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Latest filing: 2026-09-23 20:16
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14 announcements match the current filters (relevance ≥ 5).
Indosolar to Merge into Waaree Energies; Swap Ratio Set at 1:11 Shares
Indosolar Limited's Board has approved a draft scheme of amalgamation to merge into parent Waaree Energies Limited. Under the proposed terms, Indosolar shareholders will receive 1 equity share of Waaree Energies (Rs 10 face value) for every 11 equity shares held in Indosolar. Upon completion, Indosolar will be dissolved without winding up, consolidating its Rs 404.92 crore in assets and 1.3 GW capacity into Waaree Energies (turnover of Rs 6,221.67 crore as of June 30, 2026). The transaction requires approvals from stock exchanges (NSE/BSE), NCLT, and shareholders.
Confidence: HIGH
What changedIndosolar's Board has formally approved an amalgamation scheme to merge the company entirely into its parent, Waaree Energies Limited.
Why it mattersEliminates Indosolar's separate listed status and related-party friction, granting Indosolar shareholders equity in a substantially larger, backward-integrated solar player.
Share Swap Ratio: 1 share of Waaree Energies for every 11 shares of IndosolarIndosolar Assets (as of June 30, 2026): Rs 404.92 CrIndosolar Net Worth (as of June 30, 2026): Rs 323.63 CrWaaree Energies Turnover (as of June 30, 2026): Rs 6,221.67 CrWaaree Energies Net Worth (as of June 30, 2026): Rs 13,869.90 Cr
📅 Short termMarket prices of both entities are expected to adjust toward the 1:11 swap ratio parity over upcoming trading sessions.
📈 Long termCreates an integrated solar cell-to-module manufacturing supply chain, improving operational efficiencies and removing separate compliance overheads.
⚠ Risk flags
- Approval risk from NCLT, stock exchanges, and public minority shareholders
- Execution timeline typical of corporate schemes, which can span 9 to 18 months
Key Highlights
Share swap ratio fixed at 1 equity share of Waaree Energies for every 11 shares of Indosolar Limited
Indosolar to be dissolved, folding its Rs 404.92 crore asset base and Rs 323.63 crore net worth into Waaree Energies
Transferee company Waaree Energies reported Rs 6,221.67 crore turnover and Rs 13,869.90 crore net worth as of June 30, 2026
Waaree Energies' public shareholding will marginally increase from 35.88% to 36.09% post-merger via issuance of 94,81,999 shares
Transaction is supported by joint valuation from SSPA & CO. and GT Valuation Advisors, with fairness opinion by ITI Capital
👀 What to Watch
Track statutory and regulatory clearance milestones, including approvals from SEBI/Stock Exchanges, creditors, and the National Company Law Tribunal (NCLT) along with final record date intimations.
Indosolar to Merge into Waaree Energies; Swap Ratio Set at 1:11 Shares
Indosolar Limited's Board has approved a draft scheme of amalgamation to merge into parent Waaree Energies Limited. Under the proposed terms, Indosolar shareholders will receive 1 equity share of Waaree Energies (Rs 10 face value) for every 11 equity shares held in Indosolar. Upon completion, Indosolar will be dissolved without winding up, consolidating its Rs 404.92 crore in assets and 1.3 GW capacity into Waaree Energies (turnover of Rs 6,221.67 crore as of June 30, 2026). The transaction requires approvals from stock exchanges (NSE/BSE), NCLT, and shareholders.
Confidence: HIGH
What changedIndosolar's Board has formally approved an amalgamation scheme to merge the company entirely into its parent, Waaree Energies Limited.
Why it mattersEliminates Indosolar's separate listed status and related-party friction, granting Indosolar shareholders equity in a substantially larger, backward-integrated solar player.
Share Swap Ratio: 1 share of Waaree Energies for every 11 shares of IndosolarIndosolar Assets (as of June 30, 2026): Rs 404.92 CrIndosolar Net Worth (as of June 30, 2026): Rs 323.63 CrWaaree Energies Turnover (as of June 30, 2026): Rs 6,221.67 CrWaaree Energies Net Worth (as of June 30, 2026): Rs 13,869.90 Cr
📅 Short termMarket prices of both entities are expected to adjust toward the 1:11 swap ratio parity over upcoming trading sessions.
