WEBSITE BSE:533257 NSE: WAAREEINDO Inc. Year: 2005 Industry: Electronics - Components My Bucket: Add Stock
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Indosolar Ltd. is an Indian solar manufacturer that is a part of the Waaree Group. The company focuses on the production of high-efficiency photovoltaic (PV) cells and modules. Indosolar\'s manufacturing facility in Noida is capable of producing one point three gigawatts (GW) of manufacturing capacity and is producing high-efficiency N-Type modules, G12 and M10R. There is an R&D focus either subsidized with German technology to spur module efficiencies improvements and cost reductions. In FY 2024- 25 Indosolar returned to profitability with a p...Read More
Indosolar Ltd. is an Indian solar manufacturer that is a part of the Waaree Group. The company focuses on the production of high-efficiency photovoltaic (PV) cells and modules. Indosolar\'s manufacturing facility in Noida is capable of producing one point three gigawatts (GW) of manufacturing capacity and is producing high-efficiency N-Type modules, G12 and M10R. There is an R&D focus either subsidized with German technology to spur module efficiencies improvements and cost reductions. In FY 2024- 25 Indosolar returned to profitability with a profit after tax (PAT) of ₹54.78crore, a very solid flip from losses earlier in its prior year. There has been difficult periods along the way; the company had actually closed its operations in 2018 prior to its acquisition by Waaree. Indosolar has an exciting opportunity to now activate a modern base to manufacture solar PV products for India\'s initiative to grow solar products manufacturing and take on a key role in India\'s acknowledgeable clean energy objectives and mandate. Indosolar now as a continuously modern facility with a new management team, is able to implement its production strategy for capacity growth. ...Read Less
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Market Cap ₹1800 Cr.
Stock P/E 32.9
P/B 6.3
Current Price ₹432.7
Book Value ₹ 69
Face Value 10
52W High ₹725
Dividend Yield 0%
52W Low ₹ 165.1
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 0 | 0 | 28 | 103 | 192 | 195 | 203 | 200 | 83 |
| Other Income | 0 | 1 | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 1 |
| Total Income | 0 | 1 | 0 | 28 | 104 | 193 | 196 | 203 | 200 | 84 |
| Total Expenditure | 2 | 1 | 1 | 7 | 80 | 142 | 131 | 132 | 129 | 19 |
| Operating Profit | -2 | -1 | -1 | 22 | 24 | 51 | 65 | 71 | 71 | 65 |
| Interest | 2 | 3 | 3 | 4 | 5 | 2 | 1 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 8 | 9 | 9 | 9 | 9 | 9 | 9 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -5 | -5 | -5 | 9 | 10 | 40 | 55 | 61 | 62 | 56 |
| Provision for Tax | 0 | 0 | 0 | 0 | -0 | 0 | -62 | 15 | 20 | 14 |
| Profit After Tax | -5 | -5 | -5 | 9 | 10 | 40 | 117 | 46 | 41 | 42 |
| Adjustments | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 |
| Profit After Adjustments | -5 | -5 | -5 | 9 | 10 | 40 | 117 | 46 | 41 | 42 |
| Adjusted Earnings Per Share | -1.2 | -1.2 | -1.2 | 2.3 | 2.5 | 9.6 | 28.1 | 11.1 | 10 | 10.1 |
| #(Fig in Cr.) | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 16 | 296 | 258 | 442 | 314 | 13 | 0 | 0 | 0 | 0 | 324 | 681 |
