Insolation Energy Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹1,572 Cr
- P/E
- 8.08
- ROE
- 28.40%
- PEG
- 0.05
- Price to sales
- 0.62
- Debt to equity
- 1.10
- 52W high / low
- ₹183 / ₹63.1
- EBITDA margin
- 11.98%
- Net profit margin
- 9.37%
- Promoter holding
- 66.12%
- Sales (last year)
- ₹2,525 Cr
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]
Guidance scorecard · Q1 FY27 call
What Insolation Energy Ltd's management guided
and where it ranks in Power
Power
RevenueQ4 FY26 call
40%+- FY27 revenue growth target: 50% to 60% growth expected from module segment, aiming to maintain or exceed FY26's ~60% growth rate.
- FY28 revenue target: More than INR 5,000 crores with full-scale operations starting April 1, 2027.
- Production volume for FY27: Targeting 2 gigawatt production and sales from module line, with cell manufacturing sales additional.
- Cell capacity ramp-up: 4.5 gigawatt TOPCon cell line starting operational in Q4 FY26, full capacity utilization by Q1 FY28.
- Future volume targets: Non-DCR capacity of 2 to 2.5 gigawatt with DCR capacity additional to this.
2 more points from Insolation Energy Ltd's call on revenue
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MarginsQ4 FY26 call
Up 2%+See what Insolation Energy Ltd said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- Cell manufacturing plant: 4.5 GW capacity with total capex of INR 1,500 crores, expected operational from Q4 FY27.
- Wafer and Ingot manufacturing: Planning a 4.5 GW facility with estimated capex of INR 1,000-1,200 crores; DPR under progress, finalization expected within 2-3 months. Land (70,000 sqm) secured in Narmadapuram.
- KUSUM IPP projects: Capex of approximately INR 1,000 crores targeting commissioning of 300 MW projects in FY27.
- Aluminium frame factory: Backward integration mainly for internal use to improve margins; contributes to EBITDA growth.
- BESS (Battery Energy Storage Systems): Currently in evaluation phase; no capex planned as of now.
2 more points from Insolation Energy Ltd's call on capex
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FundraisingQ4 FY26 call
PlannedSee what Insolation Energy Ltd said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
Rising- Current order book size for FY26 is approximately 1.6 to 1.8 gigawatts.
- About 50% of the total capacity for FY27 is already booked.
- Remaining orders are being refilled monthly through a large distribution network across Rajasthan, Delhi NCR, Haryana, MP, and Uttar Pradesh.
- Orders come from utility sector (65%), KUSUM projects (15%), PM Surya Ghar (5%), OEM (5%), and miscellaneous (10%).
- Large EPC orders in the range of 100-500 megawatts are being processed currently.
2 more points from Insolation Energy Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Power
on management's own guidance
- Strong growth2
- 1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Power companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | Insolation EnerThis stock | 40%+ | Up 2%+ | ₹1,624 Cr | 8.3 |
| 2 | 40%+ | Flat | ₹28,982 Cr | 48.7 | |
| 3 | 40%+ | Flat | ₹15,130 Cr | 573.5 | |
| 4 | 40%+ | Flat | ₹15,007 Cr | 95.7 | |
| 5 | 20–40% | Flat | ₹3.78L Cr | 26.5 | |
| 6 | 20–40% | Flat | ₹1.95L Cr | 100.7 |
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Pro shows every company guiding 40%+ revenue growth →Full Power rankingFinancials of Insolation Energy Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Insolation Energy Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Dec 2024 | Mar 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Sales + | 325 | 397 | 415 | 575 | 794 |
| Expenses + | 301 | 339 | 370 | 501 | 683 |
| Operating Profit | 24 | 57 | 45 | 75 | 111 |
