Indosolar Limited share price
Indosolar Limited engages in the manufacturing and trading of solar photovoltaic modules in India, Europe, the United States, Middle East, and Asia. It offers solar modules, including TOPCon modules and Mono PERC technology The company was incorporated in 2005 and is based in New Delhi, India. Indosolar Limited is a subsidiary of Waaree Energies Limited.Read more
- Market Cap₹ 885 Cr.
- Current Price₹ 212.71
- High / Low₹ 669 / 196
- Stock P/E5.3
- Book Value₹ 69
- Dividend Yield0.00 %
- ROCE76.1 %
- ROE150.60 %
- Face Value₹ 10.0
More figures (10)
- EPS (TTM)₹ 40.00
- Price / Book3.08
- OPM34.8 %
- Debt / Equity0.01
- Sales growth (4Y)—
- Profit growth (4Y)-38.9 %
- Promoter holding76.3 %
- EV / EBITDA3.4
- Beta0.78
- All-time high₹ 3,095
Price chart
| Returns | 1M | 3M | 6M | YTD | 1Y | 3Y CAGR | 5Y CAGR |
|---|---|---|---|---|---|---|---|
| WAAREEINDO | -13.87% | -45.17% | -56.64% | -60.77% | -68.54% | -13.61% | -6.96% |
| Nifty 50 | -0.31% | -3.85% | -4.34% | -11.42% | -9.53% | +5.46% | +4.76% |
Price returns only (dividends not included). Prices from NSE via Yahoo Finance; may be delayed.
Quick take
- Indosolar Limited is in the Solar industry (Technology), with a market value of ₹885 crore.
- It trades at 5.3 times its last 12 months' earnings and 3.1 times book value.
- Return on equity was 150.6% and return on capital employed 76.1% in the latest year.
- Debt was 0.01 times shareholders' equity.
- The share price is 68.2% below its 52-week high and down 68.5% over one year.
- Promoters and insiders hold about 76.3%; institutions about 0.0%.
Pros
AI- Strong return on equity: 267.9% on average over the last 3 years.
- Company is almost debt-free (debt is 0.01 times equity).
- Trades at 5.3 times earnings, below its 3-year median of 7.0.
Cons
AI- Profit growth has been weak: -38.9% a year over the last 3 years.
- Latest quarter (Jun 2026): profit fell 69% from a year ago.
- Promoter holding has fallen by 21.22 points over 3 years, to 74.93%.
- The company has not paid a dividend recently.
Pros and cons are generated automatically from the reported figures. They are observations, not a recommendation to buy or sell.
AI analysis
Plenitude AI reads the figures on this page and explains them in plain language. It does not say whether to buy or sell.
About Indosolar Limited
Indosolar Limited engages in the manufacturing and trading of solar photovoltaic modules in India, Europe, the United States, Middle East, and Asia. It offers solar modules, including TOPCon modules and Mono PERC technology The company was incorporated in 2005 and is based in New Delhi, India. Indosolar Limited is a subsidiary of Waaree Energies Limited.
- Employees
- 91
- Head office
- New Delhi
Peer comparison
TechnologySolar
| S.No. | Company | CMP ₹ | P/E | Mar Cap ₹ Cr | Div Yld % | NP Qtr ₹ Cr | Qtr Profit Var % | Sales Qtr ₹ Cr | Qtr Sales Var % | ROCE % | ROE % | P/B | OPM % | Debt / Eq | Prom. Hold. % | Sales ₹ Cr | Sales Var 3Yrs % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Indosolar | 212.71 | 5.3 | 885 | 0.00 | 37 | -68.65 | 68 | -64.88 | 76.1 | 150.6 | 3.08 | 34.8 | 0.01 | 76.28 | 680 | — |
| 2. | Waaree Energies | 2,565.40 | 19.4 | 73,794 | 0.16 | 850 | 37.37 | 7,932 | 98.10 | 30.1 | 31.0 | 5.11 | 19.1 | 0.26 | 68.15 | 25,955 | 57.8 |
| 3. | Premier Energies | 901.05 | 24.2 | 40,687 | 0.08 | 463 | 66.69 | 2,463 | 51.93 | 27.4 | 42.4 | 9.42 | 25.2 | 0.86 | 67.42 | 7,807 | 76.2 |
| 4. | Emmvee Photovoltaic Power | 277.20 | 13.3 | 19,192 | 0.35 | 380 | 102.63 | 1,556 | 51.34 | 34.5 | 51.1 | 4.37 | 29.8 | 0.10 | 80.03 | 5,034 | 102.7 |
| 5. | Fujiyama Power Systems | 394.90 | 40.1 | 12,120 | 0.00 | 58 | — | 1,346 | — | 28.9 | 36.4 | 9.21 | 17.1 | 0.41 | 87.74 | 2,647 | 58.7 |
