Indosolar Limited has transitioned from a period of suspended operations and insolvency into a high-growth manufacturing subsidiary of **Waaree Energies Limited**, India’s largest solar module manufacturer. Following a **Corporate Insolvency Resolution Process (CIRP)** and an **NCLT-approved resolution plan** on **April 21, 2022**, the company has undergone a total capital and operational restructuring. After nearly six years of inactivity (since **May 2018**), Indosolar successfully resumed commercial production on **July 11, 2024**. The company is now positioned as a specialized manufacturer of solar photovoltaic (PV) modules, leveraging the brand equity and technical expertise of the **Waaree Group** to capitalize on India’s aggressive decarbonization targets. --- ### **Manufacturing Infrastructure & Technological Upgrade** The company’s revival is anchored by its modernized production hub in Northern India, which has been repurposed from cell manufacturing to high-efficiency module production. * **Location:** **Udyog Vihar, Greater Noida, Uttar Pradesh**. * **Current Capacity:** **1.3 GW** of solar module manufacturing. * **Strategic Capex:** The facility was upgraded with **new technology** to enhance productivity while maintaining a **low-capex model** by utilizing existing infrastructure. This approach ensured the shortest possible lead time for the recommencement of business. * **Operational Timeline:** With production starting in **July 2024**, the fiscal year **FY26** marks the first full year of post-revival operations. --- ### **Post-Revival Financial Performance** Since resuming operations, Indosolar has demonstrated exponential growth in revenue and profitability, reflecting the successful integration into the Waaree supply chain. | Metric | Q2 FY26 | Q2 FY25 | Growth (YoY) | | :--- | :--- | :--- | :--- | | **Total Income** | **₹ 202.56 Crores** | **₹ 28.16 Crores** | **+619.32%** | | **EBITDA** | **₹ 70.74 Crores** | **₹ 21.64 Crores** | **+226.89%** | | **H1 Total Income** | **₹ 398.56 Crores** | **₹ 28.26 Crores** | **+1,310.33%** | **Nine-Month (9M) Performance Trends:** * **9M FY26 Total Income:** **₹ 597.13 Crores** (compared to **₹ 132.16 Crores** in 9M FY25). * **9M FY26 EBITDA:** **₹ 206.80 Crores** (compared to **₹ 45.12 Crores** in 9M FY25). --- ### **Ownership Structure & Regulatory Compliance Roadmap** The acquisition by **Waaree Energies Limited** involved a drastic restructuring of the company’s equity base to clear legacy liabilities and align with the new promoter’s vision. * **Capital Reduction:** As part of the NCLT plan, existing public shareholding was reduced by **99%** (a **1:100 ratio**), and erstwhile promoter holdings were reduced by **100%**. * **Promoter Holding:** **Waaree Energies Limited** initially held **96.15%** of the equity. To comply with **Minimum Public Shareholding (MPS)** requirements, the promoter executed an Offer for Sale (OFS) of **10,00,000 shares (2.40%)** in July 2025 and proposed a further sale of **61,00,000 shares (14.66%)** in September 2025. * **Current Holding:** As of January 2026, Waaree Energies holds **74.93%** of the equity share capital. * **Corporate Integration:** The Board approved shifting the Registered Office from **New Delhi** to **Maharashtra** in January 2026 to ensure seamless coordination with the parent company’s Mumbai headquarters. --- ### **Debt Resolution & Capital Management** The company has successfully cleared its historical debt burden, providing a clean slate for future expansion. * **Debt Extinguishment:** The company recognized exceptional gains of approximately **₹ 1,770.64 Crores** (combined filings) due to the extinguishment of financial liabilities under the resolution plan. * **Creditor Settlement:** Financial creditors have been paid in full, ahead of the timelines prescribed by the NCLT. * **Future Funding:** The Board has authorized borrowing limits up to **₹ 500 Crores** to secure working capital and future growth. * **Preference Shares:** The company maintains an authorized preference share capital of **₹ 500 Crores**, having previously utilized Optionally Convertible Cumulative Redeemable Preference Shares (OCCRPS) for settlements with Union Bank of India. --- ### **Strategic Positioning & Market Synergies** Indosolar’s business model is designed to mitigate the risks of the capital-intensive solar sector through its relationship with the Waaree Group. * **Group Synergies:** Direct access to Waaree’s established customer networks, global supply chain, and operational expertise. * **Policy Alignment:** Operations are aligned with the **Government of India’s ALMM (Approved List of Models and Manufacturers)**, which provides a competitive moat against non-approved imports. * **Tax Optimization:** The company recognized deferred tax assets of **₹ 61.64 Crores** in June 2025, anticipating sustained future taxable profits. --- ### **Critical Risk Factors & Legacy Challenges** Despite the successful turnaround, several operational and regulatory hurdles remain: * **Listing & Trading Status:** Trading of Indosolar shares has been suspended since **June 27, 2022**. Relisting applications with the **BSE and NSE** are currently pending, delayed by procedural compliance regarding the capital reduction and MPS requirements. * **Governance Backlog:** Due to the suspension and inability to verify the shareholder base during the transition, the company has faced delays in holding **Annual General Meetings (AGMs)** and providing e-voting facilities, leading to technical non-compliance with **SEBI LODR**. * **Management Turnover:** The company has experienced recent instability in the finance function, with two **CFO resignations** (Pratik J. Shah in Oct 2024 and Sonal Shrivastava in March 2026). * **Legacy Export Obligations:** The company faces potential liabilities related to a **negative Net Foreign Exchange (NFE) of ₹ 312.13 Crores** stemming from its previous status as an Export Oriented Unit (EOU). * **Market & Commodity Risks:** High sensitivity to **USD/INR volatility** (unhedged payables of **$4.09 Million** for capital goods) and the requirement for constant **CAPEX infusion** to keep pace with evolving solar cell technologies.