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Insolation Energy Ltd (543620)

📊 BSE: 543620 🏢 Power Generation 📢 Latest filing: 29 Sep 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Insolation Energy's revenue was ₹741 Cr (+104.6% year on year, -6.7% on the previous quarter), and net profit ₹38.0 Cr (-11.6% year on year); the operating margin was 9.7%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹741	+104.6%	-6.7%
Operating profit	₹72.2	+26.6%	-35.0%
Net profit	₹38.0	-11.6%	-45.7%
EPS (₹)	1.73	-11.3%	-45.4%
Operating margin	9.7%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Insolation Energy Shareholders Approve All AGM Resolutions, Including ₹5,000 Cr Asset Charge Limit

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Sep 2026, 07:50 PM

Insolation Energy reported the voting results of its 11th Annual General Meeting held on September 28, 2026. All 8 resolutions were approved with requisite majority, including the adoption of FY26 financials and re-appointment of top management. Key approvals include the reappointment of Chairman Manish Gupta and MD Vikas Jain for 5-year terms, as well as a special resolution authorizing charges/mortgages on assets up to ₹5,000 crore under Section 180(1)(a). The ₹5,000 crore authorization limit represents ~11.3x current net worth (₹442 crore), creating headroom for future debt-funded expansions.

All 8 AGM resolutions approved by shareholders with over 99% overall voting support
Special resolution passed to authorize charges/mortgages on assets up to ₹5,000 crore
Mr. Manish Gupta (Chairman) and Mr. Vikas Jain (MD) re-appointed for 5-year tenures
M/s. ARS & Company appointed as Statutory Auditors replacing M/s. Badaya & Co.

💡 Track subsequent announcements on any actual borrowing or fundraise programs leveraging the approved ₹5,000 crore asset mortgage limit.

Insolation Energy Allots 46,750 Equity Shares Under ESOP 2024

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 28 Sep 2026, 05:14 PM

Insolation Energy Limited announced that its Nomination and Remuneration Committee approved the allotment of 46,750 equity shares under the ESOP 2024 plan. The shares have a face value of Re. 1 each and were exercised at a price of Rs. 3.8 per share (including a premium of Rs. 2.8 per share). Following this allotment, the company's total issued and paid-up share capital marginally increases from 22,04,51,875 shares to 22,04,98,625 shares. The dilution is negligible at approximately 0.02% of existing equity capital.

Allotment of 46,750 equity shares of face value Re. 1/- each under ESOP 2024
Exercise price fixed at Rs. 3.8/- per share (including a premium of Rs. 2.8/-)
Paid-up share capital expands from 22,04,51,875 to 22,04,98,625 shares
Allotted shares rank pari passu with existing equity shares
Equity dilution represents roughly 0.02% of total share capital

💡 Track subsequent quarterly financial performance and upcoming progress on the company's wafer and module capacity expansion plans.

Insolation Energy Appoints Ex-IAS Usha Sharma as Independent Director for 5-Year Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 28 Sep 2026, 04:30 PM

Insolation Energy has appointed Mrs. Usha Sharma as an Additional Non-Executive Independent Woman Director for a five-year term effective September 28, 2026, through September 27, 2031. Mrs. Sharma is a retired 1985-batch IAS officer who previously served as Chief Secretary of the Government of Rajasthan. The appointment is subject to shareholder approval and complies with board composition requirements. With Insolation Energy posting TTM revenues of Rs 2,525 Cr, the induction enhances independent governance oversight.

Appointment of Mrs. Usha Sharma as Non-Executive Independent Woman Director effective September 28, 2026
Tenure established for a period of 5 consecutive years, ending September 27, 2031
Profile includes 38 years in the Indian Administrative Service (1985 batch), formerly Chief Secretary of Rajasthan
Appointment made subject to shareholder approval with confirmation of no debarment by SEBI

💡 Track the upcoming shareholder voting resolution to formally approve the appointment, as well as regular operational updates on solar module and wafer expansion.

Insolation Energy Appoints Former Rajasthan Chief Secretary Usha Sharma as Independent Director

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 28 Sep 2026, 04:18 PM

Insolation Energy Limited has appointed Mrs. Usha Sharma as an Additional Director in the category of Non-Executive Independent Women Director for a 5-year term from September 28, 2026, to September 27, 2031. Mrs. Sharma is a retired 1985-batch IAS officer who previously served as the Chief Secretary to the Government of Rajasthan and held senior administrative roles spanning over 38 years. The Board also approved remuneration for Non-Executive Directors and the issuance of a Postal Ballot notice for shareholder approval. The meeting concluded within 14 minutes with no immediate operational or capital expenditure announcements.

