Indosolar Limited
NSE: WAAREEINDOHeavy Electrical Equipment
Share price
₹198.04
+0.53% close of 9 Oct 2026
Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 8 Oct 2026, the close above is 9 Oct 2026.
Business score
How strong the business is, in one number. The parts behind it are in Pro.
66
out of 100 · worked out 9 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹832 Cr
P/E ratio
5.0
P/B ratio
2.9
ROCE
124.0%
ROE
150.6%
Dividend yield
0.0%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Our sales figures for this company step up at Dec 2024 and we hold nothing that says why, so we cannot honestly quote a growth rate across it.
Whether it grew faster than its sector
Our sales figures for this company step up at Dec 2024 and we hold nothing that says why, so there is no honest growth rate of its own to set against its sector.
Room to re-rate, or risk of de-rating
Too little price history yet to compare it with its own past.
Whether growth justifies the valuation
Priced at 0.0 times its growth rate, on earnings growth of 231%.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| Indosolar Limited — this one | 231%/yr | 5.0× | — |
| Suzlon Energy Limited | 163%/yr | 16.4× | — |
| Thermax Limited | 7%/yr | 68.1× | ₹9.7 |
| Schneider Electric Infrastructure Limited | 27%/yr | 154.3× | ₹5.7 |
| TD Power Systems Limited | 36%/yr | 89.8× | ₹2.5 |
| Azad Engineering Limited | 150%/yr | 136.1× | — |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (Heavy Electrical Equipment), it ranks 1 of 36 on returns, 1 of 36 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
A wide advantage: it earns 124% on capital, ahead of 97% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
Yes — Over the last five years it made ₹167 crore of cash from the business, spent ₹101 crore on plant and equipment, and returned ₹62 crore to lenders and shareholders. And the profit is real: of every 100 rupees it reported over 12 years, about 142 arrived as cash (before interest, which is why it can exceed the profit). Its cash comes back more slowly than it used to: it went from being paid 1130 days before it paid its own suppliers to waiting 106 days for its cash.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
7 of 9 checks clear · 78%
Latest result
What the last results showed. Whether management kept its word is in Pro.
Results are expected soon.
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹832 Cr
- Prev close
- ₹198.04
- 52w High
- ₹725
- 52w Low
- ₹196
- Enterprise value
- ₹829 Cr
- Beta
- 1.1
- Price CAGR 1y
- -69.0%
- Price CAGR 3y
- —
- Price CAGR 5y
- 141.0%
- Price CAGR 10y
- 39.0%
Ratios
- Return on assets
- 71.8%
- PEG ratio
- 0.0
- P/E ratio
- 5.0
- P/B ratio
- 2.9
- EV / EBITDA
- 3.3
- Industry P/E
- 48.8
- ROCE
- 124.0%
- ROCE 5y average
- 64.7%
- ROE
- 150.6%
- Debt / Equity
- 0.0
- Interest coverage
- 235.0
- Dividend yield
- 0.0%
- ROE 3y average
- —
- ROE last year
- 151.0%
Annual P&L
- Annual revenue
- ₹680 Cr
- Annual profit
- ₹247 Cr
- Operating margin
- 40.0%
- Net profit margin
- 36.3%
- EBITDA margin
- 39.9%
- Sales growth 3y
- —
- Sales growth 5y
- —
- Profit growth 3y
- 231.0%
- Profit growth 5y
- 101.0%
- EPS
