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 ₹ 3,054 Cr.
- Current Price ₹ 139
- High / Low ₹ 282 / 79.8
- Stock P/E 44.3
- Book Value ₹ 20.0
- Dividend Yield 0.07 %
- ROCE 3.26 %
- ROE 2.07 %
- Face Value ₹ 1.00
Pros
- Company is almost debt free.
Cons
- Stock is trading at 6.95 times its book value
- 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.
- Debtor days have increased from 54.2 to 104 days.
- Promoter holding has decreased over last 3 years: -3.77%
- 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
Quarterly 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: | 81% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 10% |
| 3 Years: | -10% |
| TTM: | 50% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 117% |
| 1 Year: | -41% |
| 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 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 15 | 21 | 21 | 22 | 22 |
| Reserves | 6 | 13 | 7 | 28 | 30 | 416 | 418 |
| 12 | 21 | 29 | 40 | 34 | 24 | 31 | |
| 6 | 14 | 16 | 16 | 10 | 20 | 53 | |
| Total Liabilities | 26 | 50 | 67 | 104 | 95 | 483 | 524 |
| 8 | 10 | 9 | 8 | 7 | 9 | 35 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 2 | 5 | 8 | 79 | 328 |
| 19 | 40 | 56 | 91 | 80 | 395 | 161 | |
| Total Assets | 26 | 50 | 67 | 104 | 95 | 483 | 524 |
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 |
| Free Cash Flow | 2 | -2 | 9 | -20 | 28 | -19 |
| CFO/OP | 53% | 10% | 71% | -162% | 738% | -1,250% |
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% |
Insights
In beta| Mar 2017 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | May 2025 | |
|---|---|---|---|---|---|---|---|
| Solar Module Manufacturing Capacity MW |
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| Solar Module Sales Volume MW |
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| Geographic Reach (Districts) Number |
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| Number of Channel Partners/Dealers Number |
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| Order Book ₹ Crores |
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Extracted by Screener AI
Documents
Announcements
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Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
29 Apr - Confirmed not a Large Corporate under SEBI circulars on 29 April 2026.
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E-Voting Result And Scrutinizer Report Of The Postal Ballot
17 Apr - Postal ballot approved appointment of Mr. Shreemat Pandey as Non-Executive Independent Director on 17 April 2026.
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Shareholder Meeting / Postal Ballot-Scrutinizer"s Report
17 Apr - Postal ballot approved Mr. Shreemat Pandey’s appointment as Non-Executive Independent Director on 17 April 2026.
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Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot
17 Apr - Postal ballot approved Mr. Shreemat Pandey’s appointment as independent director for five years.
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Clarification On Significant Movement In The Price Of Security Of Insolation Energy Limited Across Exchanges
14 Apr - Insolation Energy clarified 14 Apr 2026 price movement was market-driven and disclosed all material information.
Annual reports
Concalls
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Feb 2026Transcript PPT
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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]