Insolation Energy Ltd

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Insolation Energy Ltd

₹ 97.2 -8.33%
13 Aug - close price
insolationenergy.in BSE: 543620 NSE: INA
About

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]

Key Points

Market Position:[1] [2]
The company holds a prominent position as the largest manufacturer of solar panels, batteries, and inverters in North India, based in Jaipur, Rajasthan. It is ranked amongst the top-10 position PV manufacturers in India.

Website BSE NSE
  • Market Cap ₹ 2,142 Cr.
  • Current Price ₹ 97.2
  • High / Low ₹ 250 / 79.8
  • Stock P/E 11.0
  • Book Value ₹ 36.6
  • Dividend Yield 0.10 %
  • ROCE 22.2 %
  • ROE 28.1 %
  • Face Value ₹ 1.00
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Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 33.1%

Cons

  • Company might be capitalizing the interest cost
  • Debtor days have increased from 34.6 to 47.9 days.
  • Promoter holding has decreased over last 3 years: -3.77%

* 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

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
325 397 362 415 575 794 741
301 339 305 370 501 683 669
Operating Profit 24 57 57 45 75 111 72
OPM % 7% 14% 16% 11% 13% 14% 10%
5 -0 1 11 7 -2 5
Interest 4 1 3 5 8 8 12
Depreciation 3 3 3 6 12 15 17
Profit before tax 23 53 52 45 62 86 48
Tax % 18% 20% 17% 18% 18% 19% 20%
19 42 43 37 51 70 38
EPS in Rs 0.84 1.92 1.95 1.68 2.30 3.18 1.68
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
215 279 737 1,334 2,146 2,525
201 261 656 1,172 1,859 2,222
Operating Profit 14 19 81 161 287 303
OPM % 6% 7% 11% 12% 13% 12%
0 1 4 9 18 21
Interest 3 3 10 8 24 33
Depreciation 2 2 7 9 36 50
Profit before tax 9 14 68 154 245 241
Tax % 26% 23% 18% 18% 18%
7 11 55 126 201 196
EPS in Rs 0.46 0.51 2.66 5.73 9.08 8.84
Dividend Payout % 0% 0% 0% 2% 0%
Compounded Sales Growth
10 Years: %
5 Years: %
3 Years: 97%
TTM: 61%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: 166%
TTM: 58%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 62%
1 Year: -55%
Return on Equity
10 Years: %
5 Years: 33%
3 Years: 33%
Last Year: 28%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 15 21 21 22 22
Reserves 7 32 88 594 785
31 68 96 108 888
16 38 58 123 460
Total Liabilities 70 159 263 847 2,155
9 38 46 77 525
CWIP 2 0 1 46 73
Investments 0 0 5 50 36
58 121 210 674 1,522
Total Assets 70 159 263 847 2,155

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
9 -1 30 113 -73
-3 -29 -33 -554 -186
2 45 28 394 698
Net Cash Flow 8 15 25 -46 439
Free Cash Flow 6 -30 13 28 -521
CFO/OP 63% -7% 53% 87% -13%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 28 37 26 30 48
Inventory Days 48 75 45 26 81
Days Payable 24 33 23 24 62
Cash Conversion Cycle 52 78 48 32 66
Working Capital Days 16 31 6 2 22
ROCE % 20% 48% 35% 22%

Insights

In beta
Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Module Manufacturing Capacity
MW ・Standalone data

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Module Production Volume
MW ・Standalone data
Customer Count
Customers ・Standalone data
Capacity Utilization
% ・Standalone data
Channel Partners
Partners ・Standalone data
Module Sales/Dispatch Volume
MW ・Standalone data
Order Book (Unexecuted)
MW ・Standalone data

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Shareholding Pattern

Numbers in percentages

12 Recently
Oct 2022Mar 2023Sep 2023Mar 2024Sep 2024Dec 2024Mar 2025Sep 2025Mar 2026Jun 2026
69.84% 69.89% 69.95% 69.98% 70.04% 66.22% 66.01% 66.10% 66.12% 66.12%
0.06% 0.00% 0.04% 0.00% 0.59% 1.36% 0.94% 0.79% 1.09% 0.84%
0.19% 0.00% 0.00% 0.00% 0.00% 0.15% 0.42% 0.55% 0.74% 1.27%
29.90% 30.11% 30.01% 30.01% 29.37% 32.27% 32.63% 32.55% 32.05% 31.75%
No. of Shareholders 1,4898921,1451,4312,9423,8685,27110,27515,11226,561

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

Documents

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Credit ratings

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