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Indosolar Limited (WAAREEINDO)

₹212.71 +1.10% last close, 16 Oct

📊 NSE: WAAREEINDO 🏢 Heavy Electrical Equipment 📢 Latest filing: 23 Sep 2026 📝 Analysis written: 13 Nov 2025

Q2 FY27 results

📅 Next results: 21 Oct 2026 (board meeting)

Indosolar Limited's board meets on 21 Oct 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, Q1 FY27, Indosolar's revenue was ₹68.4 Cr, and net profit ₹36.6 Cr; the operating margin was 70.9%.

Q1 FY27 (₹ Cr)	Value	YoY	QoQ
Revenue	₹68.4	—	—
Operating profit	₹48.5	—	—
Net profit	₹36.6	—	—
EPS (₹)	8.80	—	—
Operating margin	70.9%	—	—

Full quarterly financials → Results calendar →

WAAREEINDO delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 58.85% of the WAAREEINDO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 54.08%. That is close to its usual level. It closed at a price band (circuit) on 9 sessions in about the last 20.

58.85%Delivery, 16 Oct

54.08%Own 20-session average

1.3×Volume vs its average

₹212.71NSE close · +1.10%

Delivery in the last 5 sessions: 56.5% · 46.4% · 43.8% · 58.9% · 58.9%

Delivery across the market →Circuit stocks →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Indosolar to Merge into Waaree Energies; Swap Ratio Set at 1:11 Shares

🟢 POSITIVE ⭐ 9/10

M&A 📅 23 Sep 2026, 08:16 PM

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.

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

💡 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

🟢 POSITIVE ⭐ 9/10

M&A 📅 23 Sep 2026, 08:10 PM

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

Indosolar Shareholders Approve FY26 Accounts and FY27 Related Party Transactions at 17th AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 01 Sep 2026, 05:08 PM

Indosolar Limited announced the voting results and scrutinizer report for its 17th Annual General Meeting held on August 31, 2026. All tabled resolutions were passed, including the adoption of FY26 audited financial statements with 99.96% votes in favor. Shareholders also approved material related-party transactions (RPT) for FY 2026-27 with 69.39% votes in favor among voting non-promoters, while promoters abstained. Total voter turnout across general resolutions stood at 75.04% of total outstanding shares.

Adoption of FY26 audited financial statements passed with 99.96% majority (31,208,094 votes in favour).
Material related-party transactions for FY27 approved with 69.39% in favour among participating public shareholders.
Cost auditor remuneration for M/s N. Ritesh & Associates for FY27 approved with 99.96% votes.
Total registered shareholders stood at 74,342 as on cut-off date (August 24, 2026), with 49 attending the virtual AGM.

💡 Track execution in upcoming quarterly financial results and monitor periodic disclosures regarding transaction volumes with parent entity Waaree Energies Limited.

Indosolar Shareholders Approve Re-Appointment of Nilesh Gandhi as Independent Director for 5 Years

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Sep 2026, 04:40 PM

Indosolar Limited announced that its shareholders at the 17th Annual General Meeting held on August 31, 2026, approved the re-appointment of Mr. Nilesh Bhogilal Gandhi as Non-Executive Independent Director. His second term is for 5 consecutive years, effective retroactively from April 20, 2026, and he is not liable to retire by rotation. Mr. Gandhi brings 30 years of professional experience across taxation, accounting, finance, and investments.

Shareholders approved the re-appointment of Mr. Nilesh Bhogilal Gandhi as Non-Executive Independent Director at the 17th AGM on August 31, 2026
The appointment is for a second term of 5 consecutive years effective from April 20, 2026
Appointee has 30 years of experience in taxation, accounting, finance, and investments
The appointee is confirmed to have no relationship with promoters, directors, or KMPs and is not debarred by SEBI

💡 Track board governance updates and operational progress on ramping up the company's 1.3 GW solar module manufacturing capacity.

Indosolar Shareholders Approve FY26 Accounts and FY27 Related Party Transactions at AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 01 Sep 2026, 04:26 PM

Indosolar Limited announced the voting results and scrutinizer report for its 17th Annual General Meeting held on August 31, 2026. Shareholders approved all resolutions, including the adoption of FY26 audited financial statements and cost auditor remuneration ratification with over 99.9% voting in favor. The resolution approving material related party transactions for FY 2026-27 was passed with 69.39% favorable votes among voting public shareholders, with promoter entities abstaining as interested parties. Total shareholder base stood at 74,342 as of the record cut-off date.

Adoption of FY26 financial statements approved with 99.96% votes cast in favor (31,208,094 votes)
FY27 material related party transactions approved with 69.39% votes in favor (31,792 votes in favor vs 14,024 against) with promoter abstention
Total registered shareholder count was 74,342 as of the cut-off date on August 24, 2026
Meeting conducted via video conferencing with 49 folios attending (1 promoter, 48 public)

💡 Track execution and revenue recognition under related-party supply arrangements with holding company Waaree Energies in upcoming quarterly results.

