Indosolar Ltd.
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ABOUT
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company is almost debt free
- Company has a good return on equity (ROE) track record: 3 Years ROE 190.4%
- Company has a healthy return on capital (ROCE) of 65.0%
- Company generates healthy free cash flow
- Company converts assets efficiently - asset turnover of 2.4x
CONS
- Receivables are growing faster than sales - a possible quality concern
- Recent results are weak - TTM profit is down 41.4% versus prior year
- Promoter holding has decreased over last 2 years: -21.2pp
- Working capital days have increased from -30 to 109 days
- Effective tax rate is unusually low at -5.3% - earnings may be flattered
- Stock is trading at 5.3x its book value
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SYRMA | 1634.40 | 85.62 | 31516.21 | 0.09 | 105.69 | 111.72 | 1588.62 | 68.29 | 17.70 | 10.17 |
| KAYNES | 3601.80 | 69.84 | 24144.54 | 0.00 | 56.43 | -24.37 | 946.02 | 40.47 | 13.38 | 15.60 |
| AVALON | 2355.35 | 117.91 | 15753.12 | 0.00 | 34.87 | 145.31 | 484.41 | 49.83 | 20.34 | 11.96 |
| UTLSOLAR | 433.60 | 43.51 | 12805.48 | 0.00 | 577.94 | — | 13456.93 | — | 40.63 | 18.94 |
| CYIENTDLM | 864.60 | 83.59 | 6863.49 | 0.00 | 16.29 | 118.21 | 373.80 | 34.25 | 10.41 | 9.93 |
| VIKRAMSOLR | 165.85 | 16.84 | 6009.65 | 0.00 | 19.78 | -85.17 | 1563.09 | 37.89 | 34.07 | 8.06 |
| SAATVIKGL | 420.10 | 21.52 | 5339.68 | 0.00 | 5.36 | -95.49 | 511.01 | -44.20 | 55.18 | 6.62 |
| WEBELSOLAR | 75.21 | 10.78 | 3265.34 | 0.33 | 77.79 | — | 372.60 | 115.39 | 63.74 | 33.70 |
| KERNEX | 1769.85 | 15.59 | 2973.99 | 0.00 | 109.85 | 1382.00 | 503.58 | 800.38 | 23.69 | 32.33 |
| INA | 92.72 | 10.21 | 2044.03 | 0.00 | 380.25 | 796.94 | 7406.98 | 1766.82 | 34.98 | 9.74 |
| MODINSULAT | 423.30 | 21.19 | 1995.60 | 0.00 | 29.60 | 94.43 | 188.30 | 33.19 | 10.53 | 16.89 |
| WAAREEINDO | 264.40 | 6.61 | 1100.00 | 0.00 | 36.62 | -68.65 | 68.36 | -64.89 | 125.81 | 70.89 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 | 28 | 103 | 192 | 195 | 203 | 200 | 83 | 68 | |
| 0 | 0 | 2 | 1 | 1 | 7 | 80 | 142 | 131 | 132 | 129 | 19 | 29 | |
| Operating Profit | -0 | -0 | -2 | -1 | -1 | 22 | 23 | 50 | 64 | 71 | 71 | 64 | 39 |
| OPM % | — | — | — | — | — | 76.80% | 22.77% | 26.13% | 32.65% | 34.92% | 35.58% | 77.41% | 57.17% |
| 0 | 0 | 0 | 1 | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 1 | 8 | |
| 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 % | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | 0.00% | -0.10% | 0.00% | -111.75% | 24.21% | 32.77% | 25.43% | 22.86% |
| Net Profit | -2 | -3 | -5 | -5 | -5 | 9 | 10 | 40 | 117 | 46 | 41 | 42 | 37 |
| -0.39 | -0.77 | -1.21 | -1.16 | -1.20 | 2.28 | 2.46 | 9.63 | 28.07 | 11.14 | 9.97 | 10.09 | 8.80 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 258 | 442 | 314 | 13 | 0 | 0 | 0 | 0 | 324 | 680 | 554 | |
| 248 | 368 | 336 | 38 | 1 | 8 | 2 | 4 | 229 | 409 | 308 | |
| Operating Profit | 10 | 75 | -21 | -25 | -1 | -8 | -2 | -4 | 95 | 271 | 245 |