📈 Long termCreates an integrated solar cell-to-module manufacturing supply chain, improving operational efficiencies and removing separate compliance overheads.
⚠ Risk flags
- Approval risk from NCLT, stock exchanges, and public minority shareholders
- Execution timeline typical of corporate schemes, which can span 9 to 18 months
Key Highlights
Share swap ratio fixed at 1 equity share of Waaree Energies for every 11 shares of Indosolar Limited
Indosolar to be dissolved, folding its Rs 404.92 crore asset base and Rs 323.63 crore net worth into Waaree Energies
Transferee company Waaree Energies reported Rs 6,221.67 crore turnover and Rs 13,869.90 crore net worth as of June 30, 2026
Waaree Energies' public shareholding will marginally increase from 35.88% to 36.09% post-merger via issuance of 94,81,999 shares
Transaction is supported by joint valuation from SSPA & CO. and GT Valuation Advisors, with fairness opinion by ITI Capital
👀 What to Watch
Track statutory and regulatory clearance milestones, including approvals from SEBI/Stock Exchanges, creditors, and the National Company Law Tribunal (NCLT) along with final record date intimations.
₹68.36 Cr Revenue in Q1 FY27; EBITDA Margins Surge to 70.89% on Tolling Shift
Indosolar Limited reported a sharp 64.89% YoY decline in revenue to ₹68.36 cr for Q1 FY27, primarily due to a strategic shift from direct distribution/trading to tolling contracts. Despite the lower top-line, EBITDA margins expanded significantly to 70.89% from 32.65% in the previous year. Net profit (PAT) fell 68.65% YoY to ₹36.62 cr, down from ₹116.79 cr. Operational volumes also saw a slight dip, with module production at 224 MW compared to 244 MW in the same quarter last year.
Confidence: HIGH
What changedThe company has pivoted its business model toward tolling contracts (manufacturing for others) rather than direct distribution and trading, which has fundamentally altered its margin profile and revenue scale.
Why it mattersWhile the revenue and absolute profit have dropped significantly, the massive margin expansion suggests a lower-risk, service-oriented manufacturing model that may be more resilient to raw material price volatility.
Revenue (Q1 FY27): ₹68.36 crEBITDA Margin: 70.89%PAT (Q1 FY27): ₹36.62 crYoY Revenue Change: -64.89%Module Production: 224 MW
📅 Short termThe market may react to the sharp decline in absolute PAT and revenue, though the operational efficiency and margin expansion are positive underlying factors.
📈 Long termThe shift to tolling for its parent (Waaree Energies) suggests a stable but potentially capped growth trajectory as a dedicated manufacturing arm.
⚠ Risk flags
- High client concentration (Waaree Energies)
- Significant YoY decline in absolute PAT
- Policy transition risks in the solar industry
Key Highlights
Revenue from operations decreased by 64.89% YoY to ₹68.36 cr due to the transition to tolling contracts.
EBITDA margins improved by 117.11% relative to Q1 FY26, reaching a high of 70.89%.
PAT for the quarter stood at ₹36.62 cr, representing a 68.65% decline from ₹116.79 cr in Q1 FY26.
Solar module production volume reached 224 MW, down from 244 MW in the prior year period.
Module sales volume stood at 218 MW for the quarter, compared to 231 MW in Q1 FY26.
👀 What to Watch
Observe if the company can maintain these 70%+ EBITDA margins as it scales its 1.3 GW capacity. Investors should track whether the shift to tolling contracts provides long-term bottom-line stability despite the lower revenue base.
