Debut Plus

₹384

▼ -3.96 -1.02%

17 Jul 2026

NSE Listed

Indosolar Limited (WAAREEINDO)

Volume: 8,544Avg Vol 1W: 25,754.4Avg Vol 1M: 34,863.752W Range:₹256.03₹725
NSE BSE www.indosolar.co.in
Key Ratios
Checked 3h ago
Market Cap₹1,614 Cr
Current Price₹384
Previous Close₹387.96
High / Low (52w)₹725 / ₹256.03
Volume8,544
Avg Vol (1W)25,754.4
Avg Vol (1M)34,863.7
Stock P/E38.45
Book Value₹68.99
Dividend Yield0%
ROE85.92%
ROA71.6%
Revenue (TTM)₹325 Cr
Revenue Growth—
Profit Margin36.27%
Total Debt₹3 Cr
Shares Outstanding4 Cr
Face Value₹10
EPS (TTM)₹59.27
P/B5.63
Debt / Equity5.83
50 DMA₹394.98
200 DMA₹453.78
Day change-1.02%
Price Chart
₹384▲ 49.98% · 1Y
₹712₹25610.7L
2025-07-17
2026-07-16

20-day avg volume: 35K shares

Pros
  • Healthy return on equity of 85.9%.
  • Company is almost debt-free.
Cons
  • Revenue fell 42% YoY.
  • Company is loss-making at the latest annual result.
Quarterly Results
MetricJun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026
Revenue₹0 Cr₹28 Cr₹103 Cr₹192 Cr₹195 Cr₹203 Cr₹200 Cr₹83 Cr
EBITDA₹-2 Cr₹13 Cr₹15 Cr₹42 Cr₹56 Cr₹62 Cr₹62 Cr₹56 Cr
Net Profit₹-5 Cr₹9 Cr₹10 Cr₹40 Cr₹117 Cr₹46 Cr₹41 Cr₹42 Cr
EPS————————
Profit & Loss (Annual)
MetricMar 2016Mar 2017Mar 2018Mar 2019Mar 2022Mar 2023Mar 2024Mar 2025
Revenue₹260 Cr₹445 Cr₹318 Cr₹16 Cr₹0 Cr₹1 Cr₹1 Cr₹325 Cr
EBITDA₹-16 Cr₹48 Cr₹-45 Cr₹-46 Cr₹-15 Cr₹-5 Cr₹-8 Cr₹69 Cr
Net Profit₹-141 Cr₹-58 Cr₹-163 Cr₹-525 Cr₹-122 Cr₹1,081 Cr₹-15 Cr₹55 Cr
EPS-3.94-1.58-4.44-14.11-3.29178.36-3.7113.17
Balance Sheet
MetricMar 2017Mar 2018Mar 2019Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Total Assets₹1,116 Cr₹744 Cr₹259 Cr₹116 Cr₹65 Cr₹150 Cr₹241 Cr₹344 Cr
Total Liabilities₹1,415 Cr₹1,200 Cr₹1,240 Cr₹1,236 Cr₹64 Cr₹164 Cr₹200 Cr₹57 Cr
Equity₹-299 Cr₹-457 Cr₹-981 Cr₹-1,120 Cr₹1 Cr₹-14 Cr₹40 Cr₹287 Cr
Total Debt———————₹3 Cr
Cash Flow
MetricMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating₹0 Cr₹-14 Cr₹18 Cr₹85 Cr₹78 Cr
Investing₹0 Cr₹-3 Cr₹-56 Cr₹-20 Cr₹-24 Cr
Financing₹1 Cr₹18 Cr₹38 Cr₹-53 Cr₹-66 Cr
Free Cash Flow₹0 Cr₹-14 Cr₹18 Cr₹85 Cr₹53 Cr
Shareholding
Promoter 74.93% Institutions 0.68% Public 24.39%
About Indosolar Limited

Capital Goods - Electrical Equipment · Electric Equipment

Indosolar Limited engages in the manufacturing and trading of solar photovoltaic modules in India, Europe, the United States, Middle East, and Asia. The company was incorporated in 2005 and is based in New Delhi, India. Indosolar Limited is a subsidiary of Waaree Energies Limited.

www.indosolar.co.in ↗
Efficiency & Working Capital
ROCE76.4%
Interest Coverage5
Dividend Payout—
Debtor Days—
Inventory Days—
Payable Days—
Cash Conversion Cycle—
Working Capital Days—
Shareholding Details

As of 2026-03-31

Promoter74.9%
FII0.6%
DII0.1%
Institutions0.7%
Public24.4%
Promoter Pledge0%
No. of Shareholders72,093
Shareholding Pattern

Quarterly — figures in %. Latest 12 quarters.

