Waaree Owned Indosolar Continues Recovery With Q2 Results, Topline Crosses Rs 200 crores During Q2

Indosolar Limited, which is owned by Waaree Energies Limited and serves a significant manufacturing foothold in North India for the group now with its plant in Greater Noida, has reported its Q2 quarterly results for the quarter ending September 30. Waaree Group Head Hitesh Doshi is the Chairman and Managing Director at Indosolar as well. 

The firm closed the quarter with a turnover of Rs 202 crores in Q2, as compared to the Rs 196 crores in the previous quarter. Comparisosn with the corresponding quarter last year are not so relevant as production restart has barely started around this time last year. Its turnover for the full year in Fy25 was Rs 324 crores, with net profit of Rs 54 crores. The company currebtly operates a module manufacturing line of 1.3 GW that can churn out n-type Bifacial and TOPCon modules.

Net profit, at Rs  46.33 crores indicate a healthy 20% plus margins for the rehabilitated firm. Comparisons with the previous quarter, when it showed a net profit of Rs 116 crores are again not relevant as the latter figure included a deferred tax credit of over Rs 61 crores.

Since its relisting on the stock exchanges, the solar manufacturing firm has seen its stock price hit over Rs 700 levels, and currently trades at Rs 678. On September 18, Waaree Energies had dovested a 15% stake in the firm to comply with exchange trading norms and bring down its own shareholding to 80%. 

The Indosolar stock, trading at Rs 711 currently, trades at an annualised PE of less than 12 possibly, if we assume similar numbers for the remaining two quarters and add that to the current eps of Rs 39 for the half year. That would make it one of the cheapest solar stocks going around, although doubts on future expansions are probably what is keeping investors wary of any further entry into the firm.