Any current/future capex/capital investment/strategic investment?

**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 Ene

Future growth expectations in sales/revenue/volumes?

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. Backward

Future growth expectations in earnings/operating earnings/profits/EPS?

EBITDA margins expected to be 14%-15% for FY26, expanding to 20%+ for FY27-'28 with cell line integration. Revenue growth target of 50%-60% in FY27, with potential for higher growth subject to market conditions. FY28 revenue target above INR 5,000 crores, with EBITDA margin of 20%+ if full cell line is operational. Cell manufacturing capacity ramp-up starting Q4 FY26, with full utilization expected by Q1 FY28, contributing to margin improvement. Backward integration (cell line, aluminum frame) expected to improve margins and operational efficiency. Profit After Tax (PAT) grew 59% YoY in FY26;

Current/ Expected Orderbook/ Pending Orders?

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. MoUs signed and in pipeline for ALMM Part 2 cells and DCR cell sales expected within 1-2 months. The non-DCR module

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Insolation Energy LtdQ1 FY26Power

Insolation Energy Ltd Q1 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹116P/E: 18.3Market Cap: ₹3.2K CrSector: Power

Management growth scorecard

Revenue

Category 1

Margin

Category 1

Fundraise

Yes

Order

Yes

Capex

Yes

5 of 5 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 1

→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.
→Backward integration into cell and aluminum frame segments aims to improve margins and support volume growth.
→Order book for current year: 1.6 to 1.8 gigawatt with MOUs in progress for next year’s ALMM Part 2 related sales.

Margin guidance

Category 1

→EBITDA margins expected to be 14%-15% for FY26, expanding to 20%+ for FY27-'28 with cell line integration.
→Revenue growth target of 50%-60% in FY27, with potential for higher growth subject to market conditions.
→FY28 revenue target above INR 5,000 crores, with EBITDA margin of 20%+ if full cell line is operational.
→Cell manufacturing capacity ramp-up starting Q4 FY26, with full utilization expected by Q1 FY28, contributing to margin improvement.
→Backward integration (cell line, aluminum frame) expected to improve margins and operational efficiency.
→Profit After Tax (PAT) grew 59% YoY in FY26; poised for continued growth supported by capacity expansion and operational leverage.
→Focus on maintaining prudent leverage, optimizing working capital, and disciplined capital allocation for sustainable profit growth.

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Fundraise plans

Yes

- The company has taken a loan of INR1,134 crores from IREDA for its cell line expansion, with INR340 crores already drawn down. - Total capex planned for FY27 is around INR2,500 crores (INR1,500 crores for cell line and INR1,000 crores for KUSUM projects). - Peak debt for FY26-27 is expected to be around INR1,500 crores. - The company prefers funding capex largely through internal accruals and cash flow from operations, minimizing debt usage. - If needed, a small part of debt may be taken for wafer and ingot capex, but majorly from internal accruals. - No explicit mention of new equity fundraising in the call. - The focus remains on maintaining prudent leverage while investing in strategic capacity expansion. In summary, current fundraising involves utilizing existing IREDA loans and internal accruals, with a peak debt target of around INR1,500 crores for ongoing capex; no new equity raise announced.

Order book

Yes

→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.
→MoUs signed and in pipeline for ALMM Part 2 cells and DCR cell sales expected within 1-2 months.
→The non-DCR module production target is 2 to 2.5 gigawatts, with additional capacity from DCR cells through tie-ups.

Capex plans

Yes

→**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.
→**Funding**: Majorly funded through internal accruals; limited debt considered. IREDA loan sanctioned for INR 1,134 crores, with INR 340 crores drawn till Mar 2026.
→**Overall FY27 capex**: Expected around INR 2,500 crores combining cell line and KUSUM projects.

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