Appointment of Mrs. Usha Sharma as Non-Executive Independent Women Director for 5 consecutive years from September 28, 2026, to September 27, 2031
Candidate brings over 38 years of administrative experience, including past tenure as Chief Secretary to the Government of Rajasthan
Approval of remuneration payable via commission or otherwise to Non-Executive Directors, subject to shareholder vote
Board meeting commenced at 03:56 PM and concluded at 04:10 PM on September 28, 2026

💡 Track shareholder approval via the upcoming postal ballot voting results. No operational or direct financial adjustments are required.

Insolation Energy Dispatches FY26 Annual Report; 11th AGM Scheduled for Sept 28, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Sep 2026, 04:45 PM

Insolation Energy Ltd has issued the notice for its 11th Annual General Meeting to be held via video conferencing on September 28, 2026, with the voting cut-off date set as September 21, 2026. The accompanied FY25-26 Annual Report highlights that the company has scaled its solar PV module manufacturing capacity to 5.5 GW following the commissioning of a 4.5 GW plant in Jaipur. Additionally, the company is developing a 4.5 GW single-phase solar cell manufacturing facility and an 18,000 MTPA aluminium frame unit at Narmadapuram, Madhya Pradesh to drive backward integration.

11th AGM scheduled for Monday, 28th September 2026 at 3:00 PM IST via video conferencing.
Cut-off date for e-voting eligibility fixed for Monday, 21st September 2026.
Installed solar module manufacturing capacity reached 5.5 GW per annum following the commissioning of a 4.5 GW facility at Sawarda, Jaipur.
Developing a 4.5 GW solar cell facility in a single phase alongside an 18,000 MTPA aluminium frame plant in Narmadapuram, Madhya Pradesh.

💡 Track voting resolutions and commentary during the AGM on September 28, 2026, alongside milestone updates on the Madhya Pradesh cell manufacturing plant.

Insolation Energy Concludes Non-Deal Roadshow in Mumbai

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Aug 2026, 06:54 PM

Insolation Energy Limited informed the stock exchanges that its representatives participated in a Non-Deal Roadshow in Mumbai on August 26, 2026. This follows the company's prior intimation dated August 21, 2026. The company confirmed that no Unpublished Price Sensitive Information (UPSI) was shared or discussed during the meetings. As this is a standard regulatory intimation regarding investor outreach, it has no direct operational or financial impact.

Participated in a Non-Deal Roadshow on 26th August, 2026 in Mumbai
Filing made pursuant to earlier disclosure dated 21st August, 2026
Company confirmed no Unpublished Price Sensitive Information (UPSI) was discussed

💡 Track subsequent company filings or presentations for any strategic updates, along with Q2 FY27 earnings performance.

Wins 99 MW Solar Projects with ₹59.72 Cr Annual Revenue for 25 Years (₹425 Cr Capex)

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 24 Aug 2026, 09:51 AM

Insolation Energy's wholly owned subsidiary, Insolation Green Energy, has secured a Letter of Award from MSEDCL for 9 solar power projects aggregating 99 MW AC (128.7 MW DC) in Maharashtra under Mukhyamantri Saur Krushi Vahini Yojana 2.0. The project requires an estimated investment of ₹425 crore (approx. 52.7% of net worth) and carries an 18-month commissioning timeline from PPA signing. Backed by a 25-year PPA at ₹2.90 per unit, the assets are projected to deliver an annuity revenue of ₹59.72 crore per year (~₹1,493 crore over 25 years).

Awarded 9 solar projects totaling 99 MW AC (128.7 MW DC) by MSEDCL under MSKVY 2.0
Estimated total investment size of approx. ₹425 crore including GST
Secured 25-year long-term PPA at a tariff of ₹2.90 per kWh
Expected annual electricity generation of 20.59 crore units yielding ₹59.72 crore annual revenue
Project to be commissioned within 18 months from the date of PPA execution

💡 Track the formal execution of the PPA, debt tie-ups for the ₹425 crore capex outlay, and milestone progress toward the 18-month commissioning timeline.

Insolation Energy to Attend Physical Non-Deal Roadshow in Mumbai on August 26, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 21 Aug 2026, 06:50 PM

Insolation Energy Limited has announced its participation in a physical Non-Deal Roadshow scheduled for August 26, 2026, in Mumbai. The company confirmed that no Unpublished Price Sensitive Information (UPSI) will be shared during the meetings. This is a standard regulatory intimation of an institutional investor interaction under Regulation 30.

