Key Financials Snapshot

TTM · Standalone · ₹ in Cr
Market Cap
₹881 Cr.
Stock P/E
3.6
P/B
2.7
Current Price
₹211.7
Book Value
₹ 77.8
Face Value
10
52W High
₹642.4
52W Low
₹ 196.4
Dividend Yield
0%

Indosolar Overview

Business

Indosolar Ltd. is primarily involved in the manufacturing of solar photovoltaic (PV) cells and modules. The company's core business model focuses on producing these essential components for solar power generation. It converts raw silicon wafers into multi-crystalline solar cells and assembles them into PV modules of various wattage capacities. The company generates revenue by selling these solar cells and modules to solar power project developers, EPC (Engineering, Procurement, and Construction) contractors, and distributors, who then deploy them in solar power plants or rooftop installations.

Revenue Mix

The company's revenue is predominantly derived from its sole key segment: the manufacturing and sale of solar photovoltaic (PV) cells and modules. Specific granular breakdowns of cell vs. module sales or different product types are not generally available, but its operations are concentrated within this component manufacturing space.

Industry

The company operates within India's solar manufacturing industry, which is characterized by high growth potential driven by government renewable energy targets, but also intense competition. The industry features both domestic players and significant imports, historically dominated by Chinese manufacturers. Indosolar, as an established Indian manufacturer, is positioned as a domestic supplier, benefiting from government policies aimed at promoting local manufacturing such as Approved List of Models and Manufacturers (ALMM) and Production Linked Incentive (PLI) schemes. Its competitive standing relative to peers depends on its production capacity, technological efficiency, cost structure, and quality reputation. The ticker WAAREEINDO suggests a strong connection or integration with the Waaree Group, a major player in the Indian solar sector, which could enhance its positioning and market reach.

MOAT

Durable competitive advantages in solar manufacturing, a capital-intensive and often commoditized sector, are challenging but can exist.

Scale & Cost Efficiency: If the company possesses significant manufacturing scale, it can achieve lower per-unit costs.

Government Policy Support: As an Indian manufacturer, it benefits from protective policies like import duties and domestic content requirements, which effectively create a regulatory moat for local demand.

Association with Waaree Group: Being part of or closely associated with a larger, established solar player like Waaree can provide brand credibility, operational synergies, and a wider distribution network, acting as a soft moat.

Technology & Quality: A consistent reputation for producing high-efficiency, reliable modules could foster long-term customer relationships.

Growth Drivers

India's Renewable Energy Targets: Ambitious government goals for solar capacity addition (e.g., 500 GW renewable energy by 2030) will drive sustained demand for solar components.

Domestic Manufacturing Incentives: Policies like the PLI scheme, basic customs duty (BCD) on imported modules, and ALMM list specifically favor and incentivize domestic production.

Falling LCOE (Levelized Cost of Energy): Continued reduction in solar power costs makes it increasingly competitive, accelerating adoption.

Diversification into Newer Technologies: Adoption of advanced cell technologies (e.g., TOPCon, HJT) could open new market opportunities and improve product competitiveness.

Risks

Intense Price Competition: The global solar industry is highly competitive, leading to price pressures, especially from larger international players.

Technological Obsolescence: Rapid advancements in solar cell and module technology can quickly render existing manufacturing lines and products less competitive.

Raw Material Price Volatility: Fluctuations in prices of key raw materials like polysilicon, silver, and glass can significantly impact production costs and margins.

Policy & Regulatory Changes: Changes in government subsidies, tariffs, import duties, or manufacturing incentives can directly affect the company's business viability and profitability.

Capital Intensity: Expansion and technology upgrades require significant capital expenditure, making access to financing crucial.

Management & Ownership

Indosolar Ltd. is a publicly listed company in India. Its ticker WAAREEINDO indicates a strong relationship or integration with the Waaree Group, one of India's largest solar PV manufacturers. This suggests that the company likely benefits from experienced promoters and management with a deep understanding of the solar sector. Ownership typically comprises promoter holdings, institutional investors, and public shareholders, with the Waaree Group likely holding a significant stake or influence given the ticker.

