Indosolar Limited has informed the Exchange regarding Appointment of Nilesh Bhogilal Gandhi as Non- Executive Independent Director of the company w.e.f. April 20, 2026.
WAAREEINDO · price
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Indosolar Limited, a Waaree Group company, held its Board meeting on April 20, 2026, approving multiple key appointments and strong financial results. The company appointed Mr. Nilesh Bhogilal Gandhi as Non-Executive Independent Director and Mr. Abhishek Pareek as Chief Financial Officer, both effective immediately. For FY2026, revenue from operations more than doubled to ₹68,984.85 lakhs from ₹32,390.62 lakhs in the previous year. Profit after tax surged to ₹24,659.91 lakhs versus ₹5,478.19 lakhs year earlier. Total equity jumped significantly from ₹4,041.49 lakhs to ₹28,700.78 lakhs, largely due to recognition of deferred tax assets of ₹6,163.51 lakhs. The company also reappointed Mahajan & Aibara Chartered Accountant LLP as internal auditor and N Ritesh and Associates as cost auditor for FY2026-27. Indosolar's Greater Noida factory commenced commercial operations from July 11, 2024, driving the strong revenue growth.
The doubling of revenue and near-fivefold increase in profit reflects successful ramp-up of solar manufacturing operations. The appointment of experienced professionals like Nilesh Gandhi (with M&A and investment expertise) and Abhishek Pareek (CFO of parent Waaree Energies) strengthens governance and aligns the subsidiary more closely with the Waaree Group structure. Positive signal for shareholders as financial performance shows strong turnaround.