Non-Deal Roadshow scheduled for 26th August, 2026
Meeting format is physical interaction in Mumbai
Company confirmed no Unpublished Price Sensitive Information (UPSI) will be disclosed

💡 Track exchange filings post-meeting for any uploaded investor presentations or strategic disclosures regarding current module manufacturing operations.

Insolation Energy Q1 Revenue Up 105% YoY to ₹745.4 Cr; Order Book at 2.1 GW+

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 21 Aug 2026, 04:09 PM

Insolation Energy published its Q1 FY27 investor presentation, reporting total revenue of ₹745.40 Cr (up 105.37% YoY from ₹362.94 Cr) and net profit of ₹38.02 Cr. The company highlighted a robust order book exceeding 2.1 GW, alongside current operational module capacity of 5.5 GW. Progress continues on backward integration, including a 4.5 GW TOPCon cell line targeted for COD in Q4 FY26 and an 18,000 MTPA aluminum frame facility.

Q1 FY27 total revenue surged 105.37% YoY to ₹745.40 Cr with PAT at ₹38.02 Cr
EBITDA stood at ₹76.87 Cr with an EBITDA margin of 10.31%
Order book exceeds 2.1 GW across utility-scale, C&I, EPC, and rooftop segments
Backward integration underway: 4.5 GW TOPCon cell facility (COD Q4 FY26) and 18,000 MT frame plant

💡 Track commissioning milestones for the 4.5 GW TOPCon cell facility by Q4 FY26 and execution pace on the 2.1 GW+ order book in upcoming quarterly results.

105% Revenue Growth in Q1FY27; ₹558 Cr NTPC Order Win and ₹1,500 Cr Capex Plan

🔵 WATCH ⭐ 8/10

EARNINGS 📅 13 Aug 2026, 02:54 PM

Insolation Energy reported a massive 105.37% YoY revenue jump to ₹745.40 Cr in Q1FY27, driven by strong demand across utility and C&I segments. However, PAT declined 11.83% YoY to ₹38.02 Cr as EBITDA margins contracted sharply from 15.93% to 10.31% due to input cost inflation. The company has earmarked a significant ₹1,500 Cr capex for FY27 (approx. 65% of its current market cap) to fund backward integration into solar cells and aluminium frames. Post-quarter, it secured a ₹558.29 Cr order from NTPC, representing ~26% of FY26 revenue, providing strong visibility.

Revenue surged 105.37% YoY to ₹745.40 Cr in Q1FY27.
Order book stands at over 2.1 GW, providing multi-quarter revenue visibility.
Secured a post-quarter order worth ₹558.29 Cr from NTPC Renewable Energy.
Earmarked ₹1,500 Cr capex for FY27 to develop 4.5 GW TOPCon cell and 18,000 MTPA aluminium frame facilities.
PAT margins compressed to 5.10% from 11.88% YoY due to rising input costs.

💡 Investors should closely monitor the commissioning timeline of the Narmadapuram TOPCon cell facility in H2FY27, as backward integration is the primary lever for margin recovery. Additionally, track the funding mix for the ₹1,500 Cr capex to see if it leads to significant equity dilution or excessive debt beyond the current 1.10 D/E ratio.

7,500 ESOP Options Granted at Rs 3.80 Exercise Price

🟡 NEUTRAL ⭐ 2/10

MANAGEMENT 📅 12 Aug 2026, 05:37 PM

Insolation Energy has approved the grant of 7,500 stock options to eligible employees under its ESOP 2024 plan. These options are priced at Rs 3.80 each, which is a significant discount to the current market price of Rs 104.3. This specific grant is part of Tranche 8 and represents a negligible portion of the total 20,00,000 options available under the plan. The vesting period ranges from 1 to 5 years, serving as a long-term retention tool for the company's talent.

Grant of 7,500 options in Tranche 8 of the ESOP 2024 plan
Exercise price set at Rs 3.80 per option, significantly below the current market price of Rs 104.3
Total pool for the ESOP 2024 plan consists of 20,00,000 (20 lakh) options
Vesting period is a minimum of 1 year and a maximum of 5 years from the grant date
Exercise period expires 18 months from the date of vesting

💡 Monitor the cumulative impact of future grants from the 20 lakh option pool to assess total equity dilution, which is currently estimated at approximately 0.9% of total share capital.

2,500 Equity Shares Allotted Under ESOP 2024 Scheme

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 12 Aug 2026, 05:24 PM

Insolation Energy Ltd has approved the allotment of 2,500 equity shares of Re 1 face value following the exercise of vested options under its ESOP 2024 plan. The shares were issued at an exercise price of Rs 3.8 per share, which includes a premium of Rs 2.8. This allotment results in a negligible equity dilution of approximately 0.001% based on the pre-allotment share capital. The total paid-up equity capital now stands at Rs 22.04 crore.