| Other Income | 2 | 4 | 2 | 3 | 4 | 3 | 1 | 0 | 1 | 1 | 1 | 2 |
| Total Income | 18 | 300 | 260 | 445 | 318 | 16 | 1 | 0 | 1 | 1 | 325 | 683 |
| Total Expenditure | 44 | 248 | 248 | 368 | 336 | 38 | 1 | 8 | 2 | 4 | 229 | 411 |
| Operating Profit | -26 | 52 | 12 | 77 | -17 | -22 | -1 | -8 | -1 | -3 | 96 | 272 |
| Interest | 81 | 103 | 126 | 106 | 54 | 51 | 0 | 0 | 1 | 8 | 14 | 1 |
| Depreciation | 30 | 27 | 27 | 29 | 28 | 24 | 7 | 7 | 4 | 5 | 27 | 36 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | -64 | -428 | 0 | -107 | 1088 | 0 | 0 | 0 |
| Profit Before Tax | -137 | -78 | -141 | -58 | -163 | -525 | -8 | -122 | 1081 | -15 | 55 | 234 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -13 |
| Profit After Tax | -137 | -78 | -141 | -58 | -163 | -525 | -8 | -122 | 1081 | -15 | 55 | 246 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -137 | -78 | -141 | -58 | -163 | -525 | -8 | -122 | 1081 | -15 | 55 | 246 |
| Adjusted Earnings Per Share | -4.1 | -2.2 | -3.9 | -1.6 | -4.4 | -14.1 | -0.2 | -3.3 | 259.9 | -3.7 | 13.2 | 59.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | 0% | 90% | 35% |
| Operating Profit CAGR | 0% | 0% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 12442% | 433% | 199% | 49% |
| ROE Average | 421% | 140% | 84% | -32% |
| ROCE Average | 80% | 23% | 14% | -36% |
| #(Fig in Cr.) | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | -41 | -97 | -238 | -299 | -457 | -981 | -998 | -1120 | 1 | -14 | 40 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 729 | 598 | 493 | 5 | 304 | 6 | 5 | 5 | 8 | 99 | 35 |
| Other Non-Current Liabilities | 67 | 0 | 0 | 1 | 0 | 0 | 1 | 1 | 3 | 38 | 21 |
| Total Current Liabilities | 406 | 624 | 847 | 1410 | 895 | 1234 | 1229 | 1230 | 54 | 28 | 144 |
| Total Liabilities | 1161 | 1125 | 1102 | 1116 | 744 | 259 | 238 | 116 | 65 | 150 | 241 |
| Fixed Assets | 492 | 470 | 445 | 452 | 427 | 154 | 140 | 82 | 48 | 47 | 122 |
| Other Non-Current Assets | 613 | 586 | 606 | 589 | 273 | 85 | 84 | 27 | 4 | 94 | 1 |
| Total Current Assets | 56 | 69 | 50 | 75 | 44 | 19 | 14 | 7 | 6 | 8 | 117 |
| Total Assets | 1161 | 1125 | 1102 | 1116 | 744 | 259 | 238 | 116 | 65 | 150 | 241 |
| #(Fig in Cr.) | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 2 | 10 | 1 | 7 | 3 | 2 | 0 | 0 | 1 | 1 |
| Cash Flow from Operating Activities | -23 | 79 | 16 | 55 | 29 | 32 | -1 | -0 | -14 | 18 | 85 |
| Cash Flow from Investing Activities | -4 | -61 | -2 | -28 | -8 | -23 | -1 | 0 | -3 | -56 | -20 |
| Cash Flow from Financing Activities | 28 | -10 | -24 | -21 | -25 | -12 | -0 | 1 | 18 | 38 | -53 |
| Net Cash Inflow / Outflow | 2 | 8 | -9 | 6 | -4 | -2 | -2 | 0 | 1 | 0 | 12 |
| Closing Cash & Cash Equivalent | 2 | 10 | 1 | 7 | 3 | 1 | 0 | 0 | 1 | 1 | 13 |
| # | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -4.09 | -2.18 | -3.94 | -1.62 | -4.38 | -14.11 | -0.21 | -3.29 | 259.87 | -3.71 | 13.17 |
| CEPS(Rs) | -3.19 | -1.43 | -3.2 | -0.8 | -3.62 | -13.46 | -0.02 | -3.1 | 260.9 | -2.61 | 19.74 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | -1.52 | -2.97 | -6.92 | -8.61 | -12.27 | -26.38 | -26.82 | -30.1 | 0.26 | -3.45 | 9.71 |
| Core EBITDA Margin(%) | -181.45 | 16.13 | 3.72 | 16.85 | -6.81 | -187.27 | 0 | 0 | 0 | 0 | 29.34 |
