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Indosolar Ltd. Stock Analysis

Small Cap
Evaluated by 628 users | BSE: 533257 | NSE: INDOSOLAR |
Electronics - Components
Indo solar was incorporated on April 8, 2005 as “Robin Garments Private Limited”. The name of the company changed to Indo solar with a fresh certificate of incorporation on July 21, 2008 thus changing its status to a public limited company.The company is one of the few companies...

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Value Creation
 Mar'09Mar'10Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18
Return on Capital Employed -3.67%-10.87%-3.5%-15.98%-8.32%-7.67%-0.85%-6.61%2.18%-16.48%
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 01135829253.215.7296258442314
Y-o-Y Gr. Rt.-NA417.2%-84.2%-42.1%-70.6%1788.8%-12.9%71.7%-29%
Adjusted EPS (Rs.) -7,727.28-3.81-2.26-5.79-3.69-3.94-2.23-3.95-1.66-3.22
Y-o-Y Gr. Rt.-NANANANANANANANANA
Book Value per Share (Rs.) -13,852.346.1912.226.272.57-1.52-2.97-6.92-8.61-12.27
Adjusted Net Profit -7.7-79.4-75.9-194-124-132-79.8-141-59.6-120
Net Op. Cash Flow (Rs. Cr.) 21.4-48.9-35.7-3.5-25.9-22.77916.254.629.2
Debt to Cash Flow from Ops 11.43-11.12-14.68-215.9-35.18-44.1812.3759.0617.0828.05
Standalone financials take only the parent company into account while consolidated financials take into account financials of the parent company as well as of all its subsidiaries. In most companies consolidated financials should be used for analysis.
Indosolar Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  9 yrs 5 yrs 3 yrs 1 yr
Net Sales NA42.6%2%-29%
Adjusted EPS NANANANA
Book Value per Share 0-236.700
Share Price -18.2% -33.4% -47.5% 62.1%
Key Financial Parameter
Performance Ratio Colour Code Guide
 Mar'09Mar'10Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18
Return on Equity (%) -8.85-49.26-27.14-62.35-81.05-487.35115.384.2922.1831.67
Operating Profit Margin (%) 0-34.974.58-110.15-52.63-137.1816.133.7616.85-6.81
Net Profit Margin (%) 0-70.56-13.04-210.93-232.6-843.05-26.96-54.84-13.47-38.08
Debt to Equity 1.44.211.283.639.54-24.25-10.08-4.01-3.12-1.8
Working Capital Days 02031338017252,50095826284
Cash Conversion Cycle 02343339248899210-1-4
Entity Percentage Holding
Promoters 56.90%
Institutions 1.31%
Non-Institutions 41.79%
Pledged *64.6664.6664.6664.6664.6664.6664.6664.6664.6664.66
* Pledged shares as % of Promoter's holding (%)
Data is not available for this company.

The 5-year analysis of Indosolar Ltd.'s performance infers:

Indosolar Ltd. earnings have grown by 0%, whereas share price has depreciated -33.4% CAGR over the past five years, indicating the company's share price is likely undervalued. However, for specific investment actions please connect with your investment advisor.

We analysed the performance of Indosolar Ltd. share prices over the last 10 years. Here is what we found out:

Indosolar Ltd. share price has depreciated -27.1% annually over the past ten years.

Indo solar was incorporated on April 8, 2005 as “Robin Garments Private Limited”. The name of the company changed to Indo solar with a fresh certificate of incorporation on July 21, 2008 thus changing its status to a public limited company.

The company is one of the few companies selected for grant of financial incentives under the “Special Incentive Package Scheme” of 2007 notified by the Government of India and has been granted an in

Indo solar was incorporated on April 8, 2005 as “Robin Garments Private Limited”. The name of the company changed to Indo solar with a fresh certificate of incorporation on July 21, 2008 thus changing its status to a public limited company.

The company is one of the few companies selected for grant of financial incentives under the “Special Incentive Package Scheme” of 2007 notified by the Government of India and has been granted an in principle approval on June 1, 2009 by Ministry of Communication and Information Technology, Government of India. The manufacturing facility at Greater Noida has been granted the status as an’ Export Oriented Unit’ (“EOU”) under the Foreign Trade Policy 2009-2014 of the Government of India pursuant to which the company enjoys certain benefits, including free importability and entitlement to avail of certain direct and indirect tax exemptions.