Allotment of 2,500 fully paid-up equity shares of face value Re 1 each.
Exercise price set at Rs 3.8 per share, significantly below the current market price of Rs 104.3.
Total issued and paid-up equity share capital increased to 22,04,51,875 shares.
The dilution impact is minimal at approximately 0.001% of the total equity base.

💡 No action is required as this is a routine administrative allotment with no material impact on financial ratios or shareholding structure. Investors should focus on the company's upcoming quarterly performance and its expansion into solar wafer manufacturing.

Insolation Energy Q1 Revenue Surges 104% to ₹740.7 Cr; Re-appoints MD & Chairman for 5 Years

🟡 NEUTRAL ⭐ 7/10

BOARD_MEETING 📅 12 Aug 2026, 05:10 PM

Insolation Energy reported a massive 104.7% YoY increase in revenue for Q1 FY27, reaching ₹740.70 Cr. However, net profit declined by 11.8% YoY to ₹38.02 Cr, primarily due to a sharp rise in finance costs (up 305% YoY) and raw material expenses. The Board has approved the re-appointment of promoters Manish Gupta (Chairman) and Vikas Jain (MD) for five-year terms starting December 2026, ensuring leadership continuity during their expansion phase. Despite the top-line growth, PBT margins contracted significantly from 14.4% to 6.4% YoY.

Revenue from operations grew 104.7% YoY to ₹740.70 Cr in Q1 FY27 compared to ₹361.89 Cr in Q1 FY26.
Net profit for the quarter stood at ₹38.02 Cr, down from ₹43.12 Cr in the same period last year.
Finance costs escalated to ₹12.04 Cr from ₹2.97 Cr YoY, reflecting increased borrowing for operations or expansion.
Re-appointment of Mr. Vikas Jain as MD and Mr. Manish Gupta as Chairman for 5 years effective Dec 15, 2026.
Allotted 54,750 equity shares under the ESOP 2024 plan at an exercise price of ₹3.8 per share.

💡 Investors should monitor the company's ability to pass on raw material costs and the impact of their backward integration strategy on recovering margins, which saw a sharp decline this quarter.

Insolation Energy Q1 Revenue Grows 104% to ₹741 Cr; Top Management Re-appointed for 5 Years

🟡 NEUTRAL ⭐ 7/10

BOARD_MEETING 📅 12 Aug 2026, 05:03 PM

Insolation Energy reported a strong 104.7% YoY increase in revenue for Q1 FY27, reaching ₹740.70 Cr compared to ₹361.89 Cr in the same quarter last year. However, Net Profit (PAT) declined by 11.8% YoY to ₹38.02 Cr, down from ₹43.12 Cr, indicating significant margin pressure. The Board also approved the re-appointment of Chairman Manish Gupta and Managing Director Vikas Jain for a five-year term starting December 15, 2026, ensuring leadership continuity during the company's expansion phase.

Revenue from operations surged 104.7% YoY to ₹740.70 Cr in Q1 FY27.
Net Profit (PAT) decreased by 11.8% YoY to ₹38.02 Cr from ₹43.12 Cr in Q1 FY26.
Re-appointment of Mr. Manish Gupta as Chairman and Mr. Vikas Jain as MD for 5 years effective Dec 15, 2026.
Total expenses for the quarter stood at ₹697.90 Cr, representing 94% of total income.
The company allotted 54,750 equity shares under its ESOP 2024 plan on May 25, 2026.

💡 Investors should monitor the company's ability to pass on raw material costs, as the PAT decline despite doubling revenue suggests margin contraction. Watch for the upcoming Annual General Meeting (AGM) for formal shareholder approval of the management re-appointments.

Insolation Energy Q1 Revenue Up 105% YoY to ₹741 Cr; PAT Declines 12% on Margin Pressure

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 12 Aug 2026, 04:54 PM

Insolation Energy Ltd reported a strong 104.7% YoY increase in revenue for Q1 FY27, reaching ₹740.70 Cr. However, net profit for the quarter fell by 11.8% YoY to ₹38.02 Cr, and plummeted 45.6% on a sequential (QoQ) basis. The results highlight significant margin compression, with Profit Before Tax (PBT) margins dropping to 5.06% from 14.38% in the same quarter last year. Additionally, the board approved the re-appointment of the Chairman and Managing Director for five-year terms starting December 2026.

