WAAREEINDO
Indosolar share price & financials
- Price
- ₹381.45
- Market cap
- ₹1.0k Cr
- Sector
- Capital Goods
What Indosolar Limited does
Indosolar Limited (trading as WAAREEINDO) manufactures solar photovoltaic modules at its factory in Greater Noida, Uttar Pradesh. The company emerged from a corporate insolvency resolution process under the IBC, with an NCLT-approved resolution plan implemented in April 2022, and commenced commercial production of 1.3 GW of module-manufacturing capacity during FY25. It operates as a subsidiary of Waaree Energies Limited, which holds a 96.15% stake and is also its principal customer and raw-material/capital-goods supplier under related-party arrangements, effectively functioning as a captive manufacturing unit within the Waaree group.
Segments
- Solar PV Module Manufacturing
- Module manufacturing capacity commissioned (FY25)
- 1.3 GW
- Manufacturing facility location
- Greater Noida, Uttar Pradesh
- Promoter / holding company
- Waaree Energies Limited (96.15% stake, FY25)
- Corporate history
- Emerged from CIRP under IBC; NCLT-approved resolution plan implemented April 2022
- Formerly known as
- Indosolar Limited
Quarterly results
Q1 FY27: revenue down 65.1%, net profit down 68.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 28 | 103 | 192 | 195 | 203 +625% | 200 +94% | 83 −57% | 68 −65% |
| EBITDA | 22 | 23 | 50 | 64 | 71 +223% | 71 +209% | 64 +28% | 48 −25% |
| Net profit | 9 | 10 | 40 | 117 | 46 +411% | 41 +310% | 42 +5% | 37 −68% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −45.2% 1Y
1Y: ₹459.6 on 8 Sept 2025 → ₹251.95. High ₹711.7 (9 Oct 2025), low ₹251.95 (11 Sept 2026).
Financials, as filed
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹0 Cr | ₹323 Cr | ₹681 Cr |
| Operating profit | ₹-3 Cr | ₹94 Cr | ₹270 Cr |
| Operating margin | — | 29.1% | 39.6% |
| Interest | ₹8 Cr | ₹14 Cr | ₹1 Cr |
| Depreciation | ₹4 Cr | ₹27 Cr | ₹36 Cr |
| Net profit | ₹-15 Cr | ₹54 Cr | ₹246 Cr |
| Net margin | — | 16.7% | 36.1% |
| Cash from operations | ₹18 Cr | ₹85 Cr | ₹78 Cr |
| Free cash flow | ₹-38 Cr | ₹65 Cr | ₹53 Cr |
| ROCE | -7.0% | 77.0% | 124.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹372 Cr | ₹372 Cr | ₹42 Cr | ₹42 Cr | ₹42 Cr | ₹42 Cr |
| Reserves | ₹-1.4k Cr | ₹-1.5k Cr | ₹-41 Cr | ₹-56 Cr | ₹162 Cr | ₹245 Cr |
| Borrowings | ₹829 Cr | ₹829 Cr | ₹60 Cr | ₹102 Cr | ₹3 Cr | ₹3 Cr |
| Other liabilities | ₹407 Cr | ₹408 Cr | ₹4 Cr | ₹63 Cr | ₹129 Cr | ₹54 Cr |
| Total liabilities | ₹238 Cr | ₹116 Cr | ₹65 Cr | ₹150 Cr | ₹336 Cr | ₹344 Cr |
| Fixed assets | ₹140 Cr | ₹82 Cr | ₹48 Cr | ₹47 Cr | ₹105 Cr | ₹91 Cr |
| Capital work in progress | ₹83 Cr | ₹27 Cr | ₹4 Cr | ₹94 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹14 Cr | ₹7 Cr | ₹13 Cr | ₹9 Cr | ₹231 Cr | ₹253 Cr |
| Total assets | ₹238 Cr | ₹116 Cr | ₹65 Cr | ₹150 Cr | ₹336 Cr | ₹344 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −20.07 pp while the public added +19.52 pp.
- Promoters
- 74.9%
- FIIs
- 0.5%
- DIIs
- 0.1%
- Public
- 24.5%
Since Jun 2025
- Promoters −20.07 pp
- Public +19.52 pp
- FIIs +0.53 pp
How it drifted, 12 quarters
Over this window promoters fell from 96.2% to 74.9% — −21.2 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 96.2%, Public 3.9%.Dec '23: Promoters 96.2%, Public 3.9%.Mar '24: Promoters 96.2%, Public 3.9%.Jun '24: Promoters 96.2%, Public 3.9%.Sep '24: Promoters 96.2%, Public 3.9%.Dec '24: Promoters 96.2%, Public 3.9%.Mar '25: Promoters 96.2%, Public 3.9%.Jun '25: Promoters 95.0%, FIIs 0.0%, DIIs 0.1%, Public 4.9%.Sep '25: Promoters 74.9%, FIIs 0.5%, DIIs 0.1%, Public 24.5%.Dec '25: Promoters 74.9%, FIIs 0.5%, DIIs 0.1%, Public 24.5%.Mar '26: Promoters 74.9%, FIIs 0.6%, DIIs 0.1%, Public 24.4%.Jun '26: Promoters 74.9%, FIIs 0.5%, DIIs 0.1%, Public 24.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Mansi Share & Stock Broking Private Limited newly disclosed 1.05% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Indosolar Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Waaree Energies Limited | 74.93% | unchanged |
| Zaveri And Co. Pvt. Ltd. | 1.35% | unchanged |
| Mansi Share & Stock Broking Private Limited | 1.05% | newly disclosed |
| Bhushan Kumar Gupta | 0.00% | unchanged |
| Priyadesh Gupta | 0.00% | unchanged |
| Abha Gupta | 0.00% | unchanged |
| Greenlite Lighting Corporation | 0.00% | unchanged |
| Hulas Rahul Gupta | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Indosolar Limited
Guides on how to read this kind of business and the numbers that matter.