Indosolar appoints Dr Jignesh Rathod as CEO, posts strong Q3 FY26 results

Indosolar Limited, a subsidiary of Waaree Energies Limited, has announced changes in its senior leadership following a recent Board meeting. The Board approved the appointment of Dr Jignesh Devchandbhai Rathod as an Additional Director in a Non-Executive capacity and as Chief Executive Officer (CEO), effective January 16, 2026. His appointment as Director is subject to shareholder approval.

At the same meeting, the Board accepted the resignation of Mr Amit Ashok Paithankar from his positions as Non-Executive Director and CEO, effective at the close of business on January 16, 2026. Mr Paithankar cited other commitments and personal reasons for stepping down.

Dr Rathod is currently Director – Operations at Waaree Energies Limited and will assume the CEO role at Indosolar. He has over 18 years of experience in the solar manufacturing sector and has been involved in scaling manufacturing operations within the Waaree group. His academic qualifications include a Bachelor of Engineering, an MBA for Working Executives, and a PhD in Business Administration.

The Board also approved Indosolar’s standalone unaudited financial results for the quarter and nine months ended December 31, 2025. For Q3 FY26, the company reported total income of Rs 199.70 crore, compared to Rs 103.90 crore in Q3 FY25. Earnings before interest, tax, depreciation, and amortisation (EBITDA) rose to Rs 71.17 crore, while profit after tax (PAT) increased to Rs 41.47 crore.

For the nine-month period ended December 31, 2025, total income stood at Rs 597.13 crore, up from Rs 132.16 crore in the corresponding period of the previous year. EBITDA for 9M FY26 was Rs 206.80 crore, and PAT was Rs 204.60 crore.

In other decisions, the Board approved a proposal to shift the company’s registered office from the National Capital Territory of Delhi to the State of Maharashtra, subject to statutory and shareholder approvals.