Revenue from operations grew 104.7% YoY to ₹740.70 Cr, contributing ~34% of TTM revenue in a single quarter.
Net profit declined 11.8% YoY to ₹38.02 Cr, down from ₹43.12 Cr in Q1 FY26.
Finance costs surged 305% YoY to ₹12.04 Cr compared to ₹2.97 Cr in the previous year's quarter.
PBT margins contracted sharply to 5.06% from 10.87% in the preceding quarter (Q4 FY26).
Re-appointment of Mr. Manish Gupta (Chairman) and Mr. Vikas Jain (MD) for 5 years effective Dec 15, 2026.

💡 Investors should monitor the company's progress on backward integration into solar wafer manufacturing, which is intended to stabilize margins against rising input and finance costs.

View All 543620 Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total consolidated revenue grew 81.16% YoY to INR 1,343.02 Cr in FY25. The KUSUM and EPC business segment is projected to contribute INR 400 Cr (approximately 12%) of the targeted INR 3,300 Cr revenue in the current financial year, with expectations to grow to INR 700 Cr in the following year.

Profitability Margins

Net Profit Margin improved by 25.74% YoY to 9.46% from 7.53%. Operating Profit Margin increased by 15.55% YoY to 12.08% due to improved business mix and strategic cost optimization.

EBITDA Margin

EBITDA margin increased by 140 bps to 12.8% in FY25, with absolute EBITDA growing 102.35% to INR 170.32 Cr, driven by scale benefits and operational efficiency.

Capital Expenditure

The company has a clear expansion plan involving forward and backward integration into solar wafer manufacturing, though specific INR Cr figures for planned capex are not disclosed.

Credit Rating & Borrowing

The Debt-Equity ratio significantly improved, decreasing by 80.22% to 0.18 in FY25. The Interest Coverage Ratio rose by 173.05% to 22.02, indicating high debt-servicing capacity.

⚙️ Operational Drivers

Raw Materials

Solar cells, glass, and aluminum frames (standard for solar modules) represent the primary costs; the company plans to manufacture solar wafers to capture more of the value chain.

Capacity Expansion

The company is expanding into solar wafer manufacturing and scaling module capacity to address an industry-wide gap where 100 GW of capacity is required.

Raw Material Costs

Raw material costs are a key factor in operations; fluctuations in these costs are cited as a primary risk that could impact module pricing and margins.

Manufacturing Efficiency

The company achieved a robust Return on Capital (ROC) of 60% and improved its working capital cycle from 44 days to 31 days (a 29.5% improvement).

📈 Strategic Growth

Expected Growth Rate

147%

Growth Strategy

The company aims to achieve its CAGR targets through backward integration into solar wafer manufacturing and expanding its high-margin KUSUM and EPC business from INR 400 Cr to INR 700 Cr. This strategy focuses on capturing the entire solar manufacturing value chain and leveraging a scalable business model.

Products & Services

Solar panels (modules), EPC (Engineering, Procurement, and Construction) services for solar projects, and solar installations under the KUSUM scheme.

Brand Portfolio

Insolation Energy (INA).

New Products/Services

Entry into solar wafer manufacturing is expected to significantly contribute to future revenue and margin expansion.

Market Expansion

Focus on India's clean energy transformation with a well-structured growth strategy for domestic solar demand.

🌍 External Factors

Industry Trends

The solar industry is seeing a shift toward full value chain integration. Currently, a large gap exists between required capacity (100 GW) and present capacity, allowing established players to command healthy margins.

Competitive Landscape

Key competitors include Waaree and Premier Energies, who are also commanding high PAT margins in the current supply-constrained environment.

Competitive Moat

The company's moat is based on cost leadership through scale, a high ROC of 60%, and a strategic move toward backward integration which reduces dependency on external wafer suppliers.

Macro Economic Sensitivity

Highly sensitive to economic conditions that influence the demand, supply, and pricing of solar components.

Consumer Behavior

Increased acceptance of solar products is driving volume expansion and higher demand for domestic manufacturing.

Geopolitical Risks

Trade barriers and changes in import/export regulations for solar components pose risks to the supply chain.

⚖️ Regulatory & Governance

Industry Regulations

Operations are influenced by the ALMM (Approved List of Models and Manufacturers) framework and government enabling policies for wafer manufacturing.

Environmental Compliance

Not disclosed in absolute INR Cr, but the company maintains a CSR policy focused on 'Responsible Business' and 'Shared Value'.

Taxation Policy Impact

The company follows applicable Indian GAAP and Companies Act 2013 provisions; standalone current tax was INR 1.75 Cr in FY25.

Legal Contingencies

There were no significant or material orders passed by regulators, courts, or tribunals impacting the company's going concern status or future operations during the review period.

⚠️ Risk Analysis

Key Uncertainties

Rapidly changing macro environment and evolving compliance requirements could impact business complexities by an estimated 10-15% in operational costs.