Company Update : Insolation Energy Ltd by Choice Broking Ltd
We met the management of Insolation Energy including Mr. Manish Gupta (Founder and Chairman), Mr. Vikas Jain (Founder and Managing Director), Mr. Ravi Dusad (CFO) and Mr. Deepak Jain (CTO) among others. The firm reiterated its guidance to achieve cumulative capacity of 7 GW PV modules, 4.5 GW of solar cells and 18,000 MT of aluminium frame manufacturing by FY28. The firm guides PAT margin of 11.0 %, marking a 150 bps expansion for FY26. Meanwhile, it further expects margin to expand by 300 bps for FY26 - FY27, reaching 14.0%. It will ultimately increase by 200bps to reach 16.0%. Please see page 2 for takeaways from Q&A. We also visited Insolation Energy’s INA 3 factory at Delhi-Ajmer Expressway at Sawarda in Jaipur. The facility currently has a capacity of 3 GW of module manufacturing. Please refer to page 2 for technologies adopted and page 3 for photos from the site.
At present, Insolation Energy generates revenue across four core verticals:
* Retail sales, serving rooftop and small-scale installations via its dealer and distributor network;
* Utilities, through large utility-scale solar projects under government tenders;
* Solar pumps, supported by schemes like KUSUM for agricultural irrigation; and
* Commercial & Industrial (C&I), where it offers solar modules and EPC solutions to businesses aiming to cut energy costs and meet sustainability targets.
Insolation Energy Ltd operates through its 100% owned subsidiaries: (A) Insolation Green Energy Pvt Ltd., which primarily has manufacturing facilities, and (B) Insolation Green Infra Pvt. Ltd., which includes EPC contracts.
(A) Manufacturing Sales (Solar PV Modules): This constitutes the primary and historically dominant source of the company's revenue, derived from the core business of manufacturing solar panels and modules. These are sold under the brand name "INA". Modules are manufactured using polycrystalline and monocrystalline cell technology (including Mono PERC and, more recently, N-Type TOPCon technologies). The sales are expected to be INR 28bn, INR 46bn and INR70bn for FY26-27-28 respectively.
(B) Engineering, Procurement and Construction (EPC) Services: Insolation Energy provides integrated solar EPC solutions covering procurement, installation, commissioning and maintenance of solar projects. Key areas include KUSUM schemes, IPPs, solar parks, O&M and rooftop systems. EPC revenue is projected to be INR 4bn in FY 2025-26 and INR 11bn in FY 2027-28, with margin slightly higher than module manufacturing.
The firm further plans to expand in Integrated Power Production and will venture into Operation and Maintenance (O&M) services.
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SEBI Registration no.: INZ 000160131
