{"id":74715,"date":"2026-04-21T12:55:42","date_gmt":"2026-04-21T07:25:42","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=74715"},"modified":"2026-04-21T12:55:44","modified_gmt":"2026-04-21T07:25:44","slug":"indosolar-q4-fy26-results-pat-247-crore-350-percent-growth-waaree-group","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/indosolar-q4-fy26-results-pat-247-crore-350-percent-growth-waaree-group\/","title":{"rendered":"Indosolar Q4 FY26 Results: FY26 PAT Surges 350% to \u20b9247 Crore, Revenue Doubles to \u20b9680 Crore \u2014 Waaree Group Solar Cell Maker Completes Remarkable Turnaround"},"content":{"rendered":"<p>Indosolar Limited \u2014 the Noida-based solar cell and module manufacturer now operating as part of the Waaree Group \u2014 delivered a landmark FY26 performance, completing one of the most dramatic financial turnarounds in India&#8217;s solar manufacturing sector. FY26 full-year revenue from operations jumped 109.9% to \u20b9679.85 crore from \u20b9323.91 crore in FY25. EBITDA surged 184.9% to \u20b9270.75 crore, with the margin expanding significantly to 39.82% from 29.34%. Net profit (PAT) for FY26 grew 350.2% to \u20b9246.60 crore from \u20b954.78 crore in FY25.<\/p><p>For Q4 FY26 specifically, PAT was \u20b942.00 crore \u2014 up 4.9% YoY from \u20b940.04 crore in Q4 FY25, though revenue fell significantly to \u20b983.10 crore from \u20b9192.00 crore in Q4 FY25. The CEO explained this revenue decline was due to a strategic shift from direct module sales to tolling contracts \u2014 a business model change where Indosolar processes cells for other solar companies rather than selling finished modules directly. Despite the Q4 revenue decline, EBITDA still grew 28.2% to \u20b964.33 crore, confirming higher profitability per unit under the tolling model. The stock hit a 5% upper circuit on the NSE on April 20.<\/p><p>Track Indosolar on <a href=\"https:\/\/univest.in\/user\/log-in\">Univest<\/a>.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/indosolar-q4-fy26-results-pat-247-crore-350-percent-growth-waaree-group\/#Indosolar_Q4_FY26_Financial_Results\" title=\"Indosolar Q4 FY26 Financial Results\">Indosolar Q4 FY26 Financial Results<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/indosolar-q4-fy26-results-pat-247-crore-350-percent-growth-waaree-group\/#The_Waaree_Group_Transformation\" title=\"The Waaree Group Transformation\">The Waaree Group Transformation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/indosolar-q4-fy26-results-pat-247-crore-350-percent-growth-waaree-group\/#Tolling_Model_Higher_Margin_Lower_Revenue_Visibility\" title=\"Tolling Model: Higher Margin, Lower Revenue Visibility\">Tolling Model: Higher Margin, Lower Revenue Visibility<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/indosolar-q4-fy26-results-pat-247-crore-350-percent-growth-waaree-group\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/indosolar-q4-fy26-results-pat-247-crore-350-percent-growth-waaree-group\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/indosolar-q4-fy26-results-pat-247-crore-350-percent-growth-waaree-group\/#1_What_was_Indosolar_Q4_FY26_PAT\" title=\"1. What was Indosolar Q4 FY26 PAT?\">1. What was Indosolar Q4 FY26 PAT?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/indosolar-q4-fy26-results-pat-247-crore-350-percent-growth-waaree-group\/#2_What_is_Indosolar_FY26_full-year_performance\" title=\"2. What is Indosolar FY26 full-year performance?\">2. What is Indosolar FY26 full-year performance?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/indosolar-q4-fy26-results-pat-247-crore-350-percent-growth-waaree-group\/#3_Why_did_Q4_FY26_revenue_fall_despite_strong_profits\" title=\"3. Why did Q4 FY26 revenue fall despite strong profits?\">3. Why did Q4 FY26 revenue fall despite strong profits?