₹68.36 Cr Revenue in Q1; PAT Drops 90% YoY to ₹10.85 Cr
Indosolar Limited reported a weak set of results for Q1 FY2026-27, with revenue from operations falling 64.8% YoY to ₹68.36 Cr. Net profit (PAT) saw a massive decline of 90.7% YoY, dropping to ₹10.85 Cr from ₹116.79 Cr in the same quarter last year. The results were supported by ₹8.39 Cr in other income, which includes a ₹5.92 Cr capital subsidy from the U.P. government. Operational expenses were significantly lower, but the sharp contraction in the top line suggests a slowdown in volume or pricing compared to the previous year.
Confidence: HIGH
What changedThe company transitioned from a high-growth phase in FY26 to a significant contraction in Q1 FY27, with both revenue and profits falling sharply.
Why it mattersThe sharp decline in performance despite being part of the Waaree group raises concerns about the consistency of order flow and the sustainability of previous high margins.
Revenue (Q1 FY27): ₹68.36 CrPAT (Q1 FY27): ₹10.85 CrYoY Revenue Growth: -64.8%YoY PAT Growth: -90.7%Subsidy Recognized: ₹5.92 Cr
📅 Short termThe stock is likely to face downward pressure as the market reacts to the significant YoY drop in profitability and revenue.
📈 Long termThe long-term outlook depends on the company's ability to diversify its client base beyond Waaree Energies and stabilize its manufacturing margins.
⚠ Risk flags
- Significant YoY revenue volatility
- High client concentration with holding company
- Reliance on government subsidies for profit support
Key Highlights
Revenue from operations fell to ₹68.36 Cr in Q1 FY27 from ₹194.68 Cr in Q1 FY26.
Net profit plummeted to ₹10.85 Cr from ₹116.79 Cr in the year-ago period.
Recognized ₹5.92 Cr as subsidy income under the U.P. Electronics Manufacturing Policy - 2020.
Cost of materials consumed stood at ₹21.79 Cr, representing 31.8% of revenue.
Earnings Per Share (EPS) dropped to ₹2.61 from ₹59.27 in the previous year's quarter.
👀 What to Watch
Investors should monitor the capacity utilization of the 1.3 GW module facility and track if the revenue decline is due to temporary supply chain issues or a structural shift in the Waaree Energies contract.
Indosolar FY26 PAT Surges 350% to ₹246.6 Cr; Revenue Doubles to ₹679.85 Cr
Indosolar Limited reported a massive turnaround for FY26, with annual revenue growing 109.89% to ₹679.85 crore and PAT surging 350.16% to ₹246.60 crore. Although Q4 revenue declined by 56.72% YoY due to a strategic shift toward tolling contracts, EBITDA margins for the quarter improved dramatically to 77.41%. The company successfully scaled its module production to 1,051 MW and introduced high-efficiency G12 solar module technology. Additionally, the board strengthened leadership by appointing a new CFO and an Independent Director.
Key Highlights
FY26 Revenue grew 109.89% YoY to ₹679.85 crore, with module production reaching 1,051 MW.
Annual PAT surged 350.16% to ₹246.60 crore, reflecting a significant operational turnaround.
FY26 EBITDA stood at ₹270.75 crore, representing a growth of 184.88% compared to the previous year.
Q4 FY26 EBITDA margins expanded to 77.41% despite a revenue dip caused by a shift to tolling contracts.
Board approved the appointment of Abhishek Pareek as Chief Financial Officer (CFO).
👀 What to Watch
Investors should note the successful business turnaround and the significant margin expansion resulting from the shift to tolling contracts. The company's alignment with parent Waaree Energies and its upgrade to G12 technology positions it well for the growing solar demand.
Indosolar CFO Sonal Shrivastava Resigns Effective March 20, 2026
Indosolar Limited has announced the resignation of Ms. Sonal Shrivastava from her role as Chief Financial Officer and Key Managerial Personnel. Her departure is effective from the close of business hours on March 20, 2026, following the completion of her notice period. Notably, she also resigned from her concurrent position as CFO of the parent entity, Waaree Energies Limited. The resignation is stated to be for pursuing external opportunities that align with her strategic career aspirations.
Key Highlights
Sonal Shrivastava to step down as CFO and KMP effective March 20, 2026.
Resignation applies to both Indosolar Limited and Waaree Energies Limited.
