Indosolar FY26 turnaround: revenue +110%, PAT +350%

What Indosolar reported for FY26

Indosolar Ltd said it delivered a sharp turnaround in the fiscal year ended March 31, 2026 (FY26), led by a steep rise in revenue from operations and higher profitability. Revenue from operations grew 110% year-on-year to ₹679.85 crore, compared with ₹323.91 crore in FY25. Profit after tax (PAT) jumped more than 350% to ₹246.60 crore in FY26 versus ₹54.78 crore in FY25. The company positioned the performance as a financial recovery after a difficult period in recent years. The FY26 numbers also build on FY25, when the company returned to profit after recording a loss in FY24.

A turnaround set against the company’s recent history

Indosolar’s latest results come after it underwent a Corporate Insolvency Resolution Process (CIRP). The company was acquired by Waaree Energies Ltd, and the National Company Law Tribunal (NCLT) approved the resolution plan on April 21, 2022. Indosolar’s shares resumed trading on June 19, 2025, after a six-year suspension. That resumption was a key operational milestone, as it signalled a return to normal market access and public price discovery. In this context, FY26 profitability is being read as a continuation of the post-resolution stabilisation.

Leadership changes alongside the FY26 performance

Along with the FY26 recovery, Indosolar reported several leadership and governance updates. The Board approved the appointment of Mr. Nilesh Bhogilal Gandhi as an additional Non-Executive Independent Director. It also appointed Mr. Abhishek Pareek as Chief Financial Officer (CFO) and Key Managerial Personnel, with responsibility for financial strategy. Separately, for the quarter results approved on January 16, 2026, the company disclosed a CEO transition. Dr. Jignesh Devchandbhai Rathod was appointed as Additional Director and CEO, replacing Mr. Amit Ashok Paithankar, who resigned.

Q3 FY26 snapshot: revenue growth and margin expansion

For Q3 FY26 (quarter ended December 31, 2025), Indosolar reported revenue from operations of ₹199.53 crore, up 92.70% from ₹103.01 crore in Q3 FY25. EBITDA for the quarter rose to ₹71.00 crore from ₹23.50 crore a year ago, translating into 202.13% year-on-year growth. The EBITDA margin expanded to 35.59% from 22.77% in Q3 FY25, indicating stronger operating leverage in the period. Net profit for Q3 FY26 came in at ₹41.47 crore, up 305.18% from ₹10.24 crore in the corresponding quarter. Earnings per share (EPS) for Q3 FY26 was reported at ₹9.97 versus ₹2.46 in Q3 FY25.

Sequential (QoQ) movement in Q3 FY26

Indosolar’s reported total income for Q3 FY26 was ₹199.70 crore compared with ₹202.56 crore in Q2 FY26, a 1.41% decline quarter-on-quarter. Net profit declined to ₹41.47 crore in Q3 FY26 from ₹46.34 crore in Q2 FY26, a 10.50% sequential drop. EPS also moved down to ₹9.97 from ₹11.14 in the previous quarter. These QoQ changes were reported alongside strong year-on-year growth, reflecting a quarter that was softer sequentially but materially stronger than the prior year base.

Nine-month performance: scale-up in income and profits

For the nine months ended December 31, 2025 (9M FY26), Indosolar reported total income of ₹597.13 crore, up from ₹132.16 crore in 9M FY25. EBITDA for 9M FY26 stood at ₹206.80 crore compared with ₹45.12 crore in 9M FY25, with an EBITDA margin of 34.63%. PAT for the nine-month period reached ₹204.60 crore, rising from ₹14.74 crore in the corresponding period of FY25. The reported PAT margin for 9M FY26 was 34.26%. The company attributed the performance to operational efficiency and market demand.

Key numbers at a glance

Market and investor context: trading resumption and price move

With trading resuming on June 19, 2025 after a six-year suspension, Indosolar’s reported FY26 and FY26-to-date performance comes in a period when the market is re-engaging with the company’s financial track record. The stock was shown at ₹540.85, up 5.00% on the day in the provided data snapshot. The same snapshot also showed one-year returns of 212.05%. The company also indicated that shareholder confidence is expected to improve with strong results and strategic appointments.

Corporate actions and operational signals

In addition to financial performance, Indosolar reported that it plans to shift its registered office to Maharashtra, as disclosed with the January 16, 2026 board meeting updates. Management and board changes, including the CFO appointment and independent director addition, are typically watched closely by investors during turnaround phases. For Indosolar, these steps were disclosed alongside strong year-on-year profitability metrics, making governance and execution a key part of the current narrative.

Conclusion

Indosolar’s FY26 results show a sharp increase in revenue to ₹679.85 crore and PAT to ₹246.60 crore, extending the recovery that began with FY25’s return to profit. Q3 FY26 and 9M FY26 numbers also indicate strong year-on-year growth with improved margins. The leadership changes, including the appointment of a new CFO and a CEO transition disclosed in January 2026, add another layer for investors tracking execution. The company’s post-CIRP backdrop, NCLT-approved resolution plan (April 21, 2022), and trading resumption (June 19, 2025) remain important reference points as further disclosures and earnings updates follow.