Promoter holding
64.27%
IN
Indosolar - Due diligence report
A 360° intelligence report on Indosolar: trust score, financial health, credit view, compliance, directors, growth and distress signals - ge…
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Indosolar — 360° Intelligence Report
Generated from MCA filings & public records39/100
Trust Score
Caution Indicated
Indosolar is assessed as Caution Indicated with a Trust Score of 39/100. Indosolar is an active public limited indian non-government company incorporated in 2005, operating in the Energy and Power sector. Reported revenue has declined across its recent filed years. It reported a loss in its latest filed year. Based on MCA filings and public records, it currently shows a high compliance risk and high financial risk profile.
Report generated on 22 Sep 2026 from the latest processed filings. Indosolar Limited snapshot & full profile →
Automated indicators derived from public MCA / GST / EPFO records - not a credit rating, not investment, legal or financial advice. Spotted an inaccuracy? Report an error.
02
Score Card
Higher is safer · rule-based & explainableTrust ScoreCaution Indicated
39/100
Overall counterparty trust - the headline number of this report.
Compliance ScoreCaution Indicated
32/100
Statutory standing - status, filings, auditor, MSME and litigation.
Financial Health ScoreCaution Indicated
5/100
Profitability, leverage and liquidity from filed statements.
Credit Risk ScoreCaution Indicated
40/100
Debt capacity, gearing and security cover for lenders.
Director Stability ScoreLow Risk
75/100
Board strength, DIN status, churn and network.
Growth ScoreCaution Indicated
45/100
Revenue, profit, asset and hiring momentum.
Distress ScoreCaution Indicated
20/100
Early-warning signals - higher means fewer warnings.
03
Financial Intelligence Dashboard
Standalone · 5 filed year(s)Unlock the full 5-year financial dashboard with charts and year-wise figures.
Get full accessScores and observations on this page are already computed from the real filings - only the underlying figures are locked.
04
Credit & Compliance Intelligence
Why the scores are what they are
Credit Risk Score: 40/100 Caution Indicated
- Negative operating earnings - debt service depends on external support.
Charges position: 1 open (52.00 cr) · 20 satisfied (4,302.91 cr).
Banking relationships (from registered charges)
| Lender | Charges | Amount |
|---|---|---|
| Union Bank Of India | 12 | 48.0 cr |
| Bank Of Baroda | 2 | 48.0 cr |
| Corporation Bank Industrial Finance Branch | 1 | 48.0 cr |
| Indian Bank | 2 | 48.0 cr |
| Andhra Bank | 3 | 48.0 cr |
| The Hongkong And Shanghai Banking Corporation Limited | 1 | 48.0 cr |
Compliance Score: 32/100 Caution Indicated
- Company status is Active as per MCA.
- Annual filings current (balance sheet Mar 2025).
- Flagged by authority: NSE, MSEI, BSE.
- Litigation present in 4 court forum(s).
- 3 auditor resignation(s) filed - latest: A.K.G. & Associates on 2022-11-14.
- Delayed payments to MSME suppliers disclosed (2 disclosure(s)).
- 1 active GST registration(s).
Legal cases on record (4)
05
Director Intelligence
Stability score: 75/100| Name | DIN / PAN | Designation | Appointed | Tenure | DIN status |
|---|---|---|---|---|---|
| HITESH PRANJIVAN MEHTA | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| ANITA RAMESHPRASAD JAISWAL | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| JAYESH DHIRAJLAL SHAH | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| AKALPITA HARNISH PATEL | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| MAHESH RAMCHAND CHHABRIA | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| VIREN DOSHI CHIMANLAL | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| HITESH CHIMANLAL DOSHI | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| NILESH BHOGILAL GANDHI | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| Amit Ashok Paithankar | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| Abhishek Pareek | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| Jignesh Devchandbhai Rathod | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| Akalpita Harnish Patel | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
- 12 directors on the board.
- No disqualified or deactivated DINs.
