Indosolar FY26 PAT ₹246.60 Cr, Revenue ₹679.85 Cr; Publishes Results in Newspapers
Indosolar delivered exceptional FY26 performance with PAT of ₹246.60 crore, up 350.16% YoY, and revenue of ₹679.85 crore, up 109.89%. EBITDA grew 184.88% to ₹270.75 crore with margins expanding significantly. Q4 showed mixed results with PAT of ₹42.00 crore despite revenue decline. The board appointed key leadership positions including an independent director and CFO. Results were published in newspapers on April 22, 2026, in compliance with SEBI Regulation 47.
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Indosolar has delivered exceptional financial performance for FY26, demonstrating a remarkable business turnaround with substantial growth in both revenue and profitability. The company's board meeting on April 20, 2026, approved the standalone audited financial results alongside key management appointments to support continued growth.
Outstanding Annual Performance
Indosolar achieved remarkable growth across all key financial metrics for FY26, reflecting the successful turnaround of its operations and the full impact of commercial production at its Greater Noida facility.
| Metric: | FY26 | FY25 | YoY Change |
|---|---|---|---|
| Revenue from Operations: | ₹679.85 crores | ₹323.91 crores | +109.89% |
| EBITDA: | ₹270.75 crores | ₹95.04 crores | +184.88% |
| EBITDA Margin: | 39.82% | 29.34% | +1048 bps |
| PAT: | ₹246.60 crores | ₹54.78 crores | +350.16% |
| PAT Margin: | 36.19% | 16.87% | +1932 bps |
| Module Production: | 1,051 MW | 589 MW | +78.44% |
Mixed Q4 Performance
The fourth quarter results showed contrasting trends, with profitability maintaining momentum despite revenue decline due to business mix changes.
| Metric: | Q4 FY26 | Q4 FY25 | YoY Change |
|---|---|---|---|
| Revenue from Operations: | ₹83.10 crores | ₹192.00 crores | -56.72% |
| EBITDA: | ₹64.33 crores | ₹50.18 crores | +28.20% |
| EBITDA Margin: | 77.41% | 26.14% | +5127 bps |
| PAT: | ₹42.00 crores | ₹40.04 crores | +4.90% |
| PAT Margin: | 49.86% | 20.79% | +2907 bps |
The quarterly revenue decline was attributed to substantial revenue from tolling contracts compared to direct distribution and trading revenue in the corresponding quarter of the previous year.
Strategic Leadership Appointments
The board approved several key appointments to strengthen the management team and governance structure:
| Position: | Appointee | Details |
|---|---|---|
| Independent Director: | Mr. Nilesh Bhogilal Gandhi (DIN: 03570656) | Non-Executive, Independent Director |
| Chief Financial Officer: | Mr. Abhishek Pareek | Key Managerial Officer |
| Internal Auditor: | M/s Mahajan & Aibara Chartered Accountant LLP | FY2026-2027 |
| Cost Auditor: | M/s N Ritesh and Associates | FY2026-2027 |
Regulatory Compliance
In compliance with SEBI Regulation 47, the company published its Q4FY26 financial results in newspapers on April 22, 2026. The results were published in Financial Express (English) and Janasatta (Hindi), with the same information made available on the company's website at www.indosolar.co.in .
| Publication Details: | Information |
|---|---|
| Publication Date: | April 22, 2026 |
| English Newspaper: | Financial Express |
| Hindi Newspaper: | Janasatta |
| Company Secretary: | Akalpita Harnish Patel (A40528) |
Management Commentary
Commenting on the results, Mr. Jignesh Rathod, Director and Chief Executive Officer, highlighted the significance of FY26 as a turnaround year. He emphasized meaningful improvements in cost efficiency, manufacturing, and operations that contributed to enhanced margin outcomes. The company has also invested in upgrading technology capabilities, including the introduction of G12 solar module manufacturing to offer higher-efficiency products aligned with current market demand.
Company Profile
Indosolar Limited operates a 1.3 GW module manufacturing facility in Noida and is a subsidiary of Waaree Energies Limited, India's largest solar module manufacturer. The company's strong performance reflects its position in India's expanding solar energy sector and successful operational improvements.
Historical Stock Returns for Indosolar
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -5.00% | -0.74% | +20.42% | -24.00% | +167.60% | +167.60% |
How will Indosolar's capacity expansion plans evolve given the success of its Greater Noida facility and current market demand?
What impact could the new G12 solar module technology have on Indosolar's competitive positioning and market share in FY27?
How might the appointment of new key management personnel influence Indosolar's strategic direction and operational efficiency going forward?
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