1. At a Glance
Indosolar Ltd is the corporate equivalent of a solar panel left in the dark—factory shut since May 2018, zero revenues for years, and yet still alive thanks to Waaree Energies adopting it during CIRP. Fast forward: Waaree owns 96.15%, public left with crumbs, and the company just managed a relisting in June 2025. Think of it as a Netflix reboot of a cancelled show—except here, the only episodes running are related-party transactions.
2. Introduction
Incorporated in 2005, Indosolar was once touted as India’s solar champion. Greater Noida factory, fancy press releases, and dreams of competing with China. Then reality struck—by 2018, the shutters came down and operations froze like a mid-summer AC at a government office.
Then came insolvency. NCLT admitted Indosolar, and Waaree Energies swooped in like a reality-show saviour. The plan was approved in April 2022. Since then, Waaree has treated Indosolar as its satellite arm: parking transactions worth hundreds of crores, while public shareholders watched their holdings get diluted to barely 3.85%.
Now, in 2025, Indosolar has relisted after corporate gymnastics. Trading resumed June 19th, stock exchanges reluctantly clapped, and Waaree even did an OFS in August 2025. The company talks about setting up a module line at Noida, but for now, revenue is still a ghost.
In short: Indosolar is that guy at the reunion who brags about “planning a comeback” for seven years straight.
3. Business Model (WTF Do They Even Do?)
On paper, Indosolar is asolar cell and module manufacturer. Services listed:
- Solar photovoltaic cells
- Solar modules
- Solar solutions
In practice:
- Factory has been shut since May 2018.
- No production, no modules, no solutions.
- Revenue in FY24 =Other Incomeonly: FX gain (64%), scrap sale (10%), interest (17%). Basically, a side hustle in scrap dealing and forex luck.
The “new” model post-Waaree takeover is to integrate Indosolar as an extended arm of Waaree’s business: transactions include ₹750 Cr module sales, ₹500 Cr purchases, ₹35 Cr inter-corporate deposits.
Essentially, Waaree uses Indosolar as a pass-through entity, while public shareholders play the role of unpaid extras.
4. Financials Overview (Comedy of Zeroes)
| Metric | Latest Qtr (Jun’25) | YoY Qtr (Jun’24) | Prev Qtr (Mar’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 0.0 Cr | 0.0 Cr | 0.0 Cr | 0% | 0% |
| EBITDA | Negligible | Negligible | Negligible | Flat | Flat |
| PAT | Negative | Negative | Negative | Flat | Flat |
| EPS (₹) | NA | NA | NA | NA | NA |
Annualised EPS: Zero.P/E: “Not meaningful” (unless SEBI lets us divide by hope).
Commentary: The financial table looks less like an annual report and more like a diet plan—no fat, no carbs, no revenue.
5. Valuation (Fair Value RANGE Only)
Method 1:P/EEPS = 0 → P/E = broken calculator.
Method 2:EV/EBITDAEV = undefined (company hasn’t given market cap after relist). EBITDA = negligible → another broken formula.
Method 3:DCFCash flows = missing in action. DCF = obituary.
Educational guess: If Waaree actually sets up a module line and Indosolar captures even 2% of India’s solar market (~₹40,000 Cr+ annually), it could theoretically generate ₹800 Cr revenue. With 10% margin → ₹80 Cr PAT. Slap 25x P/E → ₹2,000 Cr valuation.
Educational Fair Value Range:₹0 (yes, zero) – ₹2,000 Cr.(This FV range is for educational purposes only and is not
