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Insolation Energy
Listed Manufacturer — per-stock model.
As of 21 Aug 2026
Manufacturer—
CMP ₹94NSE: INSOLATION
Latest concall
Q4 FY26 · 25 May 2026- FY26 revenue ₹2,164 cr (+61%); PAT ₹201 cr (+60%); EBITDA ₹305 cr (+77%).
- Q4 revenue ₹792 cr (+100% YoY); PAT ₹70 cr (+65%).
- Module capacity expanded to 5.5 GW via INA3 facility ramp-up.
- Building 4.5 GW TOPCon cell + aluminium-frame plant at Narmadapuram, MP.
Order-book execution
Independent IPP portfolio expanded to ~400 MW on PM-KUSUM / PM Surya Ghar demand; no single order-book figure disclosed.
Management guidance
- Cell production Q3/Q4 FY27, full ramp Q1 FY28; EBITDA margin 14-15% → 17-18%.
- FY27 capex ~₹2,500 cr (₹1,500 cr for cells); peak debt ~₹1,500 cr.
- Targeting 2-2.5 GW module sales FY27; ~60%+ revenue growth momentum.
Q4 FY26 earnings call (Mercom / SaurEnergy)
Revenue FY26E
2,146₹ cr
EBITDA margin
13%
P/E
10.6×
Financials
Annual · ₹ crore · E = estimate.
Annual financials
₹ crore · FY25 → FY28E
Source Company filings (aggregated)· As of 21 Aug 2026
Revenue, EBITDA & margin
Bars ₹cr (left) · margin % (right)
Source Company filings (aggregated)· As of 21 Aug 2026
Quarterly
₹ crore · recent quarters.
Quarterly financials
₹ crore
Source Company filings (aggregated)· As of 21 Aug 2026
Revenue & margin trend
Bars ₹cr (left) · margin % (right)
Source Company filings (aggregated)· As of 21 Aug 2026
Valuation
As of 21 Aug 2026
P/E
10.6×
EV / EBITDA
9.8×
P/B
2.6×
Operating metrics
What the rest of the dashboard tracks for Insolation Energy — capacity, auctions, offtake, manufacturing and returns.
2.1%
Greenfield IRR · Module
at its 13% margin
Operating & order mix
Unit economics and the order book.
Shareholding
% · as of 31 Mar 2026
Shareholding pattern
%
Source Company filings (aggregated)· As of 21 Aug 2026