Pursuant to Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, Please find ....
INA · price
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Insolation Energy reported Q3 FY26 revenue of INR 575 crores, up 77% YoY, with 9M FY26 revenue at INR 1,352 crores (44% YoY growth). EBITDA margin expanded 506 basis points YoY to over 14%, and management guided to a sustained 14.5-15% EBITDA margin range, rising toward 20% once its 4.5 GW TOPCon cell facility commissions in Q4 FY27. Total installed module capacity rose to 5.5 GW after a 1.5 GW addition in December, while a new 4.5 GW cell and 18,000-ton aluminium extrusion plant in Madhya Pradesh is under construction. Order book stands at approximately 2.1 GW, providing 6-9 months of visibility, and the company has secured a ~400 MW Kusum IPP portfolio in Rajasthan. Management reaffirmed its $1 billion (INR 8,000 crore) revenue vision with 40-45% CAGR, targeted in FY28/29, and is migrating from the SME platform to the mainboard of BSE/NSE this month.
The stock benefits from strong YoY growth, expanding margins, and clear medium-term targets, but investors should note that FY26 revenue is now tracking around INR 2,000 crores versus an earlier guidance of INR 3,300 crores due to capacity ramp-up delays, which could weigh on near-term sentiment. Backward integration into cells and aluminium frames is a key margin and re-rating catalyst over FY27-FY28.