Indosolar reports Rs 68.36 crore revenue in Q1 amid business shift
Indosolar Limited, a subsidiary of Waaree Energies Limited, reported revenue from operations of Rs 68.36 crore for the quarter ended June 30, 2026, compared with Rs 194.68 crore in the corresponding quarter of the previous year.
The company said the 64.89% year-on-year decline in revenue was primarily due to a transition in its business model, with the current quarter reflecting a greater contribution from tolling contracts as opposed to direct distribution and trading activities recorded during Q1 FY26.
Despite lower revenue, Indosolar reported improved profitability margins during the quarter, supported by operational efficiencies.
Financial performance
EBITDA for Q1 FY27 stood at Rs 48.46 crore, compared with Rs 63.57 crore in Q1 FY26, representing a decline of 23.77%.
However, EBITDA margin increased sharply to 70.89% from 32.65% in the corresponding period last year, reflecting an expansion of 117.11% on a year-on-year basis.
Profit after tax (PAT) for the quarter stood at Rs 36.62 crore, down 68.65% from Rs 116.79 crore reported in Q1 FY26. PAT margin declined to 47.71% from 59.59% a year earlier.
The company’s performance indicates a shift towards higher-margin manufacturing and tolling activities, even as overall revenue and profitability moderated compared to the previous year.
Operations
Indosolar produced 224 MW of solar modules during the quarter, compared with 244 MW in Q1 FY26. Module sales stood at 218 MW, down from 231 MW during the corresponding quarter of the previous year.
The operational figures reflect relatively stable manufacturing activity despite changes in the company’s revenue mix.
Commenting on the results, Mr. Jignesh Rathod, Director and Chief Executive Officer, Indosolar Limited, said: “Our focus on operational efficiency and manufacturing excellence has driven improved EBITDA margins. While the industry was undergoing the policy transition, our disciplined execution, operational agility, and manufacturing capabilities enabled us to navigate the evolving environment effectively. Our advanced solar module manufacturing capabilities allow us to offer high-efficiency products, strengthen our competitive advantage, and improve our ability to address evolving customer and market requirements.”
