⚡ At a Glance
Indosolar Ltd, once a solar cell manufacturer, is now a phoenix rising from CIRP ashes – at least that’s what the stock price suggests. After years of zero sales and negative net worth, it got a new lease of life via Waaree Energies. Now, with ₹324 Cr revenue in FY25, everyone’s asking: Is this revival real, or just solar-powered hopium?
1. 🔥 The Hook – From CIRP to 5x in a Year?!
What happens when a dead company gets a new promoter with real solar chops?
You get Indosolar. A company that didn’t make a single rupee of revenue for five years, suddenly clocked ₹324 Cr sales in FY25, posted ₹55 Cr net profit, and started trading again – jumping from ~₹40 post-relisting to ₹232 in less than a year.
But wait…
- It was under insolvency.
- It had ₹1,492 Cr of accumulated losses.
- It still has just ₹42 Cr of equity.
So why TF is this now a ₹966 Cr company?
Let’s find out. 🕵️
2. 🏭 WTF Do They Even Do?
Indosolar manufactures solar photovoltaic (PV) cells – both multi-crystalline (Sona series) and mono-crystalline (Sapphire series).
But for 5 years, it did none of that.
- Plant was shut.
- Revenue was zero.
- Losses were glorious.
Then came Waaree Energies – India’s OG solar player.
- Took over through CIRP.
- Infused capital.
- Revived operations.
Now? They’re back to supplying PV cells and offering solar module solutions for rooftop, utility, and commercial segments.
New tag line?
“Waaree ka bhatija, Indosolar zinda hai bhaiya.”
3. 📊 Financials – From RIP to ROI
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | ₹0 Cr | ₹0 Cr | ₹324 Cr |
| Operating Profit | ₹-2 Cr | ₹-4 Cr | ₹95 Cr |
| Net Profit | ₹1,081 Cr* | ₹-15 Cr | ₹55 Cr |
| OPM | NA | NA | 29% |
| EPS | ₹259.87* | ₹-3.71 | ₹13.17 |
*FY23 Net Profit was an exceptional gain from CIRP accounting, not operational.
So yes, FY25 is first legit year of operations.
✅ 29% OPM is juicy
✅ ₹55 Cr PAT looks shiny
🚨 But it’s a restart. Not a growth story yet.
4. 📈 Valuation – Is This Cheap, Meh, or Crack?
Market Cap: ₹966 Cr
TTM EPS: ₹13.17
P/E: ~17.6x
Book Value: ₹9.71
P/B: 23.9x 💀
Let that sink in.
24x book for a company with -₹1 Cr reserves, and just ₹42 Cr of equity capital.
Fair Value Range?
Let’s assume:
- FY26 Net Profit = ₹75 Cr (30% growth)
- P/E = 15x (sustainable for sunrise solar biz)
➡️ Fair Value = ₹75 Cr × 15 = ₹1,125 Cr Market Cap
➡️ Shares Outstanding = ~4.16 Cr
➡️ FV Range = ₹220 to ₹270 (current price near upper band)
So yes – it’s not insane if growth continues.
But if revival falters? Stock is basically a solar-themed NFT.
5. 🧂 What’s Cooking – Relisting, OFS, and Retail FOMO
- June 2024: Relisted after CIRP with 4.16 Cr shares.
- Promoter holding: 96.15% → SEBI said “Abe public ko bhi kuch do.”
- June 2025: Waaree sold 1.15% via OFS.
- Retail got wind of solar hype. Price surged 5x in months.
- Latest buzz? More modules + export tie-ups could be in pipeline.
Waaree’s credibility is the backbone. But so is retail’s blind optimism.
6. 💸 Balance Sheet – How Much Debt, How Many Dreams?
| Item | FY25 |
|---|---|
| Equity | ₹42 Cr |
| Reserves | ₹-1 Cr (yes, still negative) |
| Debt | ₹50 Cr |
| Cash | ₹12 Cr |
| Net Block | ₹122 Cr |
Company is now de-leveraged and lean.
But still low equity base, no buffer, cash tight.
It’s like driving a Ferrari with a motorcycle helmet. 🪖
7. 💰 Cash Flow – Sab Number Game Hai
| FY25 |
|---|
| CFO |
| CFI |
| CFF |
| Net Change |
Positive operating cash = green flag
Clean-up mode = ✅
8. 🔍 Ratios – Sexy or Stressy?
| Ratio | Value |
|---|---|
| ROCE | 78.3% ✅ |
| ROE | 421% 🚨 (not sustainable) |
| Inventory Days | 138 |
| Debtor Days | 5 |
| OPM | 29% |
Everything looks dreamy…
…but this is a rebirth year. One bad quarter and ratios collapse like crypto in 2022.
9. 💥 P&L Breakdown – Show Me the Money
FY25:
- ₹324 Cr Revenue
- ₹229 Cr Expenses
- ₹95 Cr Operating Profit
- ₹55 Cr PAT
Looks clean.
But is it repeatable?
That’s the billion-rupee question.
10. ⚔️ Peer Comparison – Who Else in the Game?
| Name | P/E | ROE | Market Cap |
|---|---|---|---|
| Indosolar | 17.6x | 421% | ₹966 Cr |
| BHEL | 172x | 2.17% | ₹92,000 Cr |
| Suzlon | 44x | 41% | ₹91,000 Cr |
| CG Power | 107x | 28% | ₹1.04 L Cr |
Indosolar is a micro-cap solar rebirth story.
Peers are heavyweights. So this isn’t apple to apple — it’s more like fruit salad vs solar reactor.
11. 🧠 Misc – Shareholding, Promoters
- Promoter: Waaree Energies – India’s solar mafia boss. 💪
- Holding: 96.15% (will dilute as per SEBI rules)
- Public: 3.86%
- No. of Shareholders: 60,868 (retail FOMO army)
No institutions. No FIIs.
Just hopes, dreams, and the Waaree brand.
12. 🧨 EduInvesting Verdict™
🎭 “Indosolar is like a Bollywood comeback movie. Strong trailer, big-name producer, and first day-first show crowd. But will the sequel hit ₹500 Cr or go straight to OTT?”
✅ Legit revival under Waaree
✅ First proper year of revenue & profit
✅ Clean cash flow + minimal debt
🚨 Sky-high P/B
🚨 Risk of hype reversal
🚨 One-year wonder? We’ll see.
FV Range: ₹220 to ₹270
(Current price: ₹232)
📌 If Waaree builds this into a legit solar manufacturing hub — this could 2x.
📌 If FY26 stumbles or market turns — brace for gravity.
✍️ Written by Prashant | 📅 July 2, 2025
Tags: Indosolar, Solar Stocks, Waaree Energies, CIRP Revival, Renewable Energy, SME, Smallcap, EduInvesting