Outlook

The company operates in a strategically important and high-growth sector within India. The "Make in India" initiative and robust government backing for domestic solar manufacturing provide a strong tailwind, potentially enabling expansion and market share gains. Association with a prominent group like Waaree can provide stability, capital access, and operational expertise. However, the solar manufacturing industry remains highly competitive, prone to rapid technological shifts, and susceptible to global supply chain disruptions and raw material price volatility. Profitability will hinge on the company's ability to scale efficiently, adopt advanced technologies, maintain cost competitiveness, and navigate the evolving policy landscape. The outlook is cautiously optimistic, balancing significant market opportunity against inherent industry risks.

Indosolar Share Price

Live · BSE / NSE · Inception: 2005
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Standalone · annual

Indosolar Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 0 0 28 103 192 195 203 200 83 68
Other Income 1 0 0 1 1 1 0 0 1 8
Total Income 1 0 28 104 193 196 203 200 84 77
Total Expenditure 1 1 7 80 142 131 132 129 19 20
Operating Profit -1 -1 22 24 51 65 71 71 65 57
Interest 3 3 4 5 2 1 0 0 0 0
Depreciation 1 1 8 9 9 9 9 9 9 9
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax -5 -5 9 10 40 55 61 62 56 47
Provision for Tax 0 0 0 -0 0 -62 15 20 14 11
Profit After Tax -5 -5 9 10 40 117 46 41 42 37
Adjustments 0 0 0 0 0 0 0 -0 0 0
Profit After Adjustments -5 -5 9 10 40 117 46 41 42 37
Adjusted Earnings Per Share -1.2 -1.2 2.3 2.5 9.6 28.1 11.1 10 10.1 8.8

Indosolar Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 296 258 442 314 13 0 0 0 0 324 680 554
Other Income 4 2 3 4 3 1 0 1 1 1 2 9
Total Income 300 260 445 318 16 1 0 1 1 325 681 564
Total Expenditure 248 248 368 336 38 1 8 2 4 229 409 300
Operating Profit 52 12 77 -17 -22 -1 -8 -1 -3 96 272 264
Interest 103 126 106 54 51 0 0 1 8 14 1 0
Depreciation 27 27 29 28 24 7 7 4 5 27 37 36
Exceptional Income / Expenses 0 0 0 -64 -428 0 -107 1088 0 0 0 0
Profit Before Tax -78 -141 -58 -163 -525 -8 -122 1081 -15 55 234 226
Provision for Tax 0 0 0 0 0 0 0 0 0 -0 -12 60
Profit After Tax -78 -141 -58 -163 -525 -8 -122 1081 -15 55 247 166
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -78 -141 -58 -163 -525 -8 -122 1081 -15 55 247 166
Adjusted Earnings Per Share -2.2 -3.9 -1.6 -4.4 -14.1 -0.2 -3.3 259.9 -3.7 13.2 59.3 40

Indosolar Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds -97 -238 -299 -457 -981 -998 -1120 1 -14 40 287
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 598 493 5 304 6 5 5 8 99 35 0
Other Non-Current Liabilities 0 0 1 0 0 1 1 3 38 21 10
Total Current Liabilities 624 847 1410 895 1234 1229 1230 54 28 144 36
Total Liabilities 1125 1102 1116 744 259 238 116 65 150 241 332
Fixed Assets 470 445 452 427 154 140 82 48 47 122 91
Other Non-Current Assets 586 606 589 273 85 84 27 4 94 1 3
Total Current Assets 69 50 75 44 19 14 7 6 8 117 238
Total Assets 1125 1102 1116 744 259 238 116 65 150 241 332

Indosolar Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 2 10 1 7 3 2 0 0 1 1 13
Cash Flow from Operating Activities 79 16 55 29 32 -1 -0 -14 18 85 78
Cash Flow from Investing Activities -61 -2 -28 -8 -23 -1 0 -3 -56 -20 -24
Cash Flow from Financing Activities -10 -24 -21 -25 -12 -0 1 18 38 -53 -66
Net Cash Inflow / Outflow 8 -9 6 -4 -2 -2 0 1 0 12 -12
Closing Cash & Cash Equivalent 10 1 7 3 1 0 0 1 1 13 1