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/indosolar-q4-fy26-results-pat-247-crore-350-percent-growth-waaree-group\/#4_Who_owns_Indosolar\" title=\"4. Who owns Indosolar?\">4. Who owns Indosolar?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/indosolar-q4-fy26-results-pat-247-crore-350-percent-growth-waaree-group\/#5_What_is_Indosolars_manufacturing_capacity\" title=\"5. What is Indosolar&#8217;s manufacturing capacity?\">5. What is Indosolar&#8217;s manufacturing capacity?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/indosolar-q4-fy26-results-pat-247-crore-350-percent-growth-waaree-group\/#6_Is_Indosolar_debt-free\" title=\"6. Is Indosolar debt-free?\">6. Is Indosolar debt-free?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/indosolar-q4-fy26-results-pat-247-crore-350-percent-growth-waaree-group\/#7_When_do_TCS_announce_Q4_results\" title=\"7. When do TCS announce Q4 results?\">7. When do TCS announce Q4 results?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/indosolar-q4-fy26-results-pat-247-crore-350-percent-growth-waaree-group\/#8_Is_Indosolar_a_good_investment\" title=\"8. Is Indosolar a good investment?\">8. Is Indosolar a good investment?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/indosolar-q4-fy26-results-pat-247-crore-350-percent-growth-waaree-group\/#Recent_Article\" title=\"Recent Article\">Recent Article<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Indosolar_Q4_FY26_Financial_Results\"><\/span><strong>Indosolar Q4 FY26 Financial Results<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Metric<\/strong><\/td><td><strong>Q4 FY25<\/strong><\/td><td><strong>Q4 FY26 (Actual)<\/strong><\/td><td><strong>FY26 Full Year<\/strong><\/td><\/tr><tr><td>Revenue from Ops<\/td><td>\u20b9192.00 Cr<\/td><td>\u20b983.10 Cr (tolling shift)<\/td><td>\u20b9679.85 Cr (+110% YoY)<\/td><\/tr><tr><td>EBITDA<\/td><td>\u2014<\/td><td>\u20b964.33 Cr (+28.2% YoY)<\/td><td>\u20b9270.75 Cr (+184.9%)<\/td><\/tr><tr><td>EBITDA Margin<\/td><td>\u2014<\/td><td>~77.4%<\/td><td>39.82% (vs 29.34% FY25)<\/td><\/tr><tr><td>Net Profit (PAT)<\/td><td>\u20b940.04 Cr<\/td><td>\u20b942.00 Cr (+4.9% YoY)<\/td><td>\u20b9246.60 Cr (+350.2%)<\/td><\/tr><tr><td>Module Production<\/td><td>\u2014<\/td><td>\u2014<\/td><td>1,051 MW (vs 589 MW FY25)<\/td><\/tr><tr><td>Finance Costs<\/td><td>\u20b9174.87 Lakh<\/td><td>\u20b91.13 Lakh<\/td><td>Near-zero (deleveraged)<\/td><\/tr><tr><td>FY26 PAT Margin<\/td><td>\u2014<\/td><td>\u2014<\/td><td>36.19% (vs 16.87% FY25)<\/td><\/tr><tr><td>Reserves<\/td><td>\u20b9(118.88) Lakh FY25<\/td><td>\u2014<\/td><td>\u20b924,540.41 Lakh FY26<\/td><\/tr><\/tbody><\/table><\/figure><p>Source: Indosolar audited results, SauEnergy, EquityBulls, PowerPeakDigest, BSE\/NSE filing April 20, 2026.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Waaree_Group_Transformation\"><\/span><strong>The Waaree Group Transformation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>Indosolar&#8217;s transformation is directly tied to its acquisition by Waaree Energies \u2014 India&#8217;s largest solar panel manufacturer. Under Waaree&#8217;s stewardship, Indosolar has scaled module production from 589 MW in FY25 to 1,051 MW in FY26 \u2014 a 78% YoY increase. The company has a 1.3 GW manufacturing capacity at its Noida facility and is investing in next-generation G12 module manufacturing technology to align with market demand for larger-format solar panels.<\/p><p>Critically, Indosolar has wiped out its accumulated losses \u2014 reserves turned from negative \u20b9118.88 lakh (FY25) to positive \u20b924,540.41 lakh (FY26). The balance sheet is now essentially debt-free, with finance costs collapsing from \u20b9174.87 lakh in Q4 FY25 to just \u20b91.13 lakh in Q4 FY26. This financial transformation reflects Waaree&#8217;s capital injection and operational restructuring.