💰 Financial Performance

Revenue Growth by Segment

Total revenue grew by 38,100% YoY to INR 32,474.56 lakhs in FY 2024-25 from INR 85.01 lakhs in FY 2023-24, primarily driven by the commencement of the 1.3 GW module manufacturing facility.

Profitability Margins

The company achieved an Operating Profit Margin of 16.65% and a Net Profit Margin of 17.00% in FY 2024-25, a significant turnaround from the loss before tax of INR (1,544.37) lakhs in the previous year.

EBITDA Margin

Operating Profit Margin stands at 16.65% for FY 2024-25; YoY change is not comparable as no operations were undertaken in the previous year.

Capital Expenditure

The company commenced a module manufacturing facility with 1.3 GW capacity in July 2024; specific historical or planned INR Cr values for future expansion are not disclosed.

Credit Rating & Borrowing

Debt Equity Ratio is 1.24 as of March 31, 2025, improving from (7.08) in the previous year due to loan repayment and increased net worth from current year profits.

⚙️ Operational Drivers

Raw Materials

Key raw materials include silicon wafers, glass, polysilicon, aluminium, and copper; specific percentage of total cost for each is not disclosed.

Import Sources

Raw materials are sourced from both domestic and international sources; specific countries are not disclosed.

Capacity Expansion

Current installed capacity is 1.3 GW for solar module manufacturing as of July 2024; future expansion timelines are not disclosed.

Raw Material Costs

Raw material costs are subject to volatility in polysilicon, aluminium, and copper prices; the company uses pass-through clauses and order-backed procurement to mitigate these impacts.

Manufacturing Efficiency

Inventory Turnover Ratio is 5.29 for FY 2024-25; capacity utilization metrics are not explicitly provided.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

Growth will be achieved by ramping up the 1.3 GW module manufacturing facility, securing orders from power project developers, and leveraging a secured contract with holding company Waaree Energies Limited for module supply.

Products & Services

Solar photovoltaic (PV) modules and related solar products.

Brand Portfolio

Indosolar

Market Expansion

The company is securing orders from developers of power projects to expand its market presence beyond its holding company contract.

Market Share & Ranking

Positioned as one of India’s largest and most innovative solar photovoltaic manufacturers with one of the lowest production costs.

Strategic Alliances

Secured a module supply contract with Waaree Energies Limited, the company's holding company.

🌍 External Factors

Industry Trends

The industry is shifting toward renewable energy with a strong push for domestic manufacturing; Indosolar is positioning itself as a low-cost producer to capitalize on this trend.

Competitive Landscape

Increasing competition from domestic and international PV manufacturers poses a threat to profitability.

Competitive Moat

Moat is built on cost leadership (lowest production costs) and a strong relationship with holding company Waaree Energies Limited; sustainability is supported by secured product certifications.

Macro Economic Sensitivity

Highly sensitive to government policies and regulations related to the renewable energy sector, including subsidies and tax incentives.

Consumer Behavior

Growing demand from power project developers for high-quality, domestically manufactured solar modules.

Geopolitical Risks

Potential impacts from import/export restrictions on solar components and raw materials.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with pollution norms, manufacturing standards, and government subsidies/incentives for the renewable energy sector.

Taxation Policy Impact

Section 135 of the Companies Act, 2013 (CSR) is not applicable; the effective tax rate for FY 2024-25 appears negligible based on PBT of INR 5,477.74 lakhs and PAT of INR 5,478.19 lakhs.

Legal Contingencies

The company has no pending litigation that would impact its financial position (INR 0).

⚠️ Risk Analysis

Key Uncertainties

Volatility in raw material prices (polysilicon, copper) and abrupt changes in government renewable energy policies are the primary business risks.

Third Party Dependencies

Significant dependency on Waaree Energies Limited for module supply contracts.

Technology Obsolescence Risk

Risk of technological advancements in PV manufacturing making current 1.3 GW module lines less competitive.

Credit & Counterparty Risk

Debtor Turnover Ratio of 139.15 indicates very high efficiency in collections and low credit risk from counterparties.