1. At a Glance – The Comeback Kid or Temporary Superstar?
Indosolar Ltd is currently trading at ₹384 with a market cap of ₹1,597 Cr, and honestly, this stock behaves like that one Bollywood actor who disappeared for years and suddenly came back with a blockbuster. After being shut since 2018, the company is now showing ₹200 Cr quarterly sales and ₹41.5 Cr PAT with a jaw-dropping 305% YoY profit growth. ROE? A ridiculous 420%. ROCE? 77%. P/E? Just 6.54 — which looks cheaper than your local chai.
But wait… this same company had ZERO revenue for years.
And now suddenly it’s printing profits like RBI on a festive season?
Add to this: promoter holding dropping from 96% to ~75%, CEO resignations, CFO resignations (yes, multiple), and heavy related-party transactions worth hundreds of crores.
So the real question is — is this a solar phoenix rising… or just a very well-lit stage performance?
2. Introduction – From Shutdown to Superstar (or Suspicious?)
Let’s rewind.
Indosolar was once a solar cell manufacturer with a plant in Greater Noida. That plant? Shut since May 2018.
For years, the company basically became a corporate zombie — alive on paper, dead in reality.
Then enters Waaree Energies — India’s solar giant — like a saviour in a Karan Johar climax scene.
- CIRP approved in 2022
- Waaree takes 96.15% control
- Operations restart in 2025
- Stock relisted June 2025
And BOOM — suddenly revenue jumps to ₹789 Cr TTM and PAT