| EBIT Margin(%) | -358.57 | 8.33 | -5.75 | 10.93 | -34.79 | -3585.13 | 0 | 0 | 0 | 0 | 21.17 |
| Pre Tax Margin(%) | -873.82 | -26.41 | -54.82 | -13.07 | -51.83 | -3970.27 | 0 | 0 | 0 | 0 | 16.91 |
| PAT Margin (%) | -873.82 | -26.41 | -54.82 | -13.1 | -51.84 | -3970.27 | 0 | 0 | 0 | 0 | 16.91 |
| Cash Profit Margin (%) | -681.21 | -17.29 | -44.51 | -6.51 | -42.89 | -3787.74 | 0 | 0 | 0 | 0 | 25.35 |
| ROA(%) | -11.89 | -6.84 | -12.69 | -5.22 | -17.51 | -104.73 | -3.2 | -69.17 | 1192.3 | -14.34 | 28.03 |
| ROE(%) | -777.95 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 420.64 |
| ROCE(%) | -5.71 | 2.68 | -1.86 | 7.16 | -21.92 | -450.39 | 0 | 0 | 0 | -10.52 | 79.7 |
| Receivable days | 246.23 | 3.01 | 3.58 | 6.07 | 8.21 | 42.21 | 0 | 0 | 0 | 0 | 5.25 |
| Inventory Days | 898.65 | 36.36 | 34.4 | 25.98 | 36.77 | 442.04 | 0 | 0 | 0 | 0 | 42.03 |
| Payable days | 843.73 | 23.36 | 51.98 | 43.46 | 58.74 | 1543.9 | 0 | 0 | 0 | 0 | 78.94 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Price/Book(x) | -1.23 | -5.01 | -1.18 | -0.79 | -0.61 | -0.08 | -0.07 | -0.12 | 0 | 0 | 0 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 68.49 | 5.06 | 4.88 | 2.66 | 3.48 | 68.13 | 0 | 0 | 0 | 0 | 0.22 |
| EV/Core EBITDA(x) | -41.25 | 28.97 | 107.03 | 15.18 | -64.06 | -41.42 | -1119.43 | -123.55 | -113.33 | -43.81 | 0.75 |
| Net Sales Growth(%) | -70.57 | 1788.97 | -12.94 | 71.65 | -28.98 | -95.79 | -100 | 0 | 0 | 0 | 0 |
| EBIT Growth(%) | 13.06 | 143.89 | -160.11 | 426.18 | -325.99 | -333.77 | 98.32 | -1438.86 | 985 | -100.71 | 993.22 |
| PAT Growth(%) | -10.55 | 42.92 | -80.72 | 58.99 | -181.09 | -222.42 | 98.49 | -1438.57 | 983.9 | -101.43 | 454.72 |
| EPS Growth(%) | -10.54 | 46.59 | -80.72 | 58.99 | -170.56 | -222.42 | 98.49 | -1438.37 | 8004.9 | -101.43 | 454.72 |
| Debt/Equity(x) | -24.25 | -10.08 | -4.01 | -3.12 | -1.8 | -0.84 | -0.83 | -0.74 | 56.05 | -6.89 | 1.16 |
| Current Ratio(x) | 0.14 | 0.11 | 0.06 | 0.05 | 0.05 | 0.02 | 0.01 | 0.01 | 0.12 | 0.29 | 0.81 |
| Quick Ratio(x) | 0.05 | 0.08 | 0.03 | 0.03 | 0.02 | 0.01 | 0.01 | 0.01 | 0.12 | 0.29 | 0.3 |
| Interest Cover(x) | -0.7 | 0.24 | -0.12 | 0.46 | -2.04 | -9.31 | -5299.07 | 0 | 981.33 | -0.99 | 4.98 |
| Total Debt/Mcap(x) | 16.1 | 1.83 | 3.26 | 3.83 | 2.92 | 10.76 | 11.35 | 6.29 | 0 | 0 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 96.15 | 96.15 | 96.15 | 96.15 | 96.15 | 96.15 | 95 | 74.93 | 74.93 | 74.93 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0.01 | 0.54 | 0.54 | 0.55 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0.05 | 0.05 | 0.06 | 0.12 |
| Public | 3.85 | 3.85 | 3.85 | 3.85 | 3.85 | 3.85 | 4.94 | 24.49 | 24.48 | 24.4 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 4 | 4 | 4 | 4 | 4 | 4 | 3.95 | 3.12 | 3.12 | 3.12 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.02 | 0.02 | 0.02 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.01 |
| Public | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.21 | 1.02 | 1.02 | 1.01 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 4.16 | 4.16 | 4.16 | 4.16 | 4.16 | 4.16 | 4.16 | 4.16 | 4.16 | 4.16 |
* The pros and cons are machine generated.
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