Insolation Energy Ltd(INA)

NSE: INABSE: 543620

₹ 65.31-1.80%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,440 crWebsite: www.insolationenergy.inUpdated: 24 Oct 2026

About

Insolation Energy Ltd (INA Solar) is an Indian solar PV module manufacturer ranked among the top 10 in India, operating 5.5 GW of installed module capacity across three plants in Jaipur, Rajasthan, with FY26 revenue of ₹2,146 crore. The company sells across utility-scale, C&I, rooftop, government, and channel partner segments through 1,000+ channel partners in 250+ districts serving 40,000+ customers. It is building backward integration into solar cell and aluminium frame manufacturing at Narmadapuram, Madhya Pradesh, and developing an IPP portfolio under India's KUSUM scheme.^[1][2][3]

Manufacturing capacity and plants

Total installed solar PV module capacity is 5.5 GW per annum across three plants (INA-1, INA-2, INA-3) all in Jaipur, Rajasthan, as of Q1 FY27.^[1][4]
INA-1 is a 200 MW module plant at Daulatpura, Jaipur; INA-2 is a 750 MW plant at Jatawali Industrial Area, Jaipur; together with INA-3 they total 5.5 GW.^[1]
Q4 FY26 module dispatch exceeded 500 MW, with FY27 non-DCR production and sales target of 2 GW.^[3]
Revenue CAGR of 97% over FY24 - FY26, reflecting the capacity ramp from 950 MW operational in FY25 to 5.5 GW by end-FY26.^[4][5]

Products

Product range covers N-Type TOPCon Modules (550 Wp - 635 Wp) and Mono PERC Modules (500 Wp - 560 Wp); formats include bifacial and monofacial panels under the INA Solar brand.^[1]
TOPCon mix was ~50% in Q3 FY26; management targets >80% TOPCon in FY27 with Mono PERC potentially phased out by FY27 end.^[6]
Products are certified to IEC 61215:2021, IEC 61730:2023, BIS, ALMM, UL, TUV NORD, ISO 9001, ISO 14001:2015, and ISO 45001:2018.^[1]
The company also offers end-to-end solar solutions covering consultation, system design, installation, and ongoing maintenance.^[1]

Key operating numbers

Order book of 2.1 GW+ as of Q1 FY27, providing near-term execution visibility across utility-scale, C&I, IPP, EPC, and dealer channels.^[4][1]
Non-DCR module realisation was ₹13 - 14/W and DCR module realisation was ₹20 - 22/W in Q4 FY26.^[3]
FY26 revenue mix: 85% non-DCR, 15% DCR; by end-use: utility-scale 65%, KUSUM 15%, PM Surya Ghar 5%, OEM 5%, other 10%.^[3]
400+ MW of IPP projects under execution as of Q1 FY27, anchored by PM-KUSUM contracts.^[4][1]
Working capital cycle was 31 days in FY25, improved from 44 days in FY24.^[5]

Customers and distribution

40,000+ customers served through 1,000+ channel partners across 250+ districts in 26 states; no export revenue (NIL contribution to turnover) as of FY26.^[1]
Customer base spans residential, commercial, industrial, institutional segments as well as 50+ PSUs and large corporates.^[1]
EPC subsidiary Insolation Green Infra Private Limited executes KUSUM Components A and C, solar parks, O&M services, and rooftop installations.^[1]

Expansion and capex

4.5 GW TOPCon G12R solar cell plant at Narmadapuram, MP: PEB erection, civil work, and machinery ordering all complete as of Q1 FY27; trial production is the next milestone, targeting FCO December 2026.^[4]
18,000 MT/annum aluminium frame facility (INA-5) at Narmadapuram: PEB and civil 100% done, machines FAT 60% complete, capex 70% financed; COD now tracking September 2026.^[4]
Total FY27 capex guidance approximately ₹2,500 crore: ~₹1,500 crore for the cell line and ~₹1,000 crore for KUSUM IPP portfolio; peak debt expected at ~₹1,500 crore.^[3]
4.5 GW wafer and ingot facility planned at Narmadapuram on 70,000 sq m of secured land; DPR in progress; capex estimated at ₹650 - 700 crore per GW; capacity announcement described as 'coming shortly' as of Q1 FY27.^[4][3]
KUSUM IPP portfolio: 300 MW commissioning targeted in FY27; full 325 MW AC / 400 MW DC plan; ~₹135 crore IPP revenue targeted in FY27.^[3]

Recent developments

In Q1 FY27 INA secured: ₹558 crore solar PV module supply order from NTPC Renewable Energy (Jul 2026), ₹362 crore solar PV module supply order, ₹340 crore Rajasthan RREC rooftop + 25-year O&M contract, and ₹516 crore IPP + PM-KUSUM project in Andhra Pradesh.^[4]
INA migrated to and listed on BSE and NSE Main Board on 9 March 2026, having previously been the first solar module manufacturer listed on the BSE SME platform.^[3][1]
MoU worth ₹10,000 crore signed with the Government of Rajasthan covering rooftop solar, solar component manufacturing, solar park development, and KUSUM A and C projects.^[7]
Received Solar Panel Manufacturing Company of the Year 2025 award from Solar Quarter and was featured in Forbes India Best Under a Billion.^[1]

Market position

Ranked among the top 10 solar panel manufacturing companies in India with 9+ years of manufacturing history.^[1]
India's installed solar capacity reached 162.15 GW as of June 2026; solar module manufacturing capacity in India expanded to around 172 GW by March 2026.^[1]
ALMM-III (effective June 2028) will mandate domestic solar wafers; India is currently 100% import-dependent on China for wafers, which management describes as a first-mover opportunity.^[4]

Market Cap

₹1,440 Cr

High / Low

₹198 / 63

Stock P/E

7.2

Price / Book

1.8

Book Value

₹37

EPS

₹9.1

No. of Shares

22.04 Cr

ROCE

21.7%

ROE

28.1%

OPM

12.4%

Debt / Equity

1.03

Sales

₹2,146 Cr

Net Profit

₹201 Cr

Promoter holding

66.1%

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