Indosolar Q2 FY27 standalone PAT sinks 89% YoY to ₹5 Cr as margins collapse on mix shift

Indosolar's standalone (the only basis reported — the company has no subsidiaries and consolidated accounts are not applicable) Q2 FY27 net profit was ₹5.02 Cr, down 89.2% YoY from ₹46.34 Cr and down 86.3% QoQ from ₹36.62 Cr, on revenue from operations of ₹155.59 Cr (-23.2% YoY, +127.6% QoQ). EPS fell to ₹1.20 from ₹11.14 a year ago and ₹8.80 last quarter. There is no formal management guidance on record for this quarter, and no analyst consensus estimate could be located — tracker data shows thin, hold-only coverage with no published Street PAT estimate — so the print cannot be benchmarked against a consensus number; vsStreet is unknown. The compression is a sales-mix story, not a one-off. Operating margin (EBITDA excluding other income, over revenue from operations) fell to 9.5% from 70.9% in Q1 FY27 and 34.9% a year ago; net margin fell to 3.2% from 47.7% and 22.9% respectively. The driver is a reversal of Q1's shift: sale of goods (direct distribution) jumped back to ₹152.77 Cr from just ₹13.97 Cr in June, while sale of services (tolling contracts) collapsed to ₹2.82 Cr from ₹54.39 Cr. Tolling is the higher-margin, lower-revenue model; direct distribution is the opposite, and this quarter's swing back to goods sales explains both the QoQ revenue jump and the margin crash together. Cost of materials consumed, net of the inventory build, rose sharply in step with the goods-sale ramp. No exceptional items were booked in either the current or comparison periods, so raw and adjusted PAT growth are identical. Separately, the Board approved a draft Scheme of Amalgamation with parent Waaree Energies Limited on September 23, 2026, under which Indosolar will dissolve into Waaree once the scheme takes effect — a material corporate action running alongside this result that readers should weigh against the standalone operating numbers.