Key Financial Figures (Q1 FY27 vs Q1 FY26)

  • Total Revenue: ₹745.40 Cr (vs ₹362.94 Cr in Q1 FY26) - 105.37% YoY growth
  • Expenses: ₹668.53 Cr (vs ₹305.14 Cr in Q1 FY26) - 119.09% YoY increase
  • EBITDA: ₹76.87 Cr (vs ₹57.81 Cr in Q1 FY26) - 32.97% YoY growth
  • EBITDA Margin: 10.31% (vs 15.93% in Q1 FY26) - 562 bps decline
  • Depreciation and Amortisation: ₹16.92 Cr (vs ₹2.79 Cr in Q1 FY26) - 506.45% YoY increase
  • Finance Cost: ₹12.44 Cr (vs ₹2.97 Cr in Q1 FY26) - 318.86% YoY increase
  • Profit Before Tax: ₹47.50 Cr (vs ₹52.05 Cr in Q1 FY26) - 8.74% YoY decline
  • PBT Margin: 6.37% (vs 14.34% in Q1 FY26) - 797 bps decline
  • Tax: ₹9.48 Cr (vs ₹8.93 Cr in Q1 FY26) - 6.16% YoY increase
  • Profit After Tax: ₹38.02 Cr (vs ₹43.12 Cr in Q1 FY26) - 11.83% YoY decline
  • PAT Margin: 5.10% (vs 11.88% in Q1 FY26) - 678 bps decline

Historical Financial Performance (FY2022-FY2026)

Profit & Loss Statement (₹ Cr):

  • Gross Profit: 32 (FY22), 38 (FY23), 124 (FY24), 232 (FY25), 431 (FY26)
  • EBITDA: 14 (FY22), 19 (FY23), 84 (FY24), 170 (FY25), 305 (FY26)
  • EBITDA Margin: 6.3% (FY22), 6.6% (FY23), 11.4% (FY24), 12.8% (FY25), 14.0% (FY26)
  • Net Profit: 7 (FY22), 11 (FY23), 55 (FY24), 126 (FY25), 201 (FY26)
  • EPS (₹): 24.1 (FY22), 6.0 (FY23), 2.7 (FY24), 6.0 (FY25), 9.1 (FY26)

Balance Sheet (₹ Cr) - FY2026:

  • Total Equity: 808 (Share Capital: 22, Other Equity: 785)
  • Total Liabilities: 2,155
  • Non-Current Assets: 745 (PPE: 474, CWIP: 73, Right of Use: 51)
  • Current Assets: 1,410 (Inventories: 379, Trade Receivables: 281, Cash: 521)
  • Non-Current Liabilities: 591 (Long-term Borrowings: 471)
  • Current Liabilities: 756 (Short-term Borrowings: 370, Trade Payables: 293)

Business Update and Strategic Positioning

  • Company founded in Jaipur in 2017, scaled from 80 MW to 5.5 GW in eight years
  • Maintains top-10 position among India's PV manufacturers with pan-India presence
  • Business segments include wholesale supply to EPC firms, OEMs, developers and 1,000+ channel partners
  • Residential & retail rooftop solar under PM Surya Ghar serving 40,000+ customers
  • Turnkey EPC & O&M for utility-scale and C&I solar - currently 100 MW+, scaling to 400 MW+ by FY27
  • ALMM-approved supplier to PM-KUSUM, PM Surya Ghar and utility tenders (NTPC, SECI, SJVN)
  • Targeting 400 MW+ utility-scale parks by FY27 generating long-term power revenue

Expansion and Growth Catalysts

  • 4.5 GW Solar Cell Expansion: Underway at Narmadapuram, Madhya Pradesh, construction in full swing
  • 18,000 MT Aluminum Frame Manufacturing: Expected COD in Q3 FY27
  • Backward Integration: Moving from commodity module assembly to integrated, technology-led manufacturing
  • Policy Tailwinds: ALMM-II exemption for eligible projects extended till December 2026
  • Diversified Mix: Government, IPP, EPC & rooftop channels contributing to growth
  • Order Book: Recently secured large-scale orders provide clear execution visibility for coming two quarters

Management and Leadership Team

Board of Directors:

  • Mr. Manish Gupta - Chairman (Founder, 25+ years leadership experience)
  • Mr. Vikas Jain - Managing Director (Founder, 25+ years engineering experience)
  • Mr. Akhilesh Kumar Jain - Non-Executive Director (Former MD of Rajasthan Electronics & Instruments Ltd.)
  • Mr. Anil Kumar Gupta - Independent Director (Power sector veteran)
  • Dr. Subir Bikas Mitra - Independent Director (Former Executive Director at GAIL India Ltd.)
  • Mrs. Payal Gupta - Non-Executive Director
  • Mr. Rajiv Jain - Independent Director
  • Mr. Shreemat Pandey - Independent Director (Former IAS officer)
  • Mrs. Ekta Jain - Non-Executive Director

Executive Team:

  • Mr. Ravi Dusad - Chief Financial Officer
  • Mr. Deepak Jain - Chief Technical Officer
  • Mr. Ankit Malhotra - Chief Operating Officer - EPC
  • Mr. Abhishek Kaushal - Chief Business Officer
  • Mr. Nitesh Sharma - Company Secretary and Compliance Officer
  • Mr. Manish Gupta - Senior VP - Operations & Technology
  • Mr. Sarjak Parekh - AVP - Sales
  • Mr. Devesh Khandelwal - Head - Marketing
  • Sunil Kumar Singh - Chief Human Resources Officer

Industry Context and Market Opportunity

  • KUSUM scheme expanded from 35 GW to ~50-55 GW with state participation
  • ~18 GW of PPAs already signed awaiting execution, representing 2-3 years execution pipeline
  • ALMM-III (June 2028) mandates domestic wafers - India currently 100% import-dependent on China
  • Wafer/ingot lines require ₹650-700 Cr per GW investment

Awards and Recognition

  • No. 1 globally among listed solar manufacturers for four consecutive times in Financial Stability Ranking Report by SINOVOLTAICS (2025)
  • Featured in Forbes India's 'Best Under A Billion' (2024)
  • The Most Trusted Brands of India 2026-27
  • Ranked 22nd by Fortune India's Emerging 100 Companies (April 2026 issue)
  • Recognized as one of the Top 10 Solar Panel Manufacturers by Industry Outlook in 2024

Company Contacts

  • Nitesh Sharma: Company Secretary and Compliance Officer - cs@insolationenergy.in
  • Khushbu Singhania: Go India Advisors (Investor Relations) - khushbu@goindiaadvisors.com
  • Tanishka Tanvi: Go India Advisors (Investor Relations) - tanishka@GoIndiaAdvisors.com