Analysis: Indosolar Limited

NSE:WAAREEINDO Electric Equipment - General Market cap: ₹1.1K cr

What does Indosolar Limited do?

  • Indosolar Limited is a solar energy solutions provider, headquartered in New Delhi, India.
  • The company operates under the Waaree Energies Limited group, with 96.15% ownership as of March 2025.
  • Listed on NSE (WAAREEINDO) and BSE (533257), with a focus on solar module manufacturing and related services.
  • Primarily engaged in manufacturing and sale of solar photovoltaic modules.
  • Provides solar energy solutions including project development, EPC services, and maintenance.

Growth thesis

Indosolar Ltd specializes in solar energy solutions within the electric equipment sector. Limited data obscures specific business lines, but the company likely benefits from India’s renewable energy adoption and policy tailwinds. Growth drivers remain undefined due to absence of disclosed guidance, operational milestones, or thematic exposures. Over 2-3 years, performance may track solar industry expansion, though margin stability and project execution risks persist without transparent financial or operational metrics. Insufficient management commentary or quantified catalysts hinder assessment of execution risks or growth trajectory.

Research report

companyname: Indosolar Limited ticker: WAAREEINDO sector: Solar Photovoltaic (PV) Module Manufacturing / Renewable Energy Indosolar manufactures solar photovoltaic modules at a single plant in Greater Noida, Uttar Pradesh, with an installed capacity of 1.3 GW per annum. It has been a subsidiary of Waaree Energies Limited since the current management took over on May 18, 2022, following the company's exit from a Corporate Insolvency Resolution Process. Waaree Energies holds 74.93% of paid-up sha...

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RS rating: 4 Stage: Stage 4

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