Indosolar shareholders approved the reappointment of Nilesh Bhogilal Gandhi as an independent non-executive director. The appointment is effective from April 20, 2026, for a second consecutive term of five years.

The resolution was passed at the company’s 17th annual general meeting held on August 31, 2026. The meeting commenced at 11:03 am and concluded at 12:15 pm.

Director Profile

Mr. Gandhi brings 30 years of experience in taxation, accounting, finance, and investments across various industries. His DIN is 03570656.

Compliance and Disclosures

The company confirmed that Mr. Gandhi is not debarred from holding the office of director by any SEBI order or other authority. He has no relationships with existing directors, key managerial personnel, or promoters.

This disclosure was made in compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Indosolar reported a 350% year-on-year surge in profit after tax (PAT) to ₹24,659.91 lakh for FY26, driven by a doubling of revenue from operations to ₹67,984.85 lakh. The solar module manufacturer, a subsidiary of Waaree Energies Limited, will hold its 17th Annual General Meeting (AGM) on August 31, 2026, to adopt these financial statements and seek approval for material related party transactions (RPTs) valued at ₹905 crore. This significant profitability milestone underscores the operational scaling of its Greater Noida facility, while the proposed RPTs highlight deepened supply chain integration within the Waaree Group.

The AGM notice, filed with stock exchanges on August 7, 2026, outlines several key governance resolutions alongside the financial adoption. Shareholders are requested to approve the re-appointment of Nilesh Bhogilal Gandhi as an Independent Director for a second five-year term, effective April 20, 2026. Additionally, the Board seeks ratification of the remuneration for M/s N. Ritesh & Associates as Cost Auditors for FY27, fixed at ₹40,000 plus applicable taxes and out-of-pocket expenses. Hitesh Pranjivan Mehta retires by rotation and offers himself for re-appointment as a Director.

Related Party Transactions

A central focus of the meeting is the omnibus approval for RPTs with Waaree Energies Limited, which holds a 74.93% stake in Indosolar. The proposed transactions for FY27 total ₹905 crore, representing 133.12% of Indosolar’s annual consolidated turnover for the preceding financial year. These transactions are structured to ensure operational efficiency and supply chain stability.

During FY26, actual transactions with Waaree Energies included ₹7,950.10 lakh in purchases and ₹49,535.21 lakh in sales of modules and services. The Board asserts that these transactions are conducted at arm’s length and in the ordinary course of business.

Financial Performance and Governance

The integrated annual report highlights strong financial results for FY26. Revenue from operations rose to ₹67,984.85 lakh from ₹32,390.62 lakh in FY25, while Profit After Tax (PAT) surged to ₹24,659.91 lakh against ₹5,478.19 lakh in the previous year. This growth was driven by increased operational efficiency and higher throughput at the Greater Noida manufacturing facility. No dividend was declared for the financial year ended March 31, 2026.

Voting Details

Remote e-voting will be open until August 24, 2026. Shareholders holding securities as of this cut-off date are eligible to cast their votes electronically. The final results, including votes cast during the meeting, will be declared within two working days of the AGM’s conclusion.