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Indosolar (WAAREEINDO) had a P/E of 6.8× on 6 Nov 2026, below the industry P/E of 15.5×, and the shares are 66% below their 52-week high. Net profit fell 39% a year over 3 years; its ROCE of 76% is the highest among the 7 largest Solar peers. It carries very little debt. It is a small-cap company with a market cap of ₹852 Cr, ranked 17th of 27 Solar companies by market cap; the shares fell 64% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Sep 2026.How we calculate this

past year
Open
₹206.01
Day high
₹207.99
Day low
₹200.46
Prev. close
₹206.82
Volume
96.8K

Health check

3 good · 3 to check
  • ReturnsBehind

    −64.3% over a year, better than 0 of 7 peers.

  • Price tagCheaper

    P/E 6.8 vs industry 15.5.

  • GrowthShrinking

    Profit −38.9% a year over 3 years.

  • ProfitabilityStrong

    ROCE 76.1% vs peer median 27.4%.

  • Balance sheetSolid

    Practically debt-free, Piotroski 8 of 9.

  • Red flags3 to check

    Quarterly profit down 89.2% on a year ago.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Solar

26 listed peers. Screen the industry

Small cap

₹852 Cr, #17 of 27 in its industry by size.

Defensive

Beta 0.75 vs the NIFTY 50: moves less than the market.

Key metrics

Last 12 months to Sep 2026: sales ₹507 Cr · profit ₹125 Cr
Market cap
₹852 Cr
Small cap
P/E
6.8
Industry 15.5
Price to book
2.61
Peers 4.38
Dividend yield
0.00%
ROE
47.0%
Peers 29.9%
ROCE
76.1%
Peers 27.4%
Debt to equity
0.01
Debt ₹3.19 Cr
EPS (TTM)
₹30.06
Face value ₹10
OPM (TTM)
39.2%
Net margin 24.7%
Sales growth
−23.2%
Latest quarter vs a year ago
Profit growth
−89.2%
Latest quarter vs a year ago
Price to sales
1.68
EV/EBITDA 3.9

Strengths and risks

Strengths

  • Return on equity of 47.0%.
  • Return on capital employed of 76.1%.
  • Practically debt-free.
  • Net margin of 24.7%.
  • P/E of 6.8 against an industry P/E of 15.5.

Risks to check

  • Quarterly profit down 89.2% on a year ago.
  • Quarterly sales down 23.2% on a year ago.
  • 66% below its 52-week high.

Derived automatically from reported figures. Not a recommendation.

About Indosolar

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

Headquarters
New Delhi
Employees
91
Sector
Technology
ISIN
INE866K01023
Website
indosolar.co.in

Price range

52 weeks

₹179.28₹598.90

Today

₹200.46₹207.99
Avg volume (3M)
1.3 L
1-year return
minus 64.3%
From 52-week high
minus 65.8%

Peers · Solar

Capital-heavy industry columns

Compare with peersScreen the whole industry
Company
WAAREEENERWaaree Energies2,438.00minus 0.46%70,12919.012.030.1%19.9%0.3157.8%minus 27.3%
PREMIERENEPremier Energies890.00plus 0.85%40,31622.517.427.4%29.9%0.8676.2%minus 15.3%
EMMVEEEmmvee Photovoltaic Power251.31minus 0.28%17,39912.19.734.5%34.7%0.25102.7%plus 14.5%
KARAMTARAKaramtara Engineering375.70minus 0.96%12,09152.827.718.1%9.0%0.9140.4%plus 6.7%
UTLSOLARFujiyama Power Systems351.80minus 9.21%10,81135.722.528.9%18.8%0.4158.7%plus 68.8%
BORORENEWBOROSIL RENEWABLES403.20minus 2.55%5,93413.412.19.5%30.1%0.0720.2%minus 37.6%
VIKRAMSOLRVikram Solar142.39plus 1.95%5,16014.16.020.5%15.4%0.2032.3%minus 56.6%
WAAREEINDOIndosolar204.88minus 0.94%8526.83.176.1%39.2%0.01–minus 64.3%
Median of 7 peers–−0.46%12,09119.012.127.4%19.9%0.3157.8%−15.3%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrJun 25Dec 25Mar 26Jun 26Sep 26
19520083.168.4156
13112918.819.9141
63.67164.348.514.8
32.7%35.6%77.4%70.9%9.5%
1.30.21.18.41.6
0.60.200.10.1
9.19.29.19.39.6
55.261.756.347.56.7
−111.7%32.8%25.4%22.9%25.2%
11741.54236.65
28.079.9710.098.801.20

Sep 25 not reported by the data source.

Profit & loss

Yearly, ₹ crore
Profit CAGR 3Y
−38.9%
EPS CAGR 3Y
−30.7%
ROE
47.0%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
––321675
––226403
−2−1.495271
––29.6%40.2%
1.1−0.1−0.20.2
1.1712.80.7
4.34.627.336.7
1,088−2.40.1–
1,081−15.454.8234
0.0%–0.0%−5.3%
1,081−15.454.8247
–minus 101.4%–+350.1%
178.36-3.7113.1759.27

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
41.641.641.641.6
−40.5−56−1.2245
63102503.1
1.262.815054.3
65.3150241344
51.914112291
3.793.80.1–
0.20.20.30.6
5.15.34.52.5
4.3−90.5113250
65.3150241344

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
−14.418.385.178.4
−2.7−56.1−19.7−24.5
17.737.9−53.2−65.9
0.60.112.1−11.9
−3.7−60−20.6−24.9
−18.1−41.764.553.5

Shareholding pattern

Source: NSE filings
74.9%
promoters
  • Promoters74.93%
  • Public25.07%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 202674.93%25.07%0.00
30 Jun 202674.93%25.07%0.00
31 Mar 202674.93%25.07%0.00
31 Dec 202574.93%25.07%0.00
30 Sep 202574.93%25.07%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you