Indosolar Limited Earnings Summary — FY2026
Indosolar has emerged from a multi-year insolvency-led shutdown as a 'born-again' subsidiary of Waaree Group, reporting a sudden surge in revenue and profitability.
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue declined 17.7% sequentially in Q1 FY2027.
- Revenue of ₹68 Cr is 64.9% lower year-on-year.
- Revenue has compounded at 66.2% annualised over the last 10 quarters.
- Net profit of ₹37 Cr is 68.6% below the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at 116.5% annualised across the period.
- Operating margin stands at 70.9% in Q1 FY2027.
- Operating margin expanded by 3824 bps year-on-year.
- PBT margin is 69.4%.
- Expense growth of -84.8% remained below revenue growth of -64.9%.
- Operating profit of ₹48 Cr is 23.8% lower year-on-year.
- Operating leverage has been under pressure recently.
- 2 of the last 4 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 49/100 (Moderate) on the latest 10 quarters.
- Business momentum has softened and warrants monitoring.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Volatile | 68 | 83 | 200 | 203 | 195 | 192 | 103 | 28 | — | — |
| Expenses | Volatile | 20 | 19 | 129 | 132 | 131 | 142 | 80 | 7 | 1 | 1 |
| Operating Profit | Volatile | 48 | 64 | 71 | 71 | 64 | 50 | 23 | 22 | -1 | -1 |
| Operating Margin | Volatile | 70.9% | 77.4% | 35.6% | 34.9% | 32.6% | 26.1% | 22.8% | 76.8% | — | — |
| Other Income | Accelerating | 8 | 1 | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 1 |
| Interest | Volatile | 0 | 0 | 0 | 0 | 1 | 2 | 5 | 4 | 3 | 3 |
| Depreciation | Volatile | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 8 | 1 | 1 |
| Profit Before Tax | Improving | 47 | 56 | 62 | 61 | 55 | 40 | 10 | 9 | -5 | -5 |
| Tax | Volatile | 11 | 14 | 20 | 15 | -62 | — | — | — | — | — |
| Net Profit | Improving | 37 | 42 | 41 | 46 | 117 | 40 | 10 | 9 | -5 | -5 |
| Net Margin | Volatile | 53.6% | 50.5% | 20.8% | 22.9% | 60.0% | 20.9% | 9.9% | 33.7% | — | — |
Key Takeaways
- Transformation from a failed solar cell maker to a commissioned module manufacturer under Waaree Group ownership.
- FY26 financials represent a 'jump-start' commissioning phase rather than stabilized organic growth.
- The business carries a 'C' rating for cash flow reliability due to a history of operational drains during the legacy phase.
- Capital efficiency metrics (ROE/ROCE) remain highly volatile and are not yet indicative of a steady-state industrial profile.
- Shareholding has stabilized with Promoters holding 74.93% following the NCLT-led acquisition process.
- Significant Capex requirements to revive manufacturing facilities are expected to keep Free Cash Flow under pressure.
- Business sustainability depends on navigating global competition after a 6-year operational shutdown from 2018-2024.
Management Guidance
Management is currently focused on institutionalizing operations and integrating Indosolar into the broader Waaree ecosystem. New leadership aims to move away from legacy cell production toward modern solar module manufacturing lines. Priority remains on maintaining the turnaround momentum and leveraging the strategic location in the Noida industrial hub to drive utilization of new capacities.
Sentiment Shift
Improving
Outlook
The outlook is speculative as the company transitions from a distressed asset to an operating entity; sustainability of current 36% margins and revenue growth depends on the successful execution of the Waaree resolution plan.
From the Annual Report (Key Quotes)
“Indosolar is a 'born-again' company.”
“Revenue growth in FY26 appears as a 'jump-start' rather than organic compounding.”
“The business quality is currently speculative as it evolves from a distressed asset into an operating subsidiary.”
Official Quarterly Documents
This summary is AI-generated from Indosolar Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.