1. At a Glance
Indosolar — once a casualty of India’s brutal solar price wars, now reborn under Waaree Energies’ umbrella. Imagine a patient in ICU for 6 years, suddenly running a 100m sprint — that’s Indosolar’s financial comeback in FY25. Manufacturing plant in Greater Noida? Shut since 2018. Yet revenues in FY25 crossed ₹518 Cr — courtesy of Waaree’s related-party sales magic. ROE? An eye-watering 420%. The stock relisted in June 2025 and instantly hit the spotlight, trading 39x book value because… why not? With corporate actions pending and public float still tight, Indosolar is less of a pure solar play and more of a restructuring fairy tale.
2. Introduction
In 2005, Indosolar entered the scene to make solar photovoltaic cells — the shiny wafers that power solar panels. For a while, it looked promising. Then came China’s panel glut, falling solar tariffs, and cut-throat competition. By May 2018, their Greater Noida facility shut down, the balance sheet bled red, and creditors knocked on the NCLT door.
Fast forward to April 2022: Waaree Energies — India’s largest solar panel maker — wins the CIRP auction. They grabbed a 96.15% stake, leaving just 3.85% with the public. Relisting was stuck due to SEBI’s minimum public shareholding rules, but in June 2025, the stock finally started trading again.
The twist? Despite zero production in-house for years, FY25 revenue hit ₹518 Cr. How? Most of it came from related-party transactions with Waaree — buying, selling, and job-work arrangements. It’s like leasing your kitchen to a Michelin-star chef and taking credit for the food.
On paper, FY25 was a blockbuster — ₹177 Cr PAT, 30%+ OPM, ROCE at 77%. But the elephant in the boardroom is operational restart. Waaree plans to set up a new module manufacturing line at the Noida facility, but timelines are fuzzy.
In the meantime, Indosolar is essentially Waaree’s listed arm — a corporate shell now stuffed with profitable transactions. Whether this translates into a true manufacturing revival or just a listed proxy for Waaree’s solar empire is the billion-rupee question.
3. Business Model (WTF Do They Even Do?)
Indosolar’sofficialbusiness: manufacturing solar PV cells and modules.Indosolar’scurrentbusiness: acting
as a trading, services, and job-work extension for Waaree Energies.
Core Activities:
- Solar Cells & Modules– Historically, cell manufacturing was their core, but the plant’s been shut since 2018. Waaree’s takeover brings hope for module production revival.
- Job-Work Services– Providing module assembly and related processing for Waaree group companies.
- Solar Solutions– EPC-like solutions, though not much detail is disclosed on standalone projects.
FY24–FY25 Revenue Reality:
- No standalone manufacturing revenue till late FY24.
- FY25 saw ₹518 Cr in revenue, largely via Waaree Energies-related sales and services.
Related-Party Deep Dive (FY25):
- Sale of modules + job work: ₹750 Cr
- Purchase of modules: ₹500 Cr
- Sale of capital goods: ₹10 Cr
- Purchase of raw materials & services: ₹25 Cr
- ICDs from Waaree Energies: ₹35 Cr
This related-party web is the business model right now. The “Indosolar 2.0” plan is to restart in-house production and leverage Waaree’s scale for exports and domestic orders, especially under India’s solar PLI scheme.
Bottom line — until Noida’s new module line is operational, Indosolar’s business is more “corporate synergy platform” than “factory floor hustle.”
4. Financials Overview
| Metric | Latest Qtr (Q1 FY26) | YoY Qtr (Q1 FY25) | Prev Qtr (Q4 FY25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 195 | 0 | 192 | — | 1.6% |
| EBITDA (₹ Cr) | 64 | -1 | 50 | — | 28% |
| PAT (₹ Cr) | 117 | -5 | 40 | — | 192% |
| EPS (₹) | 28.07 | -1.20 | 9.62 | — | 192% |
YoY growth