Departure follows the completion of a formal notice period and mutual discussions.
Reason for exit is to pursue external strategic opportunities outside the Waaree Group.
👀 What to Watch
Investors should monitor the company's upcoming announcements for the appointment of a new CFO to ensure continuity in financial governance and reporting.
Indosolar Reports Robust Q3 FY26 Growth: PAT Surges 305% YoY to ₹41.47 Crores
Indosolar Limited, a subsidiary of Waaree Energies, reported a stellar performance for Q3 FY26 with total income rising 92.20% YoY to ₹199.70 crores. Profitability saw a massive jump as PAT surged 304.98% YoY to ₹41.47 crores, supported by significant margin expansion. EBITDA margins improved from 23.44% to 35.64% during the quarter, reflecting better operational efficiency. For the nine-month period (9M FY26), the company's PAT grew by an exceptional 1288% to ₹204.60 crores compared to the previous year.
Key Highlights
Total Income for Q3 FY26 stood at ₹199.70 crores, up 92.20% from ₹103.90 crores in Q3 FY25.
Quarterly PAT increased by 304.98% YoY to ₹41.47 crores with PAT margins doubling to 20.77%.
EBITDA for the quarter grew 192.28% YoY to ₹71.17 crores, with margins expanding to 35.64%.
9M FY26 performance shows massive scale-up with PAT reaching ₹204.60 crores vs ₹14.74 crores YoY.
The company operates a 1.3 GW solar module manufacturing facility in Noida as a Waaree Energies subsidiary.
👀 What to Watch
Investors should take note of the significant turnaround and margin expansion, which positions the company well in the high-growth solar sector. The strong parentage of Waaree Energies and the 1.3 GW capacity utilization remain key drivers to watch for long-term value.
Indosolar Q3 PAT Surges to ₹41.47 Cr; Dr. Jignesh Rathod Appointed as CEO
Indosolar Limited reported a robust Q3 FY26 with revenue from operations at ₹199.53 crore and a Profit After Tax (PAT) of ₹41.47 crore. For the nine-month period ending December 2025, the company recorded a total income of ₹597.13 crore and a PAT of ₹204.60 crore, reflecting strong growth since commencing commercial operations in July 2024. The board also announced the appointment of Dr. Jignesh Rathod as CEO following the resignation of Mr. Amit Ashok Paithankar. Furthermore, the company plans to relocate its registered office from Delhi to Maharashtra to streamline operations within the Waaree Group.
Key Highlights
Q3 FY26 Revenue from operations grew to ₹199.53 crore from ₹103.01 crore in the previous year's corresponding quarter.
Net Profit for the quarter stood at ₹41.47 crore, a significant increase from ₹10.24 crore in Q3 FY25.
9M FY26 PAT reached ₹204.60 crore, aided by the recognition of deferred tax assets worth ₹61.64 crore earlier in the fiscal year.
Management transition: Dr. Jignesh Rathod, a Waaree Group veteran with 18+ years of experience, appointed as CEO effective January 16, 2026.
Board approved shifting the registered office from Delhi to Maharashtra, pending shareholder and regulatory approvals.
👀 What to Watch
The strong financial performance and leadership transition within the Waaree Group ecosystem are positive indicators of operational stability. Investors should monitor the company's ability to maintain these margins as it scales its solar PV module manufacturing.
Indosolar Q3 PAT Surges 305% to ₹41.47 Cr; Dr. Jignesh Rathod Appointed as CEO
Indosolar Limited reported a robust Q3 FY26 with revenue from operations reaching ₹199.53 crore, a 93.7% increase from ₹103.01 crore year-on-year. Net profit saw a massive jump of 305%, rising to ₹41.47 crore from ₹10.24 crore in the same quarter last year. The company also announced a leadership change, appointing Dr. Jignesh Rathod, a veteran from the Waaree Group, as the new CEO. Furthermore, the board approved shifting the registered office to Maharashtra, indicating closer integration with its parent group's operations.
