Insolation Energy Ltd Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 5 Aug 2026 | Power | Market Cap: ₹2.2K Cr
Targeting $1 billion (INR 8,000 crores) revenue in next 3 years, likely by FY28 or FY29. Revenues are expected to grow with capacity scaling and market expansion; 9M FY26 revenue was INR 1,352 crores, up 44% YoY.
From Insolation Energy Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹93.8
Market Cap
₹2.2K Cr
P/E Ratio
11.2
How does Insolation Energy Ltd rank in Power?
Compare Insolation Energy Ltd against every Power company this quarter on revenue, margins and earnings-call signals.
Insolation Energy Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹794 Cr, net profit ₹70 Cr.
Full financials →📊 Revenue & Sales Performance
- →Targeting $1 billion (INR 8,000 crores) revenue in next 3 years, likely by FY28 or FY29.
- →INR 3,000 - 3,500 crores revenue expected from solar panel manufacturing by next year (FY27/FY28).
- →Aluminum segment expected to contribute INR 700 - 800 crores in the same period.
- →Monthly dispatch capacity to reach 300 MW from next year onwards.
- →Q4 FY26 dispatch expected at 450-500 MW.
- →Capacity expansion with three manufacturing lines; INA-3 line fully operational soon.
- →Topline growth to reflect 40-45% CAGR; current FY27 revenue expected at around INR 2,000 crores due to production ramp-up delays.
- →Cell manufacturing ramp-up to begin in Q3 FY27, stabilizing by Q4 FY27, improving EBITDA margins significantly.
- →Expanding order execution to 300 MW per month for next year.
- →Plans to tap export market (U.S.) after quality certifications.
📈 Profitability & Margins
- →Revenues are expected to grow with capacity scaling and market expansion; 9M FY26 revenue was INR 1,352 crores, up 44% YoY.
- →EBITDA margins have improved to above 14%, with Q3 FY26 margin at over 14%, up 506 bps YoY.
- →EBITDA for 9MFY26 increased by 69% YoY to INR 195.5 crores; Q3 FY26 EBITDA surged 175% YoY to INR 81.7 crores.
- →EPS growth strong: Q3 FY26 EPS up 170% YoY to 2.27; 9M FY26 EPS up 55% YoY to 5.89.
- →Margin expansion expected with cell manufacturing from Q4 FY27 and in FY28, potentially raising EBITDA margins closer to 20%.
- →Sustainable EBITDA margin expected around 14.5-15% without cell integration; cell integration is expected to boost margins significantly.
- →Cash accruals projected to grow to over INR 400 crores in FY28 supporting internal funding and growth.
- →Company targets INR 8,000 crores (approx. $1 billion) revenue and 10% PAT margin by FY28 or FY29 timeframe.
🏗️ Capital Expenditure Plans
- →FY27 CapEx plan of INR 1,300 crore, with INR 700-750 crore to be spent this year (Page 16).
- →Major capex includes a 4.5 GW TOPCon G12R cell manufacturing facility and an 18,000 MTA aluminum extrusion plant at Narmadapuram, Madhya Pradesh (Page 4, 14, 16).
- →Expansion of solar panel manufacturing lines: INA-3 unit commercialized in September, second line in December (Page 20).
- →Planning and discussions underway for Battery Energy Storage Systems (BESS) manufacturing; final investments pending government policies (Page 17).
- →No current plans for green hydrogen or electrolyser investments (Page 17).
- →Investment in a 400 MW IPP portfolio with internal accruals funding and bank debt support; capital allocation details forthcoming (Page 18).
- →Exploring export opportunities to the U.S. market with quality certification in progress (Page 13).
💰 Fundraising & Capital Structure
- →For the IPP projects (around 400 MW), the company has received in-principle approvals for project loans from 7-8 major Indian banks, including SBI Bank, AU Bank, and Bank of Baroda, indicating availability of debt financing as needed.
- →Current finance costs are mainly due to short-term working capital loans; long-term loans on consolidated level are minimal.
- →The company expects sufficient cash accruals (around INR 220 crores for FY26, rising to over INR 400 crores next year) to fund IPP capital expenditure internally without immediate need for equity dilution.
- →No specific new equity fundraising announced; internal accruals and bank debt are expected to support growth and projects.
- →For certain capital allocation queries (e.g., exact IPP capital allocation), management indicated they will provide updates later.
📋 Order Book & Pipeline
- →Current order book stands at approximately 2.1 GW, providing clear visibility for the next 6-9 months.
- →Order book replenishment is a continuous process due to multiple market segments (dealer distribution, small and large EPCs).
- →Large long-term fixed-price orders are challenging due to raw material price volatility, so orders often have rolling or raw material price-adjusted pricing.
- →The company expects to execute 450-500 MW of orders in the next quarter.
- →For the following year, the plan is to execute approximately 300 MW of orders per month.
- →The deal-win ratio or success rate of winning orders out of 100 opportunities was not explicitly quantified but is part of ongoing operational metrics.
Key Metrics
Frequently Asked Questions
What were Insolation Energy Ltd Q3 FY26 results?
Targeting $1 billion (INR 8,000 crores) revenue in next 3 years, likely by FY28 or FY29. Revenues are expected to grow with capacity scaling and market expansion; 9M FY26 revenue was INR 1,352 crores, up 44% YoY.
What is Insolation Energy Ltd share price analysis?
Insolation Energy Ltd currently shows a neutral. The stock trades at a P/E of 11.2 with a market cap of ₹2,183 Cr. Investors should review the full earnings analysis for detailed insights.
Is Insolation Energy Ltd planning capital expenditure?
FY27 CapEx plan of INR 1,300 crore, with INR 700-750 crore to be spent this year (Page 16). - Major capex includes a 4.5 GW TOPCon G12R cell manufacturing facility and an 18,000 MTA aluminum extrusion plant at Narmadapuram, Madhya Pradesh (Page 4, 14, 16). - Expansion of solar panel manufacturing lines: INA-3 unit commercialized in September, second line in December (Page 20). - Planning and discussions underway for Battery Energy Storage Systems (BESS) manufacturing; final investments pending government policies (Page 17). - No current plans for green hydrogen or electrolyser investments (Page 17). - Investment in a 400 MW IPP portfolio with internal accruals funding and bank debt support; capital allocation details forthcoming (Page 18). - Exploring export opportunities to the U.S.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.