- 5 director exits in 3 years - high churn.
Director & KMP remuneration (FY 2018)
| Name | Designation | Total remuneration |
|---|---|---|
| A K Sharma | Managing Director | 2.4 cr |
| R Mehta | Whole-time Director | 1.6 cr |
| S Iyer | CFO | 95.0 L |
Remuneration is disclosed in the latest annual return. Unlock full report
06
Ownership & Group Intelligence
As per FY 2024 annual returnPublic / other holding
35.73%
Equity shares
12,45,67,890
Equity paid-up
124.5 cr
Promoters on record
4
Ultimate holding entity
Waaree Energies Limited
Subsidiaries
-
Group entities
-
Capital events
10 allotment(s) · 2 transfer(s)
Promoters hold a dominant controlling stake - exact percentages are part of the full report.
| Group entity | Relationship | % held |
|---|---|---|
| Waaree Energies Limited | Holding Company | 74.00% |
Key managerial personnel: HITESH CHIMANLAL DOSHI (Managing Director) · Abhishek Pareek (CFO)
Full shareholding pattern, group structure & capital events →
07
Risk Intelligence Center
Growth 45 · Distress 20
Growth signals & trust indicators
Asset base grew 38% - capacity expansion.
Operating for 21+ years.
Active GST registration(s).
Distress signals & risk flags
Revenue declined year-on-year.
Losses deepening year-on-year.
Outside liabilities up 1.42 in a year.
Negative net worth.
3 director exits within 2 years.
Compliance score is weak (32/100).
1 open charge(s) registered - assets are encumbered.
3 auditor resignation(s) on record - review the stated reasons.
MSME payment delays disclosed - latest outstanding 1.33 Lakh.
4 court case(s) on record - see the legal section for details.
08
Stakeholder Verdicts
Vendor · Banker · InvestorVendor due diligence30/100
Caution indicated
Suitability as a supplier / customer counterparty.
- Check the compliance flags before onboarding.
- 5 distress signal(s) - see Risk Center.
- Financial filings available for verification.
Banker assessment28/100
Enhanced diligence advised
Indicative lending comfort for banks, NBFCs and trade credit.
- Debt capacity assessed from filed statements.
- 1 open charge(s) of 52.00 cr already registered.
- Compliance gaps should be priced into terms.
Investor view30/100
Limited indicators at present
Growth quality and scalability through an investor lens.
- 1 growth signal(s) detected.
- Margin and return trends computable from filings.
- Management team looks stable.
09
MCA Filings & Events Timeline
Latest 15 events20 Apr 2026
Director appointed
NILESH BHOGILAL GANDHI (Additional Director)
Director appointed
Abhishek Pareek (CFO)
20 Mar 2026
Director ceased
SONAL SHRIVASTAVA
16 Jan 2026
Director appointed
Jignesh Devchandbhai Rathod (Director)
29 Aug 2025
Last AGM held
Annual general meeting
28 Aug 2025
Director ceased
SHIV KUMAR AGARWAL
14 Jul 2025
Director ceased
AMIT ASHOK PAITHANKAR
16 May 2025
Director appointed
Amit Ashok Paithankar (Ceo)
14 May 2025
Charge created
The Hongkong And Shanghai Banking Corporation Limited - 52.00 cr
17 Apr 2025
Director appointed
MAHESH RAMCHAND CHHABRIA (Director)
31 Mar 2025
Latest balance sheet
Filed with ROC
20 Sep 2024
Director ceased
AMBIKA SHARMA
23 Apr 2024
Director appointed
AKALPITA HARNISH PATEL (Company Secretary)
20 Mar 2024
Director ceased
RAJENDER MOHAN MALLA
05 Aug 2023
Charge satisfied
Union Bank Of India
10
Key Observations
Auto-generated from the data aboveRevenue declined 2.1x over the last 4 financial year(s).
12 active director(s) / partner(s); board looks stable and experienced.
