Insolation Energy Ltd

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Insolation Energy Ltd

₹ 83.4 -4.11%
05 Oct - 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 ₹ 1,845 Cr.
  • Current Price ₹ 83.4
  • High / Low ₹ 198 / 79.8
  • Stock P/E 488
  • Book Value ₹ 20.0
  • Dividend Yield 0.00 %
  • ROCE 2.48 %
  • ROE 1.63 %
  • Face Value ₹ 1.00
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Pros

Cons

  • Stock is trading at 4.16 times its book value
  • The company has delivered a poor sales growth of -9.63% over past five years.
  • Company has a low return on equity of 2.05% over last 3 years.
  • Earnings include an other income of Rs.8.61 Cr.
  • Company has high debtors of 182 days.
  • Promoter holding has decreased over last 3 years: -3.83%
  • Working capital days have increased from 64.9 days to 133 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

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
22.82 34.59 30.39 34.75 13.09 19.79 12.19
23.41 33.76 28.37 30.69 8.58 22.84 13.73
Operating Profit -0.59 0.83 2.02 4.06 4.51 -3.05 -1.54
OPM % -2.59% 2.40% 6.65% 11.68% 34.45% -15.41% -12.63%
3.19 3.17 -0.28 4.29 1.56 2.01 0.75
Interest 0.67 0.91 0.49 0.69 0.71 0.69 0.65
Depreciation 0.55 0.58 0.52 0.78 0.96 0.93 1.10
Profit before tax 1.38 2.51 0.73 6.88 4.40 -2.66 -2.54
Tax % -23.19% 67.33% 34.25% 24.42% 24.77% -31.95% 14.57%
1.70 0.82 0.48 5.20 3.30 -1.81 -2.91
EPS in Rs 0.08 0.04 0.02 0.24 0.15 -0.08 -0.13
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
88.28 162.63 215.38 258.66 229.28 112.74 98.03 79.82
81.04 149.91 201.50 246.42 224.91 111.55 90.48 75.84
Operating Profit 7.24 12.72 13.88 12.24 4.37 1.19 7.55 3.98
OPM % 8.20% 7.82% 6.44% 4.73% 1.91% 1.06% 7.70% 4.99%
0.04 0.04 0.06 0.64 3.80 9.12 7.58 8.61
Interest 1.56 2.09 2.63 2.89 2.83 2.03 2.58 2.74
Depreciation 1.20 1.40 1.97 1.67 1.39 1.43 3.19 3.77
Profit before tax 4.52 9.27 9.34 8.32 3.95 6.85 9.36 6.08
Tax % 31.42% 25.57% 25.80% 26.20% 27.59% 26.72% 23.18%
3.09 6.90 6.94 6.15 2.87 5.02 7.18 3.78
EPS in Rs 1.24 2.76 0.46 0.30 0.14 0.23 0.33 0.18
Dividend Payout % 0.00% 0.00% 0.00% 0.00% 0.00% 43.88% 0.00%
Compounded Sales Growth
10 Years: %
5 Years: -10%
3 Years: -28%
TTM: -13%
Compounded Profit Growth
10 Years: %
5 Years: 1%
3 Years: 5%
TTM: 42%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 25%
1 Year: -55%
Return on Equity
10 Years: %
5 Years: 4%
3 Years: 2%
Last Year: 2%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 2.50 2.50 15.00 20.83 20.83 22.03 22.04
Reserves 5.80 12.70 7.13 27.51 30.36 416.14 419.82
12.36 20.92 28.63 39.69 34.31 24.22 57.80
5.77 14.33 15.93 16.03 9.60 20.42 44.38
Total Liabilities 26.43 50.45 66.69 104.06 95.10 482.81 544.04
7.87 10.08 9.04 7.60 6.70 8.78 39.31
CWIP 0.00 0.00 0.00 0.00 0.43 0.18 0.75
Investments 0.00 0.00 1.81 5.00 7.62 78.97 387.37
18.56 40.37 55.84 91.46 80.35 394.88 116.61
Total Assets 26.43 50.45 66.69 104.06 95.10 482.81 544.04

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
3.86 1.32 9.90 -19.89 29.22 -16.06 -0.41
-1.93 -3.61 -0.94 -0.24 -22.60 -372.69 -21.72
-1.41 1.84 -2.63 29.88 -5.40 371.87 23.41
Net Cash Flow 0.52 -0.45 6.32 9.75 1.22 -16.88 1.27
Free Cash Flow 1.93 -2.29 8.95 -20.13 28.30 -19.29 -28.69
CFO/OP 53% 10% 71% -162% 738% -1,250% -2%

Ratios

Standalone / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 33.53 21.99 27.98 35.19 23.29 103.99 181.89
Inventory Days 33.25 40.69 48.11 48.39 27.16 86.74 67.73
Days Payable 20.60 29.26 23.99 19.15 15.00 56.62 174.80
Cash Conversion Cycle 46.18 33.43 52.09 64.44 35.45 134.11 74.82
Working Capital Days 23.40 28.73 16.93 41.57 -7.20 69.25 132.77
ROCE % 40.01% 27.62% 16.17% 7.65% 3.26% 2.48%

Insights

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Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Module Manufacturing Capacity
MW

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

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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.

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