Key Highlights
Quarterly Revenue grew 93.7% YoY to ₹199.53 crore, while 9-month revenue reached ₹596.75 crore.
Net Profit for Q3 FY26 stood at ₹41.47 crore, a significant increase from ₹10.24 crore in Q3 FY25.
9-month PAT reached ₹204.60 crore, significantly higher than ₹14.74 crore in the previous year's corresponding period.
Dr. Jignesh Rathod, with 18 years of experience at Waaree Group, appointed as CEO effective January 16, 2026.
Board approved shifting the registered office from Delhi to Maharashtra to streamline group operations.
👀 What to Watch
The strong financial turnaround and leadership transition to a group veteran are highly positive; investors should monitor the company's ability to maintain these high margins as it scales.
Indosolar Q3 Net Profit Jumps to ₹41.47 Cr; Appoints Dr. Jignesh Rathod as New CEO
Indosolar Limited reported a stellar performance for Q3 FY26, with revenue from operations nearly doubling to ₹199.53 crore compared to ₹103.01 crore in the previous year. Net profit surged significantly to ₹41.47 crore from ₹10.24 crore in Q3 FY25, reflecting the successful scale-up of its Greater Noida manufacturing facility. The company also announced a leadership change, appointing Dr. Jignesh Rathod as the new CEO following the resignation of Amit Ashok Paithankar. Furthermore, the board has proposed shifting the registered office from Delhi to Maharashtra to better align with Waaree Group operations.
Key Highlights
Revenue from operations grew 93.7% YoY to ₹199.53 crore in Q3 FY26.
Net profit for the quarter increased by over 300% YoY to ₹41.47 crore.
Nine-month revenue reached ₹596.75 crore, up from ₹130.57 crore in the corresponding period last year.
Dr. Jignesh Devchandbhai Rathod appointed as CEO and Non-Executive Director effective January 16, 2026.
Board approved shifting the registered office from Delhi to Maharashtra, subject to shareholder approval.
👀 What to Watch
Investors should view the strong earnings growth and the appointment of a Waaree Group veteran as CEO as a positive signal for operational stability. The stock remains a strong hold as the company continues to benefit from its newly operational manufacturing capacity.
Indosolar Q3 PAT Surges to ₹41.47 Cr; New CEO Appointed as Operations Scale Up
Indosolar Limited reported a robust performance for Q3 FY26, with revenue from operations nearly doubling to ₹199.53 crore compared to ₹103.01 crore in the same quarter last year. Net profit for the quarter jumped significantly to ₹41.47 crore from ₹10.24 crore YoY, reflecting the successful ramp-up of its Greater Noida factory which commenced operations in July 2024. The company also announced a leadership transition, appointing Dr. Jignesh Rathod as the new CEO following the resignation of Amit Paithankar. Furthermore, the board has proposed shifting the registered office from Delhi to Maharashtra to better align with the Waaree Group's corporate structure.
Key Highlights
Revenue from operations grew 93.7% YoY to ₹199.53 crore in Q3 FY26.
Net Profit (PAT) for the quarter increased by over 300% YoY to ₹41.47 crore.
Nine-month (9M FY26) PAT reached ₹204.60 crore, a massive jump from ₹14.74 crore in the previous year.
Dr. Jignesh Rathod, a Waaree Group veteran with 18+ years of experience, appointed as the new CEO.
Board approved shifting the registered office from Delhi to Maharashtra, subject to shareholder approval.
👀 What to Watch
The company is demonstrating strong operational turnaround and profitability following its acquisition by the Waaree Group. Investors should maintain a positive outlook but monitor the leadership transition and the impact of the registered office relocation on administrative costs.
Indosolar Q3 PAT Jumps 305% YoY to ₹41.47 Cr; Dr. Jignesh Rathod Appointed as CEO
Indosolar Limited reported a robust year-on-year performance for Q3 FY26, with revenue from operations nearly doubling to ₹199.53 crore compared to ₹103.01 crore in the same quarter last year. Net profit for the quarter surged to ₹41.47 crore from ₹10.24 crore YoY, reflecting the successful scale-up of its Greater Noida factory operations. The company also announced a key leadership change, appointing Waaree Group veteran Dr. Jignesh Rathod as CEO following the resignation of Amit Paithankar. Additionally, the board has proposed shifting the registered office from Delhi to Maharashtra to align with group operations.