1 active GST registration(s) indicate ongoing business operations.
Promoters hold a dominant controlling stake as per the FY 2024 annual return.
Director / KMP remuneration is disclosed in the latest annual return - exact figures available in the full report.
Capital has been raised through 10 security allotment(s) - amounts available in the full report.
| Company | CIN | Location |
|---|---|---|
| Citann Engineers (India) Private Limited | U29141TN1993PTC024295 | Chennai, Tamil Nadu, India |
| Innotech Integration Services Private Limited | U74999KA2020PTC140312 | Srirampura, Karnataka, India |
| Inspecity | U35300MH2022PTC387536 | Thane, Maharashtra, India |
| Himakshi Road-Cons Equipments Private Limited | U29199GJ1998PTC034017 | Mehsana, Gujarat, India |
| Hitech Hydraulics Private Limited | U31909DL1996PTC083903 | New Delhi, Delhi, India |
| Quicloc Private Limited | U29299KA1997PTC022061 | Karnataka, Karnataka, India |
| Enlite Research | U72900MH2017PTC301860 | Thane, Maharashtra, India |
| Bull Electric Private Limited | U31909TZ2020PTC034635 | Coimbatore, Tamil Nadu, India |
12
Who Uses This Report
CA · CS · Banker · Investor · VendorChartered Accountants (CA)
Verify Indosolar before audits and certifications: compliance score 32/100, filing history, auditor history and charge records in one place - instead of pulling each MCA form separately.
Company Secretaries (CS)
Track statutory health of Indosolar: ACTIVE compliance status, annual-return recency, director DIN status, board churn and the events timeline - the inputs for secretarial audits and due-diligence certificates.
Bankers & NBFCs
Current banker verdict: Enhanced diligence advised. Credit risk score 40/100, existing charge position and lender relationships - a first-pass credit memo before formal appraisal.
Investors & Analysts
Investor view: Limited indicators at present. Growth score 45/100, margin trends, ownership structure and peer set for Indosolar - screening before a deeper diligence.
Vendors & Procurement Teams
Vendor verdict: Caution indicated. Trust score 39/100, distress signals and MSME payment-delay disclosures - know whether Indosolar pays its suppliers before you extend credit terms.
Lawyers & Compliance Teams
Litigation footprint (4 case(s) on record), regulatory flags, charge documents trail and director networks for Indosolar - groundwork for KYC, onboarding and disputes.
13
Frequently Asked Questions
Is Indosolar an active company?
Indosolar has MCA status “Active” with a compliance score of 32/100 (Caution Indicated).
Is Indosolar financially healthy?
Indosolar has a Financial Health Score of 5/100 (Caution Indicated) based on its filed financial statements.
Should I do business with Indosolar?
Its overall Trust Score is 39/100 (Caution Indicated). Vendor verdict: Caution indicated. Review the risk flags in the Risk Intelligence Center before deciding.
Who controls Indosolar?
The ultimate holding entity is Waaree Energies Limited. 12 active director(s) are on record.
Does Indosolar have loans or charges against its assets?
1 open charge(s) are registered against its assets, and 20 earlier charge(s) stand satisfied.
Is Indosolar up to date with its ROC filings?
Annual filings current (balance sheet Mar 2025). Overall compliance score: 32/100 (Caution Indicated).
Is it risky to lend to Indosolar?
Its Credit Risk Score is 40/100 (Caution Indicated). Banker verdict: Enhanced diligence advised.
Disclaimer: This report is generated automatically from MCA filings and public records as available
in our system at the time of the last update. Scores, bands and verdicts are rule-based derived indicators of the
underlying data - they are opinions generated by an algorithm, not statements of fact about the company, and are
not credit ratings (within the meaning of SEBI regulations), audits, or investment, legal or financial advice.
Verify from official sources and consult a qualified professional before any business, lending or investment decision.
If you represent this company and believe any information is inaccurate or outdated,
report it here and we will review promptly.