PeriodJun 2023Sept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026
Promoters96.1%96.1%96.1%96.1%96.1%96.1%96.1%96.1%95%74.9%74.9%74.9%
FIIs0%0%0%0%0%0%0%0%0%0.5%0.5%0.6%
DIIs0%0%0%0%0%0%0%0%0%0.1%0.1%0.1%
Public3.9%3.9%3.9%3.9%3.9%3.9%3.9%3.9%4.9%24.5%24.5%24.4%
Promoter Pledge0%0%0%0%0%0%0%0%0%0%0%0%
No. of Shareholders60,86860,86860,86860,86860,86860,86860,86860,86873,14175,08472,83472,093
Returns History (ROE / ROCE / ROA)
PeriodROEROCEROAP/E
202503————
Major Shareholders (>1%)
NameCategoryStakeShares
Waaree Energies LimitedShareholding of Promoter and Promoter Group74.9%3.12 Cr
Zaveri And Co. Pvt. Ltd.Public Shareholding1.3%5,57,000
Greenlite Lighting CorporationShareholding of Promoter and Promoter Group0%0
Hulas Rahul GuptaShareholding of Promoter and Promoter Group0%0
Bhushan Kumar GuptaShareholding of Promoter and Promoter Group0%0
Priyadesh GuptaShareholding of Promoter and Promoter Group0%0
Abha GuptaShareholding of Promoter and Promoter Group0%0
Promoter Pledges
HolderPledged Shares% of HoldingAs of
Hulas Rahul Gupta00%2026-03-31
Bhushan Kumar Gupta00%2026-03-31
Priyadesh Gupta00%2026-03-31
Abha Gupta00%2026-03-31
Waaree Energies Limited00%2026-03-31
Greenlite Lighting Corporation00%2026-03-31
Zaveri And Co. Pvt. Ltd.00%2026-03-31
Hulas Rahul Gupta00%2025-12-31
Bhushan Kumar Gupta00%2025-12-31
Priyadesh Gupta00%2025-12-31
Abha Gupta00%2025-12-31
Waaree Energies Limited00%2025-12-31
Board of Directors
NameDesignationYear
HITESH CHIMANLAL DOSHIChairman & Managing Director2025
VIREN CHIMANLAL DOSHINon-Exec & Non-Independent Dir2025
HITESH PRANJIVAN MEHTANon-Exec & Non-Independent Dir2025
JAYESH DHIRAJLAL SHAHIndependent Non Exe. Director2025
Anita JaiswalIndependent Non Exe. Director2025
AMIT ASHOK PAITHANKARNon Independent Non Executive Director / CEO2025
Mahesh R ChhabriaIndependent Non Exe. Director2025
Shiv Kumar AgarwalIndependent Non Exe. Director2025
Akalpita Harnish PatelCompany Sec. & Compli. Officer2025
Nilesh GandhiAdditional Director2025
Segments — Product
SegmentRevenueShare
Manufacturing & Trading of Solar Ph₹0 Cr—
Segments — Geography
RegionRevenueShare
Within India₹12 Cr89.6%
Outside India₹1 Cr10.4%
Capital Structure (₹ Cr)
YearFace ValueAuthorisedIssuedPaid-up
2025₹101,0004242
Related-Party Transactions (₹ Cr)
YearSubsidiariesAssociatesJVKMPOthersTotal
202500000561
202500000224
202500000103
Substantial Acquisitions (SAST)

2 disclosure(s)

Offer For Sale18/09/2025 - 19/09/2025 · 61,00,000
Offer For Sale07/08/2025 - 08/08/2025 · 12,50,000
Company Information
Incorporated2005
ChairmanHITESH CHIMANLAL DOSHI
AuditorSGCO & Co LLP
Investor Email[email protected], [email protected]
🌐 www.indosolar.co.in ↗

📍 C-12 Friends Colony (East), New Delhi, New Delhi, 110065

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