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WAAREEINDO - Indosolar

📊 NSE: WAAREEINDO 🏢 Heavy Electrical Equipment 📅 Last Updated: 11/13/2025 15:25

📢 Recent Corporate Announcements

Indosolar FY26 PAT Surges 350% to ₹246.6 Cr; Revenue Doubles to ₹679.85 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 20 Apr 2026, 09:41 PM

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.

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).

💡 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 Limited Submits SEBI Regulation 74(5) Compliance Certificate for Q4 FY2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Apr 2026, 12:06 PM

Indosolar Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. For the quarter and financial year ended March 31, 2026, the Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirmed that no dematerialization requests were received. The filing explicitly notes that the company currently has no physical shares in circulation, as all securities are already dematerialized. This is a standard procedural disclosure required by Indian market regulators.

Compliance certificate issued for the quarter and financial year ended March 31, 2026.
Registrar MUFG Intime India confirmed zero demat requests were received or processed during the quarter.
The company maintains a 100% dematerialized shareholding structure with no physical shares remaining.
The filing was submitted to both NSE and BSE on April 14, 2026.

💡 This is a routine regulatory filing with no impact on the company's financial performance or business operations. No action is required from investors.

Indosolar Limited (WAAREEINDO) to Close Trading Window from April 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Mar 2026, 01:32 PM

Indosolar Limited has announced the closure of its trading window for all designated persons starting April 1, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of audited financial results for the quarter and year ending March 31, 2026. The window will remain closed until 48 hours after the financial results are made public. The specific date for the board meeting to approve these results will be communicated at a later time.

Trading window closure effective from Wednesday, April 1, 2026.
Closure pertains to the audited financial results for the quarter and year ended March 31, 2026.
Restriction applies to Directors, Key Management Personnel, and designated persons.
Trading window will reopen 48 hours after the official declaration of financial results.

💡 No action is required as this is a routine regulatory filing. Investors should monitor for the upcoming announcement of the board meeting date to assess the company's year-end financial performance.

Indosolar CFO Sonal Shrivastava Resigns Effective March 20, 2026

🔵 WATCH ⭐ 7/10

MANAGEMENT 📅 20 Mar 2026, 08:59 PM

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.

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.

💡 Investors should monitor the company's upcoming announcements for the appointment of a new CFO to ensure continuity in financial governance and reporting.

Indosolar Shareholders Approve Office Shift to Maharashtra and New Director Appointment

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 20 Feb 2026, 07:01 PM

Indosolar Limited (WAAREEINDO) has announced the successful passage of two key resolutions via postal ballot with over 99.97% shareholder approval. The first resolution confirms the appointment of Dr. Jignesh Devchandbhai Rathod as a Non-Executive, Non-Independent Director. The second resolution authorizes shifting the company's registered office from Delhi to Maharashtra, necessitating an amendment to the Memorandum of Association. Total voter turnout represented 75.17% of the company's 41.6 million outstanding shares.

Appointment of Dr. Jignesh Devchandbhai Rathod as Director approved with 99.97% favorable votes.
Special resolution to shift the registered office to Maharashtra passed with 99.97% majority.
Overall voter turnout reached 75.17% of the company's total share capital of 41,603,691 shares.
Promoter group holding 31,173,505 shares voted 100% in favor of both resolutions.
Public non-institutional dissent remained low at approximately 8.46% to 8.73% of their polled votes.

💡 No immediate action is required as these are routine administrative and governance updates. The relocation to Maharashtra likely aligns the company's headquarters with its parent Waaree Group's primary operations.

Indosolar Limited Independent Director Shiv Kumar Agarwal Resigns Effective Jan 28, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 29 Jan 2026, 01:41 PM

Indosolar Limited (WAAREEINDO) has announced the resignation of Mr. Shiv Kumar Agarwal from his position as an Independent Director, effective January 28, 2026. The resignation is attributed to personal reasons and other professional commitments, with the director confirming no other material reasons exist. Notably, Mr. Agarwal did not serve on any board committees and held no other directorships in listed companies. This change in board composition is a routine regulatory disclosure under SEBI guidelines and is unlikely to impact operations.

