Indosolar Records Turnaround With Strong FY26 Gains

22 Apr 2026 CW Team

In the fourth quarter the company reported revenue from operations of Rs 831.0 mn, down from Rs 1,920.0 mn a year earlier, which the company attributed to a shift from direct distribution and trading towards tolling contracts. EBITDA in the quarter was Rs 643.3 mn, representing a gain of 28.20 per cent year on year, and quarterly profit after tax rose by 4.90 per cent to Rs 420.0 mn. Annual EBITDA margin stood at 29.34 per cent and annual profit after tax margin was 36.19 per cent, while the reported quarter saw an EBITDA margin of 39.82 per cent.

The board approved the appointment of an additional independent director and the appointment of a chief financial officer and key managerial officer during the year. Management said the year featured improvements in cost efficiency, manufacturing and operations that contributed to margin gains and that the company had invested in upgrading technology including the introduction of G12 solar module manufacturing. Management stated these measures supported higher efficiency products aligned with market demand and underpinned the turnaround.

Indosolar Limited operates a module manufacturing facility with capacity of one point three gigawatt (GW) at Noida and is a subsidiary of Waaree Energies Limited, which the company describes as India’s largest solar module manufacturer. The company included a safe harbour caution that forward looking statements are subject to risks and uncertainties and are not guarantees of future performance. Investor relations contacts were provided by the company for information.

Indosolar Limited reported a significant turnaround in fiscal year twenty six with revenue from operations of Rs 6.80 bn, EBITDA of Rs 2.71 bn and profit after tax of Rs 2.47 bn, alongside module production of 1,051 megawatt (MW). The figures convert crore amounts reported by the company into million (mn) and billion (bn) units for clarity. Revenue for the year rose by 109.89 per cent year on year to Rs 6,798.5 mn, while EBITDA increased by 184.88 per cent to Rs 2,707.5 mn and profit after tax rose by 350.16 per cent to Rs 2,466.0 mn. In the fourth quarter the company reported revenue from operations of Rs 831.0 mn, down from Rs 1,920.0 mn a year earlier, which the company attributed to a shift from direct distribution and trading towards tolling contracts. EBITDA in the quarter was Rs 643.3 mn, representing a gain of 28.20 per cent year on year, and quarterly profit after tax rose by 4.90 per cent to Rs 420.0 mn. Annual EBITDA margin stood at 29.34 per cent and annual profit after tax margin was 36.19 per cent, while the reported quarter saw an EBITDA margin of 39.82 per cent. The board approved the appointment of an additional independent director and the appointment of a chief financial officer and key managerial officer during the year. Management said the year featured improvements in cost efficiency, manufacturing and operations that contributed to margin gains and that the company had invested in upgrading technology including the introduction of G12 solar module manufacturing. Management stated these measures supported higher efficiency products aligned with market demand and underpinned the turnaround. Indosolar Limited operates a module manufacturing facility with capacity of one point three gigawatt (GW) at Noida and is a subsidiary of Waaree Energies Limited, which the company describes as India’s largest solar module manufacturer. The company included a safe harbour caution that forward looking statements are subject to risks and uncertainties and are not guarantees of future performance. Investor relations contacts were provided by the company for information.

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