WAAREEINDO

Indosolar Limited

Solar photovoltaic modules manufacturer and trader, subsidiary of Waaree Energies Limited

Industrials›Capital Goods›Electrical Equipment›Heavy Electrical Equipment

indosolar.co.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹212.71
Market cap
885 Cr
Stock P/E
5.3
P/B
3.08
ROE (FY26)
85.9%
ROCE (FY26)
82.1%
Operating margin (FY26)
34.4%
Debt / equity (FY26)
0.00
OCF / EBITDA (FY26)
28.9%
OCF / EBITDA (3Y)
50.2%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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What you need to know

Indosolar manufactures solar photovoltaic modules at a facility in Noida with 1.3 GW of module manufacturing capacity, and is a subsidiary of Waaree Energies.

Company snapshot

34thBy market cap

Ranked among 38 companies in Heavy Electrical Equipment.

What we see

Positives
  • ✓Net margin of 36.3% — the business keeps a healthy share of every rupee it earns.
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Statement tables · Standalone

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Standalone only

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 20251Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales0 Cr0 Cr0 Cr0 Cr28 Cr103 Cr193 Cr195 Cr203 Cr200 Cr83 Cr68 Cr
Operating expenses (approx.)0.31 Cr2 Cr1 Cr0.97 Cr7 Cr80 Cr142 Cr131 Cr132 Cr129 Cr19 Cr20 Cr
EBITDA-0.31 Cr-2 Cr-1 Cr-0.97 Cr21 Cr23 Cr52 Cr64 Cr71 Cr71 Cr64 Cr48 Cr
OPM %————76.3%22.8%26.6%32.7%34.9%35.6%77.4%70.9%
Other income0.04 Cr0.09 Cr0.67 Cr0.10 Cr0.60 Cr0.89 Cr-0.75 Cr1 Cr0.01 Cr0.17 Cr1 Cr8 Cr
Interest2 Cr2 Cr3 Cr3 Cr4 Cr5 Cr2 Cr0.62 Cr0.38 Cr0.25 Cr0.01 Cr0.08 Cr
Depreciation1 Cr1 Cr1 Cr0.75 Cr8 Cr9 Cr9 Cr9 Cr9 Cr9 Cr9 Cr9 Cr
Profit before tax-3 Cr-5 Cr-5 Cr-5 Cr9 Cr10 Cr40 Cr55 Cr61 Cr62 Cr56 Cr47 Cr
Tax %0.0%0.0%0.0%0.0%0.0%-0.0%—-111.7%24.2%32.8%25.4%22.9%
Net profit-3 Cr-5 Cr-5 Cr-5 Cr9 Cr10 Cr40 Cr117 Cr46 Cr41 Cr42 Cr37 Cr
EPS (₹)₹-0.77₹-1.21₹-1.16₹-1.20₹2.28₹2.46—₹28.07₹11.14₹9.97₹10.09₹8.80
  1. 1Mar 2025: Derived from year-to-date: the year to 31 Mar 2025 less the quarters to 30 Jun 2024, 30 Sep 2024 and 31 Dec 2024; the filing gives no figures for this quarter alone

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales—314 Cr13 Cr0 Cr0 Cr0 Cr0 Cr324 Cr680 CrSign in free for the trailing twelve months
Operating expenses (approx.)—336 Cr38 Cr2 Cr1 Cr2 Cr4 Cr229 Cr409 CrSign in free for the trailing twelve months
EBITDA—-21 Cr-25 Cr-2 Cr-1 Cr-2 Cr-4 Cr95 Cr271 CrSign in free for the trailing twelve months
OPM %—-6.8%-186.5%————29.3%39.8%Sign in free for the trailing twelve months
Other income—4 Cr3 Cr0.81 Cr0.65 Cr1 Cr0.85 Cr0.84 Cr2 CrSign in free for the trailing twelve months
Interest—54 Cr51 Cr0.04 Cr0.0015 Cr1 Cr8 Cr14 Cr1 CrSign in free for the trailing twelve months
Depreciation—28 Cr24 Cr7 Cr7 Cr4 Cr5 Cr27 Cr37 CrSign in free for the trailing twelve months
Profit before tax—-163 Cr-525 Cr-8 Cr-8 Cr1,081 Cr-15 Cr55 Cr234 CrSign in free for the trailing twelve months
Tax %—-0.0%0.0%0.0%0.0%0.0%0.0%-0.0%-5.3%Sign in free for the trailing twelve months
Net profit—-163 Cr-525 Cr-8 Cr-8 Cr1,081 Cr-15 Cr55 Cr247 CrSign in free for the trailing twelve months
EPS (₹)—₹-4.44₹-14.11₹-0.22₹-0.21₹178.36₹-3.71₹13.17₹59.27Sign in free for the trailing twelve months
Dividend payout %—————0.0%—0.0%0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital358 Cr372 Cr372 Cr372 Cr372 Cr42 Cr42 Cr42 Cr42 Cr
Reserves-657 Cr-829 Cr-1,354 Cr0 Cr-1,370 Cr-41 Cr-56 Cr-1 Cr245 Cr
Borrowings63 Cr340 Cr41 Cr—828 Cr60 Cr99 Cr47 Cr—
Other liabilities1,353 Cr860 Cr1,199 Cr—408 Cr4 Cr65 Cr153 Cr57 Cr
Total liabilities1,116 Cr744 Cr259 Cr—238 Cr65 Cr150 Cr241 Cr344 Cr
Fixed assets (net)452 Cr426 Cr154 Cr—118 Cr32 Cr32 Cr107 Cr76 Cr
CWIP563 Cr257 Cr83 Cr—83 Cr4 Cr94 Cr0.11 Cr0 Cr
Investments—————0 Cr16 Cr0 Cr0 Cr
Inventories37 Cr27 Cr5 Cr—5 Cr0 Cr0.16 Cr74 Cr21 Cr
Trade receivables11 Cr3 Cr0.15 Cr—0.14 Cr0 Cr0 Cr5 Cr210 Cr
Cash & bank7 Cr3 Cr0.67 Cr—0.01 Cr0.86 Cr0.93 Cr13 Cr1 Cr
Other assets47 Cr27 Cr15 Cr—32 Cr29 Cr8 Cr42 Cr37 Cr
Total assets1,116 Cr744 Cr259 Cr—238 Cr65 Cr150 Cr241 Cr344 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity55 Cr29 Cr32 Cr0.42 Cr-0.60 Cr-58 Cr18 Cr85 Cr78 Cr
Cash from investing-28 Cr-8 Cr-23 Cr2 Cr-1 Cr-3 Cr-56 Cr-20 Cr-24 Cr
Cash from financing-21 Cr-25 Cr-12 Cr-0.98 Cr-0.02 Cr62 Cr38 Cr-53 Cr-66 Cr
Net cash flow6 Cr-4 Cr-2 Cr1 Cr-2 Cr0.61 Cr0.07 Cr12 Cr-12 Cr
Free cash flow (OCF − Capex)32 Cr17 Cr9 Cr0.42 Cr-0.60 Cr-62 Cr-42 Cr64 Cr53 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %—————1763.5%-10.1%78.4%82.1%
ROE %—————100489.9%—135.5%85.9%
Debtor days—34————5112
Inventory days—45171————13222
Days payable—1052732————14721
Cash conversion cycle—-57-2557————-10113
OCF / EBITDA %———————89.5%28.9%
OCF / EBITDA % (3 years)———————50.7%50.2%
Debt / equity—————56.05—1.160.00
Current ratio0.050.050.02—0.010.120.290.816.70
Net debt / EBITDA———————0.36-0.0040