Back on the bourses: Will Indosolar be the next 10x solar bet?
Is Indosolar’s market re-entry a lasting revival or another temporary spark in solar manufacturing?
Remember when flip phones madea comeback and suddenly everyone wanted one again? Or how vinyl records, once considered outdated, became cool all over again? In business too, some comebacks are worth more than nostalgia.
The stock market, it seems, has its own version of a revival saga. After being off the trading screens for years, companies make a grand return through a relisting.
With a fresh strategy, renewed financial discipline, and a story of resilience, a relisting isn’t just a formality, it’s a second shot at market relevance.
One such company that made its relisting debut today isIndosolar.
About Indosolar
Indosolar Ltd isan Indian companymanufacturing solar photovoltaic (PV) cells and modules.The company was established in 2005 and has a manufacturing facility with a capacity of 450+ MW.
Indosolar's products include high-performance solar cells and modules. It also provides solar solutions for residential, commercial, and utility-scale installations.
The company has established its presence across 30 countries such as Europe, the US, the Middle East, and Asia.
Why was it delisted?
Indosolar, once one of India’s big solar cell manufacturers, faced turbulent times that culminated in insolvency proceedings initiated by its lenders in October 2018.
The company, burdened by heavy financial losses, was admitted under the Insolvency and Bankruptcy Code, of 2016.
Trading in Indosolar shares was suspended in June 2022 due to procedural lapses. Its last traded price was ₹3.21. The stock hadn’t touched double digits since 2015.
The National Company Law Tribunal (NCLT) approved the Resolution Plan on 21 April 2022.
As part of the Resolution Plan:
- 100% of the old promoters’ stake was extinguished.
- Public shareholders saw a 99% reduction — their shareholding was reduced to a 1:100 ratio.
- This is effectively where the value compression happened — for every 100 shares of ₹10 each, only 1 share of ₹10 remained.
Also Read: Solar energy investments in developing countries down 20%, says ISA
Indosolar Comeback
Waaree Energies acquired Indosolar under the insolvency proceedings, which now owns 40 million equity shares – a 96.15% stake – in the company as of 31 March 2025.
Earlier this month, it offloaded up to 4.76 lakh equity shares, or 1.15% stake, in Indosolar through an offer for sale at a price of ₹10 each. This was in order to maintain minimum public shareholding norms, which is 75% for the promoter.
Among others, more than 58,600 retail shareholders own 1,369,105 equity shares or 3.29% stake in Indosolar. Bank of Baroda owns 19,042 equity shares, and HUFs own 54,019 equity shares.
Key Details
| Particulars | Value |
| Previous Close | ₹9.71 |
| Relisting Price | ₹165.06 |
| Market Cap | ₹686.71 crore |
| FY25 Net Profit | ₹55 crore |
| FY24 Net Loss | ₹15.44 crore |
| Promoter Holding (Waaree) | 96.15% |
| Retail Ownership | 3.29% |
Relisting
NSE & BSE approved the re-listing of Indosolar with effect from 19 June 2025.
Indosolar resumed trading on both NSE and BSE under the scrip ID “WAAREEINDO." The shares are part of the 'T' Group, meaning no intraday trading is allowed.
They opened at ₹165.06 and quickly hit the 5% upper circuit, closing at ₹173.31.
Listing Details
Indosolar Financial Performance
Indosolar posted a strong financial performance for the fourth quarter and full financial year 2025.
For the March 2025 quarter (Q4 FY25), the company’s revenue jumped to ₹192.58 crore, up sharply from ₹104 crore in the same quarter last year. It also posted a net profit of ₹40 crore, nearly four times higher than in Q4 FY24.
FY25 was a successful year. Revenue was ₹324.74 crore. Indosolar delivered a net profit of ₹5.5 crore for the full year against a loss of ₹15.44 crore a year earlier.
Also Read: Sunny side down: The many gaps in India’s solar story
What’s in it for Waaree Energies?
For Waaree, this acquisition is not just about rescuing a struggling company. It aligns with itslong-term plan to increase solar cell manufacturing capacity. With Indosolar's revival, Waaree aims to enhance its solar cell capacity to 5.4 GW from the currently planned 4 GW.
Waaree also plans to start manufacturing at Indosolar’s facility within six months after completing infrastructure assessments and upgrading machinery. The cells produced will be used in Waaree’s Gujarat plants, which are focused on the latest generation of high-efficiency solar modules.
Waaree Energies already has a 15 GW global solar PV module capacity, including 1.3 GW from Indosolar and 1.6 GW from its US based facility in Texas. It also operates a 1.4 GW solar cell unit in India and is now expanding by an additional 5.4 GW.
Also Read: Let there be light: These five stocks are poised to benefit from India’s $1 billion solar push
Conclusion
Indosolar’s relisting under Waaree Energies is more than just a stock market event — it’s the story of a company getting a second chance.
From being weighed down by insolvency and delisting to now reporting profits and seeing fresh investor interest, Indosolar’s journey feels like a well-earned comeback.
Backed by Waaree, the company has not only cleaned up its books but is also showing signs of real momentum, both financially and operationally.
With the world rapidly shifting toward cleaner energy, Indosolar has a huge runway ahead. If the current growth continues, this turnaround may just mark the beginning of something much bigger. Indosolar’s second innings might not just be brighter — it could be its best one yet.
Investors should also pay attention to factors like corporate governance, dividend payout consistency, and growth potential before making investment decisions.
Happy Investing.
Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such.
This article is syndicated fromEquitymaster.com.
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