| 6. | Borosil Renewables | 428.50 | 15.7 | 6,307 | 0.00 | 87 | — | 406 | 17.06 | 9.5 | 10.3 | 3.97 | 22.9 | 0.11 | 57.84 | 1,549 | 20.2 |
| 7. | Vikram Solar | 144.00 | 14.3 | 5,218 | 0.00 | 20 | -85.17 | 1,563 | 37.89 | 20.5 | 21.3 | 1.65 | 16.6 | 0.20 | 64.85 | 4,802 | 32.3 |
| 8. | Ravindra Energy | 141.22 | 52.3 | 2,804 | 0.00 | 2 | -92.82 | 120 | -26.24 | 10.5 | 19.0 | 5.94 | 18.2 | 1.35 | 69.27 | 543 | 30.6 |
| 9. | Ujaas Energy | 189.33 | 1,893.3 | 2,526 | 0.00 | 3 | 30.76 | 3 | 14.50 | 5.5 | 3.6 | 28.48 | -23.8 | 0.27 | 98.58 | 17 | -17.7 |
| 10. | Insolation Energy | 73.64 | 8.1 | 1,624 | 0.00 | 38 | — | 741 | — | 19.1 | 28.3 | 2.02 | 11.9 | 1.10 | 67.60 | 2,146 | 97.0 |
| Median: 11 Co. | 244.96 | 19.4 | 5,218 | 0.00 | 48 | 30.76 | 1,043 | 27.47 | 24.0 | 28.3 | 4.37 | 18.2 | 0.27 | 68.71 | 2,397 | 45.1 |
Companies in the same industry; the median covers every company in it that we hold figures for. Tap a heading to sort. Sorting and comparing are ways to explore data, not recommendations.
Quarterly Results
Standalone figures in ₹ crore
Source: the company's results filed with NSE, as reported. Tap a row marked + for its breakdown. Latest quarter on the right.
Profit & Loss
Standalone figures in ₹ crore
Projection — your assumptions
Starts from the last four reported quarters (TTM) and applies the figures you enter; growth is pre-filled with the company's own past sales growth. This is a what-if calculator for illustration, not a forecast, estimate or recommendation.
Related party transactions
Related-party transactions are dealings with promoters, directors, subsidiaries and associates. Companies disclose them to the exchanges every half-year and in detail in the notes to their annual report.
- Related Party TransactionsIndosolar Limited has informed the Exchange about related Party Transactions31-May-2023
- Related Party TransactionPursuant to Regulation 23(9) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we submit disclosure of Related Par…29-Nov-2022
Full details: notes to the Financial Year 2026 annual report (related party disclosures).
| ₹ Cr | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| 113 | 113 | 13 | 324 | 680 | 554 | |||||
| YOY Sales Growth % | -88.31% | -100.00% | 109.89% | |||||||
| 83 | 83 | 38 | 2 | 1 | 2 | 4 | 229 | 409 | 299 | |
| Material Cost % | 55% | 55% | 132% | 61% | 53% | 45% | ||||
| Employee Cost % | 4% | 4% | 34% | 1% | 1% | 1% | ||||
| Other Expenses % | 14% | 14% | 120% | 9% | 6% | 8% | ||||
| Operating Profit | 31 | 31 | -25 | -2 | -1 | -2 | -4 | 95 | 271 | 255 |
| OPM % | 27% | 27% | -186% | 29% | 40% | 46% | ||||
| 2 | 2 | 3 | 1 | 1 | 1 | 1 | 1 | 2 | 10 | |
| Exceptional items | -428 | 1,088 | ||||||||
| Interest | -8 | -8 | 51 | 0 | 0 | 1 | 8 | 14 | 1 | 1 |
| Depreciation | 7 | 7 | 24 | 7 | 7 | 4 | 5 | 27 | 37 | 37 |
| Profit before tax | 33 | 33 | -525 | -8 | -8 | 1,081 | -15 | 55 | 234 | 227 |
| 0% | 0% | -5% | 27% | |||||||
| Current tax | 0 | -0 | ||||||||
| Deferred tax | -12 | |||||||||
| 33 | 33 | -525 | -8 | -8 | 1,081 | -15 | 55 | 247 | 166 | |
| YOY Profit Growth % | -1,687.75% | -101.43% | 350.15% | |||||||
| EPS in Rs | 0.92 | 0.92 | -14.11 | -0.22 | -0.21 | 178.36 | -3.71 | 13.17 | 59.27 | 40.00 |
Compounded Sales Growth
- TTM:
- 7%
Compounded Profit Growth
- 3 Years:
- -39%
- TTM:
- -6%
Stock Price CAGR
- 5 Years:
- -7%
- 3 Years:
- -14%
- 1 Year:
- -69%
Return on Equity
- 4 Years:
- 25,323%
- Last Year:
- 151%
Financial years ending March; TTM = the last four quarters. Source: the company's results filed with NSE, as reported. Tap a row marked + for its breakdown. Dividend payout = dividends paid in the year ÷ net profit.
