Indosolar
Industrials
WAAREEINDO NSE
₹200.75 No trade today
- P/E
- 5.02
Close 4 Nov 2026 ₹200.75 −350.05 −63.6% 1Y
Start ₹550.80
Key Fundamentals
MicrocapElectrical EquipmentCapital GoodsPrice-based figures as of · EPS basis: Standalone · TTM
- ROCE
- 124.00%
- Debt to Equity
- 0.01
- EPS (TTM)
- ₹40.01
- Book Value
- ₹78.99
- Market Cap
- —
- P/E (TTM)
- 5.02
- P/B
- 2.54
- ROE
- 151.00%
- Dividend Yield
- 0.00%
- EBITDA
- ₹272 Cr
- 52W High
- ₹598.90
- 52W Low
- ₹179.28
- Volume
- 0
Peer Comparison
Industrials › Electrical Equipment › Heavy Electrical Equipment
| ₹423.85 | 51.25 | ₹1,46,351 Cr | 5.52 | 0.35% | 6.23% | 9.14% | ₹37,782 Cr | ₹2,878 Cr | |
| ₹6,750.00 | 47.87 | ₹1,40,908 Cr | 15.32 | 1.36% | 22.40% | 29.90% | ₹13,477 Cr | ₹2,988 Cr | |
| ₹841.45 | 96.28 | ₹1,27,312 Cr | 15.17 | 0.16% | 20.50% | 26.70% | ₹13,699 Cr | ₹1,364 Cr | |
| ₹29,100.00 | 112.75 | ₹1,24,045 Cr | 25.06 | 0.03% | 21.90% | 29.40% | ₹9,162 Cr | ₹1,149 Cr | |
| ₹3,509.00 | — | ₹1,22,035 Cr | 9.03 | 0.53% | 19.20% | 21.40% | ₹18,062 Cr | ₹3,276 Cr | |
| ₹4,265.00 | 83.66 | ₹1,04,523 Cr | 33.15 | 0.25% | 57.40% | 77.40% | ₹6,712 Cr | ₹1,305 Cr | |
| ₹2,963.00 | 70.90 | ₹1,01,562 Cr | 21.93 | 0.14% | 50.50% | 67.80% | ₹9,436 Cr | ₹1,489 Cr | |
| Indosolar (this company) | ₹200.75 | 5.02 | ₹821 Cr | 2.54 | 0.00% | 151.00% | 124.00% | ₹554 Cr | ₹166 Cr |
| Median 8 companies | ₹3,236.00 | 70.90 | ₹1,23,040 Cr | 15.25 | 0.21% | 22.15% | 29.65% | ₹11,457 Cr | ₹1,427 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Overall score
59 Good
Data confidence 98/100
Category scores
- Quality
- 80
- Strong
- Returns, margins, earnings quality 22% weight
- Valuation
- 73
- Strong
- Cheap vs sector & own history 24% weight
- Growth
- 33
- Poor
- Sales & profit trajectory 9% weight
- Financial Health
- 91
- Strong
- Solvency, leverage, coverage 9% weight
- Momentum
- 10
- Poor
- Trend strength, vol-adjusted 12% weight
- Ownership
- 55
- Average
- FII/DII/promoter flows 24% weight
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
Key Insights
Strengths
4- Company has reduced debt.
- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 101% CAGR over last 5 years
Weaknesses
3- Though the company is reporting repeated profits, it is not paying out dividend
- Debtor days have increased from 58.9 to 113 days.
- Working capital days have increased from 28.1 days to 106 days
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Bearish | 9 | 5 | 5 |
| Oscillators | Neutral | 2 | 5 | 2 |
| Moving Averages | Strong Bearish | 7 | 0 | 3 |
Oscillators
Neutral
Bearish
2
Neutral
5
Bullish
2
Overall
Bearish
Bearish
9
Neutral
5
Bullish
5
Moving Averages
Strong Bearish
Bearish
7
Neutral
0
Bullish
3
Key readings
- RSI (14)
- 43.22
- Neutral
- MACD (12,26,9)
- −10.77
- Bullish
- SMA (50)
- 231.02
- Bearish
- SMA (200)
- 351.41
- Bearish
As of
Growth Rate
From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.
Revenue
| 10Y | +10.18% |
|---|---|
| 5Y | Zero base |
| 3Y | Zero base |
| 1Y | +109.88% |
| TTM | +6.95% |
Net profit
| 10Y | Turned to profit |
|---|---|
| 5Y | Turned to profit |
| 3Y | −38.86% |
| 1Y | +349.09% |
| TTM | −5.68% |
Operating cash flow
| 10Y | +17.16% |
|---|---|
| 5Y | Turned positive |
| 3Y | Turned positive |
| 1Y | −8.24% |
| TTM | — |
TTM: Reported once a year, so there is no trailing-twelve-month figure.
