About
Indosolar Limited engages in the manufacturing and trading of solar photovoltaic modules in India, Europe, the United States, Middle East, and Asia. It offers solar modules, including TOPCon modules and Mono PERC technology The company was incorporated in 2005 and is based in New Delhi, India. Indosolar Limited is a subsidiary of Waaree Energies Limited.
Key Metrics
as of Sep 2026Market Cap1,132 Cr
P/E6.80
Div Yield0.00 %
Book Value₹69.00
52w High₹725.00
52w Low₹261.00
Face Value₹10.00
Quarterly Results
Rs. Crores · hover row for definition| Metric | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 68.00 | 83.00 | 200.00 | 203.00 | 195.00 | 192.00 | 103.00 | 28.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Expenses | 20.00 | 19.00 | 129.00 | 132.00 | 131.00 | 142.00 | 80.00 | 7.00 | 1.00 | 1.00 | 2.00 | 0.00 | 0.00 |
| Operating Profit | 48.00 | 64.00 | 71.00 | 71.00 | 64.00 | 50.00 | 23.00 | 22.00 | -1.00 | -1.00 | -2.00 | 0.00 | 0.00 |
| OPM % | 71.00 | 77.00 | 36.00 | 35.00 | 33.00 | 26.00 | 23.00 | 77.00 | — | — | — | — | — |
| Other Income | 8.00 | 1.00 | 0.00 | 0.00 | 1.00 | 1.00 | 1.00 | 0.00 | 0.00 | 1.00 | 0.00 | 0.00 | 0.00 |
| Depreciation | 9.00 | 9.00 | 9.00 | 9.00 | 9.00 | 9.00 | 9.00 | 8.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Interest | 0.00 | 0.00 | 0.00 | 0.00 | 1.00 | 2.00 | 5.00 | 4.00 | 3.00 | 3.00 | 2.00 | 2.00 | 1.00 |
| Profit before tax | 47.00 | 56.00 | 62.00 | 61.00 | 55.00 | 40.00 | 10.00 | 9.00 | -5.00 | -5.00 | -5.00 | -3.00 | -2.00 |
| Tax % | 23.00 | 25.00 | 33.00 | 24.00 | -112.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Profit | 37.00 | 42.00 | 41.00 | 46.00 | 117.00 | 40.00 | 10.00 | 9.00 | -5.00 | -5.00 | -5.00 | -3.00 | -2.00 |
| EPS in Rs | 8.80 | 10.10 | 9.97 | 11.14 | 28.07 | 9.62 | 2.46 | 2.28 | -1.20 | -1.16 | -1.21 | -0.77 | -0.57 |
Profit & Loss
Annual · Rs. Crores| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 680.00 | 324.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 13.00 | 314.00 | 442.00 | 258.00 | 296.00 |
| Expenses | 409.00 | 229.00 | 1.00 | 2.00 | 8.00 | 1.00 | 2.00 | 38.00 | 336.00 | 368.00 | 248.00 | 248.00 |
| Operating Profit | 271.00 | 95.00 | -1.00 | -2.00 | -8.00 | -1.00 | -2.00 | -25.00 | -21.00 | 75.00 | 10.00 | 48.00 |
| OPM % | 40.00 | 29.00 | — | — | -4,068.00 | — | — | -186.00 | -7.00 | 17.00 | 3.80 | 16.00 |
| Other Income | 2.00 | 1.00 | -2.00 | 1,089.00 | -107.00 | 1.00 | 1.00 | -425.00 | -60.00 | 3.00 | 2.00 | 4.00 |
| Interest | 1.00 | 14.00 | 8.00 | 1.00 | 0.00 | 0.00 | 0.00 | 51.00 | 54.00 | 106.00 | 126.00 | 103.00 |
| Depreciation | 37.00 | 27.00 | 5.00 | 4.00 | 7.00 | 7.00 | 7.00 | 24.00 | 28.00 | 29.00 | 27.00 | 27.00 |
| Profit before tax | 234.00 | 55.00 | -15.00 | 1,081.00 | -122.00 | -8.00 | -8.00 | -525.00 | -163.00 | -58.00 | -141.00 | -78.00 |
| Tax % | -5.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Profit | 247.00 | 55.00 | -15.00 | 1,081.00 | -122.00 | -8.00 | -8.00 | -525.00 | -163.00 | -58.00 | -141.00 | -78.00 |
| EPS in Rs | 59.27 | 13.17 | -3.71 | 259.87 | -3.29 | -0.21 | -0.22 | -14.11 | -4.38 | -1.62 | -3.94 | -2.18 |
| Dividend Payout % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Balance Sheet
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 42.00 | 42.00 | 42.00 | 42.00 | 372.00 | 372.00 | 372.00 | 372.00 | 372.00 | 358.00 | 358.00 | 358.00 |
| Reserves | 245.00 | -1.00 | -56.00 | -41.00 | -1,492.00 | -1,370.00 | -1,362.00 | -1,354.00 | -829.00 | -667.00 | -606.00 | -465.00 |
