Indosolar Q2 FY27 PAT Drops to ₹ 5.02 Crores, Revenue at ₹ 155.59 Crores
RESULTS
▼ Concern Flagged
HIGH RISK
📅 Filed on BSE: 21 Oct 2026, 08:45 PM IST · BSE ID: 0bb142c4-14cf-4a7e-b991-a22f3354262b
View Original BSE Filing (PDF)
💡
In Simple Terms
Indosolar's quarterly sales and profits significantly decreased, with profit falling to ₹ 5.02 Crores.
🤖 AI Summary
- Indosolar's Revenue from Operations for Q2 FY27 was ₹ 155.59 Crores, decreasing 23.19% YoY.
- Operating EBITDA for Q2 FY27 stood at ₹ 14.82 Crores, a 79.05% decline from Q2 FY26.
- Profit After Tax (PAT) for Q2 FY27 was ₹ 5.02 Crores, down 89.17% compared to Q2 FY26.
- Module production in Q2 FY27 was 148 MW, and 98 MW modules were sold during the quarter.
- Half-year (H1 FY27) PAT also decreased by 74.48% to ₹ 41.64 Crores.
🔢 Key Numbers — exact figures from BSE filing, not rounded
Revenue from Operations (Q2 FY27)
₹ 155.59 Crores
-23.19%
Operating EBITDA (Q2 FY27)
₹ 14.82 Crores
-79.05%
PAT (Q2 FY27)
₹ 5.02 Crores
-89.17%
Revenue from Operations (H1 FY27)
₹ 223.95 Crores
-43.62%
PAT (H1 FY27)
₹ 41.64 Crores
-74.48%
Module Production (Q2 FY27)
148 MW
Module Sold (Q2 FY27)
98 MW
🏢 How This Affects the Company
The company experienced reduced volumes with module production at 148 MW and modules sold at 98 MW in Q2 FY27, compared to 244 MW and 249 MW respectively in Q2 FY26. This indicates a contraction in manufacturing and sales activity.
Significant declines in Revenue from Operations, Operating EBITDA, and PAT directly impact the company's profitability and financial performance for the quarter and half-year ended September 30, 2026. EBITDA Margin dropped to 9.52% and PAT Margin to 3.19% in Q2 FY27.
Lower capacity utilisation across the solar manufacturing industry and the company's strategic transition from tolling to owned manufacturing contributed to the operational performance reported. Module production decreased from 244 MW in Q2 FY26 to 148 MW in Q2 FY27.
The company cited an evolving regulatory landscape, geopolitical uncertainty, and elevated raw material costs as factors affecting performance, indicating external market and cost pressures. These factors present ongoing challenges to operational stability and profitability.
👥 What This Means For Shareholders
✅
Action Required
No immediate action is required from shareholders based on this financial results disclosure.
👤
Who Is Affected
All shareholders are affected by the company's financial performance, specifically the decline in PAT from ₹ 46.34 Crores in Q2 FY26 to ₹ 5.02 Crores in Q2 FY27.
🔍
Management Signal
Management is focused on strengthening manufacturing capabilities, improving operational efficiencies, and leveraging the proposed amalgamation with Waaree Energies for long-term growth amidst industry challenges.
For information only. Not investment advice. ForgeUp is not SEBI-registered.
👁 Watch List — track these upcoming events
Q3 FY27 financial results — check for improvements in revenue and PAT.
Updates on the proposed amalgamation with Waaree Energies — status of regulatory approvals.
Management commentary on capacity utilisation and raw material costs in future earnings calls.
HIGH RISK
Significant declines in profitability and revenue, alongside stated industry challenges and evolving regulatory landscape.
💡 Investor Takeaway
Indosolar reported Q2 FY27 Revenue from Operations at ₹ 155.59 Crores, down 23.19% YoY. PAT declined significantly by 89.17% to ₹ 5.02 Crores from ₹ 46.34 Crores in Q2 FY26. H1 FY27 PAT was ₹ 41.64 Crores, down 74.48% YoY.
⚖️ Strengths & Concerns
⚠️ Concerns
- Revenue from Operations for Q2 FY27 decreased by 23.19% to ₹ 155.59 Crores from ₹ 202.55 Crores in Q2 FY26.
- Profit After Tax (PAT) for Q2 FY27 significantly declined by 89.17% to ₹ 5.02 Crores from ₹ 46.34 Crores in Q2 FY26.
📅 Company Track Record
Indosolar's Q1 FY27 PAT fell 68.65% to ₹ 36.62 Crores, as noted in a July 2026 filing. This follows a previous Board approval for amalgamation with Waaree Energies, also noted in an October 2026 filing.
Based on publicly available historical data. For context only.
❓ Frequently Asked Questions
What was Indosolar's Revenue from Operations in Q2 FY27?
Indosolar's Revenue from Operations in Q2 FY27 was ₹ 155.59 Crores, a decrease of 23.19% compared to Q2 FY26.
What was Indosolar's Profit After Tax (PAT) for Q2 FY27?
Indosolar reported a Profit After Tax (PAT) of ₹ 5.02 Crores for Q2 FY27, which is an 89.17% decrease from ₹ 46.34 Crores in Q2 FY26.
What was Indosolar's Operating EBITDA in Q2 FY27?
Operating EBITDA for Indosolar in Q2 FY27 stood at ₹ 14.82 Crores, a 79.05% decline from ₹ 70.73 Crores in Q2 FY26.
How much did Indosolar produce and sell in Q2 FY27?
Indosolar's module production in Q2 FY27 was 148 MW, and 98 MW of modules were sold during the same quarter.
What factors did Indosolar management attribute to the Q2 FY27 performance?
Management cited an evolving regulatory landscape, geopolitical uncertainty, elevated raw material costs, lower capacity utilisation, and a strategic transition from tolling to owned manufacturing as factors impacting Q2 FY27 performance.
Questions based on this BSE filing only. For information purposes.