Operating margin· change in pp
| 10Y | +35.97 pp |
|---|---|
| 5Y | No sales |
| 3Y | No sales |
| 1Y | +10.53 pp |
| TTM | +15.16 pp |
Revenue by year
| Mar 2017 | ₹442 Cr |
|---|---|
| Mar 2018 | ₹314 Cr |
| Mar 2019 | ₹13.00 Cr |
| Mar 2020 | ₹0.00 Cr |
| Mar 2021 | ₹0.00 Cr |
| Mar 2022 | ₹0.00 Cr |
| Mar 2023 | ₹0.00 Cr |
| Mar 2024 | ₹0.00 Cr |
| Mar 2025 | ₹324 Cr |
| Mar 2026 | ₹680 Cr |
Net profit by year
| Mar 2017 | −₹58.00 Cr |
|---|---|
| Mar 2018 | −₹163 Cr |
| Mar 2019 | −₹525 Cr |
| Mar 2020 | −₹8.00 Cr |
| Mar 2021 | −₹8.00 Cr |
| Mar 2022 | −₹122 Cr |
| Mar 2023 | ₹1,081 Cr |
| Mar 2024 | −₹15.00 Cr |
| Mar 2025 | ₹55.00 Cr |
| Mar 2026 | ₹247 Cr |
Quarterly Results
₹ Cr| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 0 | 0 | 0 | 0 | 0 | 28 | 103 | 192 | 195 | 203 | 200 | 83 | 68 | 156 |
| Expenses | 0 | 0 | 2 | 1 | 1 | 7 | 80 | 142 | 131 | 132 | 129 | 19 | 20 | 141 |
| Operating Profit | 0 | 0 | −2 | −1 | −1 | 22 | 23 | 50 | 64 | 71 | 71 | 64 | 48 | 15 |
| OPM % | — | — | — | — | — | 77% | 23% | 26% | 33% | 35% | 36% | 77% | 71% | 10% |
| Other Income | 0 | 0 | 0 | 1 | 0 | 0.6 | 1 | 1 | 1 | 0 | 0 | 1 | 8 | 2 |
| Interest | 1 | 2 | 2 | 3 | 3 | 4 | 5 | 2 | 1 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 8 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 10 |
| PBT | −2 | −3 | −5 | −5 | −5 | 9 | 10 | 40 | 55 | 61 | 62 | 56 | 47 | 7 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | −112% | 24% | 33% | 25% | 23% | 25% |
| Net Profit | −2 | −3 | −5 | −5 | −5 | 9 | 10 | 40 | 117 | 46 | 41 | 42 | 37 | 5 |
| EPS (₹) | −0.57 | −0.77 | −1.21 | −1.16 | −1.2 | 2.28 | 2.46 | 9.62 | 28.07 | 11.14 | 9.97 | 10.1 | 8.8 | — |
Sep 2026: from the results filed on 21 Oct 2026, ahead of the full statement, so some rows are blank.
