🧠 At a Glance
Once written off as a defunct solar cell maker under insolvency, Indosolar Ltd has risen from the ashes like a Bollywood villain in the second half. With a dramatic relisting in June 2025, revived operations at a 1.3 GW solar facility, and some jaw-dropping 420%+ ROE, the stock has shot up from ₹92 lows to ₹232. But before you call it India’s First Solar Phoenix™, let’s deep-dive into this plot twist of a company.
1️⃣ Hook: “Bro, Indosolar is Back?”
Yes, the company that had shut down and entered CIRP (Corporate Insolvency Resolution Process) is back with:
- ✅ Relisting approved in June 2025
- ✅ New promoter holding ~95% (41.6 million shares issued)
- ✅ ₹192 Cr revenue in March 2025 quarter (after zero sales for years!)
- ✅ ₹40 Cr Net Profit last quarter
- ✅ ROE: 421% 🤯
And the kicker?
The company was renamed Waaree Indosolar Ltd — a hint at serious muscle behind the relaunch.
2️⃣ WTF Do They Even Do?
Business Model 2.0:
- 📦 Products:
- Multi-crystalline (Sona series) & Mono-crystalline (Sapphire series) solar cells
- PV modules for rooftop, street lighting, and utility-scale
- 🔌 Target Segments:
- Residential solar
- Commercial/industrial rooftops
- Utility-scale solar projects (likely via OEM tie-ups)
- 🏭 Restarted a 1.3 GW facility in 2024–25
TL;DR: India’s vintage solar cell maker is now back in business, potentially riding on the back of Waaree Group’s integration.
3️⃣ Financials – R.I.P. or Resurrection?
Let’s split it into two lives:
🪦 Old Indosolar (2014–2022):
- Constant losses: ₹100–₹500 Cr every year
- Zero revenue for 5 years (2019–2023)
- Net worth: Negative ₹1,400 Cr
- CIRP declared, all hope lost
💉 New Indosolar (Post-2024):
| Metric | Mar 2024 | Mar 2025 |
|---|---|---|
| Sales | ₹0 Cr | ₹324 Cr |
| Net Profit | -₹15 Cr | ₹55 Cr |
| EPS | -₹3.71 | ₹13.17 |
| OPM | 0% | 29% |
| ROCE | -11% | 78% |
| Book Value | ₹9.7 | CMP ₹232 → PB = 24x 🤯 |
📈 Profit CAGR (3Y): 79%
📈 Price CAGR (3Y): 313%
4️⃣ Valuation: Cheap, Meh, or Crack?
Let’s just say:
- P/E (Trailing): 17.6 — Looks cheap
- P/B: 23.9 — Crack cocaine
- Market Cap: ₹966 Cr
But is this sustainable?
👉 Based on Mar 2025 EPS of ₹13.17, even a conservative 15x forward PE =
Fair Value = ₹180–₹210 range 🔍
Valuation assumes continued profitability and zero frauds. Which is… brave.
5️⃣ What’s Cooking? 🍿
- ✅ Relisting drama in June 2025 – New promoter controls 3.95 Cr shares
- ✅ Restarted commercial ops at 1.3 GW line in 2024
- ❌ Cost of borrowing still high (~12%+)
- ❗ Previous CFO resigned in Oct 2024
- 🧑💻 New CEO and board appointments in Apr 2025
This is clearly not the same company from the past. But the question is – who’s running it now and how clean is the table?
6️⃣ Balance Sheet – How Bad Was It?
| Year | Reserves | Borrowings | Net Worth |
|---|---|---|---|
| Mar 2023 | -₹56 Cr | ₹99 Cr | Negative |
| Mar 2025 | -₹1 Cr | ₹50 Cr | Still fragile |
But there’s some optimism:
- Assets climbed from ₹65 Cr → ₹241 Cr
- Borrowings halved
- Capital structure cleaned up via relisting and promoter dilution
7️⃣ Cash Flow – Sab Number Game Hai
| Year | CFO | FCF | CFI | CFF |
|---|---|---|---|---|
| Mar 2025 | ₹85 Cr | ₹65 Cr est | -₹20 Cr | -₹53 Cr |
🔥 First time in YEARS they’ve had positive cash from operations
🎯 Possibly from big government or institutional solar orders?
8️⃣ Ratios – Sexy or Stressy?
| Metric | Value |
|---|---|
| ROCE | 78.3% |
| ROE | 421% |
| EPS (TTM) | ₹9.62 |
| Inventory Days | 138 |
| Debtor Days | 5 |
| Interest Cover | 7.2x est |
Looks too good — which makes it sus.
9️⃣ P&L Breakdown
| Quarter | Revenue | PAT | OPM% | EPS |
|---|---|---|---|---|
| Dec 2024 | ₹104 Cr | ₹10 Cr | 23% | ₹2.46 |
| Mar 2025 | ₹192 Cr | ₹40 Cr | 26% | ₹9.62 |
→ Sudden spike in margin, revenue, and profit
→ From zero to hero in 2 quarters 😐
Where’s the order book disclosure?
🔟 Peer Comparison
| Company | P/E | ROE | Mcap |
|---|---|---|---|
| Indosolar | 17.6 | 421% | ₹966 Cr |
| Suzlon | 43 | 41% | ₹89,000 Cr |
| BHEL | 169 | 2.1% | ₹90,000 Cr |
| Hitachi Energy | 231 | 13.8% | ₹88,000 Cr |
Indosolar wins on profitability… but trails everyone on scale, credibility, and asset base.
1️⃣1️⃣ Misc – Promoters, Ownership & Drama
- Promoter Holding: 96.15%
- Retail Public: 3.86%
- Number of shareholders: 60,868
- Suspicious? Maybe. But SEBI allowed relisting.
Big question: Who is the real operator behind this new promoter?
1️⃣2️⃣ EduInvesting Verdict™
🧠 Indosolar is now the Shah Rukh Khan of the solar world — declared dead, wrote off losses, and now starring in a blockbuster comeback.
But we’ve seen this before:
- 🤔 421% ROE? Could be a trap
- ⚠️ 24x Book Value? Definitely not cheap
- ❗ No clarity on contracts, buyers, order book
- 🧽 Corporate restructuring + CIRP = messy books
Fair Value Range: ₹180–₹210
(Calculated at 15–17x sustainable EPS of ₹12–14 assuming profits don’t vanish)
💬 Would we touch this stock without gloves? Nope. But will India’s FOMO crowd buy it anyway? You bet.
✍️ Written by Prashant | 📅 July 6, 2025
Tags: Indosolar, Waaree, Solar Power India, Renewable Stocks, CIRP Recovery, Penny Stocks India, Relisting Stocks, Solar Cell Manufacturing, NSE SME, EduInvesting
