Indosolar Limited Completes Disbursement of Fractional Share Proceeds Under NCLT Resolution Plan
April 29, 2026
Indosolar Limited completed the disbursement of net proceeds from fractional share entitlements on April 28, 2026, under its NCLT-approved Resolution Plan dated April 21, 2022. The fractional shares arising from share capital reduction were sold through trustee M/s MUFG Intime Private Limited, with the entire process conducted in compliance with applicable regulations including the Insolvency and Bankruptcy Code and SEBI requirements.
Indosolar Limited has completed the disbursement of net proceeds from the sale of fractional share entitlements pursuant to its NCLT-approved Resolution Plan on April 28, 2026. The company informed the stock exchanges about this significant development, marking the completion of a process initiated under the corporate restructuring framework.
NCLT Resolution Plan Background
The disbursement follows the Order dated April 21, 2022, passed by the Hon'ble National Company Law Tribunal (NCLT), which approved the Resolution Plan for Indosolar Limited. The Resolution Plan provided for a reduction of the company's paid-up share capital in accordance with the Insolvency and Bankruptcy Code, 2016, and the Companies Act, 2013.
Fractional Share Entitlements Process
The share capital reduction resulted in fractional share entitlements for certain eligible shareholders, which could not be allotted as whole numbers. These fractional entitlements were consolidated and transferred to M/s MUFG Intime Private Limited, acting as Trustee, for sale in the open market on behalf of eligible shareholders.
Process Details: Information Event Date: April 28, 2026 Event Time: 19:48 hrs Trustee: M/s MUFG Intime Private Limited Notification Method: Email to concerned shareholders Digital Signing Date: April 29, 2026
Regulatory Compliance
The sale of fractional share entitlements and disbursement of net proceeds were carried out in full compliance with multiple regulatory frameworks:
NCLT Resolution Plan approved via Order dated April 21, 2022
Insolvency and Bankruptcy Code, 2016, and regulations thereunder
Companies Act, 2013, and rules made thereunder
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
Shareholder Communication
The company communicated the completion of the disbursement process to concerned shareholders on April 28, 2026, through email notifications. This ensures transparency and keeps stakeholders informed about the resolution of their fractional share entitlements under the approved restructuring plan.
The filing was signed by Akalpita Harnish Patel, Company Secretary and Compliance Officer, confirming the completion of this important milestone in the company's restructuring process under the NCLT-approved framework.
Indosolar has delivered exceptional financial performance for FY26, demonstrating a remarkable business turnaround with substantial growth in both revenue and profitability. The company's board meeting on April 20, 2026, approved the standalone audited financial results alongside key management appointments to support continued growth.
Outstanding Annual Performance
Indosolar achieved remarkable growth across all key financial metrics for FY26, reflecting the successful turnaround of its operations and the full impact of commercial production at its Greater Noida facility.
Metric: FY26 FY25 YoY Change Revenue from Operations: ₹679.85 crores ₹323.91 crores +109.89% EBITDA: ₹270.75 crores ₹95.04 crores +184.88% EBITDA Margin: 39.82% 29.34% +1048 bps PAT: ₹246.60 crores ₹54.78 crores +350.16% PAT Margin: 36.19% 16.87% +1932 bps Module Production: 1,051 MW 589 MW +78.44%
Mixed Q4 Performance
The fourth quarter results showed contrasting trends, with profitability maintaining momentum despite revenue decline due to business mix changes.
Metric: Q4 FY26 Q4 FY25 YoY Change Revenue from Operations: ₹83.10 crores ₹192.00 crores -56.72% EBITDA: ₹64.33 crores ₹50.18 crores +28.20% EBITDA Margin: 77.41% 26.14% +5127 bps PAT: ₹42.00 crores ₹40.04 crores +4.90% PAT Margin: 49.86% 20.79% +2907 bps
The quarterly revenue decline was attributed to substantial revenue from tolling contracts compared to direct distribution and trading revenue in the corresponding quarter of the previous year.
Strategic Leadership Appointments
The board approved several key appointments to strengthen the management team and governance structure:
Position: Appointee Details Independent Director: Mr. Nilesh Bhogilal Gandhi (DIN: 03570656) Non-Executive, Independent Director Chief Financial Officer: Mr. Abhishek Pareek Key Managerial Officer Internal Auditor: M/s Mahajan & Aibara Chartered Accountant LLP FY2026-2027 Cost Auditor: M/s N Ritesh and Associates FY2026-2027
Regulatory Compliance
In compliance with SEBI Regulation 47, the company published its Q4FY26 financial results in newspapers on April 22, 2026. The results were published in Financial Express (English) and Janasatta (Hindi), with the same information made available on the company's website at www.indosolar.co.in .
Publication Details: Information Publication Date: April 22, 2026 English Newspaper: Financial Express Hindi Newspaper: Janasatta Company Secretary: Akalpita Harnish Patel (A40528)
Management Commentary
Commenting on the results, Mr. Jignesh Rathod, Director and Chief Executive Officer, highlighted the significance of FY26 as a turnaround year. He emphasized meaningful improvements in cost efficiency, manufacturing, and operations that contributed to enhanced margin outcomes. The company has also invested in upgrading technology capabilities, including the introduction of G12 solar module manufacturing to offer higher-efficiency products aligned with current market demand.
Company Profile
Indosolar Limited operates a 1.3 GW module manufacturing facility in Noida and is a subsidiary of Waaree Energies Limited, India's largest solar module manufacturer. The company's strong performance reflects its position in India's expanding solar energy sector and successful operational improvements.