| Borrowings | 3.00 | 50.00 | 102.00 | 60.00 | 829.00 | 829.00 | 41.00 | 829.00 | 820.00 | 942.00 | 965.00 | 987.00 |
| Other Liabilities | 54.00 | 150.00 | 63.00 | 4.00 | 408.00 | 407.00 | 1,200.00 | 412.00 | 380.00 | 483.00 | 385.00 | 244.00 |
| Total Liabilities | 344.00 | 241.00 | 150.00 | 65.00 | 116.00 | 238.00 | 252.00 | 259.00 | 744.00 | 1,116.00 | 1,102.00 | 1,125.00 |
| Fixed Assets | 91.00 | 122.00 | 47.00 | 48.00 | 82.00 | 140.00 | 147.00 | 154.00 | 427.00 | 452.00 | 445.00 | 470.00 |
| CWIP | 0.00 | 0.00 | 94.00 | 4.00 | 27.00 | 83.00 | 83.00 | 83.00 | 257.00 | 563.00 | 597.00 | 574.00 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Assets | 253.00 | 118.00 | 9.00 | 13.00 | 7.00 | 14.00 | 21.00 | 21.00 | 60.00 | 101.00 | 60.00 | 81.00 |
| Total Assets | 344.00 | 241.00 | 150.00 | 65.00 | 116.00 | 238.00 | 252.00 | 259.00 | 744.00 | 1,116.00 | 1,102.00 | 1,125.00 |
Cash Flows
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 78.00 | 85.00 | 18.00 | -14.00 | 0.00 | -1.00 | -1.00 | 32.00 | 29.00 | 55.00 | 16.00 | 79.00 |
| Cash from Investing Activity | -24.00 | -20.00 | -56.00 | -3.00 | 0.00 | -1.00 | 2.00 | -23.00 | -8.00 | -28.00 | -2.00 | -61.00 |
| Cash from Financing Activity | -66.00 | -53.00 | 38.00 | 18.00 | 1.00 | 0.00 | 0.00 | -12.00 | -25.00 | -21.00 | -24.00 | -10.00 |
| Net Cash Flow | -12.00 | 12.00 | 0.00 | 1.00 | 0.00 | -2.00 | 1.00 | -2.00 | -4.00 | 6.00 | -9.00 | 8.00 |
| Free Cash Flow | 53.00 | 65.00 | -38.00 | -14.00 | 0.00 | -1.00 | 0.00 | 9.00 | 17.00 | 32.00 | -1.00 | 1.00 |
| CFO/OP % | 29.00 | 90.00 | -1,255.00 | 721.00 | 5.00 | 41.00 | 28.00 | -132.00 | -137.00 | 73.00 | 168.00 | 165.00 |
Ratios
Annual · Days / % — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 113.00 | 5.00 | — | 4.00 | 3.00 | 9.00 | 5.00 | 2.00 |
| Inventory Days | 21.00 | 138.00 | — | 112.00 | 35.00 | 45.00 | 50.00 | 41.00 |
| Days Payable | 20.00 | 153.00 | — | 1,787.00 | 82.00 | 34.00 | 82.00 | 21.00 |
| Cash Conversion Cycle | 114.00 | -10.00 | — | -1,671.00 | -43.00 | 21.00 | -27.00 | 22.00 |
| Working Capital Days | 106.00 | -50.00 | — | -33,663.00 | -996.00 | -1,110.00 | -1,130.00 | -714.00 |
| ROCE % | 124.00 | 77.00 | -7.00 | -44.00 | -9.00 | 7.00 | -2.00 | 3.00 |
Corporate Actions
10 records| Action | Ex Date | Record Date | Ratio | Amount (₹) | Notes |
|---|---|---|---|---|---|
| Other | 27 Jun 2022 | 28 Jun 2022 | — | — | Resolution Plan -Suspension |
| Other | 18 Sep 2020 | — | — | — | Annual General Meeting |
| Other | 19 Sep 2018 | — | — | — | Annual General Meeting |
| Other | 20 Sep 2017 | — | — | — | Annual General Meeting |
| Other | 22 Sep 2016 | — | — | — | Annual General Meeting |
| Other | 22 Sep 2015 | — | — | — | Annual General Meeting |
| Other | 19 Sep 2014 | — | — | — | Annual General Meeting |
| Other | 19 Sep 2013 | — | — | — | Annual General Meeting |
| Other | 13 Sep 2012 | — | — | — | Annual General Meeting |
| Other | 11 Aug 2011 | — | — | — | Annual Book Closure |
Announcements
5 filingsShareholding Pattern
Open on BSEFinancial Results — Filings
Open on BSEBoard Filings
Open on BSEAnnual Reports
Credit Ratings
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Rating update19 Oct 2015 from fitch
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Rating update25 Sep 2014 from fitch
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Rating update19 Nov 2013 from crisil