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Indosolar Q2 FY27 results: net profit down 89.2% to ₹5.02 crore, revenue down 23.2%
Indosolar Limited reported standalone revenue of ₹155.59 crore in Q2 FY27, down 23.2% from the year-ago quarter. EBITDA fell to ₹14.82 crore, while a net profit of ₹5.02 crore and basic EPS of ₹1.20 were reported for the July–September 2026 quarter.
Key points
- Revenue was ₹155.59 crore in Q2 FY27, down 23.2% from Q2 FY26 and up 127.6% from Q1 FY27.
- EBITDA was ₹14.82 crore, down 79.0% year on year, with an EBITDA margin of 9.5%.
- Net profit was ₹5.02 crore, down 89.2% from Q2 FY26 and 86.3% from Q1 FY27.
- Basic EPS was ₹1.20, compared with ₹11.14 in Q2 FY26 and ₹8.80 in Q1 FY27.
- For H1 FY27, revenue was ₹223.95 crore and net profit was ₹41.64 crore, down 43.6% and 74.5% respectively from H1 FY26.
How did Indosolar perform in Q2 FY27?
Indosolar reported standalone revenue of ₹155.59 crore in Q2 FY27, down 23.2% from ₹202.55 crore in Q2 FY26. EBITDA fell 79.0% to ₹14.82 crore from ₹70.73 crore, while the EBITDA margin declined to 9.5% from 34.9%. Profit before tax was ₹6.71 crore, down 89.0% from ₹61.14 crore.
Against Q1 FY27, revenue rose 127.6% to ₹155.59 crore from ₹68.36 crore, but EBITDA fell 69.4% to ₹14.82 crore from ₹48.46 crore. The EBITDA margin declined to 9.5% from 70.9%. Net profit was ₹5.02 crore, down 86.3% from ₹36.62 crore, and basic EPS was ₹1.20 compared with ₹8.80. The results are standalone; no consolidated figures were given.
The quarter comprised July–September 2026, and the board approved the standalone unaudited results on 21 October 2026. The filing stated that the financial statements had been prepared under Indian Accounting Standards and Regulation 33 of the SEBI listing requirements.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 155.59 | 68.36 | 202.55 | −23.2% | +127.6% |
| Other income | 1.58 | 8.39 | 0.01 | +15700.0% | −81.2% |
| Total expenses | 150.46 | 29.28 | 141.42 | +6.4% | +413.9% |
| EBITDA | 14.82 | 48.46 | 70.73 | −79.0% | −69.4% |
| EBITDA margin | 9.5% | 70.9% | 34.9% | −25.4 pp | −61.4 pp |
| Profit before tax | 6.71 | 47.47 | 61.14 | −89.0% | −85.9% |
| Tax | 1.69 | 10.85 | 14.80 | −88.6% | −84.4% |
| Net profit | 5.02 | 36.62 | 46.34 | −89.2% | −86.3% |
| EPS (₹) | 1.20 | 8.80 | 11.14 | −89.2% | −86.4% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Indosolar's costs and profit?
Against Q2 FY26, total expenses rose 6.4% to ₹150.46 crore from ₹141.42 crore. Cost of materials consumed increased 105.9% to ₹232.12 crore from ₹112.75 crore, while employee cost rose 51.5% to ₹1.97 crore from ₹1.30 crore. Depreciation and amortisation was ₹9.63 crore against ₹9.22 crore, and other expenses were ₹12.59 crore against ₹12.66 crore.
Finance costs declined 84.2% to ₹0.06 crore from ₹0.38 crore. Other income increased to ₹1.58 crore from ₹0.01 crore, while tax expense fell 88.6% to ₹1.69 crore from ₹14.80 crore. There was no exceptional item. Despite the higher other income and lower finance and tax costs, EBITDA declined to ₹14.82 crore and net profit to ₹5.02 crore.
Compared with Q1 FY27, total expenses rose to ₹150.46 crore from ₹29.28 crore, led by cost of materials consumed of ₹232.12 crore against ₹21.79 crore. Other income fell to ₹1.58 crore from ₹8.39 crore, finance costs declined to ₹0.06 crore from ₹0.08 crore, and tax expense fell to ₹1.69 crore from ₹10.85 crore. The filing did not state a reason for the cost changes.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 232.12 | 112.75 | +119.37 | +105.9% |
| Employee cost | 1.97 | 1.30 | +0.67 | +51.5% |
| Finance costs | 0.06 | 0.38 | −0.32 | −84.2% |
| Depreciation | 9.63 | 9.22 | +0.41 | +4.4% |
| Other expenses | 12.59 | 12.66 | −0.07 | −0.6% |
| Total expenses | 150.46 | 141.42 | +9.04 | +6.4% |
| Other income | 1.58 | 0.01 | +1.57 | +15700.0% |
| Tax | 1.69 | 14.80 | −13.11 | −88.6% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, standalone revenue was ₹223.95 crore, down 43.6% from ₹397.22 crore in H1 FY26. Total income was ₹233.92 crore, down 41.3% from ₹398.56 crore, while profit before tax fell 53.4% to ₹54.18 crore from ₹116.29 crore.