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tolling_Model_Higher_Margin_Lower_Revenue_Visibility\"><\/span><strong>Tolling Model: Higher Margin, Lower Revenue Visibility<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>The shift from direct module sales to tolling in Q4 FY26 is strategically significant. Under a tolling model, Indosolar processes solar cells provided by customers (other solar developers or EPCs) into finished modules, charging a processing fee. This reduces revenue (no raw material pass-through) but improves margin certainty \u2014 tolling fees are more predictable than module commodity pricing. The Q4 FY26 EBITDA of \u20b964.33 crore on \u20b983.10 crore revenue (77%+ EBITDA margin) validates this model&#8217;s profitability.<\/p><p>Screen Indosolar fundamentals on <a href=\"https:\/\/univest.in\/screeners\">Univest Screener<\/a>.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>Indosolar&#8217;s FY26 results tell a powerful turnaround story: 350% PAT growth, accumulated losses wiped, debt-free balance sheet, and 1 GW+ module output for the first time. The Waaree Group integration is delivering measurable financial transformation. The Q4 revenue decline (tolling shift) is a business model evolution, not a deterioration. The 5% upper circuit on April 20 reflects market recognition of this exceptional performance. FY27 will be important to monitor for G12 technology adoption and whether the tolling model sustains its margin profile.<\/p><p>For more Q4 FY26 results, visit <a href=\"https:\/\/univest.in\/blogs\">Univest Blogs<\/a>.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_What_was_Indosolar_Q4_FY26_PAT\"><\/span><strong>1. What was Indosolar Q4 FY26 PAT?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>\u20b942.00 crore \u2014 up 4.9% YoY from \u20b940.04 crore. Q4 revenue was \u20b983.10 crore (lower due to shift to tolling contracts), while EBITDA grew 28.2% to \u20b964.33 crore.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_What_is_Indosolar_FY26_full-year_performance\"><\/span><strong>2. What is Indosolar FY26 full-year performance?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>Revenue \u20b9679.85 crore (+110% YoY), EBITDA \u20b9270.75 crore (+184.9%), EBITDA margin 39.82%, PAT \u20b9246.60 crore (+350.2%). Module output reached 1,051 MW, up from 589 MW in FY25.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_Why_did_Q4_FY26_revenue_fall_despite_strong_profits\"><\/span><strong>3. Why did Q4 FY26 revenue fall despite strong profits?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>Indosolar shifted from direct module sales to tolling contracts in Q4 FY26. Under tolling, revenue is lower (no raw material pass-through) but margins are higher and more predictable. This is a strategic model change, not a demand-side issue.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Who_owns_Indosolar\"><\/span><strong>4. Who owns Indosolar?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>Indosolar Limited is part of the Waaree Group \u2014 India&#8217;s largest solar panel manufacturer. Waaree Energies is the parent. The Waaree Group integration has driven Indosolar&#8217;s operational and financial transformation.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_What_is_Indosolars_manufacturing_capacity\"><\/span><strong>5. What is Indosolar&#8217;s manufacturing capacity?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>1.3 GW at its Noida facility. Module production in FY26 was 1,051 MW (vs 589 MW FY25). The company is investing in G12 module technology for larger-format, higher-efficiency panels.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_Is_Indosolar_debt-free\"><\/span><strong>6. Is Indosolar debt-free?