Indosolar FY26: Revenue up 110%, PAT jumps 350% post-CIRP

The headline turnaround in FY26

Indosolar Ltd reported a sharp financial recovery for the year ended March 31, 2026 (FY26), marked by a steep rise in revenue and profit. Revenue from operations rose 110% year-on-year to ₹679.85 crore, compared with ₹323.91 crore in FY25. Profit after tax (PAT) climbed more than 350% to ₹246.60 crore from ₹54.78 crore in FY25. The scale of the improvement positions FY26 as a defining year in the company’s revival narrative. The update also comes amid changes at the board and senior management level. Indosolar operates in India’s solar industry, where execution and scale often decide competitiveness. The company’s recent history adds context to why the FY26 numbers are being closely tracked.

FY26 vs FY25: what changed in the annual numbers

The core driver highlighted in the FY26 performance was the jump in revenue from operations to ₹679.85 crore. In FY25, revenue from operations stood at ₹323.91 crore, making FY26 a clear step-up in the activity level. This revenue expansion coincided with a much larger rise in profitability, with FY26 PAT at ₹246.60 crore versus ₹54.78 crore in FY25. The year-on-year change in PAT is notable because FY25 itself was described as a recovery from a loss in FY24. While the article does not provide FY24 figures, it explicitly frames FY25 as an inflection point that FY26 then built on. The FY26 result also sits alongside quarterly disclosures that show the recovery has not been uniform across all quarters. Investors typically parse these figures to understand whether growth is broad-based or concentrated. The company’s subsequent actions on leadership and governance also signal a focus on strengthening institutional processes.

Q4 FY26: revenue fell year-on-year, net income rose

Indosolar also reported earnings for the fourth quarter ended March 31, 2026 (Q4 FY26) with mixed year-on-year movements. Sales were ₹83.10 crore in Q4 FY26 compared with ₹192.01 crore a year earlier. Revenue was ₹84.23 crore versus ₹192.59 crore in the year-ago period. Despite the lower revenue base, net income was ₹42.00 crore compared with ₹40.04 crore a year ago. Basic earnings per share from continuing operations stood at ₹10.09 versus ₹9.63, and diluted EPS was also ₹10.09 versus ₹9.63. The quarter therefore showed a contraction in top line relative to the prior year’s comparable quarter, alongside a modest increase in profit and per-share earnings. The article does not provide reasons for the year-on-year revenue decline in Q4, so the operational explanation remains unspecified in the provided text. Still, the Q4 data adds nuance to the full-year surge reported for FY26.

Q3 FY26: EBITDA growth and margin expansion

For Q3 FY26 (quarter ended December 31, 2025), Indosolar reported strong year-on-year expansion across revenue, EBITDA and PAT. Revenue from operations was ₹199.53 crore, up 92.70% from ₹103.01 crore in Q3 FY25. EBITDA rose to ₹71.00 crore from ₹23.50 crore, a 202.13% increase, while EBITDA margin expanded to 35.59% from 22.77%. PAT rose to ₹41.47 crore from ₹10.24 crore, up 305.18%. Another reported snapshot for Q3 FY26 cited total income of ₹199.70 crore versus ₹103.90 crore, with EBITDA at ₹71.17 crore and EBITDA margin at 35.64%. The same Q3 reporting set also showed a sequential dip, with total income at ₹199.70 crore compared with ₹202.56 crore in the immediately preceding quarter, and net profit at ₹41.47 crore compared with ₹46.34 crore.

Nine-month FY26: income and profit scaled sharply

For the nine months ended December 31, 2025 (9M FY26), Indosolar’s total income was reported at ₹597.13 crore compared with ₹132.16 crore in 9M FY25. EBITDA for the period was ₹206.80 crore versus ₹45.12 crore in the prior-year comparable period, and PAT was ₹204.60 crore versus ₹14.74 crore. The data implies that a large part of the FY26 improvement was built through strong performance over the first three quarters of the fiscal year. The article also reports basic EPS for 9M FY26 at ₹49.18 compared with ₹3.54 in 9M FY25. These figures are consistent with the narrative of a company moving from distress to sustained profitability, at least over the reported period. The company attributed strong results to operational efficiency and market demand, as stated in the provided text.

Leadership and governance changes

Alongside the financial turnaround, Indosolar announced additions to its leadership team. The Board of Directors approved the appointment of Mr. Nilesh Bhogilal Gandhi as an additional Non-Executive Independent Director. The board also appointed Mr. Abhishek Pareek as Chief Financial Officer (CFO) and Key Managerial Personnel. In a separate board update tied to the January 16, 2026 meeting, the company appointed Dr. Jignesh Devchandbhai Rathod as Additional Director and CEO, replacing Mr. Amit Ashok Paithankar, who resigned. The same update also mentioned plans to shift the registered office to Maharashtra. Taken together, these moves indicate a period of organisational rebuilding alongside financial recovery. The article does not specify timelines for the CFO’s joining date beyond the appointment disclosure.

The turnaround backdrop: CIRP, Waaree acquisition, NCLT approval

Indosolar’s FY26 performance was framed against its earlier Corporate Insolvency Resolution Process (CIRP). Following its acquisition by Waaree Energies Ltd., the National Company Law Tribunal (NCLT) approved the resolution plan on April 21, 2022. This timeline is important because it anchors the recovery path from insolvency proceedings to a return to operational normalcy. The article notes that Indosolar’s shares resumed trading on June 19, 2025 after a six-year suspension. That resumption is often seen as a key step for a company re-entering the market’s mainstream trading ecosystem. The company’s FY26 results therefore arrive after these structural milestones.

Stock context and the competitive landscape

The provided text includes a market snapshot showing Indosolar at ₹540.85, up ₹25.75 (5.00%), with 1-year returns of 212.05%. The article also places Indosolar in India’s expanding solar industry, listing competitors such as Waaree Energies Ltd., Sterling and Wilson Renewable Energy Ltd., Borosil Renewables Ltd., and Adani Solar. The company is described as being positioned to leverage improved financial health for future growth, and the write-up suggests shareholder confidence is expected to improve with the results and appointments. While such expectations are stated in the material, the article does not provide formal guidance, capex plans, or order book metrics. As a result, the market’s next reference points would likely be subsequent quarterly filings and corporate updates.

Key numbers and dates at a glance

Why FY26 matters, and what comes next

Indosolar’s FY26 results show a company that has rapidly expanded revenue and profitability compared with FY25, against a backdrop of insolvency resolution and ownership change. The quarterly detail, including Q3’s strong profitability metrics and Q4’s weaker year-on-year revenue, shows why investors will likely watch consistency across quarters. Leadership changes across the board, CFO role, and CEO appointment add another layer, as management stability often matters for execution in manufacturing and renewable supply chains. The company’s next signals, based strictly on the provided information, would come from future earnings announcements and further disclosures on operational direction. For now, FY26 stands out as the company’s strongest reported year in the turnaround period described in the text.