Indosolar Limited
NSE: WAAREEINDO · Heavy Electrical Equipment · sector
₹192.82NSE close 2026-10-26
Key numbers
Market cap₹802 cr
Price₹192.82
52w high / low₹634 / ₹193
P/E6.4xSector median 27.8x
P/B2.4xSector median 5.4x
Book value₹79.0
Dividend yield–Sector median 0.19%
ROE47.0%Sector median 18.8%
ROCE52.5%Sector median 21.4%
OPM39.2%Sector median 15.1%
Debt / equity0.00xSector median 0.09x
EV/EBITDA3.6xSector median 21.4x
Interest cover435.8x
Current ratio3.11x
Sales growth 3y–Sector median +22.1%
Profit growth 3y-38.9%Sector median +27.5%
PEG–
Last 12 months to Sep 2026, Standalone. "Sector median" = middle value of 43 companies in Heavy Electrical Equipment (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹6 cr vs borrowings ₹0 cr (FY26): cash is higher (net cash).
- Operating profit covered interest 435.8x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 2 of the last 5 years (FY26, FY23).
- Revenue was higher than a year earlier in 1 of the last 4 quarters.
- Other income was 9% of net profit in the last 12 months.
- No dividend in the last 5 financial years.
- Price ₹192.82 on 2026-10-26: -69.6% from the 52-week high, 0.0% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹610.25 · low ₹192.82
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 103 | 192 | 195 | 203 | 200 | 83 | 68 | 156 |
| EBITDA | 23 | 50 | 64 | 71 | 71 | 64 | 48 | 15 |
| OPM % | 22.8% | 26.1% | 32.7% | 34.9% | 35.6% | 77.4% | 70.9% | 9.5% |
| Other income | 1 | 1 | 1 | 0 | 0 | 1 | 8 | 2 |
| Net profit | 10 | 40 | 117 | 46 | 41 | 42 | 37 | 5 |
| EPS (₹) | 2.46 | 9.63 | 28.07 | 11.14 | 9.97 | 10.09 | 8.80 | 1.20 |
| Revenue YoY | +93.7% | -56.7% | -64.9% | -23.2% | ||||
| Profit YoY | +305.0% | +4.9% | -68.6% | -89.2% |
Standalone figures where filed. Latest quarter Sep 2026.
Profit & loss (yearly)
| ₹ cr | FY21 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 324 | 680 | 507 |
| EBITDA | -1 | 1,086 | -4 | 95 | 271 | 199 |
| Net profit | -8 | 1,081 | -15 | 55 | 247 | 125 |
| EPS (₹) | -0.21 | 178.36 | -3.71 | 13.17 | 59.27 | 30.06 |
| Revenue growth | – | – | – | +109.9% | -26.8% | |
| Profit growth | – | -101.4% | – | +350.2% | -41.4% | |
| Dividend / share (₹) | – | – | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | – | – | -26.8% |
| Net profit | -38.9% | – | -41.4% |
| EPS | -30.7% | – | – |
| Share price | – | – (2y) | -68.1% |
Balance sheet
| ₹ cr | FY21 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 1 | -14 | 40 | 287 |
| Borrowings | – | 60 | 99 | 47 | 0 |
| Cash & equivalents | – | 4 | 5 | 17 | 6 |
| Total assets | – | 65 | 150 | 241 | 344 |
| Fixed assets | – | 32 | 32 | 107 | 76 |
| Capital work in progress | – | 4 | 94 | 0 | 0 |
| Investments | – | 0 | 0 | 0 | 0 |
| Receivables | – | 0 | 0 | 5 | 210 |
| Inventory | – | 0 | 0 | 74 | 21 |
| Payables | – | 0 | 2 | 83 | 20 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY21 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | -1 | -58 | 18 | 85 | 78 |
| Cash from investing | -1 | -3 | -56 | -20 | -24 |
| Cash from financing | -0 | 62 | 38 | -53 | -66 |
| Capex | 0 | 4 | 60 | 21 | 25 |
| Free cash flow | -1 | -62 | -42 | 64 | 53 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY21 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 1,00,489.9% | 107.5% | 135.5% | 85.9% |
| ROCE % | – | 1,763.5% | -9.1% | 78.4% | 82.1% |
| Debtor days | – | – | – | 5 | 113 |
| Inventory days | – | – | – | 138 | 21 |
| Payable days | – | – | – | 154 | 20 |
| Cash conversion cycle (days) | – | – | – | -11 | 114 |
| Working capital days | – | – | – | -30 | 109 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 74.93% |
| FIIs | 0.61% |
| DIIs | 0.06% |
| Public (non-institutions) | 24.40% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 96.15% | 96.15% | 95.00% | 74.93% | 74.93% | 74.93% | 74.93% | 74.93% |
| Promoter group | % |
|---|---|
| Waaree Energies Limited | 74.93% |
| Public holders above 1% | % |
|---|---|
| Zaveri and Co. PVT. Ltd. | 1.44% |
73,189 shareholders. Pledged: 0.00% of promoter shares.
Peers in Heavy Electrical Equipment
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| BHEL | ₹1,37,384 cr | 47.7x | 5.1x | 11.2% | 13.5% | 10.1% | +13.1% | 0.12% |
| ABB | ₹1,34,715 cr | 45.1x | 14.4x | 36.1% | 22.4% | 14.0% | – | – |
| CGPOWER | ₹1,31,237 cr | 104.9x | 16.5x | 16.5% | 21.3% | 12.5% | +30.7% | 0.16% |
| POWERINDIA | ₹1,19,751 cr | 104.0x | 23.1x | 24.5% | 29.9% | 14.9% | +22.2% | 0.02% |
| SIEMENS | ₹1,16,725 cr | 35.6x | 8.4x | 25.0% | 14.2% | 10.0% | +41.0% | 0.37% |
| ENRIN | ₹98,074 cr | 65.9x | 20.4x | 34.3% | 42.0% | 20.9% | – | 0.14% |
| GVT&D | ₹97,043 cr | 74.3x | 36.1x | 58.5% | 65.5% | 25.2% | +30.8% | 0.13% |
| SUZLON | ₹51,051 cr | 16.3x | 5.4x | 40.4% | 29.2% | 17.7% | +41.0% | – |
| THERMAX | ₹35,902 cr | 60.5x | 6.5x | 11.3% | 12.5% | 8.6% | +9.8% | 0.44% |
| WAAREEINDO | ₹802 cr | 6.4x | 2.4x | 47.0% | 52.5% | 39.2% | – | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2020-09-18 | Other | Annual General Meeting |
| 2018-09-19 | Other | Annual General Meeting |
| 2017-09-20 | Other | Annual General Meeting |
| 2016-09-22 | Other | Annual General Meeting |
| 2015-09-22 | Other | Annual General Meeting |
| 2014-09-19 | Other | Annual General Meeting |
| 2013-09-19 | Other | Annual General Meeting |
| 2012-09-13 | Other | Annual General Meeting |
| 2011-08-11 | Other | Annual Book Closure |
| Other | Capital Reduction Pursuant To Nclt Order |
Documents
- Annual report FY26
- Annual report FY26
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Announcements NSE filings
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
| Sector | Industrials |
| Industry | Heavy Electrical Equipment |
| Sub-industry | Heavy Electrical Equipment |
| Symbol | WAAREEINDO |
| BSE code | 533257 |
| ISIN | INE866K01023 |
| Face value | ₹10.0 |
| Incorporated | – |
| Website | – |
| Plants (India / abroad) | – |
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.