The company manufactures poly-crystalline solar photo-voltaic (“SPV”) cells from silicon wafers utilizing crystalline silicon SPV cell technology for converting sunlight directly into electricity through a process known as the “photo-voltaic effect”. They market and sell products to primarily module manufacturers on a business-to-business (“B2B”) platform, who in turn supply to the system integrators who install the systems for grid and off-grid (roof top) applications for use in the domestic market as well as markets in Europe, Spain, Japan, Asia, Canada and USA.

The company commenced work for setting up of SPV cell manufacturing facility in Greater Noida in January 2008. It has established one SPV cell manufacturing line having an annual manufacturing capacity of 80 MW and commenced commercial production in July 2009. The second SPV cell manufacturing line having an annual manufacturing capacity of 80 MW is expected to commence commercial production of SPV cells in March 2010. In order to prepare for an increase in demand for SPV products in the future and to enhance scale to a competitive level, It plans to increase the annual manufacturing capacity to approximately 260 MW by 2011, with an additional manufacturing line of annual manufacturing capacity of 100 MW.

Indo solar uses a fully automated horizontal in-line, state-of-the-art technology for manufacture of SPV cells which offer high average efficiency levels of up to 16%. They have entered into arrangements with Schmid, one of the operators in SPV cell manufacturing technology and a vertically integrated player in the SPV cell industry, for delivery, installation and commissioning of the plant and machinery at their facility, on turnkey basis. As part of the manufacturing capacity expansion plans, it proposes to install a SPV manufacturing line with ‘selective emitter’ technology to be commissioned by their turnkey provider, Schmid. ‘Selective emitter’ technology will give capability to produce improved SPV cells of higher average efficiency up to 17.20%. Their  research and development team comprising three solarphoto-voltaic and semi conductor researchers and scientists focuses on continually enhancing their SPV cell Conversion Efficiencies and improving their manufacturing operations.

The company is associated with the Semiconductor Equipment and Materials International,USA, Indian Semiconductor Association and Solar Energy Society of India (“SESI”). One of its Promoters, Mr. Hulas Rahul Gupta, is convener of the industry wing of SESI.

Group Companies:-

  • Delton Cables
  • Vishranti Trading Enterprises
  • Saneh Industrial Investments
  • Senor Microwaves Private
  • Element Arts Private 
  • Viga Trade Solutions Private
  • B & M Trading and Investment Co. Limited Greenlite Global Inc.
  • Greenlite Lighting Corporation

Milestones :-

November 21, 2005 - Execution of lease deed with the GNIDA for grant of 27158.78 square meter of land

January 15, 2008 - Execution of joint business development agreement with the Transferor Company

January 13, 2008 - Execution of supply agreement with Schmid for planning, supply, installation and commission of first line of the solar cell project.

February 14, 2008 - Change of the object of the Company from the business of readymade garments to solar energy cells.

August 31, 2008 - Execution of lease agreement by the Transferor Company to lease the equipments to the Company.

October 15, 2008 - Grant of EOU status .

September 7,2009 - Grant of occupancy certificate of Industrial building erected on Plot No 3C/1, Ecotech –II Sector, Udhyog Vihar from GNIDA.

January 16, 2009 - Execution of facility agreement for grant of loan by a consortium of banks led by Union Bank of India

July 17, 2009 - Commencement of commercial production of SPV cells with one manufacturing line having an annual manufacturing capacity of 80 MW.

September 16,2009 - Approval of the Scheme by the High Court of Delhi at New Delhi.

September 24, 2009 - Filing of the Scheme with the ROC by the Transferor Company and Company.

September 25, 2009 - Grant of Equity Shares in the proportion of 1:1 to the shareholders of Transferor Company, pursuant to the terms of the Scheme.

2009-  Time overrun with respect to installation of its first SPV cell manufacturing line cost over run in relation to the two manufacturing lines for its SPV cell.

2010  -Indosolar inks one of the largest deals in solar energy with GCL-Poly.

2011 -The Company has entered into a Memorandum of Understanding with GCL Solar System Limited, China to explore the possibility of development of solar farms in India.

Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

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