Indosolar Concludes 17th AGM; Transacts 5 Resolutions Including Material RPTs

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 31 Aug 2026, 06:21 PM

Indosolar Limited conducted its 17th Annual General Meeting on August 31, 2026, via Video Conferencing with 49 members present. Key resolutions put to vote included the adoption of FY2025-26 audited financials, the reappointment of Mr. Nilesh Bhogilal Gandhi as an Independent Director for a second 5-year term, and approval of material related-party transactions for FY2026-27. The consolidated e-voting and scrutiny results will be disclosed within 2 working days.

17th AGM successfully convened on August 31, 2026, from 11:03 a.m. to 12:15 p.m. via video conference
A total of 49 shareholders/members attended the virtual AGM
Special Resolution proposed for the appointment of Independent Director Mr. Nilesh Bhogilal Gandhi for a second term of 5 years
Approval sought for material related party transactions for FY 2026-27
Final scrutinizer voting results to be declared within 2 working days

💡 Track the upcoming disclosure of the scrutinizer report and e-voting results on stock exchanges within 2 working days to confirm passing of the material related-party transaction resolutions.

Indosolar to Hold 17th AGM on August 31, 2026; FY26 CSR Spend at ‡22.36 Lakhs

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Aug 2026, 09:28 PM

Indosolar Limited has scheduled its 17th Annual General Meeting (AGM) for August 31, 2026, to adopt the audited financial statements for FY 2025-26. The company reported a total CSR expenditure of ‡2,236,410 for the year, which was fully utilized for a school building project in Goa. Key agenda items include the re-appointment of Mr. Hitesh Pranjivan Mehta as a Director and the appointment of Mr. Nilesh Bhogilal Gandhi as an Independent Director for a second five-year term. The cut-off date for e-voting eligibility is set for August 24, 2026.

17th Annual General Meeting scheduled for August 31, 2026, at 11:00 AM via video conferencing.
Cut-off date for remote e-voting is August 24, 2026.
Total CSR expenditure of ‡2,236,410 (approx. ‡0.22 cr) spent on school infrastructure in Goa.
Proposed ratification of Cost Auditor remuneration at ‡40,000 plus taxes for FY 2026-27.
Management updates confirmed: Mr. Jignesh Rathod as CEO (since Jan 2026) and Mr. Abhishek Pareek as CFO (since April 2026).

💡 Investors should review the Integrated Annual Report for detailed commentary on the 1.3 GW module manufacturing capacity utilization and the progress of securing non-promoter orders.

17th AGM Scheduled for August 31, 2026; Cut-off Date Fixed for August 24

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Aug 2026, 09:07 PM

Indosolar Limited has announced its 17th Annual General Meeting (AGM) to be held on August 31, 2026, through video conferencing. The company has established August 24, 2026, as the cut-off date to determine shareholder eligibility for electronic voting. The remote e-voting period is scheduled to run from August 27 to August 30, 2026. This is a standard administrative filing required by regulatory norms for listed entities.

17th Annual General Meeting (AGM) to be held on August 31, 2026, at 11:00 A.M.
Cut-off date for remote e-voting eligibility is fixed as August 24, 2026.
Remote e-voting period starts at 10:00 A.M. on August 27 and ends at 05:00 P.M. on August 30, 2026.
Company reported a revenue of Rs 199.53 cr for the quarter ended December 2025.

💡 Investors should monitor for the full AGM notice to review proposed resolutions and ensure their shareholding is updated by the August 24 cut-off to exercise voting rights.

Indosolar schedules 17th AGM for Aug 31, 2026; reports Rs 22.36 lakh CSR spend

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Aug 2026, 09:05 PM

Indosolar Limited has scheduled its 17th Annual General Meeting (AGM) for August 31, 2026, to adopt the audited financial statements for FY 2025-26. The company has fixed August 24, 2026, as the cut-off date for determining shareholder eligibility for remote e-voting. Key agenda items include the re-appointment of Mr. Hitesh Mehta as Director and a second 5-year term for Independent Director Mr. Nilesh Gandhi. The annual report highlights a CSR expenditure of Rs 22.36 lakh towards a school building project in Goa and confirms recent leadership transitions including a new CEO and CFO.

17th Annual General Meeting scheduled for August 31, 2026, via video conferencing.
Cut-off date for remote e-voting set as August 24, 2026.
Total CSR expenditure of Rs 22,36,410 fully utilized for a school infrastructure project in Goa.
Proposed ratification of Rs 40,000 remuneration for Cost Auditors for FY 2026-27.
Management transitions confirmed with Jignesh Rathod as CEO (w.e.f. Jan 16, 2026) and Abhishek Pareek as CFO (w.e.f. April 20, 2026).

