Indosolar Limited Q3FY26: EBITDA Jumps 202% with Margin Expansion to 35.59%

Indosolar Limited has delivered exceptional financial performance in Q3FY26, with significant improvements in profitability metrics alongside strong revenue growth. The company's EBITDA performance demonstrates enhanced operational efficiency and margin expansion capabilities.

EBITDA Performance and Margin Analysis

Indosolar's Q3FY26 EBITDA reached ₹71.00 crores compared to ₹23.50 crores in Q3FY25, representing a substantial 202.13% year-on-year growth. The EBITDA margin expanded significantly to 35.59% from 22.77% in the corresponding quarter of the previous year, indicating improved operational efficiency and cost management.

EBITDA Metrics:	Q3FY26	Q3FY25	Growth (%)
EBITDA:	₹71.00 cr	₹23.50 cr	+202.13%
EBITDA Margin:	35.59%	22.77%	+12.82 pp
Revenue from Operations:	₹199.53 cr	₹103.01 cr	+92.70%
Net Profit:	₹41.47 cr	₹10.24 cr	+305.18%

Comprehensive Financial Performance

The company's Q3FY26 results showcase robust growth across key financial metrics for the quarter ended December 31, 2025. Revenue from operations reached ₹199.53 crores, marking a substantial 92.70% increase from ₹103.01 crores in Q3FY25. Net profit demonstrated impressive growth, surging 305.18% to ₹41.47 crores from ₹10.24 crores in the previous year quarter.

Financial Highlights:	Q3FY26	Q3FY25	Growth (%)
Total Income:	₹199.70 cr	₹103.90 cr	+92.21%
Earnings per Share:	₹9.97	₹2.46	+305.28%

Nine-Month Performance Analysis

For the nine months ended December 31, 2025, Indosolar reported total revenue of ₹596.75 crores compared to ₹130.57 crores in the corresponding period of FY25. Net profit for the nine-month period reached ₹204.60 crores against ₹14.74 crores in the previous year, representing substantial year-on-year improvement.

Nine-Month Metrics:	FY26 (9M)	FY25 (9M)	Growth (%)
Total Revenue:	₹596.75 cr	₹130.57 cr	+357.01%
Net Profit:	₹204.60 cr	₹14.74 cr	+1,288.33%
Basic EPS:	₹49.18	₹3.54	+1,289.27%

Leadership Transition and Corporate Restructuring

The Board of Directors approved significant leadership changes during their meeting held on January 16, 2026. Dr. Jignesh Devchandbhai Rathod has been appointed as Additional Director (Non-Executive) and Chief Executive Officer, effective from January 16, 2026, subject to shareholder approval. Mr. Amit Ashok Paithankar resigned from his positions as Non-Executive Director and Chief Executive Officer, citing other commitments and personal reasons.

Leadership Details:	Information
New CEO & Director:	Dr. Jignesh Devchandbhai Rathod
Experience:	18+ years in solar manufacturing
Effective Date:	January 16, 2026
Registered Office Shift:	Delhi to Maharashtra (pending approvals)

The company has also approved a proposal to shift its registered office from Delhi to Maharashtra, requiring shareholder and statutory authority approvals. These results reflect the enhanced operational capacity following the commencement of commercial operations at the Greater Noida facility in July 2024.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-4.62%	-2.97%	+5.69%	+81.66%	+168.35%	+168.35%

Indosolar Limited , a company listed on both the BSE and National Stock Exchange (NSE), has taken a significant step in restructuring its shareholder categories. The company has filed an application with both stock exchanges to reclassify five shareholders from the 'Promoter and Promoter Group' category to the 'Public' category.

Shareholders Affected

The reclassification request involves the following individuals and entity:

Sr. No.	Shareholder Name
1	Hulas Rahul Gupta
2	Bhushan Kumar Gupta
3	Priyadesh Gupta
4	Abha Gupta
5	Greenlite Lighting Corporation

Background and Timeline

This move comes as a result of an order from the National Company Law Tribunal (NCLT) dated April 21, 2022. The application for reclassification was submitted to both the BSE Limited and the National Stock Exchange of India Limited on June 7, 2023.

Regulatory Context

The reclassification is being pursued under Regulations 30 and 31A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. It's worth noting that while the company believes this disclosure may not be necessary under Regulation 31A(9) of the Listing Regulations—as the reclassification stems from an approved resolution plan via the NCLT order—Indosolar Limited has chosen to file this disclosure following discussions with the stock exchanges.

Company Details

Indosolar Limited is registered at Unit No. 301, 3rd floor, Building 02, Southern Park, Saket, New Delhi-110017, with its factory located at 3C/1eco Tech -11, Udyog Vihar, Greater Noida – 201306, Uttar Pradesh, India.

This corporate action represents a significant change in the company's shareholding structure and could have implications for the company's governance and public perception.