Key Highlights
Revenue from operations grew 93.7% YoY to ₹199.53 crore in Q3 FY26.
Net Profit (PAT) for the quarter increased by 305% YoY to ₹41.47 crore.
9-month FY26 PAT reached ₹204.60 crore, a massive jump from ₹14.74 crore in the previous year period.
Dr. Jignesh Rathod, with 18+ years of experience at Waaree Group, appointed as CEO effective January 16, 2026.
Board approved shifting the Registered Office from New Delhi to Maharashtra, subject to shareholder approval.
👀 What to Watch
Investors should take note of the significant operational turnaround and profit growth following the commencement of the Greater Noida facility. The appointment of a long-term group veteran as CEO suggests stability and deeper integration with the Waaree ecosystem.
Indosolar Q3 PAT Surges 305% YoY to ₹41.47 Cr; Appoints Dr. Jignesh Rathod as CEO
Indosolar Limited reported a robust year-on-year performance for Q3 FY26, with revenue nearly doubling to ₹199.53 crore compared to ₹103.01 crore in the same period last year. Net profit (PAT) jumped to ₹41.47 crore from ₹10.24 crore YoY, though it saw a slight sequential decline from ₹46.34 crore in Q2. The company announced a leadership change, appointing Dr. Jignesh Rathod as CEO following the resignation of Amit Ashok Paithankar. Furthermore, the board has approved shifting the registered office from Delhi to Maharashtra to better align with the Waaree Group's operations.
Key Highlights
Revenue from operations grew 93.7% YoY to ₹199.53 crore in Q3 FY26.
Net Profit (PAT) for the quarter stood at ₹41.47 crore, a 305% increase from ₹10.24 crore in Q3 FY25.
9-month FY26 PAT reached ₹204.60 crore, compared to just ₹14.74 crore in the previous year's 9-month period.
Dr. Jignesh Rathod, a veteran with 18+ years in the Waaree Group, appointed as the new CEO and Additional Director.
Board approved the relocation of the registered office from Delhi to Maharashtra, subject to shareholder approval.
👀 What to Watch
Investors should note the strong YoY growth following the commencement of commercial operations at the Greater Noida factory. The leadership transition to a Waaree Group veteran suggests a focus on operational continuity and group synergy.
Indosolar Q3 PAT Surges 305% YoY to ₹41.47 Cr; Dr. Jignesh Rathod Appointed as CEO
Indosolar Limited reported a robust YoY performance for Q3 FY26, with revenue from operations nearly doubling to ₹199.53 crore and PAT jumping 305% to ₹41.47 crore. While YoY growth is high due to the commencement of commercial operations in July 2024, the company saw a minor sequential dip in revenue (1.5%) and PAT (10.5%) compared to Q2 FY26. The board also approved the appointment of Dr. Jignesh Rathod, a Waaree Group veteran, as the new CEO. Furthermore, the company plans to shift its registered office from Delhi to Maharashtra to better align with its parent group's operations.
Key Highlights
Revenue from operations grew 93.7% YoY to ₹19,952.61 lakhs in Q3 FY26.
Net Profit (PAT) for the quarter stood at ₹4,147.01 lakhs, up from ₹1,023.50 lakhs in Q3 FY25.
9-month FY26 revenue reached ₹59,674.97 lakhs, significantly higher than the ₹13,056.60 lakhs reported in 9M FY25.
Dr. Jignesh Rathod appointed as CEO, bringing 18 years of experience within the Waaree Group.
Proposal to shift registered office to Maharashtra approved, pending shareholder and regulatory nods.
👀 What to Watch
The company is successfully scaling up operations post-restart, though investors should monitor if the slight QoQ margin contraction is a trend. The leadership transition to a group insider is a stabilizing move for the Waaree-owned entity.
