Waaree-Indosolar Merger Clears Exchange Hurdle as Stock Relists Under New Identity

After years of financial uncertainty and insolvency proceedings, shares of former solar manufacturer Indosolar are set to return to Indian stock exchanges. Both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) have approved the relisting of the company under the new management of Waaree Energies $WAAREEENER.NS. The stock will trade under the symbol WaareeIndo, and be categorized in the ‘T’ group, which imposes specific trading restrictions to curb speculative activity.

This development marks a turning point in the company’s trajectory, following its acquisition through India’s Insolvency and Bankruptcy Code (IBC), 2016. Trading is expected to resume shortly, restoring liquidity for long-time shareholders and allowing for price discovery under a restructured corporate profile.

Acquisition Through Insolvency Framework

The acquisition traces back to October 2018, when Indosolar defaulted on its obligations due to mounting financial losses. Creditors triggered a formal bankruptcy process under the IBC, which culminated in Waaree Energies taking control of the distressed asset. The move aligned with Waaree’s strategy to consolidate solar manufacturing capabilities amid a government push for domestic renewable energy infrastructure. Under Waaree’s stewardship, the company has undergone operational and financial restructuring, shifting from a loss-making enterprise to a profit-generating unit within a single fiscal year.

Early Signs of Turnaround

For FY2025, the restructured entity reported a net profit of ₹55 crore, reversing a net loss of ₹15.44 crore in FY2024. This performance underscores Waaree’s execution in optimizing the acquired asset's production footprint and supply chain.

Contributing factors to this turnaround include:

• Operational integration into Waaree’s existing solar module infrastructure;

• Cost rationalization and debt restructuring post-IBC acquisition;

• Improved capacity utilization rates;

• Rising domestic demand for solar components under India’s PLI scheme;

• Strategic alignment with government-backed renewable energy targets.

Outlook for Investors and Industry Implications

The relisting of WaareeIndo not only restores market access for legacy shareholders but also signals broader confidence in India’s resolution mechanisms for distressed assets. It also underlines Waaree Energies' growing role in the country’s solar value chain consolidation. Should the company sustain its current growth trajectory, the newly restructured stock may attract interest from ESG-focused funds and institutional investors betting on India’s green energy transition.