Balance Sheet
Consolidated figures in ₹ crore, as at 31 March
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 42 | 42 | 42 | 42 |
| Reserves | -41 | -56 | -1 | 245 |
| 63 | 102 | 50 | 3 | |
| Long term borrowings | 8 | 99 | 35 | |
| Short term borrowings | 53 | 12 | ||
| 1 | 63 | 150 | 54 | |
| Trade payables | 0 | 2 | 83 | 20 |
| Current liabilities | 54 | 28 | 144 | 36 |
| Total Liabilities | 65 | 150 | 241 | 344 |
| 52 | 141 | 122 | 91 | |
| Gross block | 52 | 141 | 122 | 238 |
| Accumulated depreciation | 110 | 147 | ||
| Goodwill & intangibles | 0 | |||
| CWIP | 4 | 94 | 0 | |
| 10 | -85 | 118 | 253 | |
| Inventories | 0 | 74 | 21 | |
| Trade receivables | 5 | 210 | ||
| Cash & equivalents | 1 | 1 | 3 | 1 |
| Current assets | 6 | 8 | 117 | 238 |
| Total Assets | 65 | 150 | 241 | 344 |
Source: Yahoo Finance (compiled from the annual reports). Tap a row marked + for its breakdown.
Cash Flows
Consolidated figures in ₹ crore, financial years ending March
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| -14 | 18 | 85 | 78 | |
| Profit for the year | 1,081 | -15 | 55 | 247 |
| Working capital changes | -13 | 19 | -12 | -193 |
| Direct taxes paid | -0 | -0 | -0 | -1 |
| -3 | -56 | -20 | -24 | |
| Fixed assets purchased | -4 | -60 | -21 | -25 |
| 18 | 38 | -53 | -66 | |
| Proceeds from borrowings | 39 | |||
| Repayment of borrowings | -21 | -52 | -47 | |
| Interest paid | -1 | -1 | -1 | -19 |
| Net Cash Flow | 1 | 0 | 12 | -12 |
| Free Cash Flow | -18 | -42 | 64 | 53 |
Free cash flow = cash from operations − capital expenditure. Source: Yahoo Finance.
Ratios
| Ratio | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| ROE | — | 100,489.9% | 232.4% | 420.6% | 150.6% |
| ROCE | — | 9,544.7% | -6.9% | 69.8% | 76.1% |
| Operating margin | — | — | — | 21.1% | 34.8% |
| Net margin | — | — | — | 17.0% | 36.6% |
| Debt / equity | — | 58.60 | -7.08 | 1.24 | 0.01 |
| Current ratio | — | 0.12 | 0.29 | 0.81 | 6.70 |
| Debtor days | — | — | — | 5 | 113 |
| Inventory days | — | — | — | 126 | 20 |
| Days payable | — | 220 | — | 140 | 19 |
| Cash conversion cycle | — | — | — | -9 | 114 |
| Working capital days | — | — | — | -31 | 110 |
Computed from the reported statements: ROE on average equity; ROCE = EBIT / (total assets − current liabilities). Debtor days = receivables ÷ sales × 365; inventory and payable days use cost of goods sold; cash conversion cycle = debtor + inventory − payable days; working capital days = (current assets − current liabilities) ÷ sales × 365.
