicative rating are part of Premium.

Rating status

Default	No default on record
Issuer cooperation	Cooperating
Credit enhancement	None – standalone rating
Next action stable or better (model)	50%
Information on file	22% · missing: Audited financial statements (last 18 months), Annual results history (3+ years), Liquidity position, Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern

Indicative assessment from public data using the published methodology factors; not a credit rating.

Borrowing & funding lifecycle

⬇ PDF report ⬇ Excel

Can it borrow more?Further bank funding difficult Next rating action stable or better: 50% (At risk of downgrade) · ML model on 4072 rating histories, AUC 0.666

Rated limits₹55.00 Cr

Not yet allocated₹7.00 Cr

Extra debt within 2.5× EBITDA—

Interest coverage—

Limit utilisation—

Open bank charges0 · —

Credit outlook model: 50% chance the next rating action is stable or better
Current rating BB+ (below investment grade)
₹7 cr of rated limits not yet tied to a lender

Rated limits by facility

Timeline

22 Sep 2026 ICRA reaffirmed: BB+ (Stable)Rated limits ₹55 cr ICRA rationale

22 Sep 2026 New borrowing arranged: ₹28 cr (term loans)

From the report

Liquidity position: Adequate Walso’s liquidity position is Adequate, with likely positive cash flow from operations, going forward , and ~68% average utilisation of the sanctioned fund -based limits of ~Rs. 28 crore over the last nine months ending in March 2026.

ICRA rationale

Lender names, bank charges and audited borrowings are part of Premium.

Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.

Competitors of Walso Solar Solution Private Limited