INSOLATION ENERGY LIMITED

Manufactures solar photovoltaic (PV) modules, with installed module capacity of 5.5 GW, and is building out a 4.5 GW TOPCon G12R cell line and 18,000 metric tonnes per annum of aluminum frame extrusion at Narmadapuram. In Q3 FY26, production was 356 MW and dispatch was 364 MW, with a targeted monthly dispatch run-rate of 300 MW (~3.5 GW annualised) from FY27. The order book stood at 2.1 GW, including a Rs 558.29 crore Solar PV Modules contract from NTPC Renewable Energy to be executed in FY 2026-27. The company is also executing 400 MW of PM KUSUM Component A ground-mounted solar projects spread across 211 sites in Rajasthan, where all power purchase agreements are signed and project loans are aligned with SBI, AU Small Finance Bank and Bank of Baroda, backed by Rs 347.07 crore of corporate guarantees issued to Aseem Infra Finance. Costs are dominated by materials at 77.5% of revenue, reflecting the cell, aluminum frame, glass and other input-heavy nature of module production. Management has retained a $1 billion / Rs 8,000 crore revenue vision for FY28-29 and targets an EBITDA margin closer to 20% from Q4 FY27 once the cell line ramps, versus the current ex-cell level of 14.5-15%.