Highlights

• Indosolar reported sharp increase in revenue and profit for FY26.
• EBITDA and PAT margins improved significantly during the year.
• Board approved key management appointments alongside financial results.

Indosolar Limited (NSE:WAAREEINDO) announced its standalone audited results for the year ended March 31, 2026. The company is listed on Bombay Stock Exchange and National Stock Exchange of India.

For FY26, revenue from operations stood at ₹ 679.85 crore, compared to ₹ 323.91 crore in FY25, reflecting a year-on-year increase of 109.89%.

EBITDA for the year came at ₹ 270.75 crore, rising 184.88% from ₹ 95.04 crore in the previous year. Net profit (PAT) increased to ₹ 246.60 crore from ₹ 54.78 crore, marking a rise of 350.16%.

Quarterly Performance

In Q4 FY26, revenue stood at ₹ 83.10 crore compared to ₹ 192.00 crore in Q4 FY25. The company stated that the decline was due to higher contribution from tolling contracts in FY26 versus trading revenue in the previous year.

EBITDA for the quarter rose to ₹ 64.33 crore from ₹ 50.18 crore, while PAT increased to ₹ 42.00 crore from ₹ 40.04 crore.

Operational Update

The company reported module production of 1,051 MW in FY26, compared to 589 MW in FY25.

Indosolar also mentioned improvements in cost efficiency, manufacturing processes, and operations. The company introduced G12 solar module manufacturing to align with current market demand.

Management Commentary

Management stated that FY26 marked a turnaround year, supported by higher revenue, improved margins, and increased production. The company also noted investments in technology upgrades and operational improvements.

Board and Leadership Changes

The Board approved the appointment of Mr. Nilesh Bhogilal Gandhi as an Additional Director (Independent, Non-Executive).

Mr. Abhishek Pareek was appointed as Chief Financial Officer and Key Managerial Personnel.

Technical Summary

Indosolar Limited (NSE:WAAREEINDO) is trading near ₹513.85, down around 4.99%, and continues to remain above the 51-day SMA near ₹397.66, while the 14-day RSI near 70.16 points. Immediate support is placed in the ₹450.00–400.00 zone, while resistance is seen near the ₹550.00–600.00 range.

Source: TradingView

Key Risks

• Revenue volatility due to changes in business mix like tolling versus trading.
• Dependence on solar industry demand and government policies.
• Margin sustainability may vary with input cost changes.
• Execution risks linked to capacity utilisation and expansion.

Summary

Indosolar Limited (NSE:WAAREEINDO) reported higher revenue and profit in FY26, supported by increased production and margin improvement. Quarterly revenue declined due to change in business mix, while profitability improved. The company highlighted operational improvements, technology upgrades, and management changes during the year.

FAQs

1. What drove Indosolar’s revenue growth in FY26?
   Revenue increased due to higher module production and changes in business operations during the financial year.
2. Why did Indosolar’s Q4 revenue decline?
   Revenue declined due to shift towards tolling contracts compared to trading revenue in the same quarter last year.
3. What is Indosolar’s current manufacturing capacity?
   The company has a solar module manufacturing capacity of 1.3 GW at its Noida facility.