Insolation Energy Ltd
Incorporated in 2015, Insolation Energy Ltd is engaged in the business of manufacturing solar panels and modules of high efficiency of various sizes. The company's 200 MW SPV Module manufacturing unit is located in Jaipur, spread over more than 60,000 Sq. ft area with the latest machinery.[1]
- Market Cap ₹ 3,942 Cr.
- Current Price ₹ 179
- High / Low ₹ 475 / 177
- Stock P/E 778
- Book Value ₹ 19.9
- Dividend Yield 0.06 %
- ROCE 3.26 %
- ROE 2.07 %
- Face Value ₹ 1.00
Pros
- Company has reduced debt.
- Company is almost debt free.
Cons
- Stock is trading at 9.00 times its book value
- Promoter holding has decreased over last quarter: -3.76%
- The company has delivered a poor sales growth of 5.01% over past five years.
- Company has a low return on equity of 4.25% over last 3 years.
- Earnings include an other income of Rs.9.12 Cr.
- Debtor days have increased from 54.2 to 104 days.
- Working capital days have increased from 34.5 days to 69.2 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Half Yearly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 88 | 163 | 215 | 259 | 229 | 113 | |
| 81 | 150 | 202 | 246 | 225 | 112 | |
| Operating Profit | 7 | 13 | 14 | 12 | 4 | 1 |
| OPM % | 8% | 8% | 6% | 5% | 2% | 1% |
| 0 | 0 | 0 | 1 | 4 | 9 | |
| Interest | 2 | 2 | 3 | 3 | 3 | 2 |
| Depreciation | 1 | 1 | 2 | 2 | 1 | 1 |
| Profit before tax | 5 | 9 | 9 | 8 | 4 | 7 |
| Tax % | 31% | 26% | 26% | 26% | 28% | 27% |
| 3 | 7 | 7 | 6 | 3 | 5 | |
| EPS in Rs | 1.24 | 2.76 | 0.46 | 0.30 | 0.14 | 0.23 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 44% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 5% |
| 3 Years: | -19% |
| TTM: | -51% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 10% |
| 3 Years: | -10% |
| TTM: | 83% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -43% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 8% |
| 3 Years: | 4% |
| Last Year: | 2% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 15 | 21 | 21 | 22 |
| Reserves | 6 | 13 | 7 | 28 | 30 | 416 |
| 12 | 21 | 29 | 40 | 34 | 24 | |
| 6 | 14 | 16 | 16 | 10 | 20 | |
| Total Liabilities | 26 | 50 | 67 | 104 | 95 | 483 |
| 8 | 10 | 9 | 8 | 7 | 9 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 2 | 5 | 8 | 79 |
| 19 | 40 | 56 | 91 | 80 | 395 | |
| Total Assets | 26 | 50 | 67 | 104 | 95 | 483 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 4 | 1 | 10 | -20 | 29 | -16 | |
| -2 | -4 | -1 | -0 | -23 | -373 | |
| -1 | 2 | -3 | 30 | -5 | 372 | |
| Net Cash Flow | 1 | -0 | 6 | 10 | 1 | -17 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 34 | 22 | 28 | 35 | 23 | 104 |
| Inventory Days | 33 | 41 | 48 | 48 | 27 | 87 |
| Days Payable | 21 | 29 | 24 | 19 | 15 | 57 |
| Cash Conversion Cycle | 46 | 33 | 52 | 64 | 35 | 134 |
| Working Capital Days | 23 | 29 | 17 | 42 | -7 | 69 |
| ROCE % | 40% | 28% | 16% | 8% | 3% |
Documents
Announcements
-
Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 ('SEBI Listing Regulations') - Incorporation Of Step-Down Subsidiaries Of The Company
3 Oct - Five SPVs incorporated 03-Oct-2025 by Insolation Green Energy for solar plants; Rs100,000 authorized capital each.
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
2 Oct - Representatives of the Company will be interacting with analysts and Institutional investors as per the following schedule: Date Wednesday, 8th October, 2025 from 11:00 AM …
-
Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 ('SEBI Listing Regulations') - Incorporation Of Step-Down Subsidiaries Of The Company
30 Sep - Wholly-owned subsidiary incorporated 11 SPVs on 30 Sep 2025 for solar plants; each subscribed capital Rs.1,00,000.
- Shareholder Meeting / Postal Ballot-Scrutinizer''s Report 30 Sep
- Voting Results And Scrutinizer Report Of 10Th Annual General Meeting (AGM) Of The Company 30 Sep
Annual reports
Concalls
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Jun 2025Transcript PPT REC
Market Position
The company is the 2nd largest North Indian manufacturer of solar panels, batteries, and inverters based in Jaipur, Rajasthan. [1]