| OPM % | 3.72% | 16.85% | -6.81% | -187.27% | — | — | — | — | 29.34% | 39.82% | 44.29% |
| 2 | 3 | -60 | -425 | 1 | -107 | 1,089 | 1 | 1 | 2 | 10 | |
| Interest | 126 | 106 | 54 | 51 | 0 | 0 | 1 | 8 | 14 | 1 | 1 |
| Depreciation | 27 | 29 | 28 | 24 | 7 | 7 | 4 | 5 | 27 | 37 | 37 |
| Profit before Tax | -141 | -58 | -163 | -525 | -8 | -122 | 1,081 | -15 | 55 | 234 | 227 |
| Tax % | -0.00% | -0.25% | -0.01% | -0.00% | -0.00% | -0.00% | 0.02% | -0.00% | -0.01% | -5.26% | 26.56% |
| Net Profit | -141 | -58 | -163 | -525 | -8 | -122 | 1,081 | -15 | 55 | 247 | 166 |
| EPS | 0.00 | 0.00 | 0.00 | -14.11 | -0.21 | -3.29 | 178.36 | -3.71 | 13.17 | 59.27 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 9%
- 5 Years:
- —
- 3 Years:
- —
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -39%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -43%
RETURN ON EQUITY
- 10 Years:
- 57%
- 5 Years:
- 114%
- 3 Years:
- 190%
- Last Year:
- 151%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 358 | 358 | 372 | 372 | 372 | 372 | 42 | 42 | 42 | 42 | |
| -606 | -667 | -829 | -1,354 | -1,370 | -1,492 | -41 | -56 | -1 | 245 | |
| 562 | 542 | 340 | 41 | 829 | 829 | 63 | 137 | 56 | 21 | |
| Trade Payables | 43 | 27 | 62 | 86 | 86 | 86 | 0 | 2 | 83 | 20 |
| 745 | 855 | 798 | 1,113 | 321 | 321 | 1 | 25 | 61 | 4 | |
| Total Liabilities | 1,102 | 1,116 | 744 | 259 | 238 | 116 | 65 | 150 | 241 | 332 |
| 445 | 452 | 427 | 154 | 140 | 82 | 48 | 47 | 122 | 91 | |
| Capital Work in Progress | 597 | 563 | 257 | 83 | 83 | 27 | 4 | 94 | 0 | 0 |
| 26 | 37 | 27 | 5 | 5 | 0 | 0 | 0 | 74 | 21 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 210 | |
| Cash & Bank | 1 | 10 | 6 | 5 | 4 | 5 | 4 | 5 | 17 | 6 |
| 33 | 55 | 27 | 11 | 5 | 3 | 9 | 4 | 22 | 5 | |
| Total Assets | 1,102 | 1,116 | 744 | 259 | 238 | 116 | 65 | 150 | 241 | 332 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 16 | 54 | 29 | 32 | -1 | -0 | -14 | 18 | 85 | 78 | |
| Cash from Investing | -2 | -28 | -8 | -23 | -1 | 0 | -3 | -56 | -20 | -24 |
| Cash from Financing | -24 | -21 | -25 | -12 | -0 | 1 | 18 | 38 | -53 | -66 |
| -9 | 6 | -4 | -2 | -2 | 0 | 1 | 0 | 12 | -12 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-01 - Voting Results and Scrutiniser Report
2026-09-01 - Indosolar 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.
2026-09-01 - Indosolar 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 voting results.
2026-08-31 - Indosolar Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 31, 2026
2026-08-08 - Indosolar Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-07 - Indosolar Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on August 31, 2026
2026-08-07 - Indosolar Limited has informed the Exchange about General Updates
2026-08-07 - Indosolar Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on August 31, 2026
2026-08-03 - Indosolar Limited has informed regarding Disclosure of material issue
News
Recent coverage and analyst commentary for WAAREEINDO
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Indosolar Ltd.
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