Mr. Shiv Kumar Agarwal resigned as Independent Director effective from the close of business hours on January 28, 2026.
The director was not a member or chairperson of any board committees within the company.
Confirmation provided that there are no material reasons for resignation other than personal commitments.
The outgoing director holds no other directorships in any other listed entities besides Indosolar Limited.

💡 No immediate action is required as the resignation does not impact operational committees or strategic direction. Investors should monitor for the appointment of a new independent director to ensure continued regulatory compliance.

Indosolar Limited (WAAREEINDO) Announces Resignation of Independent Director Shiv Kumar Agarwal

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 29 Jan 2026, 01:39 PM

Mr. Shiv Kumar Agarwal has resigned from his position as an Independent Director at Indosolar Limited, effective from the close of business hours on January 28, 2026. The resignation is attributed to personal reasons and other commitments, with the director confirming there are no other material reasons for his departure. Importantly, Mr. Agarwal was not a member or chairperson of any board committees, which minimizes the impact on the company's governance structure. The company remains compliant with SEBI listing regulations regarding board composition.

Mr. Shiv Kumar Agarwal (DIN: 05176334) resigned as Independent Director effective January 28, 2026.
The director was not a member or chairperson of any board committees within the company.
Confirmation provided that there are no material reasons for resignation other than personal commitments.
The outgoing director held no other directorships in any other listed entities.

💡 This is a routine management change with minimal impact on operations; no immediate action is required from investors. Continue to monitor for the appointment of a new independent director to maintain board strength.

Indosolar Limited Independent Director Shiv Kumar Agarwal Resigns Effective Jan 28, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 29 Jan 2026, 01:38 PM

Indosolar Limited (WAAREEINDO) has announced the resignation of Mr. Shiv Kumar Agarwal from his position as a Non-Executive Independent Director, effective January 28, 2026. The resignation is attributed to personal reasons and other commitments, with the director confirming there are no other material reasons for his departure. Notably, Mr. Agarwal did not serve on any board committees and held no other directorships in listed entities. This change is considered a routine administrative movement within the board.

Resignation of Shiv Kumar Agarwal as Independent Director effective from the close of business hours on January 28, 2026.
The director cited personal reasons and other commitments for his resignation.
Confirmation provided that there are no other material reasons for the resignation beyond those stated.
The outgoing director was not a member or chairperson of any board committees.
Mr. Agarwal held no other directorships in any other listed companies.

💡 This is a routine management change with no immediate impact on company operations or strategy. Investors should monitor for the appointment of a replacement to ensure the board remains compliant with regulatory requirements.

Indosolar Limited Files Quarterly SEBI Regulation 74(5) Compliance Certificate

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 23 Jan 2026, 04:47 PM

Indosolar Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended December 31, 2025. The company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirmed that no dematerialization requests were received during this period. The filing also clarifies that the company currently has no physical shares in circulation. This is a standard administrative disclosure required for all listed companies in India.

Compliance certificate submitted for the quarter ended December 31, 2025.
Registrar MUFG Intime India Private Limited confirmed zero dematerialization requests processed.
The company maintains a fully dematerialized shareholding structure with no physical shares outstanding.
The filing was made in accordance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.

💡 No action is required from investors as this is a routine regulatory filing. Investors should continue to monitor the company's financial performance and expansion updates.

Indosolar (WAAREEINDO) to Shift Registered Office to Maharashtra; Appoints New Director

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 21 Jan 2026, 05:26 PM

Indosolar Limited has issued a postal ballot notice seeking shareholder approval for two primary resolutions. The company proposes to appoint Dr. Jignesh Devchandbhai Rathod as a Non-Executive, Non-Independent Director. Additionally, it seeks to shift its registered office from the National Capital Territory of Delhi to the State of Maharashtra to align with the jurisdiction of the ROC Mumbai. The e-voting period for these changes is set between January 22, 2026, and February 20, 2026.

Appointment of Dr. Jignesh Devchandbhai Rathod (DIN: 11121448) as a Non-Executive, Non-Independent Director.
Proposed shifting of the Registered Office from Delhi to Maharashtra via a Special Resolution.
E-voting period scheduled from January 22, 2026, to February 20, 2026.
The cut-off date for eligibility to vote on these resolutions was January 16, 2026.