- ₹59.3
- Sales growth TTM
- 7.0%
- Profit growth TTM
- -6.0%
- Dividend payout
- 0.0%
Quarter P&L
- Sales latest quarter
- ₹68 Cr
- Profit latest quarter
- ₹37 Cr
- YoY quarterly sales growth
- -64.9%
- YoY quarterly profit growth
- -68.4%
- OPM latest quarter
- 70.9%
Balance Sheet
- Book Value
- ₹68.3
- Face Value
- ₹10.0
- Total debt
- ₹3 Cr
- Total cash
- ₹6 Cr
- Borrowings
- ₹3 Cr
- Reserves / Equity
- 5.8
Cash Flow
- Operating cash flow
- ₹78 Cr
- Free cash flow
- ₹53 Cr
- FCF yield
- 6.2%
- Net cash flow
- -₹12 Cr
Shareholding
- Promoter holding
- 74.9%
- FII holding
- 0.5%
- DII holding
- 0.1%
- Public holding
- 24.5%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| B H E L | 430.60 | 61.6 | 1,49,938 | 0.31 | 376.7 | 182.7 | 7,697.7 | 40.3 | 9.1 |
| A B B | 6,777.45 | 93.3 | 1,43,620 | 0.57 | 362.3 | 8.0 | 3,558.9 | 21.0 | 29.9 |
| Hitachi Energy | 30,800.00 | 115.2 | 1,37,283 | 0.03 | 294.2 | 123.5 | 2,493.7 | 68.6 | 29.4 |
| CG Power & Ind | 865.00 | 107.0 | 1,36,278 | 0.15 | 308.3 | 16.3 | 3,280.8 | 14.0 | 26.7 |
| Siemens | 3,651.00 | 86.5 | 1,30,020 | 0.48 | 2,143.1 | -18.6 | 4,713.7 | 14.8 | 21.4 |
| Siemens Ener.Ind | 3,210.60 | 74.9 | 1,14,336 | 0.12 | 440.9 | 67.8 | 2,485.6 | 39.3 | 67.8 |
| GE Vernova T&D | 4,197.10 | 79.6 | 1,07,467 | 0.23 | 363.0 | 24.6 | 1,836.1 | 38.0 | 77.4 |
| Indosolar | 197.40 | 4.9 | 821 | 0.00 | 36.6 | -68.6 | 68.4 | -64.9 | 123.8 |
| Median | 432.00 | 33.2 | 5,845 | 0.04 | 41.2 | 15.5 | 466.3 | 20.1 | 23.5 |
Competes with: ABB India, Bharat Heavy Electricals, CG Power and Industrial Solutions Limited, GE Vernova T&D India Limited, Hitachi Energy India Limited, Siemens Energy India Limited, Siemens India
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 0 | 0 | 0 | 0 | 0 | 28 | 103 | 192 | 195 | 203 | 200 | 83 | 68 |
| Expenses | 0 | 0 | 2 | 1 | 1 | 7 | 80 | 142 | 131 | 132 | 129 | 19 | 20 |
| Material Cost | 124 | 122 | 113 | 117 | 3.27 | 22 | |||||||
| Change in Inventories | 3.91 | -2.80 | 5.12 | 0.28 | 3.02 | -15 | |||||||
| Purchases of Stock-in-Trade | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| Employee Cost | 1.12 | 1.24 | 1.30 | 1.59 | 1.67 | 1.75 | |||||||
| Other Expenses | 13 | 11 | 13 | 10 | 11 | 11 | |||||||
| Operating Profit | -0 | -0 | -2 | -1 | -1 | 22 | 23 | 50 | 64 | 71 | 71 | 64 | 48 |
| OPM % | 77 | 23 | 26 | 33 | 35 | 36 | 77 | 71 | |||||
| Other Income | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 1 | 8 |
| Exceptional items (within Other Income) | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| Interest | 1 | 2 | 2 | 3 | 3 | 4 | 5 | 2 | 1 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 8 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
| Profit before tax | -2 | -3 | -5 | -5 | -5 | 9 | 10 | 40 | 55 | 61 | 62 | 56 | 47 |
| Tax % | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -112 | 24 | 33 | 25 | 23 |
| Net Profit | -2 | -3 | -5 | -5 | -5 | 9 | 10 | 40 | 117 | 46 | 41 | 42 | 37 |
| EPS in Rs | -0.57 | -0.77 | -1.21 | -1.16 | -1.20 | 2.28 | 2.46 | 9.62 | 28 | 11 | 9.97 | 10 | 8.80 |
| Diluted EPS in Rs | 9.63 | 28 | 11 | 9.97 | 10 | 8.80 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 296 | 258 | 442 | 314 | 13 | -0 | -0 | -0 | -0 | -0 | 324 | 680 | 554 |
