Manufactures solar photovoltaic (PV) modules at a 1.3 GW facility in Greater Noida that began commercial operations in July 2024. FY26 module output reached 1,051 MW versus 589 MW the year before, and revenue from operations was Rs 679.85 crore, with EBITDA margin of 40.05%. The company sits inside the Waaree Group as a subsidiary of Waaree Energies Limited. Revenue mix has shifted: in Q1 FY27, revenue fell to Rs 68.36 crore (from Rs 194.68 crore a year earlier) because tolling contracts replaced prior-year trading sales, even as EBITDA margin jumped to 70.89% from 32.65%. The biggest cost line is materials at 52.1% of revenue, followed by other operating expenses (6.4%) and depreciation (5.4%). It also booked Rs 5.92 crore of subsidy income in Q1 FY27 under the UP Electronics Manufacturing Policy, against an approved subsidy of Rs 9.30 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Solar PV module manufacturing. Asset-heavy, recently commercialised solar PV module manufacturer
| ₹ crore · consolidated | FY21 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 324 | 680 |
| EBITDA (ex other income) | (1) | 1,086 | (4) | 95 | 271 |
| margin % | — | — | — | 29.3 | 39.8 |
| Owners' profit | (8) | 1,081 | (15) | 55 | 247 |
| EPS, as reported (₹) | (0.21) | 178.36 | (3.71) | 13.17 | 59.27 |
| ROE % · ROCE % | 0.8 · 0.8 | 100489.9 · 9544.7 | 107.5 · (6.3) | 135.5 · 70.9 | 85.9 · 76.3 |
| Debt / equity (x) | (0.04) | 56.05 | (6.90) | 1.16 | 0.00 |
| Cash from operations | (1) | (58) | 18 | 85 | 78 |
| Capex | 0 | (4) | (60) | (21) | (25) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 28 | 103 | 192 | 195 | 203 | 200 | 83 | 68 |
| Profit before tax | 9 | 10 | 40 | 55 | 61 | 62 | 56 | 47 |
| Net profit | 9 | 10 | 40 | 117 | 46 | 41 | 42 | 37 |
| EPS (₹) | 2.28 | 2.46 | 9.63 | 28.07 | 11.14 | 9.97 | 10.09 | 8.80 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ABB INDIA LIMITED | 1,54,136 | 51.6 | 16.50 | — | 23.0 | 10.2 | — | 15.2 |
| BHEL | 1,50,076 | 61.7 | 5.74 | 49.8 | 6.1 | 4.7 | 14.3 | 9.3 |
| CG POWER AND IND SOL LTD | 1,43,168 | 93.7 | 17.46 | 77.9 | 14.6 | 19.2 | 33.2 | 14.7 |
| SIEMENS LTD | 1,40,869 | 43.0 | 10.17 | 39.7 | 19.9 | 20.6 | 31.1 | 11.6 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 1 Sept 2026 · AGM 2026: All 5 Resolutions Passed, Voting Results Filed | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Indosolar shareholders approve independent director reappointment | management changes | medium | — | — |
| 1 Sept 2026 · Indosolar AGM 2026: All 5 resolutions passed | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Indosolar 17th AGM held on Aug 31, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 8 Aug 2026 · Newspaper publication of 17th AGM notice | compliance | minimal | — | — |
| 7 Aug 2026 · Indosolar files FY26 annual report; 17th AGM on August 31 | compliance | medium | — | — |
| 7 Aug 2026 · Indosolar files FY26 Annual Report and 17th AGM notice for Aug 31, 2026 | results | medium | — | — |
| 7 Aug 2026 · Indosolar submits FY26 Annual Report and 17th AGM notice | results | high | — | — |
| 7 Aug 2026 · Indosolar AGM scheduled for August 31, 2026 | board shareholder meetings | low | — | — |
| 7 Aug 2026 · Indosolar 17th AGM notice for FY 2025-26, meeting Aug 31, 2026 | board shareholder meetings | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| HITACHI ENERGY INDIA LTD |
| 1,40,200 |
| 121.8 |
| 27.09 |
| — |
| 19.1 |
| 24.7 |
| — |
| 16.9 |
| GE VERNOVA T&D INDIA LTD | 1,16,454 | 89.2 | 43.29 | — | 45.8 | 57.9 | — | 27.4 |
| SIEMENS ENERGY INDIA LTD | 1,13,147 | 76.0 | 23.51 | — | 14.3 | 15.8 | — | 25.9 |
| SUZLON ENERGY LIMITED | 60,678 | 19.4 | 6.41 | 18.8 | 33.4 | 22.7 | 38.0 | 16.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.3 | 35.1 | 1 of 34 | 100% |
| P/B | 3.6 | 5.7 | 10 of 33 | 72% |
| ROCE | 75.9 | 16.6 | 1 of 36 | 100% |
| ROE | 85.9 | 14.6 | 1 of 35 | 100% |
| Debt / Equity | 0.0 | 0.1 | 2 of 35 | 65% |
| EBITDA margin | 83.2 | 16.4 | 1 of 35 | 100% |
| Revenue growth | (64.9) | 17.7 | 33 of 33 | 0% |
| Profit growth | (68.7) | 6.7 | 30 of 32 | 7% |
| Market cap | 1046 | 7198 | 29 of 35 | 18% |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