💡 Investors should review the Integrated Annual Report for management's commentary on the ramp-up of the 1.3 GW module manufacturing facility and the status of the supply contract with Waaree Energies.

BSE Approves Reclassification of 5 Promoters; Warns Indosolar on 5-Month Disclosure Delay

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 03 Aug 2026, 12:09 PM

Indosolar Limited has received formal approval from BSE to reclassify five outgoing promoters, including Hulas Rahul Gupta and Greenlite Lighting Corporation, as public shareholders. However, the exchange issued a warning regarding a significant compliance lapse where a mandatory disclosure due by June 08, 2025, was delayed until November 10, 2025. The company attributed the current three-day delay in reporting these BSE letters (dated July 31, 2026) to technical issues. This reclassification is a procedural cleanup following the company's acquisition and turnaround by Waaree Energies.

5 promoter entities officially reclassified to the public category following a June 2025 application.
BSE identified a ~5-month delay in mandatory regulatory filings during the 2025 reclassification process.
Company advised by BSE to exercise due diligence and initiate corrective steps to avoid future lapses.
Current promoter holding stands at 74.93% as of the June 2026 quarter.
Disclosure of BSE letters dated July 31, 2026, was made on August 03, 2026, citing technical receipt issues.

💡 Monitor for any potential monetary penalties from SEBI or exchanges regarding the historical filing delay and observe if future compliance timelines are strictly met.

NSE Approves Reclassification of 5 Promoters; Issues Warning for 5-Month Disclosure Delay

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 01 Aug 2026, 04:39 PM

Indosolar Limited has received formal approval from the NSE for the reclassification of five promoter group entities, including Hulas Rahul Gupta and Greenlite Lighting Corporation. Alongside the approval, the NSE issued a warning regarding a significant compliance lapse where the company delayed a mandatory disclosure by over five months (submitted November 10, 2025, instead of June 05, 2025). While the reclassification is now finalized, the Exchange has viewed the delay seriously and advised the company to initiate corrective steps to avoid future lapses. This is primarily an administrative cleanup of the shareholding structure.

NSE approved the reclassification of 5 promoter group members effective July 31, 2026
Company delayed mandatory disclosure under Regulation 31A(8)(c) by approximately 158 days
Original application for reclassification was submitted to the exchange on June 04, 2025
NSE issued a formal warning stating the non-compliance is viewed seriously and requires corrective action
Promoter holding remains concentrated at 74.93% as of June 2026

💡 Investors should note this as a routine administrative cleanup of the promoter group. The primary takeaway is the regulatory warning, which suggests a need for improved internal compliance controls to avoid future penalties.

₹68.36 Cr Revenue in Q1 FY27; EBITDA Margins Surge to 70.89% on Tolling Shift

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 23 Jul 2026, 08:22 PM

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.

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.

💡 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

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 23 Jul 2026, 05:49 PM

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.

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.

💡 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.

Regulation 74(5) Compliance Certificate Filed by Indosolar Limited for June 2026 Quarter

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Jul 2026, 01:01 PM

Indosolar Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that securities received for dematerialization during the quarter ended June 30, 2026, have been processed. This is a standard administrative filing required by all listed companies to ensure the integrity of shareholding records. No financial impact or material business change is reported in this document.

Compliance for the quarter ended June 30, 2026
Filed under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
Registrar and Share Transfer Agent is MUFG Intime India Private Limited
Document signed and dated July 15, 2026

💡 This is a routine procedural filing; investors should monitor the company's upcoming quarterly earnings for material business updates.

Indosolar Limited: Promoter Waaree Energies confirms zero share encumbrance for FY26

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Jun 2026, 04:02 PM

Waaree Energies Limited, the promoter of Indosolar Limited, has filed a formal declaration under Regulation 31(4) of the SEBI (SAST) Regulations. The filing confirms that the promoter has not created any encumbrances (pledges) on its shareholding, directly or indirectly, during the financial year ended March 31, 2026. This is a standard annual compliance requirement providing transparency on promoter share status. For context, the company recently reported a quarterly revenue of ₹199.53 crore in December 2025.

Declaration submitted under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
Confirmation of zero new encumbrances for the Financial Year ended March 31, 2026
Filing covers the holding company Waaree Energies Limited's stake in Indosolar Limited
Company maintains a 1.3 GW solar module manufacturing facility as of July 2024

💡 Investors should verify the total promoter holding percentage in the upcoming annual report to confirm the absolute level of skin-in-the-game.

View All WAAREEINDO Announcements on Live Market Tracking →

💰 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.