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As financial services are becoming more accessible, there is now a large set of Indians today who are financially aware and literate. They value time and seek high quality products & services. Most screening, trading, investing platforms available today are more or less similar to each other, and they have not evolved with time. While both traders & investors have gotten smart about how they make money and build wealth, as users they have continued to use the same products, features, and platforms that were available for years with little or no innovation. We plan to change that - a technology-led platform built for super traders and long term investors.
NCLT Resolution Plan Background
The disbursement follows the Order dated April 21, 2022, passed by the Hon'ble National Company Law Tribunal (NCLT), which approved the Resolution Plan for Indosolar Limited. The Resolution Plan provided for a reduction of the company's paid-up share capital in accordance with the Insolvency and Bankruptcy Code, 2016, and the Companies Act, 2013.
Fractional Share Entitlements Process
The share capital reduction resulted in fractional share entitlements for certain eligible shareholders, which could not be allotted as whole numbers. These fractional entitlements were consolidated and transferred to M/s MUFG Intime Private Limited, acting as Trustee, for sale in the open market on behalf of eligible shareholders.
Process Details: Information Event Date: April 28, 2026 Event Time: 19:48 hrs Trustee: M/s MUFG Intime Private Limited Notification Method: Email to concerned shareholders Digital Signing Date: April 29, 2026
Regulatory Compliance
The sale of fractional share entitlements and disbursement of net proceeds were carried out in full compliance with multiple regulatory frameworks:
NCLT Resolution Plan approved via Order dated April 21, 2022
Insolvency and Bankruptcy Code, 2016, and regulations thereunder
Companies Act, 2013, and rules made thereunder
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
Shareholder Communication
The company communicated the completion of the disbursement process to concerned shareholders on April 28, 2026, through email notifications. This ensures transparency and keeps stakeholders informed about the resolution of their fractional share entitlements under the approved restructuring plan.
The filing was signed by Akalpita Harnish Patel, Company Secretary and Compliance Officer, confirming the completion of this important milestone in the company's restructuring process under the NCLT-approved framework.
Indosolar has delivered exceptional financial performance for FY26, demonstrating a remarkable business turnaround with substantial growth in both revenue and profitability. The company's board meeting on April 20, 2026, approved the standalone audited financial results alongside key management appointments to support continued growth.
Outstanding Annual Performance
Indosolar achieved remarkable growth across all key financial metrics for FY26, reflecting the successful turnaround of its operations and the full impact of commercial production at its Greater Noida facility.
Metric: FY26 FY25 YoY Change Revenue from Operations: ₹679.85 crores ₹323.91 crores +109.89% EBITDA: ₹270.75 crores ₹95.04 crores +184.88% EBITDA Margin: 39.82% 29.34% +1048 bps PAT: ₹246.60 crores ₹54.78 crores +350.16% PAT Margin: 36.19% 16.87% +1932 bps Module Production: 1,051 MW 589 MW +78.44%
Mixed Q4 Performance
The fourth quarter results showed contrasting trends, with profitability maintaining momentum despite revenue decline due to business mix changes.
Metric: Q4 FY26 Q4 FY25 YoY Change Revenue from Operations: ₹83.10 crores ₹192.00 crores -56.72% EBITDA: ₹64.33 crores ₹50.18 crores +28.20% EBITDA Margin: 77.41% 26.14% +5127 bps PAT: ₹42.00 crores ₹40.04 crores +4.90% PAT Margin: 49.86% 20.79% +2907 bps
The quarterly revenue decline was attributed to substantial revenue from tolling contracts compared to direct distribution and trading revenue in the corresponding quarter of the previous year.
Strategic Leadership Appointments
The board approved several key appointments to strengthen the management team and governance structure:
Position: Appointee Details Independent Director: Mr. Nilesh Bhogilal Gandhi (DIN: 03570656) Non-Executive, Independent Director Chief Financial Officer: Mr. Abhishek Pareek Key Managerial Officer Internal Auditor: M/s Mahajan & Aibara Chartered Accountant LLP FY2026-2027 Cost Auditor: M/s N Ritesh and Associates FY2026-2027
Regulatory Compliance
In compliance with SEBI Regulation 47, the company published its Q4FY26 financial results in newspapers on April 22, 2026. The results were published in Financial Express (English) and Janasatta (Hindi), with the same information made available on the company's website at www.indosolar.co.in .
Publication Details: Information Publication Date: April 22, 2026 English Newspaper: Financial Express Hindi Newspaper: Janasatta Company Secretary: Akalpita Harnish Patel (A40528)
Management Commentary
Commenting on the results, Mr. Jignesh Rathod, Director and Chief Executive Officer, highlighted the significance of FY26 as a turnaround year. He emphasized meaningful improvements in cost efficiency, manufacturing, and operations that contributed to enhanced margin outcomes. The company has also invested in upgrading technology capabilities, including the introduction of G12 solar module manufacturing to offer higher-efficiency products aligned with current market demand.
Company Profile
Indosolar Limited operates a 1.3 GW module manufacturing facility in Noida and is a subsidiary of Waaree Energies Limited, India's largest solar module manufacturer. The company's strong performance reflects its position in India's expanding solar energy sector and successful operational improvements.
We’re building Scanx - to help you express your trading & investing idea, to help you analyse the markets better.
Stock Markets are the true indicator of the growth of any country's economy. We are bullish on India, we are bullish on India's prospects to be one of largest economies of the world. We believe that Stock Markets provide an unique opportunity for all Indians to participate in the growth story of India. We are enabling the same for Indians.
As financial services are becoming more accessible, there is now a large set of Indians today who are financially aware and literate. They value time and seek high quality products & services. Most screening, trading, investing platforms available today are more or less similar to each other, and they have not evolved with time. While both traders & investors have gotten smart about how they make money and build wealth, as users they have continued to use the same products, features, and platforms that were available for years with little or no innovation. We plan to change that - a technology-led platform built for super traders and long term investors.