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>Yes. Finance costs collapsed to just \u20b91.13 lakh in Q4 FY26 from \u20b9174.87 lakh in Q4 FY25. The balance sheet is essentially debt-free after Waaree Group&#8217;s capital injection and operational restructuring.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"7_When_do_TCS_announce_Q4_results\"><\/span><strong>7. When do TCS announce Q4 results?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p><a href=\"https:\/\/univest.in\/blogs\/tcs-q4-results-2026-date-preview\">TCS declared Q4 FY26 results on April 9, 2026<\/a>. <\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"8_Is_Indosolar_a_good_investment\"><\/span><strong>8. Is Indosolar a good investment?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>Indosolar&#8217;s FY26 turnaround is exceptional by any metric \u2014 350% PAT growth, debt-free, accumulated losses wiped. The Waaree Group backing and India&#8217;s solar sector tailwinds are strong. Key risks: solar module commodity price cycles, government policy changes, and tolling model sustainability. The stock has moved significantly \u2014 assess entry at current valuations carefully. Consult a SEBI-registered advisor before investing.<\/p><p>Disclaimer: Investment in the share market is subject to risk. This article is for informational and educational purposes only. All financial data sourced from publicly available NSE\/BSE filings and news sources. Verify all numbers before investing. Consult a SEBI-registered advisor before making investment decisions.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Recent_Article\"><\/span><strong>Recent Article<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p><a href=\"https:\/\/univest.in\/blogs\/vrl-logistics-q4-results-2026-2\">VRL Logistics Q4 Results 2026: Date, Revenue, PAT and Analyst Outlook<\/a><\/p><p><a href=\"https:\/\/univest.in\/blogs\/vraj-iron-and-steel-q4-results-2026\">Vraj Iron and Steel Q4 Results 2026: Date, Revenue, PAT and Analyst Outlook<\/a><\/p><p><a href=\"https:\/\/univest.in\/blogs\/voltas-q4-results-2026\">Voltas Q4 Results 2026: Date, Revenue, PAT and Analyst Outlook<\/a><\/p><p><a href=\"https:\/\/univest.in\/blogs\/voltamp-transformers-q4-results-2026\">Voltamp Transformers Q4 Results 2026: Date, Revenue, PAT and Analyst Outlook<\/a><\/p><p><a href=\"https:\/\/univest.in\/blogs\/vodafone-idea-q4-results-2026\">Vodafone Idea Q4 Results 2026: Date, Revenue, PAT and Analyst Outlook<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Indosolar Limited \u2014 the Noida-based solar cell and module manufacturer now operating as part of the Waaree Group \u2014 delivered a landmark FY26 performance, completing one of the most dramatic financial turnarounds in India&#8217;s solar manufacturing sector. FY26 full-year revenue from operations jumped 109.9% to \u20b9679.85 crore from \u20b9323.91 crore in FY25. EBITDA surged 184.9%<\/p>\n","protected":false},"author":23,"featured_media":74719,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[842],"tags":[4069],"class_list":["post-74715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-q4-fy26-results-2"],"metadata":{"_edit_lock":["1776756397:23"],"_last_editor_used_jetpack":["block-editor"],"rank_math_internal_links_processed":["1"],"rank_math_seo_score":["66"],"rank_math_primary_category":["842"],"rank_math_robots":["a:2:{i:0;s:8:\"nofollow\";i:1;s:7:\"noindex\";}"],"rank_math_title":["Indosolar Q4 FY26 Results: FY26 PAT Jumps 350% to \u20b9247 Crore, Revenue Doubles to \u20b9680 Crore \u2014 Complete Turnaround Under Waaree Group"],"rank_math_description":["Indosolar Q4 FY26 results: FY26 PAT \u20b9246.60 Cr (+350.2% YoY), revenue \u20b9679.85 Cr (+110%), EBITDA margin 39.82%, module output 1,051 MW. 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