💡 These are administrative and governance-related updates that do not fundamentally change the company's financials. Investors should monitor the results of the postal ballot on February 20, 2026.

Indosolar Reports Robust Q3 FY26 Growth: PAT Surges 305% YoY to ₹41.47 Crores

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 16 Jan 2026, 07:07 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 16 Jan 2026, 06:46 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 16 Jan 2026, 06:44 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 16 Jan 2026, 06:42 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 16 Jan 2026, 06:41 PM

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.

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.

💡 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.

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💰 Financial Performance

Revenue Growth by Segment

Total revenue grew by 38,100% YoY to INR 32,474.56 lakhs in FY 2024-25 from INR 85.01 lakhs in FY 2023-24, primarily driven by the commencement of the 1.3 GW module manufacturing facility.

Profitability Margins

The company achieved an Operating Profit Margin of 16.65% and a Net Profit Margin of 17.00% in FY 2024-25, a significant turnaround from the loss before tax of INR (1,544.37) lakhs in the previous year.

EBITDA Margin

Operating Profit Margin stands at 16.65% for FY 2024-25; YoY change is not comparable as no operations were undertaken in the previous year.

Capital Expenditure

The company commenced a module manufacturing facility with 1.3 GW capacity in July 2024; specific historical or planned INR Cr values for future expansion are not disclosed.

Credit Rating & Borrowing

Debt Equity Ratio is 1.24 as of March 31, 2025, improving from (7.08) in the previous year due to loan repayment and increased net worth from current year profits.

⚙️ Operational Drivers

Raw Materials

Key raw materials include silicon wafers, glass, polysilicon, aluminium, and copper; specific percentage of total cost for each is not disclosed.

Import Sources

Raw materials are sourced from both domestic and international sources; specific countries are not disclosed.

Capacity Expansion

Current installed capacity is 1.3 GW for solar module manufacturing as of July 2024; future expansion timelines are not disclosed.

Raw Material Costs

Raw material costs are subject to volatility in polysilicon, aluminium, and copper prices; the company uses pass-through clauses and order-backed procurement to mitigate these impacts.

Manufacturing Efficiency

Inventory Turnover Ratio is 5.29 for FY 2024-25; capacity utilization metrics are not explicitly provided.

📈 Strategic Growth

Growth Strategy

Growth will be achieved by ramping up the 1.3 GW module manufacturing facility, securing orders from power project developers, and leveraging a secured contract with holding company Waaree Energies Limited for module supply.

Products & Services

Solar photovoltaic (PV) modules and related solar products.

Brand Portfolio

Indosolar

Market Expansion

The company is securing orders from developers of power projects to expand its market presence beyond its holding company contract.

Market Share & Ranking

Positioned as one of India’s largest and most innovative solar photovoltaic manufacturers with one of the lowest production costs.

Strategic Alliances

Secured a module supply contract with Waaree Energies Limited, the company's holding company.

🌍 External Factors

Industry Trends

The industry is shifting toward renewable energy with a strong push for domestic manufacturing; Indosolar is positioning itself as a low-cost producer to capitalize on this trend.

Competitive Landscape

Increasing competition from domestic and international PV manufacturers poses a threat to profitability.

Competitive Moat

Moat is built on cost leadership (lowest production costs) and a strong relationship with holding company Waaree Energies Limited; sustainability is supported by secured product certifications.

Macro Economic Sensitivity

Highly sensitive to government policies and regulations related to the renewable energy sector, including subsidies and tax incentives.

Consumer Behavior

Growing demand from power project developers for high-quality, domestically manufactured solar modules.

Geopolitical Risks

Potential impacts from import/export restrictions on solar components and raw materials.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with pollution norms, manufacturing standards, and government subsidies/incentives for the renewable energy sector.

Taxation Policy Impact

Section 135 of the Companies Act, 2013 (CSR) is not applicable; the effective tax rate for FY 2024-25 appears negligible based on PBT of INR 5,477.74 lakhs and PAT of INR 5,478.19 lakhs.