Indosolar LimitedQ1 FY27 Results & Financial Update

Indosolar Limited: Q1 FY27 standalone results and company financials – revenue ₹68.36 Cr, PAT ₹36.62 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.

NSE: WAAREEINDOPublished 7 Oct 2026Reported 23 Jul 2026Updated 7 Oct 2026~6 min read
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
Revenue from operations change-64.9%Year-on-year
Profit after tax change-68.6%Profit after tax · year-on-year
Sequential change-12.8%Quarter-on-quarter

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Quarterly Results AnalysisExplore Indosolar Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.

Quarter overview

Quarterly earnings analysis

01

During the quarter ended June 30, 2026 (Q1 FY27), Indosolar Limited reported revenue from operations of INR 68.36 crore compared to INR 194.68 crore in Q1 FY26 and INR 83.10 crore in the preceding quarter ended March 31, 2026.

02

The year-on-year shift in revenue recognition is attributed to a higher proportion of revenue derived from tolling contracts during Q1 FY27 as against direct distribution and trading revenue recorded in the corresponding period of the previous fiscal year.

03

Profit after tax (PAT) stood at INR 36.62 crore for Q1 FY27, compared to INR 116.79 crore in Q1 FY26 and INR 42.00 crore in Q4 FY26.

04

Total income for the quarter was bolstered by other income of INR 8.39 crore, which included the recognition of a government capital subsidy grant.

05

Operational performance metrics indicated module production of 224 MW in Q1 FY27 compared to 244 MW in Q1 FY26, while module sales volumes stood at 218 MW relative to 231 MW in the year-ago quarter.

06

Management noted that disciplined execution, operational efficiency, and manufacturing excellence helped sustain healthy margins despite broader market volatility and policy transitions.

07

Indosolar Limited reported revenue from operations of ₹68.36 crore for Q1 FY27, compared to ₹194.68 crore in Q1 FY26 and ₹83.10 crore in the preceding quarter (Q4 FY26). The company noted that the year-on-year shift in revenue structure was largely on account of substantial revenue coming from tolling contracts against direct distribution and trading revenue in the corresponding quarter of the previous year.

01 · Business model

What does Indosolar do?

Indosolar Limited is a subsidiary of Waaree Energies Limited, which is India's largest solar module manufacturer.

The company operates a solar photovoltaic (PV) module manufacturing facility with an installed capacity of 1.3 GW situated at Noida, Uttar Pradesh.

Its primary business activities comprise the manufacturing and trading of solar photovoltaic modules, serving evolving customer requirements in the renewable energy sector.

02 · Historical context

What shaped the business before this quarter

Capacity Base

The company established a 1.3 GW solar PV module manufacturing plant located in Noida, Uttar Pradesh.

03 · Financial snapshot

Current quarter vs the two useful baselines

MetricQ1 FY27Year-agoPrevious quarter
Revenue from operations₹68.36 Cr₹194.68 Cr₹83.10 Cr
Total income₹76.75 Cr₹196.00 Cr₹84.23 Cr
Profit before tax₹47.47 Cr₹55.16 Cr₹56.31 Cr
Profit after tax₹36.62 Cr₹116.79 Cr₹42.00 Cr
EPS₹8.80₹28.07₹10.09

Financial interpretation

What the reported numbers mean

Profit conversion

Profit after tax represented 53.6% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.

Pre-tax earnings

Profit before tax was equivalent to 69.4% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.

Operating revenue versus total income

Total income exceeded operating revenue by ₹8.39 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.

Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.

04 · Why it moved

Why the quarter looked the way it did

What drove revenue

Tolling Model Shift

Revenue from operations adjusted to INR 68.36 crore from INR 194.68 crore YoY due to a greater composition of tolling contracts replacing direct product distribution and trading revenues.

Subsidy Recognition

Other income included INR 5.92 crore recognized as subsidy income under the U.P. Electronics Manufacturing Policy - 2020.

Tolling Contracts vs Direct Distribution

The company's revenue from operations of ₹68.36 crore for Q1 FY27 reflected a shift toward substantial revenue derived from tolling contracts compared to direct distribution and trading revenue recorded in Q1 FY26.

What drove margins

Cost Management

Cost of materials consumed for the quarter stood at INR 21.79 crore, complemented by inventory adjustments and manufacturing expenses.

05 · Demand, customers & order book

Where demand is coming from

Sales Volume

The company recorded module sales of 218 MW during Q1 FY27 compared to 231 MW in Q1 FY26.