| OPM % | 7% | 14% | 11% | 13% | 14% |
| Other Income + | 5 | -0 | 11 | 7 | -2 |
| Interest | 4 | 1 | 5 | 8 | 8 |
| Depreciation | 3 | 3 | 6 | 12 | 15 |
| Profit before tax | 23 | 53 | 45 | 62 | 86 |
| Tax % | 18% | 20% | 18% | 18% | 19% |
| Net Profit + | 19 | 42 | 37 | 51 | 70 |
| EPS in Rs | 0.84 | 1.92 | 1.68 | 2.30 | 3.17 |
Financials of Insolation Energy Ltd
Profit & Loss
Annual income statement trend
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Sales + | 215 | 279 | 737 | 1,334 | 2,146 |
| Expenses + | 201 | 261 | 656 | 1,172 | 1,859 |
| Operating Profit | 14 | 19 | 81 | 161 | 287 |
| OPM % | 6% | 7% | 11% | 12% | 13% |
| Other Income + | 0 | 1 | 4 | 9 | 18 |
| Interest | 3 | 3 | 10 | 8 | 24 |
| Depreciation | 2 | 2 | 7 | 9 | 36 |
| Profit before tax | 9 | 14 | 68 | 154 | 245 |
| Tax % | 26% | 23% | 18% | 18% | 18% |
| Net Profit + | 7 | 11 | 55 | 126 | 201 |
| EPS in Rs | 0.46 | 0.51 | 2.66 | 5.73 | 9.10 |
| Dividend Payout % | 0% | 0% | 0% | 2% | 0% |
Financials of Insolation Energy Ltd
Balance Sheet
Capital structure and asset base
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 15 | 21 | 21 | 22 | 22 |
| Reserves | 7 | 32 | 88 | 594 | 785 |
| Borrowings + | 31 | 68 | 96 | 108 | 888 |
| Other Liabilities + | 16 | 38 | 58 | 123 | 460 |
| Total Liabilities | 70 | 159 | 263 | 847 | 2,155 |
| Fixed Assets + | 9 | 38 | 46 | 77 | 525 |
| CWIP | 2 | 0 | 1 | 46 | 73 |
| Investments | 0 | 0 | 5 | 50 | 36 |
| Other Assets + | 58 | 121 | 210 | 674 | 1,522 |
| Total Assets | 70 | 159 | 263 | 847 | 2,155 |
Financials of Insolation Energy Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Cash from Operating Activity + | 9 | -1 | 30 | 113 | -73 |
| Cash from Investing Activity + | -3 | -29 | -33 | -554 | -186 |
| Cash from Financing Activity + | 2 | 45 | 28 | 394 | 698 |
| Net Cash Flow | 8 | 15 | 25 | -46 | 439 |
| Free Cash Flow | 6 | -30 | 13 | 28 | -521 |
| CFO/OP | 63% | -7% | 53% | 87% | -13% |
Financials of Insolation Energy Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Debtor Days | 28 | 37 | 26 | 30 | 48 |
| Inventory Days | 48 | 75 | 45 | 26 | 81 |
| Days Payable | 24 | 33 | 23 | 24 | 62 |
| Cash Conversion Cycle | 52 | 78 | 48 | 32 | 66 |
| Working Capital Days | 16 | 31 | 6 | 2 | 22 |
| ROCE % | 20% | 48% | 35% | 22% |
Guidance history
How Insolation Energy Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 40%+ | Up 2%+ | Planned | Planned | Rising |
| Q3 FY26 call → | 40%+ | Up 0–2% | Planned | Planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
0 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −62.0% | 1% |
| Last 6 months | −53.2% | 1% |
| Last 3 months | −36.2% | 1% |
The price is 84.5% below its all-time high of ₹460.85 (8 Nov 2024). Stocks more than 20% below their peak have their score halved, so 1 became 0.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Insolation Energy Ltd: 0.4 × 1 + 0.4 × 1 + 0.2 × 1 = 1, halved to 0 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 28 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Insolation Energy Ltd's management said in earlier quarters
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- ACME Solar Holdings Ltd (Q2 FY27)
Q2 FY27 Revenue from operations (Standalone): INR 887 Cr vs. Key investor presentation takeaways from ACME Solar Holdings Ltd's Q2 FY27 investor presentation —
- Sustainable Energy Infra Trust (Q2 FY27)
EBITDA Margin for Q2 FY2027 is strong at 82.6%, indicating operational efficiency (Page 49). Key investor presentation takeaways from Sustainable Energy Infra T
- JSW Energy Ltd (Q2 FY27)
Total Revenue for Q2 FY27: ₹6,658 Cr, up 24% YoY from ₹5,361 Cr in Q2 FY26 (Page 12). Key investor presentation takeaways from JSW Energy Ltd's Q2 FY27 investor