🧠 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.
1️ 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.
2️ 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