Net profit for H1 FY27 was ₹41.64 crore, down 74.5% from ₹163.13 crore in H1 FY26. Basic EPS was ₹10.00, compared with ₹39.21. The company’s board approved the standalone unaudited quarter and half-year results on 21 October 2026.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 223.95 | 397.22 | −43.6% |
| Profit before tax | 54.18 | 116.29 | −53.4% |
| Net profit | 41.64 | 163.13 | −74.5% |
| EPS (₹) | 10.00 | 39.21 | −74.5% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹482.96 crore, compared with ₹344.40 crore at 31 March 2026, and total equity was ₹328.61 crore against ₹287.01 crore. Borrowings remained ₹0.00 crore, while cash and cash equivalents were ₹81.16 crore against ₹1.09 crore. Inventories were ₹221.97 crore compared with ₹21.08 crore, and trade receivables were ₹16.26 crore against ₹209.62 crore.
For H1 FY27, net cash generated from operating activities was ₹79.57 crore, compared with ₹71.28 crore in H1 FY26. Investing cash flow was ₹0.49 crore against a use of ₹11.05 crore, financing cash flow was ₹0.00 crore against a use of ₹65.71 crore, and capital expenditure was ₹4.87 crore compared with ₹11.23 crore. The filing reported closing cash and cash equivalents of ₹81.16 crore for the period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 482.96 | 344.40 |
| Total equity | 328.61 | 287.01 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 81.16 | 1.09 |
| Inventories | 221.97 | 21.08 |
| Trade receivables | 16.26 | 209.62 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 79.57 | 71.28 |
| Cash from investing | 0.49 | −11.05 |
| Cash from financing | 0 | −65.71 |
| Capital expenditure | 4.87 | 11.23 |
Source: Company's results filing (XBRL).
How has Indosolar done over the last 8 quarters?
Revenue reached its highest level in the series at ₹202.55 crore in Q2 FY26 and its lowest at ₹68.36 crore in Q1 FY27. It then rose to ₹155.59 crore in Q2 FY27. Net profit peaked at ₹116.79 crore in Q1 FY26 and was ₹5.02 crore in Q2 FY27.
The EBITDA margin reached 77.4% in Q4 FY26, before falling to 70.9% in Q1 FY27 and 9.5% in Q2 FY27. Across the latest reported quarters, revenue recovered from ₹68.36 crore in Q1 FY27 to ₹155.59 crore in Q2 FY27, while net profit and margin moved lower.
How did Indosolar shares react?
The results were announced after market hours. From the price when the filing appeared, the stock rose 2.7% after 5 minutes, 1.8% after 15 minutes and 2.2% after 30 minutes. On the reaction day, it closed 1.6% below the previous close; by the next day’s close it was down 2.1% and by the fifth session down 3.2% from that pre-results close.
The Heavy Electrical Equipment industry median fell 1.3% on the reaction day, 4.9% by the next day’s close and 0.1% by the fifth session. Indosolar’s corresponding excess moves were negative 0.4 percentage points, positive 2.8 percentage points and negative 3.1 percentage points. Earlier results-day moves were negative 5.6% on 23 July 2026, negative 5.0% on 20 April 2026, negative 4.5% on 16 January 2026 and positive 5.0% on 6 August 2025.
| After the filing | Stock | Heavy Electrical Equipment median |
|---|---|---|
| 5 minutes | +2.7% | |
| 15 minutes | +1.8% | |
| 30 minutes | +2.2% | |
| Reaction day | −1.6% | −1.3% |
| Next day | −2.1% | −4.9% |
| 5 days | −3.2% | −0.1% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 23 July 2026 | −5.6% |
| 20 April 2026 | −5.0% |
| 16 January 2026 | −4.5% |
| 6 August 2025 | +5.0% |
Source: MarketPing price-reaction measurement.
How did other Heavy Electrical Equipment companies do?
Thirteen other Heavy Electrical Equipment companies had filed for the quarter, with a median revenue growth of 26.0%. Of these companies, 11 grew revenue faster than Indosolar and 2 grew revenue slower than Indosolar, while 9 reported higher profit.
| Indosolar revenue growth (YoY) | −23.2% |
|---|---|
| Median of 13 other Heavy Electrical Equipment companies | +26.0% |
| Companies with slower revenue growth than Indosolar | 2 of 13 |
| Companies with faster revenue growth than Indosolar | 11 of 13 |
| Companies whose net profit rose | 9 of 13 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Indosolar's revenue in Q2 FY27?
Revenue from operations was ₹155.59 crore, down 23.2% from ₹202.55 crore in Q2 FY26 (standalone).
Did Indosolar make a profit in Q2 FY27?
Yes. Net profit was ₹5.02 crore, against a net profit of ₹46.34 crore in Q2 FY26.
What was Indosolar's EPS in Q2 FY27?
Basic earnings per share were ₹1.20, against ₹11.14 in Q2 FY26.
How did Indosolar shares react to the Q2 FY27 results?
On the reaction day the stock moved −1.6% from the previous close; the median Heavy Electrical Equipment stock moved −1.3%.
When did Indosolar announce its Q2 FY27 results?
On 21 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Financial Results For The Quarter And Half Year Ended On September 30, 2026 (BSE, 15 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting For The Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 21 October 2026) · PDF
- Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026. (BSE, 21 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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