Profit & Loss
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 296 | 258 | 442 | 314 | 13 | 0 | 0 | 0 | 0 | 0 | 324 | 680 | 554 |
| Expenses | 248 | 248 | 368 | 336 | 38 | 2 | 1 | 8 | 2 | 1 | 229 | 409 | 299 |
| Operating Profit | 48 | 10 | 75 | −21 | −25 | −2 | −1 | −8 | −2 | −1 | 95 | 271 | 255 |
| OPM % | 16% | 3.8% | 17% | −7% | −186% | — | — | Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number. | — | — | 29% | 40% | 46% |
| Other Income | 4 | 2 | 3 | −60 | −425 | 1 | 1 | −107 | 1,089 | −2 | 1 | 2 | 10 |
| Interest | 103 | 126 | 106 | 54 | 51 | 0 | 0 | 0 | 1 | 8 | 14 | 1 | 1 |
| Depreciation | 27 | 27 | 29 | 28 | 24 | 7 | 7 | 7 | 4 | 5 | 27 | 37 | 37 |
| PBT | −78 | −141 | −58 | −163 | −525 | −8 | −8 | −122 | 1,081 | −15 | 55 | 234 | 227 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | −5% | — |
| Net Profit | −78 | −141 | −58 | −163 | −525 | −8 | −8 | −122 | 1,081 | −15 | 55 | 247 | 166 |
| EPS (₹) | −2.18 | −3.94 | −1.62 | −4.38 | −14.11 | −0.22 | −0.21 | −3.29 | 260 | −3.71 | 13.17 | 59.27 | 40.01 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 358 | 358 | 358 | 372 | 372 | 372 | 372 | 372 | 42 | 42 | 42 | 42 |
| Reserves | −465 | −606 | −667 | −829 | −1,354 | −1,362 | −1,370 | −1,492 | −41 | −56 | −1 | 245 |
| Borrowings | 987 | 965 | 942 | 820 | 829 | 41 | 829 | 829 | 60 | 102 | 50 | 3 |
| Other Liabilities | 244 | 385 | 483 | 380 | 412 | 1,200 | 407 | 408 | 4 | 63 | 150 | 54 |
| Total Liabilities | 1,125 | 1,102 | 1,116 | 744 | 259 | 252 | 238 | 116 | 65 | 150 | 241 | 344 |
| Fixed Assets | 470 | 445 | 452 | 427 | 154 | 147 | 140 | 82 | 48 | 47 | 122 | 91 |
| CWIP | 574 | 597 | 563 | 257 | 83 | 83 | 83 | 27 | 4 | 94 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 81 | 60 | 101 | 60 | 21 | 21 | 14 | 7 | 13 | 9 | 118 | 253 |
| Total Assets | 1,125 | 1,102 | 1,116 | 744 | 259 | 252 | 238 | 116 | 65 | 150 | 241 | 344 |
Cash Flow
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 79 | 16 | 55 | 29 | 32 | −1 | −1 | 0 | −14 | 18 | 85 | 78 |
| Investing | −61 | −2 | −28 | −8 | −23 | 2 | −1 | 0 | −3 | −56 | −20 | −24 |
| Financing | −10 | −24 | −21 | −25 | −12 | 0 | 0 | 1 | 18 | 38 | −53 | −66 |
| Net Cash Flow | 8 | −9 | 6 | −4 | −2 | 1 | −2 | 0 | 1 | 0 | 12 | −12 |
| Free Cash Flow | 1 | −1 | 32 | 17 | 9 | 0 | −1 | 0 | −14 | −38 | 65 | 53 |
| CFO/OP | 165 | 168 | 73 | −137 | −132 | 28 | 41 | 5 | 721 | −1,255 | 90 | 29 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 2 | 5 | 9 | 3 | 4 | — | — | — | — | — | 5 | 113 |
| Inventory Days | 41 | 50 | 45 | 35 | 112 | — | — | — | — | — | 138 | 21 |
| Days Payable | 21 | 82 | 34 | 82 | 1,787 | — | — | — | — | — | 153 | 20 |
| Cash Conversion Cycle | 22 | −27 | 21 | −43 | −1,671 | — | — | — | — | — | −10 | 114 |
| Working Capital Days | −714 | −1,130 | −1,110 | −996 | Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number. | — | — | — | — | — | −50 | 106 |
| ROCE % | 3% | −2% | 7% | −9% | −44% | — | — | — | — | −7% | 77% | 124% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Indosolar insights
61 extracted metrics across FY10–FY27.
Documents
- 19 Oct 2015
- 25 Sep 2014
- 19 Nov 2013
- General announcements 22 Oct 2026
- General announcements 21 Oct 2026
Frequently Asked Questions about Indosolar
What does Indosolar Ltd do?
Incorporated in 2005, Indosolar Ltd manufactures PV solar modules.
Where is Indosolar Ltd (WAAREEINDO) listed?
Indosolar Ltd trades as WAAREEINDO on the NSE and under code 533257 on the BSE.
Which sector does Indosolar Ltd belong to?
Indosolar Ltd is classified under the Industrials sector, in the Electrical Equipment industry.
What is the PE ratio of Indosolar Ltd?
Indosolar Ltd trades at a PE ratio of 5.02 as of 4 Nov 2026, on earnings per share of ₹40.01, against a book value of ₹78.99 per share.
What is the 52-week high and low of Indosolar Ltd?
Over the last 52 weeks Indosolar Ltd has traded between ₹179.28 and ₹598.9 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Indosolar Ltd?
Indosolar Ltd reported a return on equity of 151.00%. Its debt-to-equity ratio is 0.01.
Company Information
Incorporated in 2005, Indosolar Ltd manufactures PV solar modules.
Website indosolar.co.in
CEO Mr. Hitesh Chimanlal Doshi
Employees 66
Listed 29 Sep 2010
Face Value ₹10
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