06 · Segments, products & geography

Which parts of the business are doing the work

Segments and products

Single Reportable Segment

The company identified 'Manufacturing & Trading of Solar Photovoltaic Modules' as its sole primary reportable operating segment in compliance with Ind AS 108.

07 · Capacity, projects & execution

What is being built, commissioned or delivered

Capacity, production and utilisation

Production Output

Module production volume for the quarter reached 224 MW compared to 244 MW in the corresponding quarter of the previous year.

Quarterly Production and Sales Volumes

During Q1 FY27, module production stood at 224 MW compared to 244 MW in Q1 FY26, while modules sold stood at 218 MW compared to 231 MW in Q1 FY26.

08 · Strategy & new businesses

How the company is trying to change its growth mix

Advanced Manufacturing Capabilities

The company continued to leverage advanced manufacturing capabilities to deliver high-efficiency solar modules and strengthen competitive advantage.

09 · Reported developments

What changed operationally

Capital Subsidy Approval

The company received capital subsidy approval of INR 9.29 crore (INR 929.67 lakh) on May 19, 2026, under the U.P. Electronics Manufacturing Policy - 2020.

Profitable Operations

Indosolar delivered a net profit of INR 36.62 crore for Q1 FY27, supported by disciplined operational execution.

Capital Subsidy Approval

During the quarter, the company received a capital subsidy approval of ₹9.30 crore (₹929.67 lakhs) dated May 19, 2026, under the U.P. Electronics Manufacturing Policy - 2020 (First Amendment), of which ₹5.92 crore was recognized under other income and the remaining ₹3.38 crore as a deferred government grant.

10 · Pressure points & risks

What is not going smoothly

Topline Moderation

Operating revenue declined YoY from INR 194.68 crore to INR 68.36 crore following changes in contract structures from direct distribution to tolling arrangements.

11 · Cash flow & balance sheet

Profit is one thing. Cash and funding tell another part of the story.

Capital allocation & funding

Finance Costs

Finance costs for the quarter were reported at a minimal INR 0.08 crore (INR 7.68 lakh).

12 · Beyond the numbers

What changed beyond the numbers

Reported update

Subsidy Accounting Treatment

Out of the total approved capital subsidy of INR 9.29 crore under the U.P. policy, INR 5.92 crore was recognized under other income in Q1 FY27, while the remaining balance of INR 3.38 crore was recorded as a Deferred Government Grant in accordance with Ind AS 20.

13 · Previous-quarter changes

What changed since the previous quarter

Sequential Revenue Movement

Revenue from operations moved from INR 83.10 crore in Q4 FY26 to INR 68.36 crore in Q1 FY27.

14 · Key Q&A

The quarter, answered directly

What does Indosolar do?

Indosolar Limited is a subsidiary of Waaree Energies Limited, which is India's largest solar module manufacturer.

What is the clearest takeaway from Q1 FY27?

During the quarter ended June 30, 2026 (Q1 FY27), Indosolar Limited reported revenue from operations of INR 68.36 crore compared to INR 194.68 crore in Q1 FY26 and INR 83.10 crore in the preceding quarter ended March 31, 2026.

What drove revenue or demand?

Revenue from operations adjusted to INR 68.36 crore from INR 194.68 crore YoY due to a greater composition of tolling contracts replacing direct product distribution and trading revenues.

What mattered most for margins or profitability?

Cost of materials consumed for the quarter stood at INR 21.79 crore, complemented by inventory adjustments and manufacturing expenses.

What changed operationally beyond the headline numbers?

Module production volume for the quarter reached 224 MW compared to 244 MW in the corresponding quarter of the previous year.

What are the main pressure points disclosed for the quarter?

Operating revenue declined YoY from INR 194.68 crore to INR 68.36 crore following changes in contract structures from direct distribution to tolling arrangements.

15 · Scenario calculator

Earnings sensitivity: what if growth and margins change?

Starting point

Build your own next-quarter scenario

Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.

Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.

Scenario output
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Scenario profit after tax₹0 cr
Profit change vs base₹0 cr (0%)
Scenario margin0%
Growth needed to keep profit flat after this margin move0%

The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.

16 · Next filing checkpoints

What the next disclosure can confirm or change

  1. 01

    Volume and Execution Trends: Track quarter-on-quarter module production and sales volumes relative to the 1.3 GW installed capacity base.

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