NSE: WAAREEINDO · BSE: 533257
INDOSOLAR LIMITED
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
Exhibit 1: Financial summary, FY21–FY26 (all audited; no estimate years)
| ₹ crore · standalone | 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BHEL | 1,41,563 | 58.2 | 5.41 | 47.1 | 6.1 | 4.7 | 14.3 | 9.3 |
| ABB INDIA LIMITED | 1,37,523 | 46.0 | 14.72 | — | 23.0 | 10.2 | — | 15.2 |
| CG POWER AND IND SOL LTD | 1,31,087 | 85.8 | 15.99 | 71.3 | 14.6 | 19.2 | 33.2 | 14.7 |
| HITACHI ENERGY INDIA LTD | 1,26,820 | 110.2 | 24.50 | — | 19.1 | 24.7 | — | 16.9 |
| SIEMENS LTD | 1,20,079 | 36.7 | 8.67 | 33.8 | 19.9 | 20.6 | 31.1 | 11.6 |
| GE VERNOVA T&D INDIA LTD | 1,04,269 | 79.9 | 38.76 | — | 45.8 | 57.9 | — | 27.4 |
| SIEMENS ENERGY INDIA LTD | 1,01,282 | 68.1 | 21.05 | — | 14.3 | 15.8 | — | 25.9 |
| SUZLON ENERGY LIMITED | 51,299 | 16.4 | 5.42 | 15.9 | 33.4 | 22.7 | 38.0 | 16.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 4.7 | 36.5 | 1 of 34 | 100% |
| P/B | 2.7 | 5.4 | 8 of 33 | 78% |
| ROCE | 75.9 | 16.6 | 1 of 36 | 100% |
| ROE | 85.9 | 14.7 | 1 of 34 | 100% |
| Debt / Equity | 0.0 | 0.1 | 1 of 34 | 67% |
| 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 | 782 | 6267 | 30 of 35 | 15% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Indosolar submits financial results newspaper publication | compliance | minimal | — | — |
| 22 Oct 2026 · Indosolar files SEBI depository certificate for September 2026 quarter | compliance | minimal | — | — |
| 21 Oct 2026 · Indosolar Q2 FY27: revenue down 23%, PAT plunges 89% amid solar industry headwinds | compliance | low | — | — |
| 21 Oct 2026 · Indosolar Q2 FY26 PAT falls to Rs 5 cr from Rs 46 cr; merger with Waaree approved | results | high | — | — |
| 21 Oct 2026 · September 2026 half-year profit falls 74% as income drops 41% | results | high | — | — |
| 15 Oct 2026 · Board meeting on Oct 21 to consider Q2 and H1 FY27 results | results | low | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · Indosolar board approves merger with Waaree Energies | strategic transactions | high | — | — |
| 23 Sept 2026 · Indosolar board approves merger with Waaree Energies, 1:11 share swap | strategic transactions | medium | — | — |
| 1 Sept 2026 · AGM 2026: All 5 Resolutions Passed, Voting Results Filed | board shareholder meetings | low | — | — |
How to read this document
| 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 |
| 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 |
Sources, method and disclosures
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.