Indosolar Ltd

₹ 192 -1.97%

30 Oct - close price

indosolar.co.in BSE: 533257 NSE: WAAREEINDO

About

Incorporated in 2005, Indosolar Ltd manufactures PV solar modules.^[1]

Key Points

Business Overview^[1]
Indosolar Limited, a subsidiary of Waaree Energies Limited, operates as a solar PV module manufacturer.

Website BSE NSE

Market Cap ₹ 797 Cr.
Current Price ₹ 192
High / Low ₹ 604 / 179
Stock P/E 6.37
Book Value ₹ 79.0
Dividend Yield 0.00 %
ROCE 124 %
ROE 151 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is almost debt free.
Company has delivered good profit growth of 101% CAGR over last 5 years

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Debtor days have increased from 58.9 to 113 days.
Working capital days have increased from 28.1 days to 106 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	0.00	0.00	0.00	0.00	28.10	103.01	192.00	194.68	202.55	199.53	83.10	68.36	155.59
	0.31	2.07	1.32	0.97	6.52	79.55	141.82	131.12	131.83	128.53	18.77	19.90	140.77
Operating Profit	-0.31	-2.07	-1.32	-0.97	21.58	23.46	50.18	63.56	70.72	71.00	64.33	48.46	14.82
OPM %					76.80%	22.77%	26.14%	32.65%	34.91%	35.58%	77.41%	70.89%	9.53%
	0.04	0.09	0.67	0.10	0.06	0.89	0.58	1.32	0.01	0.17	1.13	8.39	1.58
Interest	1.82	1.87	3.00	3.36	3.89	4.78	1.75	0.62	0.38	0.25	0.01	0.08	0.06
Depreciation	1.12	1.18	1.17	0.75	8.27	9.34	8.97	9.10	9.22	9.25	9.14	9.30	9.63
Profit before tax	-3.21	-5.03	-4.82	-4.98	9.48	10.23	40.04	55.16	61.13	61.67	56.31	47.47	6.71
Tax %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-111.75%	24.21%	32.77%	25.43%	22.86%	25.19%
	-3.21	-5.03	-4.82	-4.98	9.48	10.24	40.04	116.79	46.34	41.47	42.00	36.62	5.02
EPS in Rs	-0.77	-1.21	-1.16	-1.20	2.28	2.46	9.62	28.07	11.14	9.97	10.10	8.80	1.21
Raw PDF

Profit & Loss

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	296	258	442	314	13	0	0	0	0	0	324	680	507
	248	248	368	336	38	2	1	8	2	1	229	409	308
Operating Profit	48	10	75	-21	-25	-2	-1	-8	-2	-1	95	271	199
OPM %	16%	3.8%	17%	-7%	-186%			-4,068%			29%	40%	39%
	4	2	3	-60	-425	1	1	-107	1,089	-2	1	2	11
Interest	103	126	106	54	51	0	0	0	1	8	14	1	0
Depreciation	27	27	29	28	24	7	7	7	4	5	27	37	37
Profit before tax	-78	-141	-58	-163	-525	-8	-8	-122	1,081	-15	55	234	172
Tax %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	-5%
	-78	-141	-58	-163	-525	-8	-8	-122	1,081	-15	55	247	125
EPS in Rs	-2.18	-3.94	-1.62	-4.38	-14.11	-0.22	-0.21	-3.29	259.87	-3.71	13.17	59.27	30.08
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	10%
5 Years:	%
3 Years:	%
TTM:	-27%

Compounded Profit Growth
10 Years:	14%
5 Years:	101%
3 Years:	231%
TTM:	-41%

Stock Price CAGR
10 Years:	39%
5 Years:	123%
3 Years:	%
1 Year:	-69%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	%
Last Year:	151%

Balance Sheet

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital	358	358	358	372	372	372	372	372	42	42	42	42	42
Reserves	-465	-606	-667	-829	-1,354	-1,362	-1,370	-1,492	-41	-56	-1	245	287
	987	965	942	820	829	41	829	829	60	102	50	3	3
	244	385	483	380	412	1,200	407	408	4	63	150	54	151
Total Liabilities	1,125	1,102	1,116	744	259	252	238	116	65	150	241	344	483
	470	445	452	427	154	147	140	82	48	47	122	91	76
CWIP	574	597	563	257	83	83	83	27	4	94	0	0	1
Investments	0	0	0	0	0	0	0	0	0	0	0	0	0
	81	60	101	60	21	21	14	7	13	9	118	253	406
Total Assets	1,125	1,102	1,116	744	259	252	238	116	65	150	241	344	483

Cash Flows

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	79	16	55	29	32	-1	-1	-0	-14	18	85	78
	-61	-2	-28	-8	-23	2	-1	0	-3	-56	-20	-24
	-10	-24	-21	-25	-12	-0	0	1	18	38	-53	-66
Net Cash Flow	8	-9	6	-4	-2	1	-2	0	1	0	12	-12
Free Cash Flow	1	-1	32	17	9	-0	-1	-0	-14	-38	65	53
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	165%	168%	73%	-137%	-132%	28%	41%	5%	721%	-1,255%	90%	29%

Ratios

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2024	Mar 2025	Mar 2026
Debtor Days	2	5	9	3	4		5	113
Inventory Days	41	50	45	35	112		138	21
Days Payable	21	82	34	82	1,787		153	20
Cash Conversion Cycle	22	-27	21	-43	-1,671		-10	114
Working Capital Days	-714	-1,130	-1,110	-996	-33,663		-50	106
ROCE %	3%	-2%	7%	-9%	-44%	-7%	77%	124%

Insights

In beta

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Number of Permanent Employees
employees

	xxx	xxx	xxx	xxx	x	xx	xxx	xx
	xxx	xxx	xxx				x,xxx	x,xxx
xx.xx	xxx.xx	xxx.xx	xxx.xx
							xxx	xxx
		x	x
							xx.xx

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Installed Manufacturing Capacity
MW

Solar Cell Production Volume
MWp

Contract / Third Party Payroll Employees
employees

Number of Customers Contributing >10% of Revenue
customers

Related Party Sales Share (Holding Company - Waaree Energies)
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	96.15%	96.15%	96.15%	96.15%	96.15%	96.15%	95.00%	74.93%	74.93%	74.93%	74.93%	74.93%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.53%	0.53%	0.55%	0.54%	0.61%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.05%	0.07%	0.06%	0.13%	0.06%	0.06%
	3.86%	3.86%	3.86%	3.86%	3.86%	3.86%	4.94%	24.46%	24.47%	24.38%	24.46%	24.41%
No. of Shareholders	60,868	60,868	60,868	60,868	60,868	60,868	73,141	75,084	72,834	72,093	72,841	73,189

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
	57.66%	56.90%	56.90%	56.90%	56.90%	96.15%	96.15%	96.15%	74.93%	74.93%
	0.00%	0.02%	0.05%	0.05%	0.00%	0.00%	0.00%	0.00%	0.55%	0.61%
	4.52%	4.20%	4.20%	1.31%	1.31%	0.00%	0.00%	0.00%	0.13%	0.06%
	37.83%	38.88%	38.85%	41.74%	41.79%	3.86%	3.86%	3.86%	24.38%	24.41%
No. of Shareholders	54,778	58,342	57,406	56,599	56,773	60,868	60,868	60,868	72,093	73,189

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Indosolar Ltd

Indosolar Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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