Indosolar Ltd
Indosolar Ltd (WAAREEINDO) last reported results for the quarter ended Jun 2026, with sales of ₹68 crore and net profit of ₹37 crore. The stock last traded at ₹208, a market capitalisation of ₹865 crore, on a P/E of 5.21. Over the past 52 weeks the stock has ranged between ₹199 and ₹725. Figures are as of 6 Oct 2026 and are not real time.
Indosolar Ltd share price and key metrics
- Current price
- ₹208
- Market cap
- ₹865 cr
- Stock P/E
- 5.21
- Book value
- ₹69
- ROE
- 151%
- ROCE
- 124%
- Dividend yield
- 0.00%
- 52w high / low
- 725/199
Metrics as of 6 Oct 2026. Not real time.
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Indosolar Ltd growth and returns
- 10 Years
- 10%
- 5 Years
- %
- 3 Years
- %
- TTM
- 7%
- 10 Years
- 14%
- 5 Years
- 101%
- 3 Years
- 231%
- TTM
- -6%
- 10 Years
- 39%
- 5 Years
- 141%
- 3 Years
- %
- 1 Year
- -67%
- 10 Years
- %
- 5 Years
- %
- 3 Years
- %
- Last Year
- 151%
Indosolar Ltd quarterly results
In the quarter ended Jun 2026, sales were ₹68 cr, down 65.1% from ₹195 cr a year earlier. Net profit was ₹37 cr, down 68.4% year on year.
| ₹ crore | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 28 | 103 | 192 | 195 | 203 | 200 | 83 | 68 |
| Expenses | 7 | 80 | 142 | 131 | 132 | 129 | 19 | 20 |
| Operating profit | 22 | 23 | 50 | 64 | 71 | 71 | 64 | 48 |
| OPM % | 77% | 23% | 26% | 33% | 35% | 36% | 77% | 71% |
| Other income | 0 | 1 | 1 | 1 | 0 | 0 | 1 | 8 |
| Interest | 4 | 5 | 2 | 1 | 0 | 0 | 0 | 0 |
| Depreciation | 8 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
| Profit before tax | 9 | 10 | 40 | 55 | 61 | 62 | 56 | 47 |
| Tax % | 0% | 0% | 0% | -112% | 24% | 33% | 25% | 23% |
| Net profit | 9 | 10 | 40 | 117 | 46 | 41 | 42 | 37 |
| EPS (₹) | 2.28 | 2.46 | 9.62 | 28.07 | 11.14 | 9.97 | 10.10 | 8.80 |
Consolidated figures as reported by the company. Percentages are as published; totals may not sum exactly.
Indosolar Ltd annual results
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 442 | 314 | 13 | 0 | 0 | 0 | 0 | 0 | 324 | 680 | 554 |
| Operating profit | 75 | -21 | -25 | -2 | -1 | -8 | -2 | -1 | 95 | 271 | 255 |
| OPM % | 17% | -7% | -186% | — | — | -4,068% | — | — | 29% | 40% | 46% |
| Net profit | -58 | -163 | -525 | -8 | -8 | -122 | 1,081 | -15 | 55 | 247 | 166 |
| EPS (₹) | -1.62 | -4.38 | -14.11 | -0.22 | -0.21 | -3.29 | 259.87 | -3.71 | 13.17 | 59.27 | 40.01 |
TTM is the trailing twelve months to the most recent quarter.
Indosolar Ltd balance sheet
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 358 | 372 | 372 | 372 | 372 | 372 | 42 | 42 | 42 | 42 |
| Reserves | -667 | -829 | -1,354 | -1,362 | -1,370 | -1,492 | -41 | -56 | -1 | 245 |
| Borrowings | 942 | 820 | 829 | 41 | 829 | 829 | 60 | 102 | 50 | 3 |
| Other liabilities | 483 | 380 | 412 | 1,200 | 407 | 408 | 4 | 63 | 150 | 54 |
| Total liabilities | 1,116 | 744 | 259 | 252 | 238 | 116 | 65 | 150 | 241 | 344 |
| Fixed assets | 452 | 427 | 154 | 147 | 140 | 82 | 48 | 47 | 122 | 91 |
| CWIP | 563 | 257 | 83 | 83 | 83 | 27 | 4 | 94 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 101 | 60 | 21 | 21 | 14 | 7 | 13 | 9 | 118 | 253 |
| Total assets | 1,116 | 744 | 259 | 252 | 238 | 116 | 65 | 150 | 241 | 344 |
As reported by the company. Total assets equal total liabilities by construction.
Indosolar Ltd cash flow
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | 55 | 29 | 32 | -1 | -1 | -0 | -14 | 18 | 85 | 78 |
| Cash from investing | -28 | -8 | -23 | 2 | -1 | 0 | -3 | -56 | -20 | -24 |
| Cash from financing | -21 | -25 | -12 | -0 | 0 | 1 | 18 | 38 | -53 | -66 |
| Net cash flow | 6 | -4 | -2 | 1 | -2 | 0 | 1 | 0 | 12 | -12 |
| Free cash flow | 32 | 17 | 9 | -0 | -1 | -0 | -14 | -38 | 65 | 53 |
| CFO / operating profit | 73% | -137% | -132% | 28% | 41% | 5% | 721% | -1,255% | 90% | 29% |
Negative figures are outflows. CFO / operating profit is a ratio, not an amount.
