Date: October 21, 2026

Financial Performance Summary

Quarterly Performance (Q2 FY27 vs Q2 FY26)

  • Revenue from Operations: ₹155.59 Crores (vs ₹202.55 Crores) - Decreased 23.19% YoY
  • Operating EBITDA: ₹14.82 Crores (vs ₹70.73 Crores) - Decreased 79.05% YoY
  • EBITDA Margin: 9.52% (vs 34.92%)
  • PAT: ₹5.02 Crores (vs ₹46.34 Crores) - Decreased 89.17% YoY
  • PAT Margin: 3.19% (vs 22.88%)

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Revenue from Operations: ₹223.95 Crores (vs ₹397.22 Crores) - Decreased 43.62% YoY
  • Operating EBITDA: ₹63.28 Crores (vs ₹134.29 Crores) - Decreased 52.88% YoY
  • EBITDA Margin: 28.26% (vs 33.81%)
  • PAT: ₹41.64 Crores (vs ₹163.13 Crores) - Decreased 74.48% YoY
  • PAT Margin: 17.80% (vs 40.93%)

Operational Metrics

Q2 FY27 Production and Sales

  • Module Production: 148 MW (compared to 244 MW in Q2 FY26)
  • Module Sold: 98 MW (compared to 249 MW in Q2 FY26)

Performance Context and Challenges

The company cited several factors affecting performance:

  • Evolving regulatory landscape
  • Geopolitical uncertainty
  • Elevated raw material costs
  • Lower capacity utilization across the solar manufacturing industry
  • Strategic transition of a major share of volumes from tolling to owned manufacturing

Management Commentary

Mr. Jignesh Rathod, Director and Chief Executive Officer, commented:

"The solar manufacturing industry is undergoing an important phase of transformation, driven by evolving regulatory requirements, changing global supply-chain dynamics and India's increasing focus on domestic manufacturing. While the current operating environment presents near-term challenges, we remain focused on strengthening our manufacturing capabilities, improving operational efficiencies and positioning the business for long-term growth.

Our priority remains to navigate the current industry transition with operational discipline while building a more efficient and future-ready manufacturing platform that can contribute to India's clean energy ambitions.

The proposed amalgamation with Waaree Energies marks an important strategic milestone in this journey. We believe that closer integration with Waaree's manufacturing ecosystem can create meaningful operational synergies, enhance competitiveness and establish a stronger foundation for sustainable growth."

Company Background

Indosolar Limited has a capacity of 1.3 GW module manufacturing through its facility situated at Noida. The company is a subsidiary of Waaree Energies Limited, India's largest solar module manufacturer.