| Expenses | 248 | 248 | 368 | 336 | 38 | 2 | 1 | 8 | 2 | 1 | 229 | 409 | 299 |
| Material Cost | 205 | 354 | |||||||||||
| Change in Inventories | -7.99 | 5.62 | |||||||||||
| Purchases of Stock-in-Trade | 0 | 0 | |||||||||||
| Employee Cost | 3.06 | 5.79 | |||||||||||
| Other Expenses | 29 | 44 | |||||||||||
| Operating Profit | 48 | 10 | 75 | -21 | -25 | -2 | -1 | -8 | -2 | -1 | 95 | 271 | 255 |
| OPM % | 16 | 3.80 | 17 | -7 | -186 | -4,068 | 29 | 40 | 46 | ||||
| Other Income | 4 | 2 | 3 | -60 | -425 | 1 | 1 | -107 | 1,089 | -2 | 1 | 2 | 10 |
| Exceptional items (within Other Income) | 0 | 0 | |||||||||||
| Interest | 103 | 126 | 106 | 54 | 51 | 0 | -0 | -0 | 1 | 8 | 14 | 1.27 | 1 |
| 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 | 227 |
| Tax % | -0 | -0 | 0 | 0 | -0 | -0 | -0 | -0 | 0 | -0 | -0 | -5 | |
| Net Profit | -78 | -141 | -58 | -163 | -525 | -8 | -8 | -122 | 1,081 | -15 | 55 | 247 | 166 |
| EPS in Rs | -2.18 | -3.94 | -1.62 | -4.38 | -14 | -0.22 | -0.21 | -3.29 | 260 | -3.71 | 13 | 59 | 40 |
| Diluted EPS in Rs | 13 | 59 | |||||||||||
| Dividend Payout % | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- 10%
- 5 years
- —
- 3 years
- —
- TTM
- 7%
Compounded profit growth
- 10 years
- 14%
- 5 years
- 101%
- 3 years
- 231%
- TTM
- -6%
Stock price CAGR
- 10 years
- 39%
- 5 years
- 141%
- 3 years
- —
- 1 year
- -69%
Return on equity
- 10 years
- —
- 5 years
- —
- 3 years
- —
- Last year
- 151%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 358 | 358 | 358 | 372 | 372 | 372 | 372 | 372 | 42 | 42 | 42 | 42 |
| Reserves | -465 | -606 | -667 | -829 | -1,354 | -1,362 | -1,370 | -1,492 | -41 | -56 | -1 | 245 |
| Borrowings | 987 | 965 | 942 | 820 | 829 | 41 | 829 | 829 | 60 | 102 | 50 | 3 |
| Other Liabilities | 244 | 385 | 483 | 380 | 412 | 1,200 | 407 | 408 | 4 | 63 | 150 | 54 |
| Total Liabilities | 1,125 | 1,102 | 1,116 | 744 | 259 | 252 | 238 | 116 | 65 | 150 | 241 | 344 |
| Fixed Assets | 470 | 445 | 452 | 427 | 154 | 147 | 140 | 82 | 48 | 47 | 122 | 91 |
| CWIP | 574 | 597 | 563 | 257 | 83 | 83 | 83 | 27 | 4 | 94 | 0 | -0 |
| Investments | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Other Assets | 81 | 60 | 101 | 60 | 21 | 21 | 14 | 7 | 13 | 9 | 118 | 253 |
| Total Assets | 1,125 | 1,102 | 1,116 | 744 | 259 | 252 | 238 | 116 | 65 | 150 | 241 | 344 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 79 | 16 | 55 | 29 | 32 | -1 | -1 | -0 | -14 | 18 | 85 | 78 |
| Cash from Investing Activity | -61 | -2 | -28 | -8 | -23 | 2 | -1 | 0 | -3 | -56 | -20 | -24 |
| Cash from Financing Activity | -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 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | 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 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
1 when an audit qualification is filed as repetitive
0.00flag
2026-03-31
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash
-2.76inr_cr
2026-03-31
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
0.00cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-03-31
News
News and filings about Indosolar Limited. Open one to see why it matters.
