Indosolar

NSE: WAAREEINDO · Heavy Electrical Equipment

52W Range₹282 ₹725

Snapshot

Unlock Indosolar's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Indosolar Limited is a manufacturer and trader of solar photovoltaic modules. The company operates as a subsidiary of Waaree Energies Limited and serves a global customer base.

Business Model

The company generates revenue through the production and sale of solar photovoltaic modules, leveraging its manufacturing capabilities to serve domestic and international markets.

Growth Outlook

Growth is expected to be driven by the increasing global demand for renewable energy solutions and the company's integration within the Waaree Energies group.

Key Risks

  • Raw Material Price Volatility. Fluctuations in the cost of silicon and other raw materials can significantly impact manufacturing margins.
  • Regulatory and Trade Policy Risk. Changes in international trade tariffs and domestic renewable energy subsidies may affect export competitiveness and local demand.
  • Intense Market Competition. The solar module manufacturing sector faces high competition from low-cost global producers, which may exert pressure on pricing.
  • Technological Obsolescence. Rapid advancements in solar cell efficiency require continuous capital investment to maintain market relevance.

Price

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Key Metrics

REVENUE

₹680 Cr

TTM · standalone

+110.8%YoY

NET PROFIT

₹247 Cr

TTM · standalone

+350.2%YoY

EPS

₹59.27

TTM · standalone

+350.0%YoY

RETURN ON EQUITY

241.6%

TTM · standalone

+8357.2 ppYoY

RETURN ON CAPITAL EMPLOYED

110.3%

TTM · standalone

+56.8 ppYoY

P/E

6.5x

Q4 FY26 · standalone

6.5 vs 3835.3x5Y avg

EV/EBITDA

5.9x

Q4 FY26 · standalone

5.9 vs -742.0x5Y avg

EBITDA MARGIN

40.0%

TTM · standalone

+10.3 ppYoY

NET PROFIT MARGIN

50.5%

Q4 FY26 · standalone

+29.6 ppYoY

DEBT TO EQUITY

0.0x

Q4 FY26 · standalone

-1.24xYoY

Peers · Heavy Electrical Equipment

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
IndosolarWAAREEINDO
1,7546.555.92110.8%40.0%241.6%110.3%+51.5%
Bajel ProjectsBAJEL
1,814102.8519.324.5%3.0%13.5%-27.8%
Indo Tech.Trans.INDOTECH
1,34739.3227.4627.8%16.7%30.5%40.3%+83.0%
Jyoti StructuresJYOTISTRUC
1,23124.6147.7150.7%9.3%10.4%2.3%-41.3%
Exicom Tele-Sys.EXICOM
1,224-7.73-33.5732.7%-7.0%-44.0%-19.3%-7.0%
Danish PowerDANISH
1,21118.0%-14.0%

As of Q4 FY26

Financials