NSE: INA · BSE: 543620
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Solar PV Modules, Solar power projects (PM KUSUM Component A). Asset-heavy, capacity-expanding solar PV module manufacturer moving into cell and aluminum frame integration
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 279 | 737 | 1,334 | 2,146 |
| EBITDA (ex other income) | — | — | — | 287 |
| margin % | — | — | — | 13.4 |
| Owners' profit | — | — | — | 200 |
| EPS, as reported (₹) | 6.01 | 31.23 | 5.95 | 9.10 |
| ROE % · ROCE % | — · 18.9 | — · 54.5 | — · 25.1 | 24.8 · 19.2 |
| Debt / equity (x) | — | — | — | 1.03 |
| Cash from operations | (1) | 61 | 113 | (73) |
| Capex | — | — | (85) | (448) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 278 | 459 | 612 | 722 | 777 | 575 | 794 | 741 |
| Profit before tax | 22 | 45 | 74 | 80 | 97 | 62 | 86 | 47 |
| Net profit | — | — | — | — | 80 | 51 | 70 | 38 |
| EPS (₹) | 7.22 | 19.68 | 29.41 | 3.01 | 3.63 | 2.27 | 3.17 | 1.73 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 64,618 | 16.9 | 4.30 | 10.5 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 61,818 | 52.3 | 11.46 | 32.5 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 38,368 | 22.7 | 8.90 | 15.7 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 21,476 | 160.9 | 26.11 | 114.7 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,071 | 86.8 | — | 84.5 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,879 | 12.7 | 4.57 | 9.4 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 13,663 | 102.2 | 18.93 | 68.1 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,270 | 11.5 | 3.73 | 10.5 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.6 | 22.4 | 10 of 52 | 82% |
| P/B | 1.9 | 3.3 | 15 of 49 | 71% |
| ROCE | 17.6 | 12.4 | 22 of 55 | 61% |
| ROE | 24.8 | 12.4 | 13 of 50 | 76% |
| Debt / Equity | 1.0 | 0.3 | 44 of 50 | 12% |
| EBITDA margin | 10.4 | 12.6 | 33 of 51 | 36% |
| Revenue growth | 2.6 | 20.7 | 34 of 46 | 27% |
| Market cap | 1571 | 591 | 19 of 56 | 67% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Subsidiary receives Rajasthan incentives for Jaipur solar module plant | capex operations | medium | — | — |
| 8 Oct 2026 · RTA certificate confirms no rematerialisation requests in Q2 FY26 | compliance | minimal | — | — |
| 29 Sept 2026 · AGM results: all 8 resolutions passed, new auditor and Rs 5,000 cr borrowing limit approved | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Insolation Energy 11th AGM: 8 resolutions passed, new auditor appointed | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · ESOP 2024 allotment of 46,750 shares at Rs 3.8 each | capital market events | low | — | — |
| 28 Sept 2026 · Insolation Energy grants 1.06 lakh ESOP options at Rs 3.80 each | capital market events | medium | — | — |
| 28 Sept 2026 · Insolation Energy appoints Mrs Usha Sharma as Independent Woman Director | management changes | medium | — | — |
| 28 Sept 2026 · Insolation Energy appoints Mrs. Usha Sharma as Independent Woman Director | management changes | medium | — | — |
| 25 Sept 2026 · Trading Window closure from Oct 1, 2026 for Q2 results | compliance | minimal | — | — |
| 5 Sept 2026 · Newspaper notice published for 11th AGM on 28 September 2026 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.