Q2 results approved, auditor's review conclusion unmodified; draft scheme to amalgamate with Waaree Energies
Board meeting on October 21, 2026 approved standalone unaudited results for the quarter and half year ended September 30, 2026; the Audit Committee reviewed them first.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Total income | 15,716.68 | 20,255.90 | −22.4% | 7,674.84 | +105% |
| Profit before tax | 671.02 | 6,113.68 | −89% | 4,747.02 | −85.9% |
| Profit after tax | 501.85 | 4,633.76 | −89.2% | 3,661.93 | −86.3% |
| Total comprehensive income | 498.18 | 4,633.76 | −89.2% | 3,661.93 | −86.4% |
| Basic EPS | 1.20 | 11.14 | −89.2% | 8.80 | −86.4% |
- Total income
- Latest 15,716.68; Year ago 20,255.90 (−22.4%); Prev qtr 7,674.84 (+105%)
- Profit after tax
- Latest 501.85; Year ago 4,633.76 (−89.2%); Prev qtr 3,661.93 (−86.3%)
- Period
- Three Month Ended September 30, 2026 Unaudited
Auditor's review
Conclusion: Unmodified
Notes to the results
- Board on September 23, 2026 approved draft Scheme of Amalgamation of Indosolar Limited (Transferor) with Waaree Energies Limited (Transferee) under Sections 230-232; Indosolar to be dissolved without winding up.
What the board approved
The Board of Directors of Indosolar Limited met on Wednesday, October 21, 2026, from IST 16:30 to IST 17:30, and approved the standalone unaudited financial results for the quarter and half year ended September 30, 2026. The Audit Committee reviewed the results and the Board approved them at their respective meetings held the same day. The company states it does not have any subsidiary, associate or joint venture company as on September 30, 2026, so the results are standalone.
Auditor's review conclusion
SGCO & Co. LLP, Chartered Accountants, issued an independent limited review report on the statement. The conclusion is unmodified: nothing came to the auditors' attention that causes them to believe the statement is not prepared in accordance with the recognition and measurement principles of Ind AS 34, read with the relevant rules, or that it contains any material misstatement. A limited review is narrower in scope than an audit and is not an audit opinion.
Quarter ended September 30, 2026 (standalone, unaudited, Rs. lakh)
- Total Income: 15,716.68, against 20,255.90 in the quarter ended September 30, 2025
- Revenue from operations, Sale of Goods: 15,277.09
- Revenue from operations, Sale of Services: 281.54
- Total Expenses: 15,045.66, against 14,142.22
- Profit before tax: 671.02, against 6,113.68
- Profit after tax: 501.85, against 4,633.76
- Basic earnings per share: 1.20, against 11.14 (diluted: 1.20, against 11.14)
Half year ended September 30, 2026 (standalone, unaudited, Rs. lakh)
- Total Income: 23,391.52, against 39,855.53
- Profit before tax: 5,418.04, against 11,629.43
- Profit after tax: 4,163.78, against 16,313.02
- Basic earnings per share: 10.00, against 39.21 (diluted: 10.00, against 39.21)
Amalgamation with Waaree Energies
The notes to the results record that the Board, at its meeting held on September 23, 2026, approved a draft Scheme of Amalgamation under Sections 230 to 232 of the Companies Act, 2013, for the amalgamation of Indosolar Limited (the Transferor Company) with Waaree Energies Limited (the Transferee Company). Upon the Scheme becoming effective, Indosolar Limited shall stand dissolved without being wound up. What the Board approved is a draft scheme.
Balance sheet at September 30, 2026 (Rs. lakh)
- Total Equity: 32,860.89, against 28,700.78 as at March 31, 2026
- Total Assets: 48,295.78, against 34,440.30
- Inventories: 22,197.26, against 2,108.26
- Trade receivables: 1,625.60, against 20,961.51
- Cash and cash equivalents: 8,115.51, against 109.41
Cash flow for the half year (Rs. lakh)
- Net cash generated from operating activities: 7,956.70, against 7,127.51 a year earlier
- Net cash generated in investing activities: 49.40, against net cash used of 1,104.98
- Net increase in cash and cash equivalents: 8,006.10, against a net decrease of 548.14
- Cash and cash equivalents at the end of the period: 8,115.51, against 755.14
Business segment
The company states it has identified Manufacturing & Trading of Solar Photovoltaic Modules as its only primary reportable segment in accordance with Ind AS 108, and the results are presented on that basis.
Reading the numbers
All figures above are as printed in the statement, in Rs. lakh, and the results are standalone and unaudited; the year-ago and March 31, 2026 columns carry their own labels in the statement.
Also from Indosolar
Indosolar Q2 FY27 EBITDA margin falls to 9.52% as module sales drop to 98 MW from 249 MW
21 Oct 2026
Board meeting on October 21, 2026 to consider and approve Q2 and H1 FY27 results
15 Oct 2026
More numbers
- Total Income, half year ended September 30, 2026 (standalone)23,391.52
- Profit after tax, half year ended September 30, 2026 (standalone)4,163.78
- Cash and cash equivalents at end of period, September 30, 20268,115.51
- Total income, latest quarter15,716.68 (₹ in Lakhs)
- Total income, year-ago quarter20,255.90 (₹ in Lakhs)
- Total income, previous quarter7,674.84 (₹ in Lakhs)
- Total comprehensive income, latest quarter498.18 (₹ in Lakhs)
- Total comprehensive income, year-ago quarter4,633.76 (₹ in Lakhs)
- Total comprehensive income, previous quarter3,661.93 (₹ in Lakhs)
- Profit after tax, latest quarter501.85 (₹ in Lakhs)
- Profit after tax, year-ago quarter4,633.76 (₹ in Lakhs)
- Profit after tax, previous quarter3,661.93 (₹ in Lakhs)
- Profit before tax, latest quarter671.02 (₹ in Lakhs)
- Profit before tax, year-ago quarter6,113.68 (₹ in Lakhs)
- Profit before tax, previous quarter4,747.02 (₹ in Lakhs)
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