No recent news for this company.
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
Uses as raw material
- Aluminium frames
- Solar cells / wafers
- Solar glass, EVA encapsulant, backsheet, junction boxes
Depends on the price of
- aluminium
Sells to
- Waaree Energies Limited · Solar PV modules — intercompany supply within Waaree group (parent Waaree Energies)
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Capital Goods
- Industry
- Heavy Electrical Equipment
- Classification
- Capital Goods › Heavy Electrical Equipment
- ISIN
- INE866K01023
Plants
- Indosolar Greater Noida Solar Module Facility
News impact
Big market events that reach Indosolar Limited, and how the effect spreads.
23 Sept, 22:12 IST · Market event · high impact
Waaree Energies board approves Indosolar merger; public shareholders to get 1 share for every 11
Waaree Energies will absorb Indosolar to cut costs, helping its own holders and suppliers while squeezing smaller solar rivals.
Who it hits first
- Waaree Energies, the large solar panel maker, will absorb its Indosolar unit after its board approved the merger.
- Public holders of Indosolar get 1 Waaree Energies share for every 11 Indosolar shares they own.
- The company says the deal will cut duplicate paperwork, legal and compliance costs and let it use its money better.
Who may gain
- Waaree Energies holders gain from lower overhead and simpler accounts over time.
- Indosolar minority holders get shares in a larger, listed solar maker instead of a small unit.
- Borosil Renewables, which supplies solar glass to Waaree, could see steadier orders as capital is used better.
- Waaree Renewable Technologies, the group solar project arm, gains from a simpler group structure.
Along the supply chain
Downstream
Downstream, power buyers like Tata Power, Adani Power, NTPC and Adani Green buy Waaree modules, but the pack states no change to supply terms or prices, so they see no direct gain or loss.
Upstream
Upstream, Borosil Renewables supplies solar glass to Waaree Energies, so steadier, better-funded module output helps it; other parts makers see no stated order change.
Where demand moves
Business
No new solar orders are created; the business gain is lower internal costs and steadier module output, which helps Waaree keep prices keen and supports its glass supplier.
Capital
Money should drift toward Waaree Energies and the swap-linked Indosolar line as the 1-for-11 exchange becomes clear, with a small sympathy bid for the group project arm; rival solar makers may see mild selling as Waaree gets leaner.
How it spreads across sectors
Capital Goods
Solar equipment makers face a leaner leader, squeezing smaller module rivals while helping the glass supplier.
Power
Power producers and green developers see no supply shock, only steadier module supply over time.
A pattern seen before
Cascade chain
- Waaree-Indosolar merger → lower solar overhead
- Lower overhead → steadier module supply for Power developers
- Steadier supply → stable solar project costs, small support for energy transition spend
Pattern name
Energy Transition Cascade
Patterns
- Energy Transition Cascade
Sectors queried
- Auto
- Oil & Gas
When it plays out
Immediate
Waaree and Indosolar lines adjust to the 1-for-11 swap talk; rivals drift flat to soft.
Medium term
Cost savings and simpler compliance show up if the merger clears approvals and integrates cleanly.
Short term
Swap arithmetic settles; supplier and group arm see small sympathy moves if approvals progress.
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Splits, bonuses & buybacks
- daily-prices repair: 2 rows from NSE's archive (replace 0, delete 0, insert 2), 2020-02-01..2026-02-01 (docs/flat_day_repair.md)1× · 1 Feb 2020
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Annual report · 2025-267 Aug 2026
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.