Shareholding Pattern
Numbers in percentages · as filed with NSE each quarter
- Promoters 74.93%
- FIIs 0.55%
- DIIs 0.06%
- Public 24.47%
| % | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 96.15% | 96.15% | 96.15% | 96.15% | 96.15% | 96.15% | 96.15% | 95.00% | 74.93% | 74.93% | 74.93% | 74.93% |
| 0.01% | 0.54% | 0.54% | 0.55% | 0.55% | ||||||||
| Foreign portfolio investors (Cat. I) | 0.01% | 0.53% | 0.53% | 0.55% | 0.54% | |||||||
| 0.05% | 0.07% | 0.06% | 0.12% | 0.06% | ||||||||
| Banks | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% | |||||||
| Alternative investment funds | 0.01% | 0.08% | 0.01% | |||||||||
| 3.85% | 3.85% | 3.85% | 3.85% | 3.85% | 3.85% | 3.85% | 4.94% | 24.47% | 24.48% | 24.39% | 24.47% | |
| Retail (up to ₹2 lakh) | 3.29% | 3.29% | 3.29% | 3.29% | 3.29% | 3.29% | 3.29% | 4.11% | 10.73% | 13.30% | 13.53% | 13.84% |
| HNIs (above ₹2 lakh) | 0.17% | 0.17% | 0.17% | 0.17% | 0.17% | 0.17% | 0.17% | 0.17% | 4.26% | 2.52% | 2.92% | 2.55% |
| NRIs | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% | 0.15% | 0.23% | 0.28% | 0.26% |
| Bodies corporate | 0.16% | 0.16% | 0.16% | 0.16% | 0.16% | 0.16% | 0.16% | 0.27% | 5.86% | 4.91% | 3.99% | 4.04% |
| No. of Shareholders | 60,868 | 60,868 | 60,868 | 60,868 | 60,868 | 60,868 | 60,868 | 73,141 | 75,084 | 72,834 | 72,093 | 72,841 |
Source: shareholding patterns filed by the company with NSE. Public = non-institutional holders. Tap a row marked + for its breakdown.
Documents
Announcements
- Trading WindowIndosolar Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 201528-Sep-2026
- Amalgamation/MergerIndosolar Limited has informed the Exchange about Amalgamation/Merger23-Sep-2026
- Outcome of Board MeetingIndosolar Limited has informed the Exchange regarding Outcome of Board Meeting held on September 23, 2026.23-Sep-2026
- Shareholders meetingVoting Results and Scrutiniser Report01-Sep-2026
- AppointmentIndosolar Limited has informed the Exchange regarding Appointment of Mr. Nilesh Bhogilal Gandhi as Non- Executive Independent Director of the company w.e.f. April 20, 2026.01-Sep-2026
- Shareholders meetingIndosolar Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 31, 2026. Further, the company has informed the Exchange regarding …01-Sep-2026
- Shareholders meetingIndosolar Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 31, 202631-Aug-2026
- Copy of Newspaper PublicationIndosolar Limited has informed the Exchange about Copy of Newspaper Publication08-Aug-2026
- Shareholders meetingIndosolar Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on August 31, 202607-Aug-2026
- General UpdatesIndosolar Limited has informed the Exchange about General Updates07-Aug-2026
- Shareholders meetingIndosolar Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on August 31, 202607-Aug-2026
- Disclosure of material issueIndosolar Limited has informed regarding Disclosure of material issue03-Aug-2026
Annual reports
- Financial Year 202607-AUG-2026
- Financial Year 202607-AUG-2026
- Financial Year 202607-AUG-2026
- Financial Year 202507-AUG-2025
- Financial Year 202422-APR-2025
- Financial Year 202322-APR-2025
- Financial Year 202222-APR-2025
- Financial Year 2019
- Financial Year 201829-SEP-2018
- Financial Year 201729-SEP-2017
Credit ratings
None filed recently.
Concalls & investor meets
None filed recently.
Filings made by the company with NSE; documents open on NSE's website.
Key dates
- Ex-dividend date
- 1 Jan 1970
- Latest quarter
- 30 Jun 2026
- Financial year end
- 31 Mar 2026
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Latest news
From the company (NSE)
- Trading WindowIndosolar Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015NSE filing · 28-Sep-2026
- Amalgamation/MergerIndosolar Limited has informed the Exchange about Amalgamation/MergerNSE filing · 23-Sep-2026
- Outcome of Board MeetingIndosolar Limited has informed the Exchange regarding Outcome of Board Meeting held on September 23, 2026.NSE filing · 23-Sep-2026
- Shareholders meetingVoting Results and Scrutiniser ReportNSE filing · 01-Sep-2026
- AppointmentIndosolar Limited has informed the Exchange regarding Appointment of Mr. Nilesh Bhogilal Gandhi as Non- Executive Independent Director of the company w.e.f. April 20, 2026.NSE filing · 01-Sep-2026
- Shareholders meetingIndosolar Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 31, 2026. Further, the company has informed the Exchange regarding …NSE filing · 01-Sep-2026
- Shareholders meetingIndosolar Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 31, 2026NSE filing · 31-Aug-2026
- Copy of Newspaper PublicationIndosolar Limited has informed the Exchange about Copy of Newspaper PublicationNSE filing · 08-Aug-2026
Headlines from news publishers (via Google News) and the filings of the company with NSE; they open on the source website. Headlines with price targets or buy/sell calls are left out. News is for information only and is not a recommendation.
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