Indosolar Q1 PAT drops 69% YoY to ₹36.6 Cr as revenue slumps 65%

Indosolar (Waaree group) reported a sharply weaker June quarter on a standalone basis: revenue from operations fell 64.9% YoY to ₹68.36 Cr (from ₹194.68 Cr in Q1 FY26) and net profit dropped 68.6% YoY to ₹36.62 Cr (from ₹116.79 Cr). The decline is also sequential — revenue is down 17.7% and PAT down 12.8% versus Q4 FY26's ₹83.10 Cr / ₹42.00 Cr — extending a steady drop-off from the FY26 full-year run-rate of ₹679.85 Cr revenue and ₹246.60 Cr PAT. For a single-segment solar-module maker, this points to a steep fall in shipment volumes/realisations rather than any one-time hit. The headline profit flatters the underlying trend. Other income of ₹8.39 Cr carries a one-off ₹5.92 Cr capital subsidy recognised this quarter under the U.P. Electronics Manufacturing Policy (Note 4), with a further ₹3.38 Cr held as a deferred government grant. Stripping the subsidy out, adjusted PAT is roughly ₹30.7 Cr — a ~73.7% YoY fall, versus the ~68.6% reported. Net margin on operating revenue optically firmed to ~53.6% (vs 49.9% in Q4 FY26), but ex-subsidy it is ~44.9% — below both the prior quarter and the 59.6% of the year-ago quarter, i.e. a genuine YoY margin compression masked by the grant. Tax was entirely a deferred-tax charge of ₹10.85 Cr; there was no exceptional item. The company gives no formal guidance and there is no analyst consensus on record for Indosolar specifically (the WAAREEINDO scrip is thinly covered; street previews this quarter relate to sister-firm Waaree Renewable, not this entity), so the print cannot be benchmarked to an estimate. Concurrent corporate developments are governance-oriented rather than growth catalysts — a new CFO (Abhishek Pareek) from April, and completion of the fractional-share sale following the NCLT capital reduction. The quarter's operative story is a solar-module topline that has more than halved year-on-year, with reported profitability propped up by a non-recurring subsidy.