Company Disclosure

Financial Performance Summary

Quarterly Performance (Q4 FY26 vs Q4 FY25):

  • Revenue from Operations: ₹792.38 crore (up 99.87% from ₹396.45 crore)
  • EBITDA: ₹109.10 crore (up 91.17% from ₹57.07 crore)
  • EBITDA Margin: 13.77% (decreased by 63 bps from 14.40%)
  • Profit Before Tax: ₹86.29 crore (up 62.20% from ₹53.20 crore)
  • Net Profit: ₹69.84 crore (up 64.76% from ₹42.39 crore)
  • PAT Margin: 8.81% (decreased by 188 bps from 10.69%)

Annual Performance (FY26 vs FY25):

  • Revenue from Operations: ₹2,163.52 crore (up 61.02% from ₹1,343.62 crore)
  • EBITDA: ₹304.61 crore (up 76.50% from ₹172.58 crore)
  • EBITDA Margin: 14.08% (improved by 124 bps from 12.84%)
  • Profit Before Tax: ₹245.29 crore (up 60.27% from ₹153.05 crore)
  • Net Profit: ₹200.63 crore (up 59.75% from ₹125.59 crore)
  • PAT Margin: 9.27% (decreased by 8 bps from 9.35%)

Key Business Highlights - FY26

  • Successfully migrated to the Main Board of NSE and BSE
  • Achieved strong revenue growth driven by higher dispatches across utility-scale, C&I and distributed solar segments
  • Installed module manufacturing capacity expanded to 5.5 GW
  • Continued progress on strategic backward integration roadmap:
  • 4.5 GW TOPCon solar cell manufacturing facility
  • 18,000 MTPA aluminium frame manufacturing facility at Narmadapuram, Madhya Pradesh
  • Advanced execution across KUSUM-linked projects
  • Continued expansion of IPP portfolio of ~400 MW
  • Strengthened positioning as "Made in India" integrated solar manufacturing platform

Operational Highlights

  • INA3 manufacturing facility scaling as one of India's most automated PV module manufacturing facilities
  • Civil works, PEB activities, Utilities and infrastructure development at Narmadapuram integrated manufacturing project progressing as scheduled
  • Focus on disciplined procurement, calibrated pricing strategy and operational efficiencies
  • Strengthened distribution and channel partner ecosystem across key solar growth markets
  • Increased participation in government-led renewable energy programs

Management Commentary

Mr. Manish Gupta - Chairman:

FY26 was a defining year with successful scaling of operations, strengthened manufacturing platform, and strong financial growth despite dynamic industry environment. Performance reflects disciplined execution, strong customer relationships and improving operating leverage. Migration to Main Board marks important milestone reflecting evolving scale, governance standards and long-term strategic vision.

Mr. Vikas Jain - Managing Director:

India is entering significant domestic solar manufacturing cycle driven by rising renewable energy adoption, policy support and supply-chain localization focus. INA strategically positioned to benefit through expanding manufacturing footprint and integrated value-chain strategy. Ongoing solar cell and aluminium frame expansion projects represent major step toward backward integration and long-term competitiveness.

FY27 Outlook

  • Focus on commissioning and ramp-up of integrated solar cell and aluminium frame manufacturing facilities
  • Continue scaling module manufacturing operations and improving throughput efficiencies at INA3
  • Expand presence across utility-scale, rooftop, C&I and government-led solar programs
  • Increase focus on value-chain integration to strengthen cost competitiveness and long-term margin sustainability
  • Continue strengthening execution visibility through order inflows, channel expansion and strategic project participation

Company Background

Insolation Energy Limited is headquartered in Jaipur, Rajasthan and operates advanced manufacturing facilities with installed module capacity of 5.5 GW. The company serves utility-scale, commercial & industrial (C&I), rooftop and distributed solar markets across India.