Indosolar Q4 FY26 Results: FY26 PAT Surges 350% to ₹247 Crore, Revenue Doubles to ₹680 Crore — Waaree Group Solar Cell Maker Completes Remarkable Turnaround

Tue Apr 21 2026

Indosolar Limited — the Noida-based solar cell and module manufacturer now operating as part of the Waaree Group — delivered a landmark FY26 performance, completing one of the most dramatic financial turnarounds in India’s solar manufacturing sector. FY26 full-year revenue from operations jumped 109.9% to ₹679.85 crore from ₹323.91 crore in FY25. EBITDA surged 184.9% to ₹270.75 crore, with the margin expanding significantly to 39.82% from 29.34%. Net profit (PAT) for FY26 grew 350.2% to ₹246.60 crore from ₹54.78 crore in FY25.

For Q4 FY26 specifically, PAT was ₹42.00 crore — up 4.9% YoY from ₹40.04 crore in Q4 FY25, though revenue fell significantly to ₹83.10 crore from ₹192.00 crore in Q4 FY25. The CEO explained this revenue decline was due to a strategic shift from direct module sales to tolling contracts — 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 ₹64.33 crore, confirming higher profitability per unit under the tolling model. The stock hit a 5% upper circuit on the NSE on April 20.

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Table of Contents

Indosolar Q4 FY26 Financial Results

Metric	Q4 FY25	Q4 FY26 (Actual)	FY26 Full Year
Revenue from Ops	₹192.00 Cr	₹83.10 Cr (tolling shift)	₹679.85 Cr (+110% YoY)
EBITDA	—	₹64.33 Cr (+28.2% YoY)	₹270.75 Cr (+184.9%)
EBITDA Margin	—	~77.4%	39.82% (vs 29.34% FY25)
Net Profit (PAT)	₹40.04 Cr	₹42.00 Cr (+4.9% YoY)	₹246.60 Cr (+350.2%)
Module Production	—	—	1,051 MW (vs 589 MW FY25)
Finance Costs	₹174.87 Lakh	₹1.13 Lakh	Near-zero (deleveraged)
FY26 PAT Margin	—	—	36.19% (vs 16.87% FY25)
Reserves	₹(118.88) Lakh FY25	—	₹24,540.41 Lakh FY26

Source: Indosolar audited results, SauEnergy, EquityBulls, PowerPeakDigest, BSE/NSE filing April 20, 2026.

The Waaree Group Transformation

Indosolar’s transformation is directly tied to its acquisition by Waaree Energies — India’s largest solar panel manufacturer. Under Waaree’s stewardship, Indosolar has scaled module production from 589 MW in FY25 to 1,051 MW in FY26 — 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.

Critically, Indosolar has wiped out its accumulated losses — reserves turned from negative ₹118.88 lakh (FY25) to positive ₹24,540.41 lakh (FY26). The balance sheet is now essentially debt-free, with finance costs collapsing from ₹174.87 lakh in Q4 FY25 to just ₹1.13 lakh in Q4 FY26. This financial transformation reflects Waaree’s capital injection and operational restructuring.

Tolling Model: Higher Margin, Lower Revenue Visibility

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 — tolling fees are more predictable than module commodity pricing. The Q4 FY26 EBITDA of ₹64.33 crore on ₹83.10 crore revenue (77%+ EBITDA margin) validates this model’s profitability.

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Conclusion

Indosolar’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.

For more Q4 FY26 results, visit Univest Blogs.

Frequently Asked Questions

1. What was Indosolar Q4 FY26 PAT?

₹42.00 crore — up 4.9% YoY from ₹40.04 crore. Q4 revenue was ₹83.10 crore (lower due to shift to tolling contracts), while EBITDA grew 28.2% to ₹64.33 crore.

2. What is Indosolar FY26 full-year performance?

Revenue ₹679.85 crore (+110% YoY), EBITDA ₹270.75 crore (+184.9%), EBITDA margin 39.82%, PAT ₹246.60 crore (+350.2%). Module output reached 1,051 MW, up from 589 MW in FY25.

3. Why did Q4 FY26 revenue fall despite strong profits?

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.

4. Who owns Indosolar?

Indosolar Limited is part of the Waaree Group — India’s largest solar panel manufacturer. Waaree Energies is the parent. The Waaree Group integration has driven Indosolar’s operational and financial transformation.

5. What is Indosolar’s manufacturing capacity?

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.

6. Is Indosolar debt-free?

Yes. Finance costs collapsed to just ₹1.13 lakh in Q4 FY26 from ₹174.87 lakh in Q4 FY25. The balance sheet is essentially debt-free after Waaree Group’s capital injection and operational restructuring.

7. When do TCS announce Q4 results?

TCS declared Q4 FY26 results on April 9, 2026.

8. Is Indosolar a good investment?

Indosolar’s FY26 turnaround is exceptional by any metric — 350% PAT growth, debt-free, accumulated losses wiped. The Waaree Group backing and India’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 — assess entry at current valuations carefully. Consult a SEBI-registered advisor before investing.

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.