Indosolar LimitedQ2 FY27 Results & Financial Update
Indosolar Limited: Q2 FY27 standalone results and company financials – revenue ₹155.59 Cr, PAT ₹5.02 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
Find an answer
Ask this result
Chart · Market context
Indosolar price & chart
Market price₹199.34
1Y return—Price return
Loading market chart…
TradingView Lightweight Charts™ · Copyright © 2025 TradingView, Inc.TradingView
Market chartPrice chart temporarily unavailableThe price chart could not be loaded right now. The reported financial results remain available above.
Spotted a factual error?Tell us the number, date or statement and we will re-check the underlying records and calculations.Report an error
Quarterly Results AnalysisExplore Indosolar Q2 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
Indosolar Limited reported revenue from operations of ₹155.59 crore for Q2 FY27, representing a sequential recovery compared to the previous quarter's revenue of ₹83.98 crore (derived from 1,397.42 lakhs in sale of goods and 5,438.72 lakhs in sale of services).
Profit after tax (PAT) for the quarter stood at ₹5.02 crore, reflecting a contraction from the ₹36.62 crore recorded in Q1 FY27, impacted by higher cost of materials consumed and inventory adjustments.
Operating performance was influenced by a strategic business transition shifting a major share of operating volumes away from tolling arrangements toward owned manufacturing activities.
Module production during Q2 FY27 stood at 148 MW, while module sales volume was recorded at 98 MW, reflecting the shifting operational mix and broader industry conditions.
Management noted that the quarterly financial results occurred against an operating backdrop characterized by evolving regulatory requirements, geopolitical uncertainty, and elevated raw material costs across the solar manufacturing sector.
01 · Business model
What does Indosolar do?
Indosolar Limited operates as a solar photovoltaic (PV) module manufacturer with an installed manufacturing capacity of 1.3 GW situated at its facility in Greater Noida, Uttar Pradesh.
The company functions as a subsidiary of Waaree Energies Limited, India's largest solar module manufacturer, operating within the domestic renewable energy sector.
Indosolar's commercial model spans both contract manufacturing (tolling) arrangements and direct owned manufacturing and sale of solar photovoltaic modules to energy developers and utility projects.
The primary revenue engine involves processing raw solar cells into finished PV modules or selling manufactured solar products to support India's clean energy infrastructure.
02 · Historical context
What shaped the business before this quarter
Indosolar operates as a subsidiary of Waaree Energies Limited, leveraging its parent company's ecosystem in the Indian solar manufacturing landscape.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹155.59 Cr | ₹68.36 Cr |
| Total income | ₹157.17 Cr | ₹76.75 Cr |
| Profit before tax | ₹6.71 Cr | ₹47.47 Cr |
| Profit after tax | ₹5.02 Cr | ₹36.62 Cr |
| EPS | ₹1.20 | ₹8.80 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 3.2% 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.
Profit before tax was equivalent to 4.3% 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.
Total income exceeded operating revenue by ₹1.58 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
Revenue from the sale of goods stood at ₹152.77 crore in Q2 FY27, while sale of services contributed ₹2.82 crore, reflecting a restructuring of revenue sources compared to Q1 FY27 where service revenue predominated.
During Q2 FY27, the company produced 148 MW of solar modules and sold 98 MW, demonstrating the physical output underpinning the reported operating revenue.
What drove margins
Cost of materials consumed rose to ₹232.12 crore in Q2 FY27, offset by a significant inventory change adjustment of negative ₹105.92 crore, reflecting inventory movements corresponding to production cycles.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
In accordance with Ind AS 108, the company identifies 'Manufacturing & Trading of Solar Photovoltaic Modules' as its only primary reportable segment, rendering separate segment reporting inapplicable.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Module production for Q2 FY27 reached 148 MW, compared to 244 MW in the corresponding quarter of the previous year.
07 · Strategy & new businesses
How the company is trying to change its growth mix
The Board of Directors approved a draft Scheme of Amalgamation on September 23, 2026, under Sections 230 to 232 of the Companies Act, 2013, to merge Indosolar Limited into Waaree Energies Limited, upon which Indosolar will dissolve without winding up.
08 · Reported developments
What changed operationally
Revenue from operations improved to ₹155.59 crore in Q2 FY27 from lower levels in the preceding quarter.
09 · Pressure points & risks
What is not going smoothly
PAT moderated to ₹5.02 crore in Q2 FY27 compared to ₹36.62 crore in Q1 FY27, driven by higher input material costs and lower capacity utilisation.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net cash generated from operating activities for the half year ended September 30, 2026, stood at ₹79.57 crore, driven by working capital adjustments including trade payable movements and government grant subsidies.
Cash and cash equivalents stood at ₹81.15 crore as of September 30, 2026, marking an increase from ₹1.09 crore at the end of March 2026.
Capital allocation & funding
Non-current lease liabilities stood at ₹3.09 crore as of September 30, 2026, alongside current lease liabilities of ₹0.10 crore, with no major external debt borrowings reported in the balance sheet.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Amalgamation Milestone
Management stated that the proposed amalgamation with Waaree Energies is intended to create operational synergies, enhance market competitiveness, and establish a foundation for sustainable growth.
12 · Previous-quarter changes
What changed since the previous quarter
While revenue expanded sequentially from Q1 FY27, PAT contracted from ₹36.62 crore to ₹5.02 crore due to shifting revenue mixes between product sales and services alongside raw material cost pressures.
13 · Key Q&A
The quarter, answered directly
What does Indosolar do?
Indosolar Limited operates as a solar photovoltaic (PV) module manufacturer with an installed manufacturing capacity of 1.3 GW situated at its facility in Greater Noida, Uttar Pradesh.
What is the clearest takeaway from Q2 FY27?
Indosolar Limited reported revenue from operations of ₹155.59 crore for Q2 FY27, representing a sequential recovery compared to the previous quarter's revenue of ₹83.98 crore (derived from 1,397.42 lakhs in sale of goods and 5,438.72 lakhs in sale of services).
What drove revenue or demand?
Revenue from the sale of goods stood at ₹152.77 crore in Q2 FY27, while sale of services contributed ₹2.82 crore, reflecting a restructuring of revenue sources compared to Q1 FY27 where service revenue predominated.
What mattered most for margins or profitability?
Cost of materials consumed rose to ₹232.12 crore in Q2 FY27, offset by a significant inventory change adjustment of negative ₹105.92 crore, reflecting inventory movements corresponding to production cycles.
What changed operationally beyond the headline numbers?
Module production for Q2 FY27 reached 148 MW, compared to 244 MW in the corresponding quarter of the previous year.
What are the main pressure points disclosed for the quarter?
PAT moderated to ₹5.02 crore in Q2 FY27 compared to ₹36.62 crore in Q1 FY27, driven by higher input material costs and lower capacity utilisation.
14 · 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
Scenario revenue / income₹0 cr
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.
15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Amalgamation Progress: Track regulatory and legal milestones regarding the proposed scheme of amalgamation with Waaree Energies Limited.
- 02
Capacity Utilisation and Volumes: Monitor module production and sales volume run-rates as the company transitions further into owned manufacturing.
Learn the metrics
Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.