Indosolar Ltd operating ratios
| Per year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| ROCE % | 7% | -9% | -44% | -7% | 77% | 124% |
| Debtor days | 9 | 3 | 4 | — | 5 | 113 |
| Inventory days | 45 | 35 | 112 | — | 138 | 21 |
| Days payable | 34 | 82 | 1,787 | — | 153 | 20 |
| Cash conversion cycle | 21 | -43 | -1,671 | — | -10 | 114 |
| Working capital days | -1,110 | -996 | -33,663 | — | -50 | 106 |
Ratios as computed by the source from the reported statements. Rows a company does not report are omitted.
Indosolar Ltd shareholding pattern
Promoters held 74.93% at Jun 2026, down from 95.00% at Jun 2025. FIIs 0.54% and DIIs 0.06%.
| % held | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 96.15% | 96.15% | 96.15% | 95.00% | 74.93% | 74.93% | 74.93% | 74.93% |
| FIIs | 0.00% | 0.00% | 0.00% | 0.01% | 0.53% | 0.53% | 0.55% | 0.54% |
| DIIs | 0.00% | 0.00% | 0.00% | 0.05% | 0.07% | 0.06% | 0.13% | 0.06% |
| Public | 3.86% | 3.86% | 3.86% | 4.94% | 24.46% | 24.47% | 24.38% | 24.46% |
| No. of shareholders | 60,868 | 60,868 | 60,868 | 73,141 | 75,084 | 72,834 | 72,093 | 72,841 |
As disclosed by the company to the exchanges. The last row is a count of shareholders, not a percentage.
Indosolar Ltd corporate filings
- Trading window shall remain closed from October 1, 2026 until 48 hours after declaration of standalone unaudited financial results of the quarter and half year ended on September 30, 2026Insider Trading / SASTlow impact
- Indosolar Limited to merge with Waaree Energies Limited in a share-swap deal to consolidate solar manufacturing operationsOthershigh impact
Cruxal's analysis: Indosolar Limited has announced a scheme of amalgamation with Waaree Energies Limited…
Read the full analysis - Indosolar Limited concludes 17th Annual General Meeting with approval of all resolutionsAGM/EGMlow impact
Cruxal's analysis: Indosolar Limited has successfully concluded its 17th Annual General Meeting held on…
Read the full analysis - Indosolar Limited concludes 17th Annual General Meeting with approval of all resolutionsAGM/EGMlow impact
Cruxal's analysis: Indosolar Limited has successfully concluded its 17th Annual General Meeting held on…
Read the full analysis - Indosolar Limited announces shareholder approval for the reappointment of Independent Director Nilesh Bhogilal GandhiCompany Updatelow impact
Cruxal's analysis: Indosolar Limited has formally announced that its shareholders approved the reappointment…
Read the full analysis - Indosolar Limited concludes 17th Annual General Meeting; shareholders approve key financial and governance resolutionsAGM/EGMlow impact
Cruxal's analysis: Indosolar Limited has successfully concluded its 17th Annual General Meeting held on…
Read the full analysis - Indosolar Limited Announces 17th Annual General Meeting (AGM) to be held via Video ConferencingCompany Updatelow impact
Cruxal's analysis: Indosolar Limited has issued a public notice regarding its 17th Annual General Meeting…
Read the full analysis - Indosolar Ltd releases Annual Report for FY 2025-26Otherslow impact
Cruxal's analysis: Indosolar Ltd has filed its Annual Report for the financial year 2025-26. The filing is a…
Read the full analysis - Indosolar Ltd releases Annual Report for FY 2025-26Otherslow impact
Cruxal's analysis: Indosolar Ltd has filed its Annual Report for the financial year 2025-26. The disclosure…
Read the full analysis - Indosolar Ltd releases Annual Report for FY 2025-26Otherslow impact
Cruxal's analysis: Indosolar Ltd has filed its Annual Report for the financial year 2025-26 as per…
Read the full analysis - Indosolar Limited Announces 17th AGM and Reports Strong Financial Turnaround for FY 2025-26AGM/EGMhigh impact
Cruxal's analysis: Indosolar Limited has scheduled its 17th Annual General Meeting for August 31, 2026, and…
Read the full analysis - Indosolar Limited schedules 17th Annual General Meeting for August 31, 2026AGM/EGMlow impact
Cruxal's analysis: Indosolar Limited has issued a formal intimation regarding its 17th Annual General…
Read the full analysis - Indosolar Ltd releases Annual Report for FY 2025-26Otherslow impact
Cruxal's analysis: Indosolar Ltd has filed its Annual Report for the financial year 2025-26. The filing is a…
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