Indosolar Reports Q2FY26 Net Profit of ₹4.63 Crore on Higher Production; Revenue Crosses ₹202 Crore

New Delhi, 10th October 2025: Indosolar Limited (BSE: 533257, NSE: INDSOLAR) announced its unaudited results for the quarter ended September 30, 2025, highlighting a strong operational recovery supported by increased output at its Greater Noida manufacturing facility.

Indosolar Limited, a par of the Waaree Group, is a manufacturer of solar photovoltaic modules in New Delhi. Its Greater Noida factory serves both domestic and overseas markets, with the main goal of increasing production and improving the value chain for solar energy solutions. The company is listed on both the BSE and the NSE.

Quarterly Financial Performance

During Q2FY26, Indosolar recorded revenue from operations of ₹202.5 crore, a significant increase from ₹28.1 crore in the same quarter last year. The company posted a net profit of ₹4.63 crore, driven by higher production volumes and successful cost-efficiency measures. This strong performance continues the operational turnaround initiated earlier this fiscal year. Basic and diluted earnings per share for the quarter stood at ₹11.14.

Half-Yearly Highlights

For H1 FY26, revenue reached ₹397.2 crore, compared to ₹28.1 crore in H1 FY25, while net profit totaled ₹16.31 crore. The company’s profit before tax for the first half was ₹116.3 crore, supported by deferred tax assets recognized earlier in the year, underscoring management’s confidence in future taxable profits.

Balance Sheet and Liquidity

As of September 30, 2025, Indosolar had total assets of ₹335.5 crore, with cash and cash equivalents of ₹7.55 crore. Equity stood at ₹203.5 crore, reflecting a strong balance sheet after fully reducing borrowings to nil. Inventories and trade receivables increased in line with higher production and sales volumes.

Cash Flow Position

The operating cash flow of the company stood at ₹71.28 crore during H1 FY26, while cash flows from investing and financing activities were negative at ₹11.05 crore and ₹65.71 crore, respectively. Cash at bank and in hand at the end of the period amounted to ₹7.55 crore, indicating better liquidity and financial flexibility.

Management Commentary

Chairman and Managing Director Hitesh C. Doshi said that the Greater Noida plant has now reached a stable commercial scale, allowing it to capture higher margins and profits. He reiterated that the achievement of the excellent outcomes was largely due to the consistently applied cost control measures and the efficient use of capacity.

Strategic Outlook

With a strengthened equity base, zero borrowings, and stable operations, Indosolar is well-positioned to expand module production and deepen integration across the solar value chain. The company aims to capitalize on India’s growing solar manufacturing demand, focusing on sustainable growth and operational efficiency.

REF: https://nsearchives.nseindia.com/corporate/INDOSOLAR20_10102025125753_FRSEPT2025.pdf

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