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 ₹ 1,965 Cr.
- Current Price ₹ 89.2
- High / Low ₹ 282 / 88.1
- Stock P/E 11.1
- Book Value ₹ 31.2
- Dividend Yield 0.11 %
- ROCE 34.7 %
- ROE 34.9 %
- Face Value ₹ 1.00
Pros
- Company has a good return on equity (ROE) track record: 3 Years ROE 40.0%
Cons
- Company might be capitalizing the interest cost
* 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| 215 | 279 | 737 | 1,334 | |
| 201 | 261 | 656 | 1,172 | |
| Operating Profit | 14 | 19 | 81 | 161 |
| OPM % | 6% | 7% | 11% | 12% |
| 0 | 1 | 4 | 9 | |
| Interest | 3 | 3 | 10 | 8 |
| Depreciation | 2 | 2 | 7 | 9 |
| Profit before tax | 9 | 14 | 68 | 154 |
| Tax % | 26% | 23% | 18% | 18% |
| 7 | 11 | 55 | 126 | |
| EPS in Rs | 0.46 | 0.51 | 2.66 | 5.73 |
| Dividend Payout % | 0% | 0% | 0% | 2% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 84% |
| TTM: | 40% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 163% |
| TTM: | 43% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 94% |
| 1 Year: | -66% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 40% |
| Last Year: | 35% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 15 | 21 | 21 | 22 | 22 |
| Reserves | 7 | 32 | 88 | 594 | 666 |
| 31 | 68 | 96 | 108 | 257 | |
| 16 | 38 | 58 | 123 | 289 | |
| Total Liabilities | 70 | 159 | 263 | 847 | 1,234 |
| 9 | 38 | 46 | 77 | 317 | |
| CWIP | 2 | 0 | 1 | 46 | 68 |
| Investments | 0 | 0 | 5 | 50 | 41 |
| 58 | 121 | 210 | 674 | 808 | |
| Total Assets | 70 | 159 | 263 | 847 | 1,234 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| 9 | -1 | 30 | 113 | |
| -3 | -29 | -33 | -554 | |
| 2 | 45 | 28 | 394 | |
| Net Cash Flow | 8 | 15 | 25 | -46 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Debtor Days | 28 | 37 | 26 | 30 |
| Inventory Days | 48 | 75 | 45 | 26 |
| Days Payable | 24 | 33 | 23 | 24 |
| Cash Conversion Cycle | 52 | 78 | 48 | 32 |
| Working Capital Days | 16 | 31 | 6 | 2 |
| ROCE % | 20% | 48% | 35% |
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 ・Includes some standalone data |
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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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Documents
Announcements
- Closure of Trading Window 1d
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
24 Mar - 24 March 2026 analysts and institutional investor meeting; no UPSI shared.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
19 Mar - Read with Schedule III of the SEBI (LODR) Regulations, 2015, we hereby enclose the copies of Newspaper Advertisement published in "Financial Express" (English Edition") and …
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
19 Mar - Representatives of the Company will be interacting with Analysts and Institutional Investor on Tuesday, 24th March, 2026 in Mumbai.
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Shareholder Meeting / Postal Ballot-Notice of Postal Ballot
18 Mar - Postal ballot to appoint Shreemat Pandey as Independent Director (05 Feb 2026–04 Feb 2031); e-voting 19 Mar–17 Apr 2026.
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]