Insolation Energy Ltd — Updates, 13-06-2025: Company Update

Insolation Energy Limited reported consolidated revenue growth of 80.9% to INR1,334 Cr in FY25, driven by strong solar panel demand and volume expansion. EBITDA rose 103% to INR170 Cr with a 140 bps margin improvement to 12.8%, while PAT grew 127.5%, supported by operating leverage and a robust 60% ROC. The company operates a 950 MW module facility, with a 3 GW plant at Jaipur nearing commissioning and a 4 GW module plus 3 GW cell manufacturing expansion underway in Madhya Pradesh, expected operational by H1FY27. EPC and rooftop solar projects contribute to a solid INR2,500 Cr+ order book, including KUSUM schemes with a growing pipeline. Insolation targets INR3,300 Cr revenue in FY26 and INR8,600 Cr by FY28, with focused margin expansion from 9.5% PAT in FY25 to 16% by FY28, driven by cell integration and capacity scale-up. Expansion benefits from government incentives and a diversified distribution network of 100+ distributors and 300+ dealers nationwide. The firm also plans to enter battery energy storage system manufacturing once policy clarity emerges. Working capital cycle improved to 31 days, and net debt stands negative at INR206 Cr post a INR395 Cr preferential equity raise. Migration from SME to main board is planned post three years of listing.