Indosolar Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) -2.18 -3.94 -1.62 -4.38 -14.11 -0.21 -3.29 259.87 -3.71 13.17 59.27
CEPS(Rs) -1.43 -3.2 -0.8 -3.62 -13.46 -0.02 -3.1 260.9 -2.61 19.74 68.1
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) -2.97 -6.92 -8.61 -12.27 -26.38 -26.82 -30.1 0.26 -3.45 9.71 68.99
Core EBITDA Margin(%) 16.13 3.72 16.85 -6.81 -187.27 0 0 0 0 29.34 39.82
EBIT Margin(%) 8.33 -5.75 10.93 -34.79 -3585.13 0 0 0 0 21.17 34.65
Pre Tax Margin(%) -26.41 -54.82 -13.07 -51.83 -3970.27 0 0 0 0 16.91 34.46
PAT Margin (%) -26.41 -54.82 -13.1 -51.84 -3970.27 0 0 0 0 16.91 36.27
Cash Profit Margin (%) -17.29 -44.51 -6.51 -42.89 -3787.74 0 0 0 0 25.35 41.67
ROA(%) -6.84 -12.69 -5.22 -17.51 -104.73 -3.2 -69.17 1192.3 -14.34 28.03 86.1
ROE(%) 0 0 0 0 0 0 0 0 0 420.64 150.63
ROCE(%) 2.68 -1.86 7.16 -21.92 -450.39 0 0 0 -10.52 79.7 125.81
Receivable days 3.01 3.58 6.07 8.21 42.21 0 0 0 0 5.25 57.52
Inventory Days 36.36 34.4 25.98 36.77 442.04 0 0 0 0 42.03 25.64
Payable days 23.36 51.98 43.46 58.74 1543.9 0 0 0 0 78.94 52.22
PER(x) 0 0 0 0 0 0 0 0 0 0 6.18
Price/Book(x) -5.01 -1.18 -0.79 -0.61 -0.08 -0.07 -0.12 0 0 0 5.31
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 5.06 4.88 2.66 3.48 68.13 0 0 0 0 0.22 2.23
EV/Core EBITDA(x) 28.97 107.03 15.18 -64.06 -41.42 -1119.43 -123.55 -113.33 -43.81 0.75 5.57
Net Sales Growth(%) 1788.97 -12.94 71.65 -28.98 -95.79 -100 0 0 0 0 109.89
EBIT Growth(%) 143.89 -160.11 426.18 -325.99 -333.77 98.32 -1438.86 985 -100.71 993.22 243.6
PAT Growth(%) 42.92 -80.72 58.99 -181.09 -222.42 98.49 -1438.57 983.9 -101.43 454.72 350.15
EPS Growth(%) 46.59 -80.72 58.99 -170.56 -222.42 98.49 -1438.37 8004.9 -101.43 454.72 350.15
Debt/Equity(x) -10.08 -4.01 -3.12 -1.8 -0.84 -0.83 -0.74 56.05 -6.89 1.16 0
Current Ratio(x) 0.11 0.06 0.05 0.05 0.02 0.01 0.01 0.12 0.29 0.81 6.7
Quick Ratio(x) 0.08 0.03 0.03 0.02 0.01 0.01 0.01 0.12 0.29 0.3 6.11
Interest Cover(x) 0.24 -0.12 0.46 -2.04 -9.31 -5299.07 0 981.33 -0.99 4.98 185.56
Total Debt/Mcap(x) 1.83 3.26 3.83 2.92 10.76 11.35 6.29 0 0 0 0

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +110% — — +9%
Operating Profit CAGR +183% — — +18%
PAT CAGR +349% -39% — —
Share Price CAGR -67% +320% +131% +40%
ROE Average +151% +190% +114% +52%
ROCE Average +126% +65% +39% -24%

Indosolar Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 74.93 %
FII 0.55 %
DII (MF + Insurance) 0.06 %
Public (retail) 24.47 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 96.1596.1596.1596.1596.159574.9374.9374.9374.93
FII 000000.010.540.540.550.55
DII 000000.050.050.060.120.06
Public 3.853.853.853.853.854.9424.4924.4824.424.47
Others 0000000000
Total 100100100100100100100100100100

Indosolar Peer Comparison

Electronics - Components Edit Columns

Indosolar Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Indosolar Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 190%
  • Debtor days have improved from 78.94 to 52.22days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

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