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 ₹245 Cr
Now pause.
A company that had:
- Zero sales
- Negative profits
- Shut plant
…is suddenly showing:
- ₹200 Cr quarterly sales
- ₹41 Cr quarterly PAT
This is not a turnaround.
This is a plot twist.
But here’s where things get spicy — most of this business is coming from related-party transactions with Waaree itself.
So effectively:
Waaree owns Indosolar → gives it business → Indosolar shows profits → stock looks cheap
Genius… or circular logic?
You decide.
3. Business Model – WTF Do They Even Do?
Officially, Indosolar does:
- Solar PV Cells
- Solar Modules
- Solar Solutions
Sounds great. Sounds ESG. Sounds future-ready.
But reality check:
Their original plant has been shut since 2018.
They are now:
- Planning module manufacturing
- Doing job work + trading
- Heavily dependent on Waaree
Let’s decode the real business model:
Step-by-step “business”
- Waaree gives orders
- Indosolar processes/sells
